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Combining the Auction and Dealer Markets
The Primex Auction combines the best attributes of today's auction and dealer-based markets to create a more dynamic trading environment, one that responds to the major business and regulatory challenges facing broker/dealers today.
The system's auction process ensures that every order will receive price improvement opportunities and that every execution will be priced based on market forces. In conjunction with this auction process, the system also encourages dealer participants to commit capital to their own customers' orders.
By permitting broker/dealers to retain some of their own orders, brokers/dealers can supplement liquidity provided by the crowd and continue to operate a profitable portion of their business. Orders retained by the broker/dealer are priced by The Primex Auction and not by the broker/dealer, thus resolving a key conflict arising out of the practice of internalization.
The auction process has been designed to ensure the fastest, most efficient trading environment possible. The Primex Auction provides bidding participants with unique ways of pre-registering their bidding interest to more quickly interact with orders being auctioned. In this way, orders can automatically, even instantaneously, seek out price improvement opportunities in almost any market situation.
In addition, because The Primex Auction is electronic, its network can accommodate an almost unlimited number of participants and most
U.S. securities.
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