(Aquis market gateway)

The Aquis Market Gateway (AMG) is a mechanism designed to enable Systematic Internalisers (SIs) and Counterparties to connect with each other bilaterally, via a normalised Application Programming Interface (API).

The simple, cost effective and quick way for SIs and Counterparties to connect.

Gateway

Key features

The AMG allows SIs to reach a large number of Counterparties and vendors and vice versa

Accessing the AMG is cost effective. Both sides pay a fee to join, using the ground-breaking Aquis subscription fee model

Counterparties can access numerous SIs via a normalised API

The AMG uses bespoke, low latency, high performance technology

Unique — The bilateral aspect of the relationship remains intact throughout, as demanded by MiFID II. There is no common matching hub

The AMG is very flexible — Counterparties can continually adjust which stocks they want to interact with, even on an intraday basis

Supports FIX and ATP connections

What is AMG

The AMG has been created to facilitate SIs reaching their Counterparties, and lowers the barrier to entry for Counterparties wanting to interact with SIs. The relationship between SIs and their Counterparties, such as brokers and vendors, via the AMG is entirely and strictly bilateral and thus in line with the most recent MiFID II criteria.

The AMG software has been built and is run by Aquis Technologies, the exchange and regulatory technology development and licensing arm of Aquis Exchange. The AMG is a low latency, high capacity hub.

Each SI has its own unique interface, so Counterparties would need to undertake several infrastructure projects in order to connect to each one. The AMG simplifies this process by normalising access. Therefore, the AMG is the obvious solution for firms wanting to connect with each other but not wanting to undertake numerous and complicated implementation and conformance procedures.

How it works

  1. SIs distribute actionable messages, such as tradable quotes, amendments or cancellations, to designated Counterparties via the AMG.
  1. A Counterparty wishing to trade responds to a quote via an IoC (Immediate or Cancel) or FoK (Fill or Kill) order.
  1. If the order is successful, the Counterparty receives a trade confirmation message.
  1. The relationship between SIs and Counterparties remains bilateral throughout.

Low Latency, High Capacity

Latency: sub 20μs, port-to-port

Capacity: peak sustained transaction rate: 170k tps per Counterparty

How SIs will connect to Counterparties (bilaterally), via the AMG:

How Counterparties will connect to SIs (bilaterally), via the AMG: