Tutorial: Bidding
The Bidding Screen
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The bidding screen enables investors to place bids and monitor auction
progress.
The screen is divided into three sections. The table below the
chart summarizes important terms for easy reference. The larger
table on the left side of the screen (shown above) allows investors
to enter and track their bids.
The chart on the upper right of the bidding screen shows the distribution
of initial bids at any point in the auction. The chart updates continuously
throughout the auction.
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Placing Bids
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Investors may place one limit and one market bid, using the bidding screen. A limit bid names a spread an investor is willing to accept versus the benchmark Treasury bond. Each bid is time stamped when it is confirmed. Market bids and limit public bids are shared anonymously with all auction participants on the right side of the bidding screen.
Investors can use a private bid to improve their public bid
and retain their time stamp as long as the improvement is within
the protected spread range. Private bids are automatically
entered at the end of the auction.
Investors can always enter bids outside the protected spread range and
receive new time stamps.
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The size of each bid can be increased by up to 50% without losing the
time stamp on that bid. The size of a bid may not be reduced without receiving
a new time stamp.
Bids are entered in the Modify column.
To place a Limit bid:
- Type the size, in millions of dollars (before the decimal) and thousands
(after the decimal).
- Pick a public bid spread from the the drop-down menu.
- Pick a private bid spread from the drop-down menu. If none is selected
the private bid defaults to the public bid.
To place a Market bid:
- Type the size, in millions of dollars (before the decimal) and thousands
(after the decimal).
After you have entered your limit and/or market bid, click
the "Submit Bid" button. You will be prompted to confirm your bid. Upon
confirmation, your bids will be reflected in the Current column.
Next > Monitoring Auction Progress
