Nordic multi-lateral trading facility, Burgundy, has selected Transaction Network Services' (NYSE:TNS) Secure Trading Extranet to provide essential connectivity services to its clients, supporting the flow of orders and market data between the MTF and its trading participants.
Burgundy is owned by a consortium of leading Nordic banks and securities trading firms, who together represent almost half of the Nordic trading volume. Expecting a Q2 2009 launch, Burgundy's aim 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.
Olof Neiglick, CEO, Burgundy said: "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. When trading begins on our platform, our clients will be equipped with secure, low latency connectivity to the destinations they require."
John Owens, Vice President of Exchanges and ECNs for TNS' Financial Services Division, added: "The organisations behind Burgundy represent almost half of all Nordic trading volumes, so 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.
"As a brand new MTF, Burgundy will also be able to take advantage of the highly scalable and flexible service provided by TNS, allowing us to fulfil their needs as the platform grows in the weeks and months to come."
The deal will also make Burgundy available to the 1,500 end points connected to TNS' financial community of interest, which includes buy and sell side institutions, trading application providers, stock exchanges, ECN's and alternative trading systems across the Americas, Europe and the Asia Pacific region.