Aquis Technologies has created a connectivity hub to allow systematic internalisers (SIs) and counterparties to link up bilaterally, in line with the second Markets In Financial Instruments Directive (MiFID II).
Aquis Technologies, which is part of Aquis Exchange, already has 10 clients who have agreed to connect to the hub, Aquis Market Gateway (AMG).
AMG uses an application programming interface (API) to connect parties on a bilateral basis, simplifying the SI connectivity process for counterparties.
Magnus Almqvist, head of technology sales at Aquis Technologies, said: “SIs are not meant to be multilateral under MiFID II and we don’t interfere in the connectivity process at all, that’s what differentiates us from our competitors. We don’t watch the client relationship or how they communicate, so the SIs retain full control of the information sent to the counterparty.”
He added: “There is a big appetite for this service in the market with large volumes traded in SIs from the outset of MiFID II. Players are looking to broaden their interactions with SIs in the future and AMG allows them to do exactly that.”
