Pan-European exchange operator Aquis intends to offer a choice of clearers from launch, currently scheduled for mid-November.
Aquis Exchange, which is hoping the UK’s Financial Conduct Authority will approve its application to operate as a multilateral trading facility in time for a 14 November debut, has signed agreements with pan-European clearers EMCF, LCH.Clearnet and SIX x-clear to provide central counterparty (CCP) services.
Aquis is headed by former Chi-X Europe CEO Alasdair Haynes and plans to differentiate itself from other trading venues by operating a subscription pricing model, which charges members according to the message traffic they generate.
The firm said the ability to offer members a choice of CCP would provide high quality counterparty risk protection, settlement netting facilities and post-trade anonymity.
“We are strong advocates of the horizontal model and open access. It has always been our plan for Aquis Exchange to link to a number of CCPs so members have choice of where to clear,” said Haynes.
Polish exchange operator WSE acquired a 30% stake in Aquis for £5 million in August.
Netherlands-based EMCF signed into a merger agreement with fellow pan-European clearing house EuroCCP in July.