Burgundy, the Nordic trading venue that launched in May, said it traded 8% of the Swedish primary market on 29 June, in its trading statistics for last month.
The broker-owned multilateral trading facility (MTF), which offers trading in Swedish, Norwegian, Danish and Finnish stocks, said overall trading levels in its first few weeks of operation had been “better than expected”.
For the month of June, the MTF’s average daily turnover was EUR 13.0 million, with an average of 592 trades executed per day. On 30 June, Burgundy had a turnover of EUR 61.3 million, its highest daily turnover so far.
Swedish broker Handelsbanken, which owns a stake in Burgundy, was the largest trading participant on the venue with a turnover of EUR 230 million.
Olof Neiglick, CEO of Burgundy, said trading activity levels in different countries were affected by variations in implementation among trading participants.
“We expect volumes to grow as participants are getting used to multi- venue trading,” he said. “In the other Nordic countries – Finland, Norway and Denmark – we can see that trading participants are still tuning their solutions and processes, which means that trading is at testing levels.”
Burgundy launched on 8 May, trading 12 Swedish stocks, and rolled out the rest of its constituents by 12 June. It now offers trading in close to 600 Swedish, Norwegian, Finnish and Danish securities. Pan-European MTFs Chi-X, Turquoise, Nasdaq OMX Europe and BATS Europe also offer trading in most blue-chip Nordic stocks.
The trading platform is backed by 14 Nordic brokers: Avanza Bank, Danske Bank, D. Carnegie & Co, DnB NOR, Evli Bank, HQ Bank, Kaupthing Bank (Sweden), NeoNet, Nordea, Nordnet, SEB, Svenska Handelsbanken, Swedbank and Öhman.
In May, Neiglick predicted that Burgundy would break even by the end of 2010 if it achieved a 25% share of Nordic trading.