Burgundy, the trading venue for Nordic stocks, has received approval from Swedish regulator Finansinspektionen to operate its market as an exchange, enabling it to broaden the range of instruments it can offer members.
The trading venue will continue to trade the equities it already offers across Norway, Sweden, Finland and Denmark under its multilateral trading facility status, but will establish a separate segment that will be regulated as an exchange, allowing it to list and trade derivatives instruments.
“As an exchange, Burgundy will be able to offer a competitive marketplace for listing and trading of warrants, certificates, exchange traded funds and structured products to our clients,” said Olof Neiglick, CEO of Burgundy.
Neiglick added that Burgundy expects to list its first derivatives products in the next few months and that all existing members will have the option to trade them.
Burgundy, which was launched in June 2009 by a consortium of Nordic financial firms, accounted for 0.38% of pan-European trading in December 2010, including a 4.9% share of Swedish stocks and 0.59% share of Norwegian stocks, according to Thomson Reuters' Equity Market Share Reporter. Burgundy will become the third exchange in Sweden joining Nasdaq OMX Stockholm and the Nordic Growth Market.
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