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Find out more information about pre-trade transparency.
Give up trades that are booked to UNA do not create auctions. Only registrations including the Clearing Broker could trigger an auction.
Both sides of a trade are required before the system can determine whether an auction is required or not. An example of the valid initiating trade receiving the reject reason “Auction Closed” could be that the second half of a TOM trade has been entered post TOM Trading deadline of 12:30 and the trade required an auction which cannot be started after this point.
Yes, trades entered by RIBs could initiate an auction after trade halves are accepted by the relevant GCM.
Below are the steps for testing above scenario. Note: CAD3M has been used as sample contract for illustration purpose only.
Yes, there can be partial fill in the auction in both of below scenarios
If Original bid & offer (i.e. trade that had initiated the auction) matches with each other post auction, plus any participating bid/offers that do not match with other auction participants.
Any trades resulting from auction participation will have this flag, whether they were initiating trades (and one side cancelled) and/or participating bids/offers.