SIX Group, operator of the Swiss and Spanish stock exchanges, is assessing whether to adopt the trading technology of UK-based Aquis Exchange, a firm it is currently in the process of acquiring, reports Bloomberg. The evaluation is part of a broader strategic review aimed at consolidating operations and improving efficiency across its trading platforms.
The review focuses on Aquis’s matching engine, the software that pairs buy and sell orders, to determine whether it could support trading in both Swiss and Spanish equities. The decision is expected ahead of the acquisition’s completion, scheduled for later this quarter.
SIX CEO Bjørn Sibbern, who stepped into the role earlier this year, noted that integrating the technology could offer single-connection access to all three platforms: the Swiss exchange, the Spanish exchange, and Aquis’s 16-market multilateral trading facility (MTF). According to Sibbern, this setup could serve as a foundation for a broader pan-European trading venue.
Operational shift not linked to past outages
SIX stated that the technology review and Aquis acquisition are not related to the trading disruptions experienced by the Zurich exchange in 2023 and 2024. Instead, the group said the move reflects a longer-term plan to consolidate trading infrastructure. The company had previously explored partnerships for external trading technology before turning to Aquis.
Founded in 2012, Aquis operates a pan-European MTF for cash equities and a UK-based stock exchange. It also licenses its trading technology and provides market data services. In February 2024, over £50 billion was traded across Aquis platforms, compared to approximately CHF 135 billion across SIX’s markets.
