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Aquis Exchange
Alasdair Haynes launched Aquis Exchange in 2012, bringing a subscription-based pricing model to European equity trading that diverged sharply from the...
Aquis Exchange
Alasdair Haynes launched Aquis Exchange in 2012, bringing a subscription-based pricing model to European equity trading that diverged sharply from the per-trade fees charged by legacy exchanges. The London-headquartered group operates two regulated markets: Aquis Stock Exchange, a primary and secondary market for growth companies, and Aquis Markets, its pan-European multilateral trading facility. Haynes, a former CEO of Chi-X Europe, designed the structure to lower trading costs for institutional participants while generating predictable revenue for the exchange itself. The group's core business spans three units. Aquis Markets applies a subscription pricing model to European equity trading, charging members a flat fee rather than a variable cost per trade. Aquis Stock Exchange operates as a UK Recognised Investment Exchange, hosting primary listings for small and mid-cap companies. Aquis Technologies licenses the group's proprietary matching engine and market surveillance software to other exchanges and trading venues. The technology arm has secured contracts with the Central Bank of Colombia among other clients. The group reports taking a capital-light approach, avoiding the balance-sheet risk of a clearing house by relying on external central counterparties for settlement. Aquis Exchange listed on the London Stock Exchange's AIM market in June 2018, raising proceeds to fund expansion of its technology licensing business. The group has grown its market share in pan-European equity trading incrementally, reporting capturing approximately five percent of continuous European equities flow by 2023. In September 2024, Swiss stock exchange operator SIX Group made a recommended cash offer for Aquis Exchange at 727 pence per share, valuing the firm at roughly £225 million (per the firm's regulatory announcement, September 2024). The group's structural distinction lies in its vertically separated business model. Unlike most exchange groups that bundle trading, data, listings, and technology into a single proprietary stack, Aquis separates the exchange operations from the technology licensing division. This allows the firm to sell its infrastructure to potential competitors while operating its own venues on the same stack — a model that generates two revenue streams from a single technology investment.
General information
Firm type
Asset Manager
Year founded
2012
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
Paris, France
Principals
Alasdair Haynes
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Aquis Exchange?
Aquis Exchange is a listed operating company, not an asset manager. Investment and strategic decisions are made by the board of directors, led by CEO and founder Alasdair Haynes. Since the firm is publicly traded on AIM, material corporate decisions involving capital allocation are disclosed via the London Stock Exchange's regulatory news service.
How does Aquis Exchange's subscription pricing model work?
Aquis Markets charges members a flat subscription fee for trading rather than a per-trade cost. The pricing tiers are based on the member's daily trading volume, creating a fixed-cost structure for institutional participants. This model is designed to lower overall trading costs for high-volume firms and to compete with Europe's incumbent exchanges that derive significant revenue from transaction fees.
Is Aquis Exchange an exchange operator or a technology company?
Aquis functions as both. The group operates two regulated UK exchanges and a pan-European multilateral trading facility through its Aquis Markets and Aquis Stock Exchange divisions. Simultaneously, its Aquis Technologies unit licenses the matching engine, surveillance software, and exchange infrastructure to other market operators, including the Central Bank of Colombia. This dual model separates exchange operations from technology sales.
What is the relationship between Aquis Exchange and SIX Group?
In September 2024, SIX Group, the operator of the Swiss Stock Exchange, made a recommended cash offer for the entire issued share capital of Aquis Exchange at 727 pence per share. The takeover, if completed, would integrate Aquis into one of Europe's largest financial market infrastructure groups. The transaction values Aquis at approximately £225 million (per the firm's regulatory announcement, September 2024).
Does Aquis Exchange operate a clearing house?
No. Aquis deliberately avoids operating its own clearing house. The group relies on external central counterparty clearing houses for trade settlement, keeping its balance sheet capital-light and avoiding the regulatory capital requirements associated with clearing infrastructure. This is a deliberate structural choice that distinguishes it from larger vertically integrated exchange groups.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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