Aquis Exchange Share Discussion Threads

[robsy2] 18/4/2023 12:44

Forgot to mention data, which is cited as a possible game changer.The intro of the Consolidated Tape does appear to be in the offing. They feel they can get something from this in FY25. My understanding here is that since it is all very uncertain, they are not including anything extra in the forecasts,though they think it is definitely a case of when it happens ( whatever form it takes ) rather than if it happens and they do think if things pan-out here like they have in the USA, then they can expect the extra revenues to be very significant.
I like this piece of the puzzle a lot!

[robsy2] 18/4/2023 12:36

I see that they have filled out their offering to include Dark Market, closing auctions, auctions on demand etc. This is deemed to be important and a good thing,though I don't know enough about market making and how it shakes down financially to understand the significance of it all.
Having been inspired by Maynard Patons excellent intro to the company, trying to get my head around it all is an enjoyable WIP for me. I've seen the charismatic and highly enthusiastic CEO, Alisdair Haynes present a few times and really like the look of it all and have bought in.
One thing I don't get is the significance of the monthly stats they release on their website . Rising market share would seem to be a decent measure of their traction so to see it stalling of late doesn't look good?
The markets side is only 50% of the business now so maybe some slowdown here is not so important .
The Aquis exchange seems to be doing quite well compared to AIM though while I don't really know if I bought my AQS shares on Aquis or Aim the spread was brutal either way.Plus ca change?
The tech side of the business is growing well and also profitable, but here I lack understanding of the opportunities they allude to, especially regarding 24/7/365 trading and the provision of exchange grade markets tech to non-financial institutions so they can run things like procurement etc .
I don't understand what their competitive advantage is in this area or whether there is strong potential demand for what they are capable of providing.
More questions than answers I guess!!
Also happy to hear others thoughts.

[maddox] 14/4/2023 14:01

Hi Robsy,

True, although AQX have been filling-out with new propositions pretty quickly - Dark Market and Auctions, for example.

Nevertheless, your main point is well made. One would think that the HFT parasites in the other markets should be sufficient to drive AQX adoption. If I were running a fund I would be expecting my brokers to be seeking best execution - not providing a free lunch to the HFTs. I don't understand what the brokers get out of the status quo? Perhaps there is a lack of awareness amongst fund managers?

Happy to hear other's thoughts and insights on this.

[robsy2] 14/4/2023 09:20

The Aquis offering looks compelling,in as much as I can work it out, but what explains the slowness of uptake?
Maybe it is just what you say Maddox and maybe some users don't like some of the restrictions that the trading restrictions? other users may see that they need to be members of lots of exchanges to get full access to all the stocks they want to deal in so the AQuis offering doesn't cover their needs?

[maddox] 05/4/2023 10:08

Hi pck,

It appears that these major banks aren't as quick on the uptake as you would imagine.

However, this is typical, market disrupters take far longer to break through than logic would suggest. There is a natural inertia resisting change; often vested interests in the status quo; and a 'risk-averse business approach' - let others go first to prove the model. This is often referred to as a 'fast-follower strategy' but not particularly fast in my experience.

The positive side of this is that it provides an opportunity for investors. We can see the model working and have time to leverage-up having taken an early stake.

The last results presentation was excellent - there is certainly more than sufficient adoption to conclude that the model is working - with 3 new FIs and others increasing volume. The Technologies Division is really showing its worth in building renewable/recurring revenue. The transformation of the Aquis Stock Exchange (AQSE) is remarkable with 22 IPOs.

So IMHO 2022 has been a pivotal year - in proving the AQX business model.

[pck76] 04/4/2023 23:28

Does anybody understand why not all clients are in the top tier? In a subscription model like this I would expect every client to increase their traffic, therefore lowering their fees per trade. Why is this not happening?

[likeawalrus] 03/4/2023 11:37

good to see directors' buying today plus the new 24/7 exchange could be a big winner for aqx

[maddox] 30/3/2023 14:12

We have the retail investor presentation today hosted by

AQUIS EXCHANGE PLC Year End Results 30th Mar 2023 at 4:00pm BST

If you've just come across AQX - I'd recommend highly watching the Capital Markets Day presentations

[likeawalrus] 30/3/2023 09:04

very good results for 2022 but seems to be unloved (at the moment). share price is very disappointing but that's ok as it gives me an opportunity to park some in my ISA after the 5th at what I see as a very good price

[robsy2] 21/2/2023 17:08

Jan figures out. Total value traded 53 billion € up 20% on December 21,Aquis market share up to 5.81%.

