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SIX group to integrate Exchanges onto Unified Trading Platform
Table of Contents
SIX Group, owner of Aquis Exchange and operator of SIX Swiss Exchange, is consolidating it’s trading infrastructure onto a single platform to enhance access and liquidity for clients across Europe.
Background: SIX Group’s Expansion
SIX Group’s move to a unified platform builds on its strategic expansion across Europe. The acquisition of London-based Aquis Exchange in 2023 for £207 million (approximately $260 million USD as of November 2023) was a key step in this direction. SIX has openly stated its intention to broaden its technological and trading reach throughout Europe and beyond. This isn’t simply about consolidation; it’s about creating a more competitive and efficient trading ecosystem.
SIX Group operates the primary stock exchange in Switzerland, SIX Swiss Exchange, and is a major player in financial market infrastructure. The addition of Aquis, known for its innovative trading technology, and Bolsas y Mercados Españoles (BME), which operates the Spanish stock exchanges, significantly expands SIX’s geographic and product offerings.
Unified Platform: A Single access Point
The core of this initiative is to provide clients with a single point of access to all SIX Group trading venues. Currently, traders may need to access multiple systems and interfaces to trade across different exchanges. The unified platform will consolidate these tools and functionalities, simplifying the trading process and reducing complexity.
This single platform will offer access to multiple trading centers, streamlining market access. SIX emphasizes that this will lead to increased liquidity and the delivery of innovative trading solutions. In a market increasingly defined by speed and efficiency, this consolidation is a direct response to growing competition for traders and investors.
Aquis Equinox: The Engine Behind the Integration
The technological foundation of the unified platform will be the Aquis Equinox matching engine. This engine is known for its speed, reliability, and adaptability. SIX believes Equinox is well-suited to handle the demands of a pan-European trading network.
Aquis Equinox offers continuous trading capabilities and supports a variety of order types. Its modular design allows for easy integration with existing systems and the addition of new functionalities. This is crucial for SIX as it aims to continually innovate and adapt to changing market conditions.
Here’s a comparison of key features of the Aquis Equinox matching engine:
| Feature | Description |
|---|---|
| Matching Speed | Sub-millisecond latency |
| Order Types | Market, Limit, Stop, Iceberg, and more |
| Connectivity | FIX, ITCH, and other protocols |
| Scalability | Designed to handle high volumes of transactions |
Impact on Market Participants
The integration is expected to benefit a wide range of market participants:
- Institutional Investors: Streamlined access to multiple markets, potentially reducing trading costs and improving execution quality.
- Retail Brokers: Simplified integration with SIX Group exchanges,allowing them to offer a wider range of trading opportunities to their clients.
- Liquidity Providers
