Aquis’s FY21 results are ahead of our expectations with PBT up 540% YoY to £3.2m and net revenues up 42% to £16.2m driven by high trading levels and material increases in data. Market share of trading was up to 6.0% in 2Q21 but partially reversed to 5.2% in 4Q21 as there has been an industry-wide move from lit to dark pools. The proposed acquisition of UBS MTF dark pools activity will not only provide access to these pools of liquidity but also add immediate market share of c0.6%. Aquis remains well placed to disrupt both the primary and secondary marketplace with FY21 results evidencing strong momentum and proof of delivery. We re-iterate our BUY recommendation, with our 850p TP implying 75% upside.