Nordic multilateral trading facility (MTF) Burgundy’s market share of trading in Swedish stocks hit a one-day peak of 12.1% in July, the platform’s second month of full operation.
The MTF’s average market share of Swedish stocks for the whole month was 4.4%, although trading in its Danish, Finnish and Norwegian segments remained low.
Burgundy’s average daily turnover in July was €46.6 million, up from €13 million the previous month, and it executed an average of 4,108 trades per day, up from 592 in June.
The most traded instrument on Burgundy in July was the exchange-traded fund XACT Bear, which had a total turnover of €132.2 million.
Svenska Handelsbanken, one of the platform’s 14 members, was again the largest trading participant on the platform, with a turnover of €510 million, up from €230 million in June.
Burgundy commenced its soft launch on 8 May and completed its stock roll-out on 12 June.
“The trading in Sweden has taken another step during July, as participants are increasing their use of the trading platform,” said Olof Neiglick, Burgundy CEO, in a statement. “We are looking forward to pushing this development further after the vacation period and expect volumes to grow as participants are getting used to multi-venue trading. In the other Nordic countries; Finland, Norway and Denmark, the trading participants are still tuning their solutions and processes, which means that trading has been at testing levels during holidays.”
Burgundy is backed by 14 Nordic brokers: 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.