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Primex Trading
History of the company:
Primex Trading was established in 1998. It's goal was to develop a trading system that would combine the benefits of an auction market with the execution speed and capital commitment found in today's dealer market.
Executions in this hybrid auction/dealer system would be based on independent market forces and, importantly, preserve the proven efficiency of the Market Maker business model.
In 1999, leading securities industry firms came together to build Primex Trading's initiative for a better way to trade. The mission of this partnership was to guide the system's development so as to ensure that it would expand access to liquidity, promote investor interaction, and provide increased price improvement opportunities for customer orders.
The result of this industry collaboration is The Primex Auction™. A trading system designed by traders to make trading better, for everyone.
Recognizing the benefits of adding The Primex Auction to the existing quotation and execution infrastructure, The Nasdaq Stock Market agreed in 2000 to license the Primex Auction System® and become its exclusive operator for all U.S. equities.
Nasdaq and Primex Trading have completed the initial term of their agreement that provided Nasdaq with exclusive rights to operate the Primex Auction System. Nasdaq, in its desire to consolidate certain common functionality into one system, has elected to no longer offer the Primex Auction System as a facility of Nasdaq.
Nasdaq and Primex Trading are proud to have been part of the successful development, implementation and operation of the Primex system, the first electronic hybrid auction system for trading securities approved for operation by the Securities and Exchange Commission.
Primex Trading will continue to own its patent-pending technology that comprises the Primex Auction System, and will continue to seek new and additional partners to recognize the value of its electronic auction intellectual property
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