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Market at Close

Bringing competition to the close

MaC allows members to enter orders for matching at the same price as the market-of-listing closing auction for a fraction of the cost

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Why the MaC?

Aquis brings competition into the closing auctions and gives the industry a genuine choice.

Cost saving

Aquis' members can trade at the close for a fraction of the fee charged by the national exchanges.

How it works

MaC operates according to a sequential four-phase execution process. User risk is minimised as all MaC orders for a particular stock are rejected or cancelled if the market-of-listing auction for that stock is extended or cancelled. Clearing and settlement for MaC executions takes place in the same way as other executions on Aquis. Members can choose to enable clearing suppression for trades matched against themselves.

MaC Timelines

1MaC unlocked phase

Starts at the same time as the market of listing auction. Market orders may be entered amended or cancelled.

2MaC random lock period

The MaC lock period starts mid-way through the market of listing auction, at a random point during a 30 second window.

3MaC locked phase

After the random lock the MaC order book is locked from any member changes. Orders are matched with member and time priority. Any unmatched orders are cancelled, allowing members enough time for those orders to be sent elsewhere.

4MaC execution confirmation

Following the end of the market of listing auction. The orders that were matched are executed at the market of listing closing price.

Key features

Cost savings

Members achieve significant cost savings by avoiding the premium fees charged by the national exchanges for trading in the closing auction (MaC fees apply).

Certainty of price

Users of MaC execute at the same price on their MaC trades as the closing price on the national exchange’s closing auction.

No opportunity cost

Users are notified if any part of their order is not matched by the MaC, allowing them to route/work orders elsewhere before the auction ends.


MaC meets all MiFID II pre-trade transparency requirements.

Member priority

Matching within MaC takes place on member/time priority.

No caps on order size

Aquis does not limit the order sizes submitted into MaC (aside from standard risk controls at order entry)

No additional connectivity

Members can access the MaC through their existing connectivity to Aquis.

Regulatory approval

The relevant regulators (FCA in the UK and AMF in France) have approved MaC.

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