A group of Nordic banks and securities brokers plan to launch a new trading facility, dubbed Burgundy, for listed Nordic securities in the first half of 2009.
The planned Burgundy trading platform will operate as a membership Multilateral Trading Facility (MTF). Its establishment is enabled by the European Union Markets in Financial Instruments Directive (MiFID), which was made effective through legislation on November 1, 2007, for purposes that includes stimulating competition and eliminating borders for securities trading.
Burgundy has been formed by a consortium which includes founding members Avanza Bank, Carnegie, Evli, Handelsbanken, Kaupthing, Neonet, Nordnet, SEB, Swedbank and hman.
Burgundy aims for a leading position on the Nordic securities trading market.