PRIMA Discovery and PRIMA Markets terms & conditions
(the "Terms and Conditions")

Important Notice

These are the Terms and Conditions on which you may access and use the www.primadiscovery.com and www.prima-markets.com websites and any subdomains of those websites (collectively the "Websites"). PRIMA Discovery price assessments cover select over the counter (OTC) commodities markets. All assessments conform to a standardized quantity, period and specification. The full timing, location and quality specification methodology for each individual assessment is shown on the PRIMA Discovery platform, with a full PRIMA methodology permanently available for review as a pdf at www.prima-markets.com.

The Websites are operated by PRIMA Regulated Markets ("PRIMA"), a limited company registered in England and Wales under company number 09263468 whose registered office is at 4 More London Riverside, London, SE1 2AU.

1. Regular changes to these Terms and Conditions

These Terms and Conditions may be changed or updated at any time by amendments to this page. You should check these Terms and Conditions each time you access or use the Websites in order to take notice of any changes made. By accessing or using the Websites you are bound by the version of the Terms and Conditions appearing on the website. If you do not agree to the current version of the Terms and Conditions, you must cease to use the Websites and the PRIMA Discovery system immediately.

2. Intellectual property

All data within and emanating from the Websites and the PRIMA Discovery system is owned in its entirety by PRIMA and can’t be transmitted, stored or used in any capacity without permission from PRIMA.

The unique and proprietary elements of the PRIMA Discovery platform are covered under a pending patent in the United States of America. Any party wishing to license any aspect of the proprietary methodology should contact enquiries@prima-markets.com.

3. Limitation of Liability

PRIMA Discovery users themselves responsible for their own actions on the platform. Participation in any PRIMA Discovery session is at the risk of the participant. PRIMA makes no declaration as to the creditworthiness of any participant on the platform. Where a trading entity engages with a brokerage firm on the PRIMA Discovery platform they do so of their own choice and are not relying on any recommendation from PRIMA.

You are entirely liable for activities conducted by you or by a third party using your username and password in connection with the PRIMA Discovery platform. If you are dissatisfied with the content or the Websites or with these terms of use, your sole and exclusive remedy is to stop using the content and the Websites. PRIMA will not pay you any damages in connection with your browsing or use of the Websites.

The content and the website are provided "as is", without any warranties, representations, terms, conditions or guarantees as to their accuracy, completeness, or that use of them will be uninterrupted, error-free or meet your particular requirements. Use of PRIMA Discovery and the Websites is entirely at your risk and you assume full responsibility for all results obtained from, and any reliance placed upon, such results. You acknowledge that no data, material or commentary made available through PRIMA Discovery and the Websites are in any way provided to give/obtain financial advice or recommendations.

PRIMA hereby disclaims any and all express and implied warranties including, but not limited to, warranties of merchantability or fitness for a particular purpose or use and of noninfringement. None of the PRIMA parties shall be liable to the user or anyone else for any inaccuracy, delay, interruption in service, error or omission, regardless of cause, or for any damages resulting therefrom.

You understand and accept that, to the fullest possible extent permitted in law, PRIMA expressly excludes all conditions, representations, warranties, terms, obligations and liabilities which might otherwise be implied by statute, common law, custom or otherwise including any warranties, representations or conditions as to satisfactory quality, non-infringement or fitness for a particular purpose.

In no event will PRIMA be liable for any direct, indirect, special or consequential damages, including but not limited to, lost time, lost money, lost profits or good will, whether in contract, tort, strict liability or otherwise, and whether or not such damages are foreseen or unforeseen with respect to any use of the website. PRIMA will not be liable to you or anyone else for any loss or injury resulting from use of the website, in whole or part, whether caused by negligence, contingences beyond its control in procuring, compiling, interpreting, reporting or delivering the website and any content on the website or otherwise. In no event will PRIMA be liable to you or anyone else for any decision made or action taken by you in reliance on such content or the website.

This does not affect PRIMA’s liability for death or personal injury arising from negligence, or the liability for fraudulent misrepresentation or misrepresentation as to a fundamental matter, or any other liability which cannot be excluded or limited under applicable law.

4. Severability

If any provision of liability of these Terms and Conditions shall be unlawful, void or unenforceable then that provision shall be deemed severable and shall not affect the validity or enforceability of the remaining provisions.

