Nordea, the pan-Nordic bank, has joined Burgundy, the new multilateral trading facility (MTF) for listed Nordic securities, as a shareholder. Burgundy is scheduled to launch in the first half of 2009.
Nordea is the fourteenth financial institution to join the MTF after non-Swedish firms DnB NOR and Danske Bank in November and December.
“Nordea is a leading player in Nordic equity trading and wishes to take an active role in the development of the marketplace which undergoes significant change in the next year,” said Christian Hyldahl, head of Nordea Markets.
Tom Dinkelspiel, chairman of the Nordea board, said, “Burgundy will play a pivotal role in transforming the way Nordic securities are traded. The attractiveness of the offering is increased now that Nordea is onboard.”
Nordea is a world leader in Internet banking with 4.8 million online customers and more than 200 million payments per year.
The move puts Nordea alongside fellow shareholders Avanza Bank, Carneggie & Co, NeoNet, SEB, Nordnet and Swedbank amongst others.