A group of 10 Nordic banks and brokers are to challenge the region's main exchange Nasdaq OMX by launching a Nordic share trading system, a move that echoes the London-based Turquoise initiative, which is backed by nine banks.

The Nordic group, which includes top Swedish banks Swedbank, Handelsbanken and SEB, said the multi-lateral trading facility, called Burgundy, will tap into the increasing demand for fast trading systems when it launches in the first half of next year.