Matching Pool
Cost effective dark pool trading
Aquis’ non displayed order books, where members can trade at the midpoint of the Primary Best Bid and Offer (PBBO).
Contact usWhat is the Aquis Matching Pool?
The Aquis Matching Pool (AMP) is our non-displayed order book, where members can trade in larger size at the midpoint of the Primary best bid & offer (PBBO). The AMP operates under the segment MICs AQXD and AQED for Aquis UK and EU entities respectively, and offers the same stock universe as the Aquis Lit continuous order books.
Why trade on the Matching Pool?
AMP trades are charged at just 0.1bps on the value executed. Members can also save on connectivity fees since their existing Aquis connectivity and trading ports can be used for AMP.
Key features
Execute at midpoint
Members can trade at the midpoint of the PBBO. The ability to add limits to 'peg to mid' orders gives members control over the price at which orders can execute.
Choice of order validity
Day orders execute immediately if contra liquidity is found, or rest on the book until a matching opposing order is submitted. Immediate or Cancel (IOC) orders cancel unless the order can be fully or partially filled immediately.
Support for minimum execution size
Members can specify an MES, where the order(s) will only execute if an opposing order meets the requested size in one fill.
Support for ‘large in scale’ only
Option for members' Large In Scale (LIS) orders to only execute against other LIS orders.
Dark to Lit Sweep functionality
With Dark to Lit Sweep, members can trade more efficiently, minimise latency and target better execution by sweeping the AMP dark book before routing to the Lit book, via one order.
Aquis offers three types of Dark to Lit Sweep:
DLO
Dark (IOC) to Lit (IOC)
DLOD
Dark (IOC) to Lit (Day)
DLPO
Dark (IOC) to Lit (Post-only for non-client proprietary order flow)
Dark executions from Dark to Lit Sweep orders are charged at the same low-cost fee as regular orders to AMP (0.1bps on value executed).
The remainder of a sweep order that reaches the Lit book is charged in line with Aquis' subscription pricing model, with aggressive messages counting towards members' average daily message count and passive orders being free of charge.