Nordic multilateral trading facility Burgundy has picked Transaction Network Services (TNS) Secure Trading Extranet to provide essential connectivity services to its clients. TNS will support the flow of orders and market data between the MTF and its trading participants, according to the company’s release. The new MTF expects to launch in Q2 2009.
“As a new player in the Nordic securities marketplace, it was vital for Burgundy to find a service provider offering a range of services that would accommodate the connectivity needs of our clients. Whentrading begins on our platform, our clients will be equipped with secure, low latency connectivity to the destinations they require,” stated Olof Neiglick, CEO of Burgundy in the news announcement.
Owned by consortium of Nordic banks and securities trading firms, Burgundy’s goal is to strengthen the Nordic region as a financial hub by providing a client-focused and high performance platform, offering cost-efficient and reliable securities trading services, according to the release.
Noting that the organizations behind Burgundy represent almost half of all Nordic trading volumes, John Owens VP of exchanges and ECNs for TNS Financial Services Division, said a vast amount of trading and market data will pass through the MTF from day one. “It is vital that Burgundy’s connectivity is as robust and efficient as possible, to ensure clients are provided with a fast and reliable service from the outset,” stated Owens in the release. “When trading begins on our platform, our clients will be equipped with secure, low latency connectivity to the destinations they require.”
As a brand new MTF, Owens stated that Burgundy would be able to take advantage of the highly scalable and flexible service provided by TNS even as the platform grows in the weeks and months ahead.
The deal will also make Burgundy accessible to 1,500 end points connected to TNS’ financial community of interest, which includes buy and sell-side institutions, trading application providers, stock exchanges, ECNs and alternative trading systems across America, Europe and the Asia Pacific region.
This is the second connectivity deal that Burgundy announced. Last month Burgundy announced that it had chosen BT Radianz's Shared Market Infrastructure for connectivity.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio