Burgundy, a regional multilateral trading facility (MTF) for Nordic securities, has announced that not only has its turnover increased by 12%, but also that UBS has joined the platform as a trading participant.
Burgundy has reported that in August that the average daily turnover had increased by 12% to EUR 52 million, with the average number of trades per day rising to 4,059.
The trading at Burgundy is highly dependent on the trading participants level of automation. Most of the flow we have seen is manual trading related. When all trading participants have the technology in place we expect the volumes to increase, said Olof Neiglick, CEO of Burgundy.
Growth for the platform continues into September as Erik Penser Bankaktiebolag, and now UBS join Burgundy. UBS becomes the first international investment bank, to connect to the MTF in order to provide their clients with direct market access and algorithmic trading for these securities.
UBS is a pioneer in the field of electronic trading and one of the largest global players in this space, said Olof Neiglick. We look forward to them joining our platform as a trading participant. Burgundys already strong group of trading participants becomes even stronger and represents 60 % of the Swedish equity trading volume.
Tim Wildenberg, Head of Direct Execution Services, Europe, at UBS Investment Bank said: As part of our strategy to be the best in class execution provider, we are very pleased to be able to offer both our investment management and broker clients with access to Burgundy. We believe this new innovative venue will further enhance the quality of execution and sourcing of liquidity UBS offers our global clients.
UBS trading ID will be UBS, and the first day of trading is 11 September.