Nordea Bank has joined the consortium of shareholders in Burgundy – the new trading facility for listed Nordic securities, targeted for launch in the first half of 2009.
Burgundy is backed by a large group of leading Nordic banks and securities brokers with a combined share of almost half the Nordic securities trading volume. The goal is to offer more cost-effective securities trading to members and investors, and to strengthen the Nordic region as a financial hub.
“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”, says Christian Hyldahl, head of Nordea Markets.
“We welcome Nordea as a shareholder of Burgundy. Nordeas’s decision confirms that we are a truly Nordic business. Burgundy will play a pivotal role in transforming the way Nordic securities are traded, and the attractiveness of the offering is increased now that Nordea is onboard.” comments Tom Dinkelspiel, chairman of the Board.
Burgundy is a customer-focused initiative designed to strengthen the Nordic financial markets, and to provide an alternative to existing trading facilities. The demonopolisation of exchanges made possible through MiFID, together with technical developments, drives major changes in the securities markets.
Burgundy shareholders are 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.
Press contacts for further information are:
Christian Hyldahl, head of Nordea Markets, +45-33335802
Tom Dinkelspiel, chairman of the Board, +46-708725180