Sweden has seen the greatest trading activity for Burgundy, the newly launched regional multilateral trading facility (MTF) for Nordic securities, but Finland and Denmark saw little activity.
Launched 12 June 2009, the Swedish total reached 572 trades a day in June, with a turnover of EUR264 million (96% of total Nordic turnover).
Denmark and Finland saw an average on only one trade a day, with Norway reaching 18 trades a day.
Olof Neiglick, CEO of Burgundy said: The trading has developed better than expected in Sweden since Burgundys launch on 12 June. The average daily turnover in June was EUR 13.0 million. On 30 June, Burgundy had a turnover of EUR 61.3 million, the highest daily turnover so far. Burgundy reached a peak market share on 29 June with 8 % of the Swedish primary market. We are looking forward to continue this positive development during this year and expect volumes to grow as participants are getting used to multi-venue trading. In the other Nordic countries; Finland, Norway and Denmark, we can see that trading participants are still tuning their solutions and processes, which means that trading is at testing levels.
The trading participant with the highest turnover was Handelsbanken with a turnover of EUR 230 million.