PGMs flow prices from their liquidity providers, who in turn receive these prices from the market (or exchange); and bank and non-bank liquidity providers. The source of the underlying market price may vary for each product.
Although PGM’s prices are derived from its liquidity providers and PGM does not actually participate in the setting of the prices, it only receives streaming prices; however, when it makes the prices available to its customers for execution, those prices become PGM’s prices.This is the case for all of the derivatives that PGM offers to its customers.