The Telegraph: Share trading platform Aquis to raise £12m with listing on Aim

12 June 2018

By Tom Rees

Challenger stock exchange Aquis will float on the junior Aim market to bolster its war chest to take on larger rivals, such as the London Stock Exchange and Deutsche Boerse.

Aquis, which has been dubbed the Spotify of trading venues, will raise £12m as it attempts to lure investors with its subscription-based model.

The pan-European equities trading platform hopes to snap up market share from its rivals following a huge shake-up in European regulation. The company is hoping to capitalise on Mifid II, a set of sweeping market reforms designed to increase market transparency and investor protection.

Investors are normally charged a percentage of the value of each trade but on Aquis they pay a monthly subscription fee based on their average number of transactions.

Aquis, which currently holds a 1.9pc slice of the European market, claims that the model “should materially reduce” costs for its customers.

The company, which was founded in 2012, also differentiates itself from other trading platforms by banning “toxic” high-frequency trading, which attempts to profit from making a large number of transactions at a rapid speed.

In the wake of Mifid II being introduced in January, Aquis is hoping to exploit a “clear regulatory drive for greater transparency in trading” and is “ideally positioned to capitalise on these trends in the years to come”, boss Alasdair Haynes claimed.

Aquis will list on Aim on Thursday with a market capitalisation of £73m. A total of £32m will be raised but £20m from the fundraising will go to the Warsaw Stock Exchange and other selling shareholders.

The company enjoyed a 65pc jump in revenue in 2017 and made a loss of £3.3m, a 15pc improvement. Proceeds from the IPO will be invested in marketing, technology and costs from the flotation.