A 20,000-share order subsequently arrives for auction. That 100,000-share PRI provides only 15,000 shares of liquidity to the order. The PRI receives a new time stamp for purposes of determining its priority among other interest at that same relative price level. A crowd participant may, however, enter PRIs of significant size and then establish size limits on the amount of exposure per auction, as explained above. When a participant enters a PRI, it can be instructed to reside in the system for a maximum of either one or five days.
Participants can withdraw their PRIs at any time.
The relative value of a PRI at the time of submission must be within the bounds of the Best Bid or Offer publicly quoted at that time. A PRI will never interact with bids or offers in the National Market System that are outside the Primex Auction System. The PRI is designed solely to respond to orders entered in the system and to possibly offer those orders price improvement and enhanced liquidity. A. A PRI in a given security can never interact with another PRI on the other side of the market. Only orders have the opportunity to tap resident interest in the system.