Trading

The nature of supply and demand in securities lending markets requires an innovative approach to the automated price discovery process. AQS has two automated trading venues (AQS and AQS Direct) designed to meet the needs of different trading styles and Members, as well as two modes of trading in each venue. All transactions in AQS, regardless of how they match, are processed through the same centralized clearance and settlement infrastructure.

Trading Venues

Trading Venues

 Participants Hours of Operation

AQS

 AQS Clearing Members and Non-Clearing Members

Trading for both AQS and AQS Direct

6:45am - 2:45pm ET
AQS Direct AQS Clearing Members Only

Modes of Trading in AQS and AQS Direct

Trading Modes

Price Discovery Method
 Trading Characteristics

Continuous Trading

 Market driven price discovery
  • Liquidity discovery
  • Completely anonymous
  • All transactions take place at the current market price
  • Able to enter price limit orders*
  • Able to enter floating orders**
  • Able to mass upload orders, returns, and recalls
Negotiated Transaction Facility (AQS:NTF)
 Bilateral or one to many negotiations
  • Able to disclose or remain anonymous
  • Able to distribute to specific counterparties
  • Ideal for term and block trades
  • Option to indicate a forward settlement date

*A price limit order has a set rate at which you are willing to execute the trade
**A floating order has a rate range in which you are willing to execute the trade