Financial News: Aquis Exchange hires new head of regulation

March 31, 2014

Aquis Exchange, one of Europe’s newest trading platforms, has hired a new head of regulation as it battles to bring a new fee model to the European equities market.

David Attew has joined the newcomer from NYSE Euronext’s SmartPool, where he had served as a compliance officer since 2010. Attew replaces Jennifer Wood, who is expected to remain a consultant to the exchange following maternity leave.

Aquis was founded in October 2012 by former Chi-X Europe chief executive Alasdair Haynes and launched last November after receiving approval from the UK Financial Conduct Authority. It operates a novel, fixed monthly subscription pricing model through which it seeks to enhance competition in European equity markets.

Its fee structure departs from the maker-taker pricing used by a number of other European alternative trading venues. The maker-taker model offers rebates for orders that add liquidity to a venue and charges users when their orders remove liquidity from an order book.

Anna Irrera