Approval by the Swedish FSA
You have just been approved by the Swedish FSA – how do you feel?
Olof: I’m very happy that this piece is in place now and that we are ready to commence operations Friday. My staff and all the trading participants, their suppliers, third party developers and vendors will now be able to see the launch of the trading platform according to the original timetable.
What does the approval mean to Burgundy – what will happen?
Olof: This is basically a “driving license” to go ahead with live trading and offer qualified trading participants to commence trading operations on our platform. The FSA process is very rigorous and before granting us permission, they have done a thorough review of our organization, agreements, rulebooks, people and systems.
What are the plans going forward?
Olof: We are gradually building out the stock universe in May and June to have ca 140 names representing 85% of the traded volume in the Nordic area by 12th June. After that, we add stocks on request with a target to have all 800 Nordic names by end of the year. From 4th quarter, we are adding a central counterparty risk service, meaning that the blue-chips will be cleared by EMCF in Amsterdam, with full netting vs other competing platforms such as CHI-X and NASDAQ OMX. We are also providing a warrants trading facility before end of the year.