Types Of Auctions
  • Continuous Auction: In this type of auction the Seller gives a base price to start the auction. The seller is open to bids from all members to purchase their product. Price and Time are the priority on which the trade is accepted. The highest bidder gets the products first. If the price is same the product goes to the one who submits the bid before the others offering the same price. Once the buyers offer price is matched / accepted by the seller, the trade is complete. The Buyer can see the product in his trade book.
  • Bilateral Auction is used for offering Select band of customers similar to limited tender. The quantity in these auctions are usually larger size and buyers and sellers are usually either Oil companies, Large traders, Industries with the relatively large requirement of products, Importers and Exporters.Seller can give a Matching Price, which has to be Accepted by the Buyer. CONFIRMATION IS REQUIRED from the Buyer and Seller. The Trade can be viewed in Trade book Option.Trading session : The validity of offered product for Auction can stretch from session, day to several days. Subject to the basic fact that the trading is completed within 11 days of initiation of the bid.Quotation : The Buyers and sellers can give the bid / price continuously during the validity of Auction, so that matching of the trade takes place and the bid is obtained.In this type of Auction the Seller gives a Base price to start the Auction.
  • Yankee Auction: This is a forward Auction. (Seller initiated Auction). The Sellers offers to sell the product and gives an initial price / base price. The buyers can see the quantity which is offered for sale. The initial price can be seen by the buyer if allowed by the seller. Once the auction starts, he can see the last highest price bid. The buyers can bid for full or part quantity offered in the auction. At the end of the Auction, the system shall generate the list of Bidders as per H1, H2, H3…… The seller takes the final call of approving or rejecting the bids received.