When the crowd executes against a PAMM's customer order, the PAMM follows with a matching execution.
The PAMM pays the same price as the crowd.
PAMM is guaranteed to execute at least 50% of order.
Step 1 Participants in the crowd enter their buying interest using PRIs.
The best PRI is for 2,000 shares at +.04.
Step 2 A registered Primex Auction Market Maker forwards a sell order to the Primex Auction with a 50 Percent match parameter.
The system conducts an instantaneous auction based on resident interest. The PRI at +.04 automatically responds, triggering the 50 Percent Match.
Step 3 The PRI interacts with 50 percent of the order, or 1,000 shares. The execution price is 20.04, 4 cents better than the Best Bid at the time. The PRI size falls to 1,000.
Step 4 The rest of the order is filled by the PAMM who entered it. The execution price is 20.04, the same as in the first execution.
The auction takes an instant to complete. Both trades are forwarded to Nasdaq.
