Burgundy

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Burgundy
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Founded 2009
Headquarters Sweden
Key People CEO, Olof Neiglick
Products Multilateral trading facility
Website www.burgundy.se

Burgundy was a trading facility for listed Nordic securities launched on June 12, 2009 as a regional multilateral trading facility (MTF). It was shut down on April 30, 2015 by its owner, Oslo Bors. Burgundy was one of the first of a number of alternative venues to open after the European Union broke the monopoly of established exchanges in 2007. However, it failed to establish a niche.[1]

Oslo Bors bought the market from a group of Nordic banks at the beginning of 2013.

History

Burgundy was originally backed by SEB, Handelsbanken, Swedbank and seven other brokers. Collectively, these brokers accounted for about 45 percent of trading volumes on OMX Stockholm, the main exchange for Swedish equities.[2] [3] Burgundy was registered as a multilateral trading facility (MTF) under the Markets in Financial Instruments Directive (MiFID) and received a license to operate as an MTF with the Swedish Financial Supervisory Authority, FSA.[4][5] It offered trading in equities listed in Stockholm, Oslo and Copenhagen.

The platform was one of at least three multilateral trading facilities emerging in Europe. Its competitors in this space were Chi-X, Turquoise and Nasdaq OMX.

Burgundy uses 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.[6]

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.[7]

Products and Services

Key People

News

  • One September 9, 2009, Burgundy announced that UBS Limited joined as a trading participant.[9]

References

  1. Europe Loses a Stock Market as Oslo Bors Plans a Dark Pool. Bloomberg.
  2. Press Release. EuroInvestor.
  3. Swedish Brokers Pitch Burgundy Against Turquoise. The Trade News.
  4. Legal Status. Burgundy.
  5. Press Release. Burgundy.
  6. Burgundy Presses On With Launch. Financial Times.
  7. Press Release. Neonet.
  8. Press Release. Burgundy.
  9. press Release. Burgundy.
  10. press Release. Burgundy.
  11. press Release. Cinnober.
  12. Press release. BNet.