Burgundy, a Nordic-only multilateral trading facility owned by a consortium of Scandinavian financial institutions, has added agency broker Instinet Europe as a member of its platform.
Instinet will commence its membership on 13 April and become the sixth trading participant to join Burgundy outside its group of owners.
“We are very pleased that Instinet, a global leader and pioneer in electronic trading, has decided to join as a trading participant,” said Olof Neiglick, CEO, Burgundy, in a statement. “Since the introduction of central counterparty clearing and the increased trading volumes in 2010, we have seen an increasing interest from investment firms. Instinet is one of the world’s largest agency brokerage firms.”
Other non-owner trading members of Burgundy are Sanford C. Bernstein, UBS, Nomura, Credit Suisse and Erik Penser. The MTF’s shareholders comprise Avanza Bank, Carnegie Investment Bank, Danske Bank, DnB NOR, Evli Bank, HQ, Neonet, Nordea, Nordnet, SEB, Svenska Handelsbanken, Swedbank, Ålandsbanken and Öhman.
Burgundy, which launched in May last year, has had most success in trading Swedish equities. According to the Fidessa Fragmentation Index, a weekly analysis of on-order-book trading across Europe’s major stock indices, Burgundy traded 4.16% of OMX S30 stocks in the week ending 9 April, with a total pan-European market share of 0.21%.