Burgundy, a new MTF owned by Scandinavian banks and brokers that will offer trading in Nordic securities from later this year, has chosen BT to provide connectivity services.
The platform - which is expected to launch in the second quarter - will provide trading in equities listed in Stockholm, Oslo and Copenhagen and compete directly with Nasdaq OMX and other exchanges.
It has chosen BT's Radianz shared market infrastructure to provide high speed connectivity services for order flow and market data.
Olof Neiglick, CEO, Burgundy, says: "The Radianz Shared Market Infrastructure provides quick and easy access to the financial community as well as ultra high speed, low latency connectivity. In addition, we needed to move quickly to get this infrastructure in place and BT is able meet our timetable for delivery."
Burgundy is owned by Avanza Bank, Danske Bank, D Carnegie & Co, DnB Nor, Evli Bank, HQ Bank, Kaupthing Bank (Sweden), NeoNet, Nordea, Nordnet, SEB, Svenska Handelsbanken, Swedbank and Öhman.
It is one of a number of up-starts launching in the European market following the implementation last year of the European Union's Markets in Financial Instruments Directive (MiFID).
In September Stockholm-based Cinnober won the contract to provide the platform for Burgundy based on its TradeExpress technology.