5. Jurisdiction and Applicable law

These Terms and Conditions and any dispute or claim arising from, or related to, access to and/or use of PRIMA Discovery, shall be governed by and construed in accordance with the laws of England and Wales. The English courts shall have exclusive jurisdiction over any such dispute or claim, although PRIMA retains the right to bring proceedings against you for breach of these Terms and Conditions in your country of residence or any other relevant country.

6. Registration procedures and use of PRIMA Discovery

Detailed in the following sub-sections.

Sign Up for Traders

Trading and Brokerage firms are invited to express their interest to participate in the assessment process by going to primadiscovery.com and following the 'Sign Up' process by entering their company name and their company email address.

PRIMA will auto-send an email to request a password be set for the account to be open. The auto-send email will be from noreply@primadiscovery.com, please check your spam folder if the email does not arrive by return.

Once the password is set the sign up process is underway.

Trading firms then have four further sign up tasks.

Step 1: Choose whether to authorize a broker to complete the onboarding process and fill in documentation on behalf of trader

Step 2: Enter Company details

Step 3: Enter Individual details

Step 4: Enter Market Brokers

Submit

 

Step 1

Choose whether to authorize a broker to complete the onboarding process and fill in documentation on behalf of trader.

If a trader should wish, a brokerage firm can be authorized to enter the data it holds about the trading firm and its traders. The list of data that will be requested is shown in Step 2. The authority to submit data can be removed at any point. While an authorized broker can input data into the system, the trader is still responsible for accuracy. By using PRIMA Discovery, you consent to PRIMA processing this data and you warrant that all the data provided directly by you or provided by the broker about you is accurate.

Step 2

Enter Company details.

As a minimum the administrator for a trading firm needs to enter the full name of the entity and a contact phone and email. The other details can be left to a brokerage firm to enter by authorizing a brokerage firm in step 1, if so wished, or left to a later date to enter directly.

  • Full registered company name
  • Company name as it is to appear on PRIMA DISCOVERY
  • Regulator (if appropriate)
  • Regulatory ID (if appropriate)
  • Registered street address
  • Physical address of trading office
  • VAT number (Europe only)
  • Company registration number
  • Relationship manager at trading party
  • Fax number
  • Telephone number
  • Email address
  • Mobile number
  • Website

Step 3

Initial Administrator.

The initial contact on the sign-up will be an Administrator. This can be changed later. The details required are as follows:

  • User Name
  • E-Mail Address
  • Regulator (if appropriate)
  • Regulatory ID (if appropriate)
  • Telephone Number
  • Instant Message ID

Step 4

Enter Market Brokers.

Trading participants will be asked to mark the brokerage firms with which they would like to engage for business in each market involving PRIMA Discovery. The order in which brokerage firms appear on drop down menus can be changed by clicking and dragging.

PRIMA is not party to arrangements between trading firms and brokerage firms. Trading firms are required to tag a Market Broker for any price they wish to propose in a session or have a Market Broker enter it on their behalf. This section can be left until a later date if required. However, only brokerage firms selected in this process are able to enter prices on behalf of any trader.

Completion of the sign-up process does not guarantee an application will be approved onto the platform by PRIMA. To help ensure the integrity of the price assessment process, PRIMA maintains the right to exclude companies from the PRIMA Discovery process when they do not adhere to PRIMA's protocols and guidelines.

Once submitted all entered details are alterable.

While still logged in, the initial trader administrator can under the 'My Company' tab see and alter all the data entered previously.

Still under 'My Company' in the 'USERS' section new traders and administrators can be added.

For each user their 'roles' and 'markets' need to be submitted. To participate in Sessions, each user (including the administrator) must have their role selected to include 'trader' under 'Roles' on the 'Users' page.

Any change or addition of data about users or the trading company itself will be reviewed by PRIMA.

Any change in authorization of brokerage firms to enter data or any change in the use of brokers in particular markets is not subject to any review by PRIMA and is a matter for the trading firm alone.

Users on the PRIMA Discovery system are responsible for their actions on the system.

Adding and editing USERS

The Administrators for each entity can submit new users, submit roles to users and submit applications for particular markets. Once submitted PRIMA will review the user, role and market applications and where appropriate approve them.

From the home page one can see which markets a user has access.

Sign Up for Brokers

Trading and Brokerage firms are invited to express their interest to participate in the assessment process by going to primadiscovery.com and following the 'Sign Up' process by entering their company name and their company email address.

