Aquis Exchange

Aquis Exchange PLC operates as a creator and facilitator of next-generation financial markets, structured across three distinct divisions. The company was founded in 2012 by Alasdair Haynes, a veteran of the financial services industry. Haynes's career includes senior roles at Morgan Grenfell, HSBC, and UBS, as well as serving as CEO of ITG International, where he introduced dark pool trading to Europe, and later as CEO of Chi-X Europe, which he grew into the region's largest equities trading platform. His experience in challenging established market structures directly informed the founding of Aquis.

The company's core business model is centered on disruption, particularly through its pricing structure. The **Aquis Markets** division operates a pan-European multilateral trading facility (MTF) for cash equities, notable for its subscription-based pricing. Rather than charging a percentage of the value traded, which is the traditional model, Aquis charges clients based on the volume of message traffic they generate, a model inspired by the telecommunications industry. This approach covers trading in 16 European markets through lit and dark order books, periodic auctions, and a large alternative closing auction service.

The second division, **Aquis Stock Exchange (AQSE)**, was established following the acquisition of NEX Exchange from CME Group in 2020. This gave Aquis the status of a Recognised Investment Exchange (RIE) in the UK, allowing it to operate a primary market for listing and trading shares. AQSE is designed to be a supportive home for growth companies, offering two segments: the 'Access' market for earlier-stage companies with a streamlined admission process, and the 'Apex' market for larger, more established businesses. AQSE provides a crucial source of capital for small and medium-sized enterprises.

The third pillar is **Aquis Technologies**, the software and technology arm of the group. This division develops and licenses its proprietary, high-performance exchange technology globally. Its offerings include a low-latency matching engine, market surveillance tools, and market gateway solutions for banks, brokers, investment firms, and other exchanges. A key development from this division is Aquis Equinox, a regulated-grade matching engine capable of operating 24/7 without downtime for maintenance. In July 2025, Aquis was acquired by SIX Group AG, a move designed to create a pan-European exchange leader, though Aquis continues to operate under its own brand.

Keywords: pan-European trading, multilateral trading facility, MTF, subscription-based trading, Alasdair Haynes, Aquis Stock Exchange, AQSE, growth market, Recognised Investment Exchange, RIE, exchange technology, market surveillance, matching engine, dark pool trading, lit book, periodic auction, capital markets, equity listing, SIX Group, financial technology, trade execution, liquidity solutions, Aquis Equinox, cloud-native trading platform, stock exchange operator, challenger exchange, data services, European equities