Aquis Markets, the pan-European equity trading arm of Aquis Exchange PLC, has today introduced conditional order functionality on its Aquis UK and Aquis EU platforms.
Conditional orders allow members to register the same liquidity in 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 a significant extension to AMP, the Aquis dark pool, and means the exchange now offers a full range of key trading mechanisms – allowing our clients access to liquidity in a wide range of trading scenarios”.
Members using the Aquis conditional functionality will be able to send an ‘Indication of Interest’ (IOI), which will be responded to with a ‘business invitation’ if there is a potential match. If the member wishes to proceed with the trade, they must accept the invitation within a time limit of 300 microseconds, with the resulting trade taking place in the Aquis Matching Pool (“AMP”), the Aquis dark pool.
Members can set a Minimum Strike Size and can specify whether they only want a Large Scale (LIS) execution, whereby their firm’s LIS order will only be executed against other orders that meet the LIS criteria.
Aquis members can choose to send either a ‘regular’ conditional order, which can match AMP liquidity or other conditional orders, or they will be able to choose for the order to also interact with OptimX clients – the block trading consolidation program scheduled to launch later this quarter.