Burgundy
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| Burgundy | |
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| Founded | Anticipated launch in 2009 |
|---|---|
| Headquarters | Sweden |
| Key People | CEO, Olof Neiglick |
| Products | Multilateral trading facility |
| Corporate Website | www.burgundy.se |
Burgundy is a trading facility for listed Nordic securities launched on June 12, 2009 as a regional multilateral trading facility (MTF).
It is backed by a large group of leading Nordic banks and securities brokers, including SEB, Handelsbanken, Swedbank and seven other brokers. Collectively, these brokers account for about 45 percent of trading volumes on OMX Stockholm, the main exchange for Swedish equities.[1] [2] Burgundy has been registered as a multilateral trading facility (MTF) under the Markets in Financial Instruments Directive (MiFID) and has received a license to operate as an MTF with the Swedish Financial Supervisory Authority, FSA.[3][4] It will offer trading in equities listed in Stockholm, Oslo and Copenhagen.
The platform is one of at least three multilateral trading facilities emerging in Europe. Its competitors in this space are Chi-X, Turquoise and Nasdaq OMX.
Burgundy is using the TRADExpress platform from Cinnober Financial Technology as their main technology. The solution works in conjunction with the Scila Surveillance system, produced by technology company Scila AB and marketed by Cinnober. In February of 2009, Burgundy took a step towards launch by appointing EMCF, jointly owned by Fortis bank and Nasdaq OMX, as the venture’s clearer.[5]
Contents |
History
In addition to Neonet, Burgundy was founded by Avanza Bank, Carnegie, Evli, Handelsbanken, Kaupthing, Nordnet, SEB, Swedbank och Öhman. Other participants active in Nordic securities are also being invited to join as members.[6]
Products and Services
Key People
- Chairman, Bertil Villard[7]
- CEO, Olof Neiglick
News
- On September 7, 2009, Burgundy announced that Erik Penser Bankaktiebolag as the first non-stakeholder participant on the platform.[9]
- In February of 2009, Burgundy chose a market surveillance system launched by Scila and Cinnober.[10]
- In September of 2008, Cinnober Financial Technology announced that it was selected as technology provider for Burgundy.[11]
References
- ↑ Press Release. EuroInvestor.
- ↑ Swedish Brokers Pitch Burgundy Against Turquoise. The Trade News.
- ↑ Legal Status. Burgundy.
- ↑ Press Release. Burgundy.
- ↑ Burgundy Presses On With Launch. Financial Times.
- ↑ Press Release. Neonet.
- ↑ Press Release. Burgundy.
- ↑ press Release. Burgundy.
- ↑ press Release. Burgundy.
- ↑ press Release. Cinnober.
- ↑ Press release. BNet.