[robsy2] 16/1/2023 17:55

Aquis shows up ‘fat, lazy’ peers, says JOHCM’s Costar

Aquis Exchange (AQX), the operator of pan-European equity trading exchanges, has proved that its unique technology can disrupt ‘fat, lazy’ financial markets, says JOHCM fund manager Mark Costar.

Citywire A-rated Costar holds the stock in his £252m JOHCM UK GrowthMark Costar fund and in his latest fund update said Aquis had been a recent top performer having been ‘beaten down to comical levels over the late summer-early autumn’ but with ‘the boots removed from [its] throat is starting to chart a strong and fully merited path of recovery’.

‘Acquis Exchange had an excellent capital markets day, which fully showcased its unique technology platform and disruption opportunities in pockets of the financial markets that have become fat, lazy and innovation-free for decades or more,’ Costar said.

Shares in Aquis Exchange closed 3% down last week at 370p.

[robsy2] 21/12/2022 07:26

Just checked out the data figures on Aquis website.

Value traded (EUR): €50,291,407,714 / Auction on Demand value traded (EUR): €548,531,173. Market share 5.25%.

Figures trending upwards again after a lull back in the summer.

[likeawalrus] 10/11/2022 10:08

good to see the share price on the up, due for a substantial re-rate in the next few months imo, I'm hoping for £6-£7 after the Finals in March

[robsy2] 09/11/2022 17:23

I havent listened yet but it seems like it went down well.

[tomps2] 09/11/2022 12:53

Aquis Exchange plc (AQX) Capital Markets Day - November 2022

Aquis Exchange PLC, the exchange services group, Capital Markets Day for analysts and investors to learn more about the evolution of the Group's strategy and ambition with a focus on its state of the art exchange trading technology.

Watch the video here:

Listen to the podcast here:

[likeawalrus] 28/9/2022 09:29

topped up at 300p, surely a great price???

[robsy2] 27/9/2022 15:44

Have just listened to the results presentation. They made a clear case for the company, explained the drop in profits, the dark pool purchase, the lower share of trading and how they have already resolved or are resolving the challenges the company faces and he explains very clearly how they are building out the business.

They have 4 revenue streams , all divisions are profitable, 90% recurring income , a good pipeline of opportunity in the tech division, are still confident of Aquis Exchange getting a 10% market share while admitting there has been slower than expected progress on moving clients up the tiers.

They seem seem very capable to me.

They are 'incredibly confident' that the European and UK consolidated tape is coming and within the next 2 years and see this as another big opportunity for them.

Alasdair Haynes concludes by saying that the future looks bright whatever happens in the markets and that he is confident of creating 'very, very significant shareholder value'.

They made the investment case well. Happy to hold and see how this turns out. It seems to me that things are likely to continue to go well over time.

I am hoping to time my next purchase a bit better than the first...

[fegger] 22/9/2022 08:17

Encouraging results in line with market expectations for the full year

All divisions profitable. Pre tax profit of 0.7 million (decrease on previous year) but can be attributed to significant investment. Question is timescale as to when the significant investment stops and the move into actual profitability happens

[robsy2] 21/9/2022 11:30

I've taken up a starter position with 5k worth bought at 400p. Had my eye on this for a while. They seem to be onto something, though I can't say I understand exactly what it is... !!
They have some disruptive tech, are doing well , profitable , challenging the status quo which needs doing , the CEO comes over really well. They are making progress on all fronts yet the share price is where it was in 2020, in fact I notice it is at the IPO level in 2018 when EPS was -17p a share , now they are about +17p a share.
The broker consensus (4 brokers) is BUY with an share price of 885p . My feeling is that it might just go up from here.

[melloteam] 25/4/2022 12:10

Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:

Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF)

Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies

Just to let shareholders and prospective investors know that AQUIS will be among the 60+ LSE Small Cap and AIM listed companies attending. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams.

Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50.

For more information, please visit the event webpage: