Become a member
Three steps to becoming a member
1. Documentation
Review the Aquis UK and Aquis EU Rulebooks, Connectivity Guide, Market Data Specifications and FIX or ATP Specifications. Complete and return the applicable membership documents and supporting information.
View documents2. Connectivity
Select your connectivity method (direct or via extranet). Select a market data source (direct or via a vendor). Develop your trading gateway or use a software provider. Certify with Aquis' support team.
View connectivity3. Clearing
Contact your preferred clearing partner and CCP(s) for them to send clearing permissions to Aquis.
View post-tradeConnecting to Aquis
Members can trade on Aquis either using the industry standard FIX Protocol or the Aquis Trading Protocol (ATP).
Aquis’ primary data centre is located at Equinix LD4 in Slough (Berkshire, UK).
Aquis’ secondary data centre is located at LON1 within Interxion's City of London campus.
Members can choose to connect to Aquis via:
- Cross-connect (1Gb / 10G single or multi-mode fibre)
- Direct leased lines (1Gb / 10G presented as single or multi-mode fibre)
- Extranets, such as:
Temporary VPN connectivity is also supported, for access to the Test environment only.
Simple, fair and transparent fees
Aquis’ approach to pricing is simple, fair and transparent. Similar to the telecoms industry, members are charged according to the messages they use rather than a basis point commission on the value of each stock that they trade.
Aquis has different pricing bands to accommodate varying degrees of usage. For example:
- A very low usage band for small firms, which are traditionally disadvantaged by the pricing structures of incumbent exchanges.
- An upper band for the largest consumers, where usage is unlimited (subject to a fair usage policy).
- Messages relating to posted (passive) liquidity are not counted towards the allowance.
Members receive an allocation of physical connectivity (cross-connects) and application sessions (trading ports and drop copies) within their subscription, as well as market data for trading purposes, at no extra cost.
The complete Fee Schedule is available in the Document Library.
Direct market data feeds
Market data from the Aquis order books is available directly from Aquis or via a range of market data vendors. Aquis’ market data feeds are provided via a number of IP multicast feeds.
Aquis supports the Uniform Symbology (UMTF codes) as well as ISIN and RIC codes. Aquis has the following vendor and MIC codes:
- Bloomberg suffixes – QX (for Aquis UK) and QE (for Aquis EU)
- Refinitiv RIC codes – AQX and AQE
- Operating MICs – AQXE and AQEU
- Auction on Demand segment MICs – AQXA and AQEA
- AMP (non-displayed) segment MICs – AQXD and AQED
Interoperable clearing
Aquis offers interoperable clearing, allowing members to choose between Cboe Clear (formerly EuroCCP), LCH, SIX x-clear or a combination of these to clear their trades.
Members are able to select different CCPs for different markets on Aquis Exchange. Members also have the option to self-clear their trades or to use a clearing provider.
Settlement takes place in accordance with the respective requirements and settlement timeline of the local Central Securities Depository (CSD) for each security.
Clearing providers
Clearing providers that Members may choose from include:
