Nasdaq Pulling Plug on Lame Primex
Traders Magazine, October 2003
Primex is on the verge of collapse. The alternative trading system for listed and Nasdaq stocks "is on the endangered list but still breathing," according to one Nasdaq official. However, Nasdaq does not intend to renew its contract with Primex at the end of this year, added the official, who declined to be named. Launched three years ago as a vehicle for price improvement on small orders, Primex never garnered much order flow. Recently, the system was only processing about 12 million to 15 million shares per day. On day one, volume exceeded two million shares. The Primex Auction System was introduced as a facility of Nasdaq by Bernard L. Madoff Investment Securities with partners Merrill Lynch, Goldman Sachs, Citigroup and Morgan Stanley.
All TradersMagazine.com articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.