Aquis to expand dark offering with new ‘Dark to Lit Sweep’ functionality

Functionality is expected to go live on Monday 5 June and comes alongside enhancements to its Auction on Demand (AoD) service.

Aquis Exchange is set to launch a new ‘Dark to Lit Sweep’ functionality to its Aquis UK and Aquis EU markets as it continues to expand its dark trading offering, The TRADE can reveal.

The new functionality goes live on Monday 5 June, and allows members to sweep the Aquis Matching Pool (AMP) dark book before inputting an order in the lit book. The functionality will offer three order types; Dark to Lit (Immediate or Cancel Order), Dark to Lit (Day), and Dark to Lit (Post-only for non-client proprietary order flow).

“At Aquis we are intent on offering our members multiple options to execute their flow with as minimal impact and cost as possible,” said Aquis Exchange’s chief revenue officer, David Stevens.

“That is why we launched our dark pool (AMP) a year ago and continue to enhance the functionality of Auction on Demand (AoD). We intend to further expand our range of order types and functionality in 2023. Dark to Lit sweep is a natural extension of our overall strategy.”

Alongside the launch of the new functionality, the exchange has expanded the remit of its Auction on Demand (AOD) service on its Aquis UK and Aquis Europe markets to include the ability to modify orders and to update indicative prices and indicative volumes to zero once an auction uncrosses.

Aquis acquired its dark pool business from UBS in March last year wherein it struck a deal to absorb the business activities of non-displayed matching pool, UBS MTF. Following the transfer, the venue became known as Aquis Matching Pool (AMP).