viewAquis Exchange PLC

Aquis Exchange PLC - AQSE rule changes & market segments now in effect

RNS Number : 4482I
Aquis Exchange PLC
14 December 2020

14 December 2020

RNS Reach

Aquis Exchange PLC

("Aquis" or the "Company")


Aquis Stock Exchange rule changes and new market segments now in effect


Aquis Exchange PLC (AQX.L), the exchange services group, is pleased to announce that its proposed changes to the rules and regulations of its subsidiary Aquis Stock Exchange (AQSE) Growth Market are now in force.


The AQSE Growth Market will be divided into two segments 'Access' and 'Apex', with different levels of admission criteria, in order to provide appropriate support across companies' growth cycles. The Access market will focus on earlier stage growth companies, while Apex is the intended market for larger, more established businesses.


As of today:


New admissions to the Access market can now publish an admission document specifically tailored to small cap companies with proportionate disclosure requirements;


The Access market will accept SPACs with a minimum market cap of £700,000;


New admissions to the Apex market will be required to publish a growth prospectus, allowing private investor participation in their IPOs; and


Companies on the Apex market will be protected from short selling by third parties.


As announced on the 23 November, the market maker incentive scheme, which has been designed to increase liquidity on the exchange, will come into effect on the 4 January 2021.


The rule changes mark the end of the consultation launched on 1 May 2020, and have been developed to enhance Aquis Stock Exchange and increase support from both retail and institutional investors by applying core Aquis values, such as transparency and innovation to the business, whilst ensuring a robust regulatory framework. The complete rule books for each of the Access and Apex markets are available on the website.


Some of the companies that are currently listed on the Apex market include: private banking company Arbuthnot Banking, private equity investment company EPE Special Opportunities, winery Chapel Down, breweries Shepherd Neame and Daniel Thwaites, and private healthcare provider Rutherford Health.


 Following these rule changes Apex companies will need to have:


A minimum market capitalisation of £10 million


At least 25% shares in public hands


At least 2 market makers


A minimum 2 years' trading history


Adopted a recognised governance code, such as the QCA Code


Aquis Stock Exchange is one of only two existing options for growing businesses looking to IPO in the UK. It brings positive disruption and competition to the listed SME sector, alongside using superior technology to deliver better results for all participants.


Commenting on the changes coming into effect, Alasdair Haynes, CEO of Aquis, said:


"I am delighted to see the new rules in place across Aquis Stock Exchange today. I genuinely believe that whilst providing a strong regulatory framework, they will make the market work better for all those that use it and help to update the stock exchange for the current day, fit to service the needs of modern businesses.


Private investors are rightly becoming ever more vocal in their demand for better information and equal access. We support this, and through requiring companies joining Apex to publish a growth prospectus we are providing a way for them to be part of a company's growth journey right from the point of floatation.


This is just one example of the work we have undertaken to create a better, more supportive marketplace for all. We look forward to welcoming many more great growth businesses to Aquis Stock Exchange in due course."




Aquis Exchange PLC

Tel: +44 (0) 20 3597 6321

Alasdair Haynes, CEO

Jonathan Clelland, CFO and COO

Liberum Capital Limited (Nominated Adviser and Broker)

Tel: +44 (0) 20 3100 2000

Clayton Bush

Chris Clarke

Edward Thomas

Kane Collings

Alma PR (Financial PR Adviser)

Tel: +44 (0)20 3405 0209

Susie Hudson


Rebecca Sanders-Hewett

Caroline Forde


Notes to editors:

Aquis Exchange PLC is an exchange services group, which operates pan-European cash equities trading businesses (Aquis Exchange), growth and regulated primary markets (Aquis Stock Exchange/AQSE) and develops/licenses exchange software to third parties (Aquis Technologies).

Aquis Exchange is authorised and regulated by the UK Financial Conduct Authority and France's Autorité des Marchés Financiers to operate Multilateral Trading Facility businesses in the UK and in EU27 respectively. Aquis operates a lit order book and does not allow aggressive non-client proprietary trading, which has resulted in lower toxicity and signalling risk on Aquis than other trading venues in Europe. According to independent studies, trades on Aquis are less likely to lead to price movement than on other lit markets. Aquis uses a subscription pricing model which works by charging users according to the message traffic they generate, rather than a percentage of the value of each stock that they trade.

Aquis Stock Exchange (AQSE) is a stock market providing primary and secondary markets for equity and debt products. It is authorised as a Recognised Investment Exchange, which allows it to operate a regulated listings venue.

Aquis Technologies is the software and technology division of Aquis Exchange PLC. It creates and licenses cutting-edge, cost-effective matching engine and trade surveillance technology for banks, brokers, investment firms and exchanges.

Aquis Exchange PLC (AQX.L) is listed on the Alternative Investment Market of the LSE (AIM) market. For more information, please go to www.aquis.eu 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

Quick facts: Aquis Exchange PLC

Price: -

Market: AIM
Market Cap: -

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


6 min read