TIDMAQX
Aquis Exchange PLC
23 November 2020
23 November 2020
RNS Reach
Aquis Exchange PLC
("Aquis" or the "Company")
AQSE launches Market Maker Incentive Scheme
Scheme designed to narrow spreads and boost liquidity
Participants have the opportunity to acquire AQSE equity
Aquis Exchange PLC (AQX.L), the exchange services group, is
pleased to announce that its subsidiary Aquis Stock Exchange
("AQSE") has launched an incentive scheme for market makers
designed to boost liquidity and improve the functioning of the AQSE
market for growth stocks.
Under the terms of the scheme, participating market makers will
offer two-way prices, in retail size, for 50% of stocks in the Apex
segment of the AQSE Growth Market. Spreads must be no wider than
5%. Apex is aimed at more established companies, with a larger
market capitalization (GBP10m-GBP500m), a free float of at least
25%, broad retail access and ones that adhere to a recognised
corporate governance code. Candidates for Apex, which is expected
to begin with around 25 constituent companies, include businesses
such Chapel Down Group, Shepherd Neame and Arbuthnot Banking Group.
The scheme begins in January 2021 and is designed to bring more
competition into the market, narrow spreads, increase liquidity and
enhance the overall performance for all users.
Market makers qualifying for the scheme will be awarded warrants
convertible into AQSE equity. This opportunity is open to the top
five firms each year, with the best performers receiving a larger
percentage. Over the three-year term of the scheme, market makers
will have the opportunity to get equity up to 19.9% in AQSE.
AQSE has already attracted a number of key market makers to its
scheme. Early adopters include Canaccord Genuity, Liberum, Peel
Hunt, Shore Capital Ltd, Stifel and Winterflood Securities
Limited.
AQSE was acquired by Aquis in March 2020. It was formerly known
as NEX Exchange Ltd. It is permissioned as a Recognised Investment
Exchange, which allows it to operate a regulated listings
venue.
Commenting on the new scheme, Aquis Exchange and AQSE CEO
Alasdair Haynes, said:
"This is an important development in our quest to really
transform the AQSE marketplace into the premier destination for
both issuers and investors in growth companies. Liquidity is the
lifeblood of markets and schemes to boost trading by offering
narrower spreads, top technology and alignment of vested interests
will lead to a more buoyant marketplace."
David Parsons, Head of Equities at Liberum, added:
"We are delighted to support Aquis as an AQSE market maker. We
are proud to have acted for Aquis since their pre-IPO funding in
2016 and subsequent IPO in 2018 since when their market share in
European Equities has more than doubled. The creation of AQSE will
bring liquidity and capital to growth companies thus benefiting
both UK Corporates and investors. We believe Aquis is uniquely
placed in part of the market that is ripe for disruption and look
forward to the next stage of their exciting growth."
Iain Morgan, Head of Execution & Trading at Peel Hunt,
said:
"Following the implementation of MIFID II, some small and
mid-cap listed companies have experienced a significant reduction
in the liquidity of their share, hindering their ability to attract
equity investment. We are pleased to be supporting a scheme that
seeks to improve trading in these companies, so they can access the
investment capital needed for future growth."
Nick Conyerd, Head of Market Making at Shore Capital, added:
"Supporting growth in trading by encouraging liquidity will
further strengthen the UK SME sector and help attract new investors
and growth businesses to public markets. We are pleased to support
this AQSE initiative."
John Owen, European COO of Stifel, said:
"AQSE is offering fresh engagement and a new approach to trading
and liquidity in the small-mid cap public markets in the UK. We
look forward to supporting the scheme and AQSE in its future
developments."
Matt Wilkinson, Head of AIM and Director of Winterflood
Securities, added:
"Winterflood welcomes AQSE's innovative approach to encouraging
competitive pricing and liquidity provision on their platform.
These are key factors in promoting new listings and ensuring the
continued success of our vibrant UK SME market."
Enquiries:
Aquis Exchange PLC Tel: +44 (0) 20 3597 6321
Alasdair Haynes, CEO
Jonathan Clelland, CFO and COO
Belinda Keheyan, Head of Marketing +44 (0) 7768 078 110
Alma PR (Financial PR Adviser) Tel: +44 (0)20 3405 0209
Susie Hudson aquis@almapr.co.uk
Rebecca Sanders-Hewett
Kieran Breheny
Notes to editors:
Aquis Exchange PLC is an exchange services group, which operates
pan-European cash equities trading businesses (Aquis Exchange),
growth and regulated primary markets (Aquis Stock Exchange/AQSE)
and develops/licenses exchange software to third parties (Aquis
Technologies).
Aquis Exchange is authorised and regulated by the UK Financial
Conduct Authority and France's Autorité des Marchés Financiers to
operate Multilateral Trading Facility businesses in the UK and in
EU27 respectively. Aquis operates a lit order book and does not
allow aggressive non-client proprietary trading, which has resulted
in lower toxicity and signalling risk on Aquis than other trading
venues in Europe. According to independent studies, trades on Aquis
are less likely to lead to price movement than on other lit
markets. Aquis uses a subscription pricing model which works by
charging users according to the message traffic they generate,
rather than a percentage of the value of each stock that they
trade.
Aquis Stock Exchange (AQSE) is a stock market providing primary
and secondary markets for equity and debt products. It is
authorised as a Recognised Investment Exchange, which allows it to
operate a regulated listings venue.
Aquis Technologies is the software and technology division of
Aquis Exchange PLC. It creates and licenses cutting-edge,
cost-effective matching engine and trade surveillance technology
for banks, brokers, investment firms and exchanges.
Aquis Exchange PLC (AQX.L) is listed on the Alternative
Investment Market of the LSE (AIM) market. For more information,
please go to www.aquis.eu
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