Trading

The nature of supply and demand in securities lending markets requires an innovative approach to the automated price discovery process. AQS supports three modes of automated trading designed to meet the needs of different trading styles and Members. All transactions in AQS, regardless of how they match, are processed through the same centralized clearance and settlement infrastructure. Click here to view the AQS Trading Cycle.

AQS Trading Venues

Trading Venues

Price Discovery Method Design Feature Hours of Operation Order Types Order Parameters
AQS Continuous Trading Continuous trading, best price Liquidity discovery; all transactions take place at the current market price

Trading:
6:45am - 2:45pm

 

Same day settlement: 7:00am - 3:10pm

 Price Limit Order: fixed rate order, entered as an offset to Fed Funds Open

Floating Order: floating rate order with a specified start price and limit price		 Minimum tick:
1 basis point (.01%)

Minimum transaction: 100 shares
AQS Auctions Periodic auctions throughout the day Price and liquidity discovery; clearing price optimizes total shares loaned and borrowed
AQS Negotiated Transaction Facility (AQS:NTF) One to many negotiation Facilitates bilateral, one to many negotiations; ideal for term and block trades