Aquis gets UK green light to trade shares across Europe

Reuters

LONDON, Nov 4 (Reuters) - Britain's financial regulator hasgiven the green light for operations to start at Aquis, a newpan-European share trading platform which aims to take on biggerrivals by offering subscription-based pricing modelled on themobile phone market.

The Financial Conduct Authority (FCA) has given Aquisapproval to open for business a year after it was set up by itschief executive Alasdair Haynes.

"We can now forge ahead with the introduction ofsubscription pricing to the European cash equities market,"Haynes said.

Normally users are charged a percentage of the value of eachstock trade they make but on Aquis they will pay a rateaccording to the level of activity.

The aim is to attract small trading firms that aretraditionally disadvantaged by the way big exchanges charge, itsaid.

Aquis, in which Warsaw bourse operator GPW agreedin August to buy a 30 percent stake for 5 million pounds, willhold a "dress rehearsal" on Nov. 9 and, depending on itssuccess, then announce a launch date.

It wants to become the third main share trading venue ineach European country, meaning it will take on the localexchange and BATS Chi-X Europe, the largest pan-European bourse.

Haynes helped turn Chi-X Europe from a loss-making upstartinto a profitable trading platform to take on the longestablished exchanges like the London Stock Exchange,NYSE Euronext and Deutsche Boerse. He leftChi-X Europe after it was taken over by U.S. share marketoperator BATS Global Markets.

View Comments (0)