Broker/dealers that are Primex Auction System subscribers will be able to access the system using a modified Tools interface. The interface allows participants to expose orders seamlessly for price improvement opportunities and to bid for liquidity made available by a collection of the nation's largest wholesale and retail securities firms.
"In addition to incorporating basic functions of the Primex Auction System into the Tools software product line, we have given our customers added features that make participation simpler and faster," said Stacie Swanstrom, Vice President and Managing Director of Nasdaq Tools. "Tools users will be better able to manage their risk, which is imperative in today's complex market."
"Offering the Primex Auction System to Nasdaq Tools' customer base goes a long way toward fulfilling our mission to preserve the value of the Market Maker business model," said Glen Shipway, Chief Executive Officer of Primex Trading N.A., L.L.C. "Combining Tools' easy-to-use and extremely cost-effective trade management system with the Primex Auction's unparalleled potential for price improvement makes for a formidable product."
The Primex Auction is an automated system, designed to provide price improvement and enhanced liquidity for retail orders by exposing them to an electronic crowd of traders in search of liquidity. Auctions are conducted continuously at and inside the National Best Bid and Offer (NBBO) and can provide immediate executions. The Primex Auction System is operated as a voluntary facility of Nasdaq and is offered to all its participants as a value-added service.
About Primex Trading N.A., L.L.C.
Primex Trading N.A., L.L.C. is a partnership of Merrill Lynch, Goldman Sachs, Madoff Investments, Morgan Stanley and Salomon Smith Barney. It develops trading systems that combine the benefits of an auction market with the speed and capital strengths of a competing dealer model. Primex Trading N.A., L.L.C. conceives, designs, and licenses trading solutions for the securities industry in North America. For more information visit www.primextrading.com, or contact Glen Shipway at glen.shipway@primextrading.com or call (212) 230-8200.
About Nasdaq Tools
Nasdaq Tools develops innovative, dynamic software to assist the trading community. Tools is a quote- and order-management software product that enhances the functionality of Nasdaq Workstation IITM and provides features that assist traders in competing more effectively with faster, more efficient trading. Tools Plus is a cost-effective, robust order management system that tracks positions and profits and losses real-time. In addition, it assists firms with their compliance and reporting obligations and offers a host of other features. The Tools and Tools Plus products comply with all National Association of Securities Dealers, Inc. (NASD®) and U.S. Securities and Exchange Commission (SEC) rules and regulations. To learn more about Nasdaq Tools, visit www.nasdaqtools.com, or e-mail Stacie Swanstrom at stacie.swanstrom@nasdaq.com or call her at (301) 893-3600.
