Burgundy, the new Nordic marketplace for securities trading, today announced that they have received regulatory approval from the Swedish Financial Supervisory Authority to operate a multilateral trading facility.
Burgundy will offer a customer focused, high-performance and cost-efficient trading service for Nordic securities. Trading commences on May 8 with a limited number of Swedish shares. Additional shares will be added during a soft-launch period until June 12 where a complete universe of Nordic blue-chips and exchange-traded funds (ETF’s) are made available.
Burgundy’s trading platform is delivered by Cinnober and based on the proven TRADExpress Trading System. The system delivery was accepted by Burgundy on schedule in April 2009.
“We are very happy for Olof Neiglick and his team at Burgundy for receiving the regulatory approval in time for their soft launch on Friday,” says Jan Arpi, CEO of Cinnober. “We are looking forward to following their progress in attracting volumes and realizing the ambition to strengthen the Nordic region as a financial hub. Burgundy has a lot of good things going for them; the right technology, the right owners and a competetive cost structure.”
It was also announced that Bertil Villard has been appointed as new Chairman of the Board for Burgundy.
Burgundy is owned by a consortium of leading Nordic banks and securities trading firms representing almost half of the trading volume in Nordic equities.
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The official press release from Burgundy:
PRESS RELEASE – MAY 6, 2009
Regulatory approval and Bertil Villard new Chairman
Burgundy, the new Nordic marketplace for securities trading, has received regulatory approval to operate a multilateral trading facility from the Swedish Financial Supervisory Authority (FSA).
“We are pleased that the FSA, even under these distressed market conditions, have been able to process our filing within the expected timeframe. After Burgundy’s launch on June 12, equities representing approximately 85% of the Nordic equity trading volume will be available on Burgundy’s state-of-the-art, low-latency platform. We have seen trading develop positively along increased competition in other countries, something that we hope to see in the Nordic countries as well”, says Olof Neiglick, CEO of Burgundy.
Trading commences on May 8 with a limited number of Swedish shares. Danish, Norweigan and Finnish shares will be added during a soft-launch period until June 12 where a complete universe of Nordic blue-chips and exchange-traded funds (ETF’s) are made available.
Bertil Villard has been appointed as new Chairman of the Board for Burgundy. In order to ensure the highest standards of integrity Burgundy’s owners has decided to appoint three independent directors, of which one shall be serving as chairman. Bertil Villard, 57, a well-known lawyer and partner with Vinge with a comprehensive background from corporate finance and the financial services industry. Among several Board of Directors assignments he has been the Chairman of the board of SalusAnsvar and SEB Trygg Liv (Gamla Liv).
“We are welcoming Bertil Villard to the Board of directors and we are looking forward to work with him. Burgundy’s owners have agreed and found that Bertil is the best suited person for being the Chairman of the board of directors and we are convinced that his experience from the financial industry will be of great use to Burgundy going forward,” says Tom Dinkelspiel, Burgundy’s Board of directors and former Chairman.
“Burgundy has the potential to completely change the way securities are traded in the Nordic region. I’m honoured over the assignment and I’m excited about the interesting work that we have ahead of us”, says Bertil Villard, appointed Chairman of Burgundy’s Board of directors.
For further information please contact:
Olof Neiglick, CEO Burgundy, +46-70 554 52 24
Tom Dinkelspiel, Board of directors, +46-70 872 5180
Bertil Villard, Chairman of the board, Burgundy, +46 70 714 31 03
About Burgundy
Burgundy AB operates a multilateral trading facility (MTF) trading Nordic securities, authorized and regulated by the Swedish Financial Supervisory Authority. Burgundy offers a customer focused, high-performance and cost-efficient securities trading service to participants that will strengthen the Nordic region as a financial hub. Burgundy is owned by a consortium of leading Nordic banks and securities trading firms representing almost half of the trading volume in Nordic equities. Burgundy’s shareholders are Avanza, Danske Bank, Carnegie, DnB NOR, Evli Bank, HQ Bank, Neonet, Nordea, Nordnet, SEB, Handelsbanken, Swedbank, Ålandsbanken and Öhman. For more information about Burgundy, please visit “www.burgundy.se“http://www.burgundy.se.