The A2X model is a Multilateral Trading Facility styled exchange platform operating as follows:

  • Trading in qualifying equity securities;
  • The matching engine will be an anonymous central order book;
  • All orders will be lit and matched on price/time priority;
  • All trades will be on-market;
  • A high performance, low latency platform; and
  • Using internationally proven technology.

All trades executed on the platform will be cleared by A2X Clear as follows:

  • Clearing will take place on a mutlilateral basis;
  • Settlement will be on a T+3 rolling contractual basis;
  • Settlement will be assured and monitored by the A2X settlement committee; and
  • Strate will be the appointed Central Securities Depository.