Burgundy, the new multilateral trading facility (MTF) for Nordic securities, intends to start testing on its platform before the end of this year, and hopes to have a minimum of 20 members upon its launch, according to Olof Neiglick, the platform’s CEO. Burgundy plans to launch in Q2 2009.
“After we have been running for a year, we would expect to have 50 members on the platform,” he told theTRADEnews.com.
The news follows the announcement that Burgundy has selected Cinnober, the Stockholm-based financial technology firm, as its technology provider. Cinnober already provides the technology for fellow MTF Turquoise and Alpha Trading Systems, an alternative trading system based in Canada.
“We wanted a platform which has been battle-tested and has modern technology to cater for algorithmic trading and market-making firms,” said Neiglick. “There were several contenders but in the procurement process other Cinnober customers had very good things to say about the company.”
According to Cinnober, its TRADExpress platform, which its solutions are based on, is ideal for trading venues that expect high liquidity and trading volumes.
Burgundy is backed by 10 of the largest Nordic banks and securities brokers. It was created with the aim of offering more cost-effective securities trading for investors in the Nordic region.