PRIMA will auto-send an email to request a password be set for the account to be open. The auto-send email will be from noreply@primadiscovery.com, please check your spam folder if the email does not arrive by return.

Once the password is set the login process is underway.

Brokerage firms then have two further sign up tasks.

Step 1: Enter Company details

Step 2: Enter Individual details

Submit

 

Step 1

Enter Company details.

As a minimum the administrator for a brokerage firm needs to enter the full name of the entity and a contact phone and email. The other details can be left to a later date to enter directly.

  • Full registered company name
  • Company name as it is to appear on PRIMA DISCOVERY
  • Regulator (if appropriate)
  • Regulatory ID (if appropriate)
  • Registered street address
  • Physical address of broking office
  • VAT number (Europe only)
  • Company registration number
  • Relationship manager at broking party
  • Fax number
  • Telephone number
  • Email address
  • Mobile number
  • Website

Step 2

Initial Administrator.

The initial contact will be an Administrator. This can be changed later. The details required are as follows:

  • User Name
  • E-Mail Address
  • Regulator (if appropriate)
  • Regulatory ID (if appropriate)
  • Telephone Number
  • Instant Message ID

Completion of the sign-up process does not guarantee an application will be approved onto the platform by PRIMA.

Once submitted all entered details are alterable.

While still logged in the initial broker administrator can under the 'My Company' tab see and alter all the data entered previously.

Still under 'My Company' in the 'USERS' section new brokers and administrators can be added.

For each user their 'roles' and 'markets' need to be submitted. To participate in Sessions, each user (including the administrator) must have their role selected to include 'broker' under 'Roles' on the 'Users' page.

Any change or addition of data about users or the brokerage company itself will be reviewed by PRIMA.

Where there is a Matched Order with two different brokerage firms, the brokerage firms are obliged to cooperate and 'link' to ensure the smooth running of the system. Brokerage firms approved into PRIMA Discovery are furnished with the contact details of the other brokerage firms for each market and agree as a condition of participation to cooperate and 'link' to the best of their ability.

Users on the PRIMA Discovery system are responsible for their actions on the system.

Adding and editing USERS

The Administrator for each entity can submit new users, submit roles to users and submit applications for particular markets. Once submitted PRIMA will review the user, role and market applications and where appropriate approve them.

From the home page one can see which markets a user has access.

Client Companies

If any trading entity has enabled a brokerage firm to enter information for submission on their behalf a 'companies' tab will appear on the homepage of the brokerage firms users. Here the details of a client can be populated and submitted to PRIMA.

Where a new user is added to a client company, the PRIMA system will auto-send the new user an email requesting they create their own password, which like all passwords are private to the user themselves.

Having a brokerage firm populate information may for many traders speed up the time it takes to get into a live session. Once the data has been entered a trading firm can turn off the brokerage firm's authority to enter data.

Markets Tab; viewing data

The Markets Tab shows:

  • Historical Transactions for viewing, all previous trades in any session
  • Credit Blocks for traders by Market
  • Historical Sessions for viewing
  • Session, the place to enter a Live Session or enter to wait for a session to go live.

My Company Tab; editing data

On the Home Page one can see a 'My Company' tab. This is where one can review and Administrators can propose edits and additions to Company and User details.

Any changes made to Company and User data will be auto-presented to PRIMA Administrators for review.

Trading participants will also see 'Approved Brokerage Firms' as an option under the My Company tab. This allows a trader activate and deactivate the ability of a brokerage firm to enter data on their behalf.

Trading participants will also see 'Market Brokers' as an option under the My Company tab. For each market in which a trader is active, Market Brokers must be selected from the list of brokers available. The order in which they appear on the live session drop down can be changed by clicking and dragging. If no Market Brokers are selected by a trader then no prices can be entered into a session with directly by the trader or by a broker on the trader's behalf. This will not prevent the trader viewing the session live.

Product Details

The exact description of the product being assessed is available in the information icon next to the Market name. All prices entered into a session are for the exact product described in the information icon. No price for an alternative will be accepted as influencing the assessment.

Session Start

Registered participants can go to the Markets tab on the Home Page to enter a session.

Each assessment session starts with a display of the PRIMA Opening Assessment. This is the level which PRIMA, through the work of its assessment team, believes to be appropriate for the product. This level is then open to transparent challenge by qualifying market participants through the PRIMA Discovery platform by entering prices.

