Nordic Makeover - 1 September 2009
First Published Thursday, 3rd September 2009 11:16 am from Fidessa : Fidessa
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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
href="http://fragmentation.fidessa.com/stats/exchange/BRG.html"
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
href="http://www.affarsvarlden.se/seminarier/article584053.ece"
target="_blank">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.
