Bloomberg: Aquis Exchange to Hold Rehearsals Before Start of Operations

October 1, 2013

Aquis Exchange Ltd, a London based trading system founded by Alasdair Haynes, plans to hold two “dress rehearsals” in the coming weeks before starting operations, according to a notice sent to clients.

The practice sessions will take place on Oct 19 and Nov 9, according to the notice dated today and obtained by Bloomberg News. The document did not indicate a date for when full trading would begin.

Haynes, the ex-chief executive officer of alternative trading venue Ch-X Europe Ltd., founded Aquis last year as a rival to his former employer and traditional exchanges. The Warsaw Stock Exchange agreed to buy a 30 percent stake in the company for 5 million pounds ($8.1 million) in August.

The European Union’s Markets in Financial Instruments Directive in 2007 allowed alternative trading systems to compete with exchanges such as Deutsche Boerse AG and NYSE Euronext, sparking a fight for market share. Many of the new platforms have since merged, shut down or been bought by rivals.

By Nandini Sukumar and Andrew Rummer