Once the new kid on the block, years of strong growth have bumped Aquis into seventh place in the European league tables. This week, the exchange delivered yet another set of sterling results—but, insists CEO Alasdair Haynes, that doesn’t mean it’s lost its challenger mindset.
Aquis’s 2023 reports and accounts show a 12% YoY increase in net revenue, reaching £22.7 million. Profit was up 15% YoY to £5.2 million. The exchange has long had a reputation as a disruptor, but recently increased broker fees and the re-introduction of high frequency trading in the past year have led some to question whether the firm is moving along the scale from outsider to incumbent—something Haynes categorically refutes.
“I would be flattered if somebody said I was an incumbent,” he told BEST EXECUTION. “But there is no way in history that we would ever be seen as one”. The company is keen to maintain the competitive edge it’s developed, and continuing to challenge and innovate across its business lines is a key part of that.
One of Haynes’s highlights from 2023 has been the diversification of the company’s product suite in the markets business, one way that he says the exchange is continuing to drive change. “The rule change has also been very significant,” he said, referencing the exchange’s decision to allow non-client proprietary traders to cross the spread. This was initially banned, and led to just 18% of its liquidity being provided by banks. Now, with liquidity traders able to decide whether or not to accept their orders, this figure has risen to 41%.
He also noted the exchange’s partnership with the Central Bank of Colombia as a key event in 2023. “I think this has put us on the map,” he said, and highlighted the company’s capacity to modernise exchange technology as further evidence of its innovative nature. “Putting the Equinox system into an exchange, moving it to hybrid and then to the cloud, gives people a path of how to modernise their technology,” he explained.
Looking ahead, “the thing we have to do in 2024 is execute on the strategy, build market share and prepare for the consolidated tape”, Haynes shared. “We’ve got a lot to do”. Based on conversations at industry events, such as the recent Rosenblatt conference, Haynes expects to see the tape go live towards the end of 2026.
He also emphasised the importance of increasing overseas investment into the UK, stating his intentions to work with policymakers and the UK Government to achieve this goal.
©Markets Media Europe 2024
