LONDON (Reuters) – The European Union should allow EU investors to continue trading Swiss shares from January, a senior stock exchange industry official said on Monday.
Alasdair Haynes, chief executive of the London-based Aquis exchange (AQX.L), said the EU should grant a year’s extension to allow the SIX Exchange in Zurich to serve investors across the bloc.
Shares in pan-European trading platform Aquis Exchange soared 18 per cent yesterday after it further increased its market share for equities trading.
The “Spotify of stock exchanges” increased its market share of European equities trading to 3.67 per cent.
The platform launched in 2012 as a competitor to exchanges such as the London Stock Exchange and Cboe Europe and has become popular for its subscription-based model.
Traders are charged based on message traffic and aggressive traders are banned from using the exchange.
Pan-European share trading platform Aquis Exchange increased revenue by 54 per cent in its first results since listing in London earlier this year.
The subscription-based equities exchange has also reached a 3 per cent share of the European continuous trading market and told City A.M. it was aiming for “significantly higher” as it looked to capitalise on its momentum.
Revenue climbed to £1.5m in the six months to 30 June from £1m the previous year and underlying earnings were also up to £1.8m from £1.5m.
Alasdair Haynes, chief executive of Aquis Exchange, fulfilled a dream when he floated the pan-European exchange in June. Last month the subscription-based venue achieved a market share of more than 3%, ahead of the year-end prediction made during the initial public offering.
Aquis Exchange was launched nearly five years ago in November 2013 to introduce a subscription pricing model based on message count, instead of a commission on the value traded. The highest subscription tier allows unlimited trading.
Pan-European cash equities trading MTF files applications with French regulators from new trading venue.
Aquis Exchange is planning to set up a new venue in Paris in order to provide services to its European members following Brexit.
The group which operates a pan-European cash equities trading MTF, said it has filed applications with the relevant French competent authorities.
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Alasdair Haynes’ Aquis Exchange agrees to provide trading and surveillance technology to startup Archax
Aquis Exchange, a challenger to the City’s largest trading venues, has scored a win for its growing technology business with a mandate to power one of a new breed of cryptocurrency markets.
Aquis Exchange has achieved a record 3.17% market share in continuous trading in August, just months after its initial public offering (IPO).
The pan-European cash equities multilateral trading facility (MTF) saw its market share surge from 2.66% the previous month, with an all-time high of 3.49%.
Value of shares traded hit €21.7 billion in August compared to €19.2 billion in July, and average daily volume increased 8.3%. In the UK’s FTSE 250, Aquis Exchange also reached a market share of 4.71% and 4.89% in the top Swiss stocks.
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Investors flocked to buy shares in a newly listed rival to the London stock exchange.
Aquis, a share trading platform, floated yesterday on the Alternative Investment Market and its shares rose by more than a third.
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The debut of Aquis Exchange on London’s stock market is a reminder that not everyone sees Mifid II as a colossal drag on time, efficiency and resources.
Shares in Aquis, which operates a share trading venue, surged 38 per cent on Thursday on Aim, giving it a market capitalisation of £101m. The beneficiaries include Rich Ricci, the ex-Barclays investment banker and biggest Aquis shareholder.
