Global investment bank UBS has become the latest member to connect to Burgundy, a multilateral trading facility (MTF) for Nordic stocks.
UBS will be the first international investment bank outside of the platform’s current ownership structure to become a member. The bank’s first day of trading will be 11 September. Burgundy’s first non-stakeholder member, independent bank Erik Penser Bankaktiebolag, started trading on the platform today.
“UBS is a pioneer in the field of electronic trading and one of the largest global players in this space,” said Burgundy CEO Olof Neiglick in a statement. “Burgundy’s already strong group of trading participants becomes even stronger and represents 60% of the Swedish equity trading volume.”
“As part of our strategy to be the best-in-class execution provider, we are very pleased to be able to offer both our investment management and broker clients with access to Burgundy. We believe this new innovative venue will further enhance the quality of execution and sourcing of liquidity UBS offers our global clients”, added Tim Wildenberg, head of Direct Execution Services, Europe, UBS Investment Bank.
Burgundy, which completed its stock rollout in June, traded 1.95% of the Swedish blue chip OMX S30 index in the week ending 4 September, according to the Fidessa Fragmentation Index, a weekly analysis of on-order-book trading across Europe.