Entering Prices

A registered trader who has been approved for a particular Market may directly enter prices into a session to reflect their view on the value of the product being assessed.

All prices entered into the system must be done with a brokerage firm being tagged. Alternatively a brokerage firm can enter the price on behalf of the trading firm following an offline communication, such as a phone call.

PRIMA see the existing network of brokerage firms in each market are well placed with the same goal of increasing the transparency of market assessments.

Users on the PRIMA Discovery system are responsible for their actions on the system. Entering a price announces publically an intention to be bound by the price shown in the quantity indicated on the Product terms shown for that market.

PRIMA does not accept responsibility for the legitimacy of prices entered into PRIMA Discovery. Prices entered are done so by brokers and traders who are responsible for their own actions.

Prices are accepted in a queued order system.

Assessment changes

Each assessment session starts with a display of the PRIMA Opening Assessment. This is the level which PRIMA, through the work of its assessment team, believes to be appropriate for the product. This level is then open to transparent challenge by qualifying market participants during the session.

A bona fide bid above the current assessment will raise the assessment to the level of the bid. A bona fide offer below the current assessment will lower the assessment to the level of the offer.

All prices that move an assessment need to remain live in the system for 30 seconds, else PRIMA Administrators may decide to roll the assessment back to the previous level before the price was entered. This is to discourage any prices being placed for periods of time so short they can't be acted upon which may undermine the integrity of the session. Only the latest price that moved an assessment is monitored for the length of time it remains live. All other prices are not monitored for the length of time they are live in the system.

In the event of a backwardated market due to credit restrictions the assessment will be the average of the best bid and best offer showing.

At the end of a session the final assessment price on the session screen will generally be the Final Assessment subject to a review by PRIMA. PRIMA will post the Final Assessment on its website and distribute the number via its reports.

Matched Orders

PRIMA Discovery is a benchmark assessment platform and not a live trading system nor an exchange. All prices entered into PRIMA Discovery announce the trading entities intention to be bound by the terms of the price and quantity shown in a transaction to be managed by the tagged brokerage firm.

Trading entities and brokerage firms are responsible for the accuracy and legitimacy of all prices input into PRIMA Discovery.

In the event a bid price matches an offer price PRIMA Discovery will match the participants' intention to trade. The volume concerned will be taken out of the order book and turned to grey colour.

All trading entities and brokerage firms tagged by those entities will receive notice of the match.

The trading entities or their brokerage firms should promptly respond to the match in one of the following ways:

  • ACCEPT: Accepting a trade in the volume shown with the counterparty shown for the product in question
  • REJECT: Rejecting the trade for credit terms. This will cause a Credit Block to be put in place between the two firms going forward which will remain in place until removed. The Price will be PUT BACK to the market.
  • OFF: Announcing an error in a price input and declaring 'OFF' the price. Any use of the 'OFF' function may be reviewed by PRIMA.
  • REJECT and OFF: Rejecting the trade for credit terms. This will cause a credit block to be put in place between the two firms going forward which will remain in place until removed. The price will be removed.

While a Matched Order remains open the session clock will halt at 30 seconds to run and will not advance until the open Matched Order is finalized. In this time other prices can still be entered, trades concluded and the assessment changed.

PRIMA can if required itself OFF a Matched Order in the event a trading firm is uncontactable or some other necessity to progress the session.

Where a counterparty to a Matched Order REJECT's the proposed trade for Credit reasons or Enters OFF due to an error the other counterparty to the Matched Order can choose to PUT BACK the price, REJECT the counterparty and place a Credit Block, OFF the Price or REJECT the counterparty and OFF the price simultaneously.

All prices within the PRIMA Discovery sessions are presented with a tagged brokerage firms on behalf of trading entities. All trades displayed in the PRIMA Discovery system are voice brokered.

Where there is a Matched Order with two different brokerage firms, the brokerage firms are obliged to cooperate and 'link' to ensure the smooth running of the system. Brokerage firms in PRIMA Discovery are furnished with the contact details of the other brokerage firms on each session and agree to cooperate.

PRIMA makes no warranty or declaration as to the veracity of any price displayed in the PRIMA Discovery system. All prices are the responsibility of the trading or broking firm entering the prices.

Prices can't be entered offline, or outside of the system.

