European Multilateral Clearing Facility (EMCF) together with Burgundy, a regional multilateral trading facility (MTF), have announced the introduction of full mandatory central counterparty clearing (CCP) services for the Nordic region.
The move recognises the growth in trading in the Nordics and increasing importance of the territory to the financial industry. For traders this will provide more transparent and competitively priced services across Copenhagen, Helsinki, Oslo and Stockholm.
Jan Booij, Chief Executive of EMCF said: "The Nordics are growing in importance as a financial centre and we are pleased to be expanding our market share to this region. Working with Burgundy enables us to extend our offering to deliver reliable, cost-effective trading services for market participants. Burgundy will be fully connected with trades on other exchanges linked to EMCF."
"Finally the Nordic countries will be on the European level with regards to trading and settlement cost competitiveness. EMCF and Burgundy have facilitated this with today's launch for Nordic blue-chip equities. Together we will reduce risks and dramatically lower the cost of trading for European trading participants", says Olof Neiglick, CEO of Burgundy.