AkinovA Limited, has selected Aquis Technologies, the financial and regulatory technologies arm of Aquis Exchange, to be part of its marketplace technology stack. AkinovA and Aquis Technologies have already developed specific functionalities and services for use in AkinovA’s electronic marketplace for the transfer and trading of (re)insurance risks. AkinovA is incorporating Aquis’ suite of exchange technologies and services, including the market-leading Aquis Matching Engine (AME) together with its state-of-the-art Aquis Market Surveillance (AMS) system. Assistance in the post trade environment will involve reporting and a first line surveillance service.
Aquis will supply AkinovA with an institutional grade, high speed, high capacity matching engine and a surveillance solution, including first line surveillance, as well as market operations and reporting. Across financial services, the importance of compliance and surveillance systems continues to increase due to the Market Abuse Regulation (MAR) and MiFID II regulations. These require that trading firms of all types must have systems in place to monitor and analyse their order flow and transactions to enable detection of actual and attempted market abuse and to fulfil Best Execution criteria.
By working with the (re)insurance industry the AkinovA Marketplace has been designed with the entire risk transfer value chain in mind. Its systems, processes, and interfaces will deliver clear and valuable solutions to cover buyers, brokers and capacity providers. It also incorporates service providers delivering data, news and analytics to the insurance industry. AkinovA’s goal is to help drive growth, liquidity and innovation in the (re)insurance industry by fostering an ecosystem of participants, initially focusing on new and emerging lines of business such as cyber risk transfer. The AkinovA platform will enable the re-trading of risks in an efficient and timely manner, further helping the market to match the right risk with the right capital. The risk volatility of emerging lines of business such as cyber is not constrained by seasonality, region or sector. As such, when risk profiles begin to change, reinsurers and capacity providers require the ability to efficiently transfer existing lines of risk to other parties with differing levels of risk appetite.
Aquis Exchange PLC is listed on the London Stock Exchange’s AIM and is authorised and regulated by the UK Financial Conduct Authority to operate a Multilateral Trading Facility (MTF). The Aquis MTF is currently used by many of the world’s top brokers, banks and liquidity providers to trade stocks from 14 European markets. Aquis Technologies’ products, which are used by the Aquis MTF, are scalable, low latency and are proven to handle very high volumes.
Commenting on the agreement, AkinovA CEO Henri Winand, said: “Having reviewed a number of options, we selected Aquis because of their cuttingedge technology, desire to innovate and their range of solutions and services. We look to work with partners who are prepared to learn and evolve with us and Aquis are without a doubt a forward-thinking company whose dynamism and proven success in building a market leading matching engine make them an obvious choice of partner.”
Jonathan Clelland, COO, Aquis Exchange, said: “We are very pleased that AkinovA has picked Aquis Technologies to help it launch such an innovative marketplace. This signifies yet another milestone in the sophistication of the products and services Aquis offers the financial industry.
“The AkinovA team brings with it extensive experience from Insurance, Capital Markets and Technology that we believe is needed to launch a successful electronic marketplace for the (re)insurance industry. We are confident that with our expertise and innovations, we will make this partnership a lasting and influential one.”