Burgundy, a regional multilateral trading facility for Nordic stocks, is to add its first trading member from outside the firm’s ownership group.
From 9 September, Erik Penser Bankaktiebolag, an independent bank that offers financial services to private and institutional investors, will start trading on the platform.
“On a monthly basis, we are among the ten largest trading participants on the Swedish market, so it is natural to explore the business opportunities on Burgundy,” said Peter Melbi, CEO, Erik Penser Bankaktiebolag, in a statement.
Burgundy is backed by 14 Nordic brokers comprising Avanza Bank, Danske Bank, D. Carnegie & Co, DnB NOR, Evli Bank, HQ Bank, Kaupthing Bank (Sweden), NeoNet, Nordea, Nordnet, SEB, Svenska Handelsbanken, Swedbank and Öhman. In August,
Svenska Handelsbanken had the highest turnover on the platform of €511 million. Burgundy’s average daily turnover in August was €52 million, an increase of 12% from July.
”Burgundy has a strong group of trading participants who represent almost half of the Nordic equity trading volume. Today, it becomes even stronger when we welcome Erik Penser Bankaktiebolag as trading participant to the new platform for trading Nordic securities,” added Burgundy CEO Olof Neiglick.