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Oslo Stock Exchange buys the Swedish stock exchange

Tuesday, 16 October 2012
Oslo Stock Exchange has agreed to take over 100 percent of the shares in Swedish exchange, Burgundy.

Burgundy is an exchange that operates a regulated market and a multilateral trading facility Multilateral Trading Facility (MTF) and is authorized and regulated by the Swedish Financial Supervisory Authority. Burgundy focuses on the Nordic markets and its trading was launched on June 12, 2009 for trading Norwegian, Finnish, and Danish instruments.

Increased competition in the stock market has reduced the market share and pressure on margins for traditional exchanges and the Oslo Stock Exchange to the takeover of Burgundy create a platform for growth and a stronger competitive position, according to a statement from the Oslo Bors

Burgundy's CEO Olof Neiglick will continue as the company's CEO following its acquisition by Oslo Bors.

Oslo Stock Exchange intends to further develop Burgundy's activities in close cooperation with the current owner and one goal is to expand the product portfolio, it is said in the statement. To ensure continuity and recovery of local skills in Stockholm, it will be creating a new client-based advisory committee.

The daily operation will be done in close cooperation with the Oslo Stock Exchange to take advantage of lower costs and focus on increasing competitiveness.

Oslo Børs has already been working with the London Stock Exchange and is planned to start using the London Stock Exchange's trading platform, Millennium Exchange, and close down the current platform from Cinnabar. This plan will be implemented during 2013.

Oslo Stock Exchange takeover of Burgundy is subject to approval by authorities in Norway and Sweden.
There will be a press conference about the deal in the Burgundy operations area in Stockholm midday Tuesday.
Scncomark.com Team

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