Burgundy, the Nordic-only multilateral trading facility, has reported a sharp increase in the amount of Swedish equity trading taking place away from the domestic exchange.
Nasdaq OMX Nordic, which runs the national exchanges in Stockholm, Helsinki and Copenhagen, traded 59.83% of Swedish equities in March, down from 67.67% in February, according to figures from data vendor Thomson Reuters, quoted by Burgundy.
During March, the remaining 40.17% of Swedish equities trading was split across more than 10 alternative market places including Chi-X Europe (8.67%), Burgundy (4.56%) and BATS Europe (3.06%). In addition, 17.02% of Swedish equity trading was reported to Markit BOAT, an OTC-specific reporting venue, in March, up from 11.71% the previous month.
The largest market participants in Swedish equities were SEB, which traded 10.94% of the total turnover in March, followed by Handelsbanken, which traded 9.76% of turnover.
Burgundy has said it expects further Swedish equity volume to shift on to its platform during 2010 as participants continue to complete technical readiness projects that will enable further automation of trading.