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Lit Continuous Trading

High-quality, low impact pan-European trading

Aquis’ continuous trading order books in the UK and EU allow institutional traders to trade the top stocks from 16 European countries, in a low-impact, lit environment.

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Subscription pricing

Aquis is the first European trading venue to operate on a subscription pricing model. Our fee model for lit trading is based on aggressive message count rather than a basis points charge on the value traded. Passive messages are free. Members in our highest subscription tier access unlimited trading.

Low market impact

Aquis’ lit continuous order books do not allow aggressive, non-client proprietary trading, giving it significant liquidity at the touch and often, better prices than any other trading venue. In fact, Aquis has the lowest market impact amongst lit equity trading venues in Europe.

Key features

Price / time matching priority

Orders will be matched using price/time priority (where time priority is based on the time stamped on an Order when it arrived in the Aquis MTF).

Choice of order types

The Central Limit Order Book matching engine supports the continuous matching of orders using price/time priority. Order types available include: Limit, Post only, Post Only Cancel Replace, and Iceberg.

Non aggressive non-client prop trading

Aquis only allows non-client proprietary traders to trade passively on its platform, as a result signalling risk is much lower on Aquis Exchange than on other trading venues in Europe.

Subscription pricing model

Aquis Exchange charges according to message traffic generated, rather than a percentage of Members’ value traded. With a top band of unlimited usage, members are able to achieve zero marginal cost of trading.

UK and EU regulated MTFs

Aquis UK regulated by the FCA and Aquis Europe regulated by the AMF. Offering members access to 2000+ stocks from 16 pan European markets via a single network connection.

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