Nordic multilateral trading facility (MTF) Burgundy has reported that 49% of trading in Swedish equities is now transacted away from domestic stock exchange Nasdaq OMX Nordic.
Burgundy – which offers trading in Swedish, Danish, Norwegian and Finnish equities – accounted for 2.71% of Swedish equity trading in June, according to figures provided by Thomson Reuters. Nasdaq OMX Nordic remained the largest single venue for Swedish equities, with 51.22% market share. BATS Chi-X Europe was the largest alternative market, with a market share of 21.41%, while off-exchange trades in Swedish stocks reported to Markit BOAT accounted for 16.28%.
Total turnover in Swedish equities in June was €47.07 billion, of which Nasdaq OMX Nordic accounted for €24.11 billion, BATS Chi-X Europe €10.08 billion and Burgundy €1.27 billion.
The Thomson Reuters figures included both dark and lit trading activity. When only lit markets are considered, Nasdaq OMX Nordic retained some 61.39% market share; BATS Chi-X Europe held 30.68%, while Burgundy accounted for a 3.01% share.
Burgundy added clearing house EuroCCP as its third central counterparty last month, increasing pressure on Nasdaq OMX Nordic to provide interoperable clearing. The incumbent exchange delayed its own plans for interoperability earlier this year, citing regulatory uncertainty.