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Primi is designed from the ground up to produce honest price discovery. From how the index is calculated, to how quote data is filtered, every structural choice relects our commitment to market integrity.

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Independent index calculation

The Primi index for each listed company is calculated by an independent index provider, not by Primi itself. The methodology is fully published and reproducible by any third party. No proprietary pricing decisions are made by the platform.

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Transparent market rules

All market rules — position limits, eligibility criteria, delisting triggers, wind-down procedures — are documented publicly and applied consistently. No discretionary overrides. No ad hoc decisions. When the rules call for a market to close, it closes.

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Anti-manipulation filter

Any quote movement that would shift the composite reference price by more than 10 percent in a single 15-minute interval is flagged and held for 48 hours. It is incorporated only if confirmed by an independent source on a different platform. This means no single platform can move the index meaningfully on its own. A coordinated manipulation attempt would require simultaneous, confirmed activity across multiple independent venues — a significantly higher bar.

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Cross-platform independence

Eligible source platforms — Forge, Hiive, Nasdaq Private Market, and Caplight — are independent of each other and of Primi. No single platform can represent more than 40 percent of the composite reference price. The staleness and sanity filters further ensure that only current, credible quotes enter the calculation.

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Surveillance

All market activity on Primi is subject to ongoing surveillance. Position limits apply across all markets to prevent any single participant from exerting undue influence on prices. Surveillance will be conducted in accordance to our regulatory obligations as a registered US exchange. We intend to operate fully under the highest regulatory standards and go above and beyond to ensure proper market integrity for all participants.