Aquis Exchange Share Discussion Threads

[likeawalrus] 23/4/2024 19:46

hi robsy2, yup regretting my sale despite tipping aqx on here and lse. I thought I would invest the money elsewhere and come back in a few months! not as bad as my timing with LSE a few years back, I held 1000 shares at £6, for months the "experts" all said LSE was a dog going nowhere with no potential to expand so I sold...the shares soared past £80. anyway, I wouldn't be surprised if a foreign bourse made a play for AQX, maybe SSE or Deutsche bourse

[martywidget] 23/4/2024 17:00

Aquis Exchange was discussed in a video back on 25 March...

Alan Green on Trifast, Aquis, Team17 & TruSpine Technologies
Mar 25, 2024


And 31 March...

Research Talks - Neo Energy Metals #neo, Fulcrum Metals #fmet & Aquis Exchange #aqx
Mar 31

[robsy2] 23/4/2024 14:49

Dunno. Sorry to see your post btw . Unfortunate, but it happens to us all.
Here maybe it is just being reassessed as a hot stock with some real potential, available at an average price.

[likeawalrus] 23/4/2024 13:32

lots of momentum, any particular reason?

[likeawalrus] 18/4/2024 12:26

I got tired of waiting so sold out in the 360s/370s, just at the wrong time. AQX is making progress but the real value will come when someone makes a play for the company, T/O could be circa £10 per share, perhaps even £12

[robsy2] 26/3/2024 06:50

Tech does look good. They have 7 paid clients now i think. If they get just 5% of the 350 targets then that is another huge leap forward. The profitability per employee just spirals with their business.

[maddox] 25/3/2024 21:00

Great summary Robsy,

They have a good mix of revenue but it looks like the Technology Sales has the prospect to transform this business. Markets is solid and they are working hard to build market share and Data looks to be very lucrative when the consolidated tape lands.

The pace of innovation at Aquis is impressive.

Regards Maddox

[robsy2] 23/3/2024 10:38

pretty good results considering the poor backdrop. I went to the presentation and took away the following;

All 4 divisions symbiotic, profitable and increasing profits during 2023.

Aquis markets struggling with headwinds, lower market volumes, sluggish member growth and some loss of members due to mergers. Aquis markets was 70% of the turnover (4m GBP a year) in 2018,in 2023 it was 48% with 11m GBP.
Rule changes have improved market share there from 4.5 to 5.5%. They aspire to be at 10-11% within the next 3-5 years and are pretty confident of getting there. Plausable explanations of the route .

AQSE running well though the IPO market was very challenged in 2023.Did more IPO¡s than the other growth markets .

Aquis tech doing really well with a lot of solid earnings coming down the line. They are winning contracts against the biggest players because the product is better and the price point for set up and running is keener and the tech is cutting edge and updated for free as they develop their offering and implement on Aquis exchange.

Data is also looking good - they seem pretty confident of a serious scale-up of earnings from the expected implementation of a consolidated tape along USA lines, estimated to start late 2026 onwards.

So , very positive imho .They have the team , the experience, ambition, cash and as they say the headwinds can and will change to tailwinds at some point.

They come over well.

The Outlook is very interesting.

They estimate that data earnings could double from where they are now by 2027, they could get 5-10% of the 350 stock markets around the world onto their tech stack and at Aquis Markets they see how they can grow market share to 10%, and Aquis stock exchange can also trade much better than it is now .

There are 3 big shots on goal there for over the next 3 - 5 years. No idea what that means in financial terms, it is all a bit speculative, but they say data could double to 7m from 2023 level,with consolidated tape and 5% market share, or double that again with market share at 10%.

Since they listed in 2018, they have increased turnover 500% , moved into solid and sustained profitability and are now on a forward PE of 16. This looks like a very reasonably priced stock considering the tantilasing opportunities they have within their reach, particularly with tech , data and Aquis markets. Aquis exchange is also fine and shows the world that they not only build exchanges but they can run them as well .

[robsy2] 13/3/2024 18:05

Feb market share 5.45% and a new win in Columbia. They are busy moving forwards unlike the sp!

