LONDON Nov 4 Britain's financial regulator has
given the green light for operations to start at Aquis, a new
pan-European share trading platform which aims to take on bigger
rivals by offering subscription-based pricing modelled on the
mobile phone market.
The Financial Conduct Authority (FCA) has given Aquis
approval to open for business a year after it was set up by its
chief executive Alasdair Haynes.
"We can now forge ahead with the introduction of
subscription pricing to the European cash equities market,"
Normally users are charged a percentage of the value of each
stock trade they make but on Aquis they will pay a rate
according to the level of activity.
The aim is to attract small trading firms that are
traditionally disadvantaged by the way big exchanges charge, it
Aquis, in which Warsaw bourse operator GPW agreed
in August to buy a 30 percent stake for 5 million pounds, will
hold a "dress rehearsal" on Nov. 9 and, depending on its
success, then announce a launch date.
It wants to become the third main share trading venue in
each European country, meaning it will take on the local
exchange and BATS Chi-X Europe, the largest pan-European bourse.
Haynes helped turn Chi-X Europe from a loss-making upstart
into a profitable trading platform to take on the long
established exchanges like the London Stock Exchange,
NYSE Euronext and Deutsche Boerse. He left
Chi-X Europe after it was taken over by U.S. share market
operator BATS Global Markets.