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Auction Responses
All participants have access to a suite of unique response tools that enable them to bid for and interact with orders being exposed in the system.
Responses will interact only with orders being exposed and never with other responses. When crowd participants enter responses to orders being auctioned, the system does not communicate those responses to other participants, except to the extent that the responses interact with orders being exposed.
Participants may enter responses with short-sale or short-sale exempt conditions. They may also enter other conditions that preclude a response from interacting with certain orders entered by the same firm.
Types of Responses
There are two types of responses available to crowd participants:
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Indications |
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Real-time responses |
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Indications
Indications provide crowd participants with the quickest and most efficient method for responding to orders that are being exposed in the Primex Auction System. Any crowd participant can enter an indication or multiple indications of their interest in the system.
Once in the system, indications reside undisclosed, awaiting the arrival of orders. When the system exposes an order for auction, the best available indication automatically responds. If the system determines that the indication satisfies the order's conditions, the order will immediately execute based on the price provided in the indication.
A single indication can respond to multiple orders being exposed in the system over time. Conversely, multiple indications may be used to fill a single large order that is being exposed.
Each indication must contain an absolute share size. Indication prices are expressed relative to the NBBO in increments of one cent. Indications "to buy" may be priced equal to or higher than the best bid. Indications "to sell" may be priced equal to or lower than the best offer.
Indications are ranked based on a strict relative-price/time priority for interaction purposes. For more information go to the section: "Interaction."
A crowd participant can enter an indication into the system at any time while system is active. Indications may reside in the system for a maximum of either one day or five days. Indications may also be withdrawn at any time.
Predefined Relative Indications (PRIs)
Predefined Relative Indications (PRIs) are the principal kind of indication that participants will use to automatically respond to orders being auctioned.
Real-Time Responses
Crowd participants may enter real-time responses to market orders that have a maximum exposure period of 15 or 30 seconds, and do not locate acceptable interest already resident in the system. These orders will be broadcast to the electronic crowd, which will have a maximum of either 15 or 30 seconds to respond to them.
The auction will end the moment when the system receives the first response that meets the conditions of the order. In other words, it may end well before the maximum time is reached.
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