What are the general benefits of the Primex Auction System?
The Primex Auction System provides an automated, electronic forum for exposing orders to a broad-based crowd of participants. These crowd participants compete for the orders at prices equal to or better than the best quotes publicly displayed. Orders exposed in the system receive opportunities for price improvement and enhanced liquidity beyond the NBBO. Participants in the system’s electronic crowd benefit by being able to quickly and efficiently interact with a continuous stream of orders — without disclosing their interest to others. The system’s anonymous auction process elicits additional latent trading interest from crowd participants that is not usually displayed publicly. As a result, the system increases overall market liquidity in addition to providing opportunities for orders to receive improved executions. Importantly, this latent interest includes capital commitments provided by the system’s broker/dealer participants. Lastly, crowd participants are provided with tools so
