Burgundy targets Norwegian members with trading link

FinansNett Norge, a high-speed connectivity network owned by a consortium of Norwegian brokers and Norwegian central securities depository VPS, has established a connection to Nordic-only multilateral trading facility (MTF) Burgundy.
By None

FinansNett Norge, a high-speed connectivity network owned by a consortium of Norwegian brokers and Norwegian central securities depository VPS, has established a connection to Nordic-only multilateral trading facility (MTF) Burgundy.

Burgundy says the new link will simplify and lower the costs of connectivity to the MTF for Norwegian firms.

FinansNett Norge will offer line capacity using fibre cables between Oslo and Stockholm, where Burgundy’s matching engine is based.

“We have seen an increasing interest in Norway for the new way of trading at several market places,” said Per Broch Mathisen, president of the Norwegian Securities Dealers Association, in a statement. “FinansNett’s clients have requested us to connect to the Nordic marketplace; Burgundy, in order to simplify the process of connecting and to reduce the cost for connecting.”

“We are pleased to hear that more Norwegian firms are looking at trading on Burgundy and welcome FinansNett’s decision to offer connectivity. We are looking forward to see increasing volumes when the trading participants have a better technical readiness and when automation of trading is completed,” added Burgundy CEO Olof Neiglick.

Burgundy has had limited success in Norway so far. According to trading technology firm Fidessa’s Fragmentation Index, a weekly analysis of displayed, on-order book trading across Europe, Burgundy had a 0.11% market share of Oslo OBX stocks in the week ending 2 April. The Nordic MTF has so far had most success in Swedish stocks – it picked up a 4.56% market share of trading in Sweden’s OMX S30 blue-chip index last week, according to Fidessa.

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