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Source platforms

The Primi index for each company is calculated from bid-ask quotes collected across five eligible secondary market platforms:
  • Forge
  • Hiive
  • Nasdaq Private Market
  • Caplight
These platforms are independent of each other and of Primi. No single platform can represent more than 40 percent of the composite reference price. This cap ensures that the index reflects a genuine cross-platform consensus rather than activity on any single venue.

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Data collection

Quotes are collected every 15 minutes throughout the trading day. For each platform and each listed company, the best bid and best ask are recorded and used to calculate a per-platform midpoint:
Midpoints from all eligible platforms are then averaged with equal weight to produce the composite reference price.

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Staleness filter

Any quote not updated within the trailing 30 days is excluded from the composite calculation. Stale quotes do not represent current market conditions and would distort the reference price if included.

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Sanity filter

Any platform midpoint more than 30 percent away from the most recent verified transaction price on that platform is excluded. Verified transactions — actual completed trades — serve as calibration anchors for quote data. A quote far outside the range of real transactions is treated as unreliable.

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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 a subsequent independent quote or verified transaction on a different platform confirms the new price level. This prevents any single platform from moving the index meaningfully without independent corroboration.

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Verified transactions

In addition to bid-ask quotes, verified completed transactions from eligible platforms are used as calibration anchors for the sanity filter and as confirmation signals for the anti-manipulation filter. Transaction volume also factors into the eligibility criteria for listing and continued inclusion.

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Index immutability

Index values are immutable once computed. Once a 15-minute interval closes and the composite is calculated, that value is permanent and becomes part of the historical record used in future baseline calculations.