Pre-Trade Anonymity The Primex Auction System will provide its users pre-trade anonymity. That is, orders and responses entered into the system for exposure will disclose MPID information only at the time of execution.
Predefined response interest, or indications, that participants register in the system and which do not execute against orders remain undisclosed. Real-time responses which do not interact with orders also remain undisclosed.
Post-Trade Processing Executions occurring within the Primex Auction System are executed and reported through systems for public tape reporting and forwarding to NSCC for clearing, where necessary. Participants (or their clearing firms) will be responsible for the clearance and settlement of all trades executed through the Primex Auction System to the extent permitted by their clearing firm. Thus, participants that are correspondents of other clearing firms must be authorized by their clearing firm before using the system.
The system provides tools for clearing firms to establish, monitor, and modify clearing limits on a real-time basis. Executions within the system cannot be re-allocated to different clearing firms after the execution.
