SIX has recently acquired Aquis Exchange, a London-based stock exchange service provider. This strategic move allows SIX to enter the multilateral trading facility (MTF) sector and expand its operational scope.
The acquisition is expected to benefit Aquis by providing it with the resources and support of a larger exchange group. Aquis Exchange operates an MTF for equities across 16 European markets and also licenses its market infrastructure technologies to external clients.
The acquisition aligns with SIX's goal of creating a pan-European exchange group that includes both traditional exchanges and MTF operations. Multilateral trading facilities have become important in the European trading ecosystem since the implementation of MiFID I in 2007. MTFs offer attractive alternatives for investors with less stringent regulations compared to primary exchanges.
SIX's acquisition of Aquis allows it to tap into the growing demand for alternative trading venues. The acquisition also aims to strengthen SIX's SME business, particularly in the UK market. Aquis's presence in this sector presents an opportunity for SIX to create a competitive pan-European stock exchange tailored to the needs of SMEs and growth companies.
The financial terms of the acquisition indicate a purchase price of approximately £207 million, with Aquis shareholders receiving 727 pence per share in cash. Market analysts believe that this acquisition could change the competitive dynamics of European exchanges and create synergies that benefit both SIX and Aquis.
Overall, the acquisition of Aquis Exchange allows SIX to solidify its presence in the European trading landscape and meet the evolving needs of investors and market participants.