Trades are posted on the session screen as they occur. All movements in the session are posted on the Session Log.

Session clock

Once a session is live the screen shall at all times display the session clock. The session clock will countdown towards the end of the session.

All PRIMA Discovery assessment periods will operate for a minimum of 10 minutes. The exact length of time for each product being assessed will be a function of the demands of participants in that market and will be advertised in advance of a session.

At the end of the standard length for a particular market, provided no new price assessment changing input has been received in the final 30 seconds the fixing period will end and the PRIMA Discovery price assessment on the screen at the time of conclusion will be the final price for the day, the PRIMA Discovery Final Price Assessment, subject only to review by PRIMA in the case of dispute or manifest error or some other issue.

In the event of a price being received that alters the PRIMA Discovery assessed price in the final 30 seconds of a session, the session will be extended back to 30 seconds. This process will continue for up to three hours if prices continue to be input which move the assessed price. After three hours of extended time have elapsed a price received in the final 20 seconds will extend the session back to 30 seconds left to run. This procedure remain for a further 50 minutes until there has been a continuous 20 second period of price constancy. At the end of three hours and 50 minutes of extended time the session can be further extended by PRIMA staff or the session can be closed by PRIMA staff assessing the PRIMA Discovery Final Price Assessment if there is sufficient clarity on the market pricing.

The purpose of the extensions is to allow all bona fide voices to be heard in the goal of ascertaining the fair Final Assessment.

By allowing the assessment period to extend in the event of a last 30 or 20 second price change, the PRIMA price assessment removes one of the key flaws in the traditional price assessment model which typically sets a target end time and which demonstrably creates a disorderly trading stampede.

Credit Blocks

Trading entities and brokers operating on their behalf may Reject any counterparty for credit in a Matched Order. This puts in place a Credit Block where all trades are precluded in that product for credit reasons. Credit Blocks remain in place for a market until removed.

Trading entities are encouraged to maintain their credit blocks carefully. If a trading entity wishes to block a counterparty totally it should be done in each available Market. A trading firm can contact PRIMA Administrators if they wish to enter further Credit Blocks into the platform outside of a session.

Where Credit Blocks are in place, trading entities will not be Matched in that or a further session for that Market and backwardations are theoretically possible. These backwardations will be shown on the session screen and are available to trade by other trading entities.

Where a trading firm faces a significant number of Credit Blocks to the extent the smooth running of the sessions is being harmed the trading firm may be suspended from participation in PRIMA Discovery by PRIMA until such time as their credit situation improves.

A trading entity can view their Credit Blocks on the Markets tab. A brokerage firm authorized to enter data for a trading firm can also view the Credit Blocks of the trading entity.

Input Price Controls

Input prices are required to be delivered within a strict range linked to the current price through algorithms defined by the starting price and the recent market volatility of the price being assessed. This range will move up and down as the assessed price changes. The goal of the range is partly to ensure order in the market and secondly to protect participants from manifest error in price entry.

Pausing or Ending Sessions

Once a session is in its last 30 seconds of standard time PRIMA may take the decision to pause the session clock to investigate a situation. This will not interfere with participant's ability to post new prices and conduct trades both of which may move the current assessment.

PRIMA have the ability and authority to end a session outside of normal procedures if PRIMA warrant some factors exist that result in the market being better served by the session being terminated.

Session Log

Each session is electronically recorded in its entirety. Every action is recorded and can be read live by participants during a session as it unfolds.

Once a session has finished it can be reviewed as a historical session. Each entry can be seen in order, allowing users to replay the whole session from start to finish in real time. This facility eliminates the challenge presented by existing PRA assessment methodologies of collating and re-engineering past session histories for compliance purposes from incomplete records. The traditional approach necessarily robs any compliance overview of the overarching market context and narrative of each individual session as well as running the risk that scattered inputs are invariably overlooked, lost or worst of all, ignored.

Suspensions and Exclusions

PRIMA reserve the full and exclusive right, in its sole discretion, to suspend or permanently exclude trading entities, brokerage firms or individuals registered on behalf of trading entities or brokerage firms who bring the PRIMA Discovery system into disrepute or who have breached the terms and conditions of use or in some way hinder the smooth running of the sessions.

Suspensions may also be put in place to allow training on the system should it be necessary.

PRIMA excludes liability for suspensions or exclusions.