The first day of trading for Burgundy has almost passed – how did you do?
Olof: Actually, better than I anticipated. Going to multi-venue trading is new to most players in the Nordics, so technology and change of behavior is crucial here. We did a couple of hundred trades on the platform and experienced no hiccups to the technology our end looks good. Remains to be seen how the post-trade works out Monday.
Who traded at Burgundy today?
Olof: We had 13 banks lined up and all except two were active. The reason to this was related to trading technology issues which will be resolved in the next few days.
Has the owners committed to be trading a certain volume at Burgundy?
Olof: No, they are obliged to best execution policies according to MiFID but our offering with very low trading fees in combination with free, realtime orderbook data and a very sophisticated platform is attractive to all participants in the Nordic Market.
What do you think about the weeks to come?
Olof: We are launching a new sub-market/country each Friday going forward, following the same pattern. First couple of weeks will be very limited trading to get technology and post-trade tuned in. On 12 June, we have a complete list of Nordic blue-chips and ETF’s on the platform, which represents 85% of total Nordic traded volume.
Olof: A great thank you to all participant’s technology staff, vendors and third party suppliers and my own crew who have worked tirelessly to get this new marketplace up and running in eight months.