Boat, the European trade reporting service backed by 20 leading investment banks and set for launch next month, has waived fees until the start of next year in an effort to regain ground from rivals that have beaten it in a race to achieve regulatory status.

Boat, which will provide reports on over-the-counter equity trades, has said its real time data service will be free to existing and new customers until January 1. Over-the-counter trades take place between parties without the involvement of an exchange.