Former Chi-X Europe chief executive Alasdair Haynes is preparing to launch another alternative trading system in the region, according to Bloomberg.
The new platform, Aquis Exchange, will approach the UK's Financial Services Authority for regulatory approval before a planned launch by the middle of next year, when it will offer trading in more than 1000 European stocks.
Haynes will be joined by four former Chi-X technology employees, who will help to build the Aquis system. The venture - funded by private individuals - will also offer co-location services.
Haynes left Chi-X Europe last year after its $300 million acquisition by rival Bats Global Markets, ending a two year stint during which he oversaw its move from a subsidiary of Instinet to an independent company.
Like Chi-X, his latest venture will take advantage of the European Union's Markets in Financial Instruments Directive, which was designed to promote competition for national exchanges by allowing the creation of alternatives.
There was an initial flurry of new players but in the last two years the market has consolidated, with the Bats-Chi-X deal, and the LSE's acquisition of Turquoise.
Former Chi-X Chief Haynes to Set Up New Trading System - Bloomberg