October 21, 2013

Soon-to-be-launched trading venue Aquis has picked AlgoData to supply it with market data, as interest in the new European exchange operator continues to gain momentum.

Aquis is looking for regulatory approval to operate its equity venue as a multilateral trading facility, with the goal of bringing more competition into the marketplace and lower trading costs.

The new exchange will attempt to build liquidity using a tiered subscription-pricing model, similar to the one used in the telecommunications industry.

Speaking to today, Aquis CEO Alasdair Haynes said he remained hopeful of getting Financial Conduct Authority approval within a week or two, after the exchange ran a dress rehearsal this weekend. The exchange’s provisional launch date is November 14.

Several members, brokers and market makers, have signed up to go on day one, while others are in the pipeline for the next three months, he said.

Aquis will be using market access infrastructure provider AlgoSpan’s Algo Data for the supply of low latency real-time references prices from European exchanges.

“Market data feeds are critical part of our business,” Haynes said. “We made the decision to partner with AlgoSpan because of the quality of their product and the level of service they offer.”

The exchange has also joined trading communications solutions provider IPC System’s Connexus Financial Extranet service, allowing buy- and sell-side firms to access FIX exchange order flow and market data from across Europe.

Aquis plans to offer equities from Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK.

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Paloma Migone