Aquis Markets, the pan-European equities trading division of Aquis Exchange, has launched conditional order functionality on the Aquis UK and Aquis EU platforms. Conditional orders should allow members to post the same liquidity on multiple venues simultaneously without the risk of over-trading.
David Stevens, chief operating officer, said, “The addition of conditional orders to our UK and EU platforms is an important extension to AMP, the Aquis dark pool, and means that the exchange now offers a full suite of key trading mechanisms – allowing our customers access to liquidity in a broad range of trading scenarios.”
Members using the Aquis conditional functionality will be able to send an ‘indication of interest’ (IOI), which will be met with a ‘firm-up invite’ if there is a potential match. If the member wants to proceed with the trade, they must accept the invite within a 300 micro second time limit, with the resulting trade taking place on Aquis Matching Pool (‘AMP’), the Aquis dark pool.
Members can set a Minimum Execution Size, and can specify if they only want a large-in-scale (LIS) execution, whereby their firm-up LIS order will only execute against other orders that meet the LIS criteria.
Aquis members can choose to send either a ‘regular’ conditional order, which can match with AMP liquidity or other conditional orders, or they will be able to choose for the order to also interact with clients of OptimX – the block trading consolidator scheduled to launch later this quarter.
“We have not had block trading functionality before but with the introduction of conditionals and our future collaboration with OptimX we are excited to be addressing this part of the market,” Stevens told BEST EXECUTION.
“As always, this functionality has been developed in conjunction with client demand and feedback, and our members are pleased to now have access to a full suite of trading options from Aquis to meet their needs.”
©Markets Media Europe 2024
