The Gateway to Algorithmic and Automated Trading

Nordic Makeover - 1 September 2009

Fidessa : Fidessa - 1st January 1970

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I mentioned a while back that we were working to improve our coverage of the Nordic region and so it's great to report that this work is now complete. As you can see, the most obvious addition is the inclusion of Burgundy.

Speaking with Olof (Burgundy's CEO) he told me that: "Multi-venue trading is new to the Nordic region so our participants are now deeply involved in their technology projects to enable SOR capability." This should be good news for technology firms as it looks like SOR is likely to become mandatory across the region before too long. It will be interesting to see how well these participants adapt to the new post-trade smart workflow issues that so dogged the industry when Chi-X and Turquoise first came on the scene.

Our Burgundy coverage only begins from the 17th August although I do know that, on some days prior to this, they achieved over 4% of the volume on the Stockholm market so the overall trend is looking good for Burgundy so far. Not too surprisingly Olof agrees with this and he commented further: "The summer saw increased turnover and numbers of trades in Swedish equities. Going forward, we expect trading to pick up in Norwegian, Finnish and Danish shares as firms are getting ready to explore the fragmentation world. CCP is finally coming to Burgundy on 9th October, which will dramatically reduce all-in costs for our participants."

We have also given our general Nordic coverage a bit of a makeover. So, we have replaced the Nordic 40 with the OMXC20 (Copenhagen), the OMXH25 (Helsinki), the OMXS30 (Stockholm) and, of course, the Oslo OBX. Hopefully this will go a long way to providing the sort of granularity people were looking for across the region and enable us to better follow the progress of Burgundy and the other MTFs that trade these stocks.

Looks like I'm going to be spending quite a bit of time in the Nordics over the next few weeks, starting with the Affärsvärlden Securities Trading Outlook seminar in Stockholm tomorrow. If you're planning to attend, please come and tell me what you think of the improvements.

Finally, as always, my thanks go the guys back at Fidessa Labs for another job well done.