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Auction on Demand

Intra-day auctions for 0 marginal cost

Aquis’ pre-trade transparent intraday auctions, available as part of our subscription model

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What is Auction on Demand?

Our pre-trade transparent intraday auctions, where members can enter limit orders or midpoint pegged orders referencing the combined best bid and offer of Aquis + the Market of Listing (APBBO). The Auction on Demand takes place on separate order books with MIC codes AQXA and AQEA for Aquis’ UK and EU entities, respectively.

Why trade on Auction on Demand?

Our periodic auctions allow firms to gain price improvement while maintaining pre-trade transparency. Since AoD is available as part of the subscription model, members also have the possibility to trade with an effective marginal cost of zero.

Key features

Ability to price improve

Choice of standard limit orders or midpoint pegged orders with a limit, allowing price improvement. Executions can occur mid-tick.

Choice of order validity

Day orders are rolled into the next auction if a residual quantity remains. Orders with a validity of Good For Auction (GFA) expire after the first AoD instance they participate in.

Support for minimum quantity

Ability to specify a minimum acceptable quantity. Orders with a minimum quantity can execute against multiple orders.

Fully transparent

During the Auction the indicative price and indicative matched volume are published in real time through market data. The indicative price and indicative matched volume are then displayed in real time.

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