The new dark to lit sweep functionality will allow exchange members to sweep the dark book before inputting an order in the lit book, all in one order – while the exchange is also upgrading its auction on demand service.
Aquis Exchange has announced a new order type in its latest production release, along with enhancements for Auction on Demand (AoD), both effective from the start of day on Monday 5 June.
The changes were announced in a member notice released on 26 May, detailing the latest upgrades.
Aquis will be introducing the Dark to Lit Sweep Order on the Aquis UK and Aquis EU (AQXE and AQEU) platforms. The new functionality will allow members to sweep the AMP dark book before inputting an order in the lit book in one order, according to a member notice released on 26 May. The dark portion will not rest on the order book.
The exchange will be offering three types of the Dark to Lit sweep:
- 1. DLO: Dark (IOC) to Lit (IOC)
- 2. DLOD: Dark (IOC) to Lit (Day)
- 3. DLPO: Dark (IOC) to Lit (Post-only for non-client proprietary order flow)
In addition, Aquis is adding a number of enhancements to its AoD service, including the ability to modify orders and the ability to update indicative price and indicative volume to 0 once an auction uncrosses. Again, these changes will be made on both Aquis UK and Aquis EU, and are to be rolled into the production environment after close of business on Friday 2 June, coming into effect immediately Monday 5 June.
“At Aquis we are intent on offering our members multiple options to execute their flow with as minimal impact and cost as possible,” said David Stevens, chief revenue officer at Aquis.
“That is why we launched our dark pool (AMP) a year ago and continue to enhance the functionality of Auction on Demand (AoD). We intend to further expand our range of order types and functionality in 2023. Dark to Lit sweep is a natural extension of our overall strategy.”
