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.