Burgundy, a multilateral trading facility (MTF) for Nordic stocks backed by a consortium of the region’s banks and securities trading firms, has selected Transaction Network Services (TNS) for connectivity services.
TNS will provide the link supporting the flow of orders and market data between Burgundy and its participants. Burgundy will also join TNS’ connectivity network of 1,500 destinations, including buy- and sell-side institutions, trading application providers, stock exchanges, ECNs and alternative trading systems across the Americas, Europe and Asia-Pacific.
“As a new player in the Nordic securities marketplace, it was vital for Burgundy to find a service provider offering a range of services that would accommodate the connectivity needs of our clients,” said Olof Neiglick, CEO, Burgundy. “When trading begins on our platform, our clients will be equipped with secure, low-latency connectivity to the destinations they require.”
“The organisations behind Burgundy represent almost half of all Nordic trading volumes, so a vast amount of trading and market data will pass through the MTF from day one,” added John Owens, vice president of exchanges and ECNs for TNS’ Financial Services division. “It is vital that Burgundy’s connectivity is as robust and efficient as possible, to ensure clients are provided with a fast and reliable service from the outset.”
Burgundy will start trading a limited number of Swedish stocks on 8 May, and trading of all listed shares in Norway, Denmark, Finland and Sweden will begin on 4 June, subject to the platform receiving its MTF licence from the Swedish Financial Services Authority.
The platform will use pan-European clearing house European Multilateral Clearing Facility as its central counterparty from October 2009.
Burgundy’s backers are: 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.