Burgundy sets date for interoperable clearing
Nordic multilateral trading facility (MTF)
Burgundy is to go live with interoperable clearing via pan-European clearing
house EuroCCP on 28 June.
The MTF, which offers trading in 1,200 securities in Denmark, Finland, Norway and Sweden, had already begun client testing with EuroCCP earlier this month.
“Interoperability is an important strategic milestone
for our clients as we are the first Nordic exchange that offers choice in the
increasingly important clearing landscape,” said Olof Neiglick, CEO at Burgundy
earlier this month. “Deregulation and competition are the main drivers behind service
improvements and price cuts in any market – this is also the case for Nordic
securities trading as the industry matures.”
The introduction of clearing choice is intended to help members of trading venues save capital and reduce their clearing costs by consolidating and netting their flow to their preferred clearing house.
Burgundy follows fellow MTFs Turquoise,
BATS Chi-X Europe, and UBS MTF in offering members a choice of clearers.
However, primary exchange Nasdaq OMX Nordic, which runs domestic exchanges in
Denmark, Sweden and Finland, delayed its
interoperability offering scheduled for April, citing regulatory uncertainty.