Conditional orders allow members to post the same liquidity on multiple venues simultaneously without the risk of over-trading.
Aquis Markets, the pan-European equities trading division of Aquis Exchange PLC, has launched a new conditional order functionality for its Aquis UK and Aquis EU platforms.
The introduction of conditional orders means that trading members are now able to place orders that can be simultaneously posted on multiple venues without the risk of executing the same trade more than once, enhancing trading efficiency and reducing the potential for over-trading.
Conditional Orders enhance Aquis Matching Pool (AMP)
The integration of conditional orders into Aquis’ UK and EU platforms enhances Aquis Matching Pool (AMP), the exchange’s dark pool. It provides Aquis’ customers with a more comprehensive set of trading tools, facilitating access to liquidity across a wider array of trading scenarios.
Traders will be able to issue an ‘Indication of Interest’ (IOI), which may trigger a ‘firm-up invite’ for a potential match. To proceed with the trade, members must accept this invite within a very narrow window of 300 microseconds, with the trade being executed in the AMP.
Members now can specify a Minimum Execution Size and opt for Large-in-Scale (LIS) execution, ensuring their orders are matched only with those meeting similar LIS criteria, and also have the option to send ‘regular’ conditional orders, which can interact with AMP liquidity or other conditional orders, or choose to engage with orders from clients of OptimX, a block trading consolidator set to launch later this quarter.
David Stevens, Chief Operating Officer at Aquis Exchange, 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.”
