November 4, 2013

Aquis exchange has received regulatory approval from the UK’s Financial Conduct Authority (FCA) to operate as a multilateral trading facility (MTF).

The new London-based venue, which has been set up by former Chi-X Europe CEO Alasdair Haynes, is set to offer a subscription-based pricing model similar to that seen in the telecoms industry, instead of the standard maker-taker model of pricing.

Aquis had initially hoped to launch in October but was held up waiting for regulators to approve the venue. It will now hold a dress rehearsal with prospective members on 9 November and, if this is successful, it will then announce a full launch date.

The venue previously told it had set a provisional launch date of 14 November.

Aquis hopes its pricing model and pan-European approach will help to bolster competition in Europe and cut trading costs. It said that currently most European markets are dominated by two exchange groups and it hopes to break these duopolies.

In a statement issued today, Haynes, Aquis CEO, said: “We are very pleased to have received the green light from the FCA just a year after announcing the creation of Aquis Exchange. We can now forge ahead with the introduction of subscription pricing to the European cash equities market.”

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