Oslo Børs to Acquire Burgundy
Currently, Nasdaq OMX is the regional lead in terms of exchanges, but Oslo Børs has been making advances in recent months, such as its agreement with the London Stock Exchange to use its MillenniumIT platform from November. The acquisition, which will see Oslo Børs take 100 percent of the company, is widely seen as a further grab for dominance in the Nordics, although Burgundy's market share is small in comparison to Nasdaq's. Burgundy operates a regulated market and a multilateral trading facility, and was originally established by a consortium of banks and brokers.
"We greatly appreciate the confidence shown in Oslo Børs by the original owners who took the initiative to establish and develop Burgundy," says Bente A Landsnes, president and CEO at Oslo Børs. "Oslo Børs welcomes the opportunity to continue Burgundy's development, and we are extremely pleased both that the former owners intend to work with us on this and that Olof Neiglick will continue as Burgundy's CEO. Oslo Børs and Burgundy will work together to continue the development of a strong and effective Nordic platform for both investors and issuers, based on efficient, low-cost operations."
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