Auction DealPas Guide
Electronic trading platform (ETP) Auction, work principles and main provisions.
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed.
Auction offers three auctioning types:
Public: everybody can participate;
Private: The bids are hidden from all others, except the auctioneer and the respective bidders. The bidders on the auction are hidden from others users, only the auctioneer having the option to see them. Messages are also hidden, the auctioneer can see all the messages and each bidder can only see his own messages.
BIN only: if the BIN price is met, the auction ends immediately, and the bidder that offered the BIN price wins.
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