Nine leading investment banks have signed a Letter of Intent and Team Sheet to create a trade data and market dissemination platform. The move comes as a result of the European Union's Markets in Financial Instruments Directive (MiFID) which is due to come into effect on 1st November.

Those banks who have signed are ABN AMRO, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS. The agreement between the banks allows then to trade stocks and bands amongst each other.

The MiFID is to create a more transparent and competitive landscape in financial markets, the legislation requires banks to publish information on their trading. The MiFID replaces the old Investment Services Directive.