[robsy2] 15/2/2024 18:22

Jan market share 5.4% , highest for a year.

[robsy2] 30/1/2024 17:25

Results pretty good. Market share up a bit but no lights being punched out, more progress on tech and data. Costs may be up a bit as well. We’ll see when the results are out.
The static share price and improving profits mean it is growing into its rating.

[likeawalrus] 29/11/2023 10:07

another encouraging RNS but it counts for nothing unless they significantly increase market share

[wjccghcc] 21/9/2023 10:38

I think it's the tech division licensing which seems to be recognised in H2 on renewals. So H1 tech revs 1.1mm vs FY 5.2mm. Makes the profit very H2 weighted. They say they're in line with PBT 5.5mm forecasts and PE of 19.

[pugugly] 21/9/2023 07:56

Interim results "Profit before tax up 64% to GBP1.1m" Looks expensive to me -v- market cap of £102Million.

Thoughts?

[pck76] 12/9/2023 19:59

Hi Maddox, it comes from the RNS this morning: Aquis Exchange PLC (AQX.L) announces that it intends to change the proprietary trading rule on its UK and EU trading platforms in its Aquis Markets division.The rule, which does not allow aggressive non-client proprietary trading, was introduced by Aquis in 2015 and has successfully reduced market impact and signalling risk. However, in response to member demand Aquis will change the rule to allow liquidity providers the option to choose if they wish to interact with aggressive non-client proprietary trading or not.This innovative modification is consistent with Aquis' commitment to provide members with the greatest choice and flexibility when transacting on the MTF platform.Implementation of this change will take place, subject to regulatory non-objection, in October 2023 to allow members and data providers to adapt to this change.

[maddox] 12/9/2023 17:17

Hi pck,

Perhaps you could paste a reference to that statement,

Regards Maddox

[pck76] 12/9/2023 16:51

"Aggressive non-proprietary trading" they mentioned they have eased the rules around this. Does anybody know how this stuff works?

[likeawalrus] 25/8/2023 14:48

very disappointing over the last year, I thought the share price would be close to £6 or £7 by now, I got this one badly wrong

[pck76] 18/8/2023 15:23

Thanks, good to know there are no major changes in market share. When I have time I'll double check their transaction numbers vs. overall transactions.

[robsy2] 18/8/2023 09:23

The monthly stats have been reinstated, see link above.

I can see that market share is holding steady at 5% , so no big breakthrough there and overall market trading volumes are down.

[robsy2] 08/8/2023 14:54

No news yet,still the RNS makes interesting reading. Seems like the two companies have a lot to offer each other. Maybe attacking the fund manager side of the market can drive more business to Aquis markets fixed- cost,lower cost offering?

[pck76] 02/8/2023 00:05

Your message is quite timely Robsy as I checked some data this afternoon and did notice the number of transactions has gone down since I had last checked (at some point in 2021). I found it strange as, to me, their pricing structure is so good, usage should only increase over time. I would be interested to know what IR tell you, please share when they respond..

[robsy2] 01/8/2023 08:01

Hi Maddox
Thanks for your replies by the way . I read them at the time with interest but failed to acknowledge them,apologies.
I am still sat tight here waiting for something to happen ....
I notice that since March 23 they have not issued any monthly stats re market share etc .
I have written to IR asking them what happened. Perhaps they don't read well and they have stopped posting them?

[maddox] 18/4/2023 16:27

Hiya Robsy,

My understanding of the monthly data reported is that it demonstrates that AQX has the venue providing 'best execution'.

When financial institutions (FIs) want to acquire or sell a stock - they will be buying or selling large tranches of shares. Their shareholdings are large and it thus takes time to complete. Other markets allow 'High Frequency Trading' (HFT) firms to front-run the FI's brokers - they detect the buying and selling - hover-up shares and sell them back - making a turn in the process. This causes the price to move against the FI. Without the parasitic HFTs acting in this way means AQX offers the FIs better prices - i.e. best execution.

However, in periods of high market volatility the HFTs dominate the trading activity - so AQX's market share falls as they don't have the HFTs.

Consolidated Tape: Yes, If EU/UK follow the US model - then AQX will do well. But don't hold your breath.