Aquis Exchange to Debut 'Market at Close' Order Type
MaC order type to offer alternative to end-of-day auctions.
MaC will allow Aquis Exchange members to enter orders for matching on its platform at the closing price of the market-of-listing end-of-day auction and will not be subject to Markets in Financial Instruments Directive II (MIFID II) restrictions on the use of reference price waivers.
According to Aquis Exchange, approximately 20 percent of European trading takes place in closing auctions, with fees between 50 to 100 percent higher than other times of the day due to a dearth of competition.
"While MIFID I paved the way for new venues to compete against the trading monopolies held by national exchanges, the closing auctions had remained virtually unchallenged," says CEO of Aquis Exchange, Alasdair Haynes. "Acquis Exchange has for the first time opened the closing auctions up to competition."
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