InvestorWords.com - Investing Glossary. Welcome to UNTERM. Human Resources Lexicon. Terminologie. Börse Stuttgart :: Glossar. Glossary. In an auction, all buy and sell orders are pooled and matched in an order book; the auction price is determined according to the principle of highest volume transacted. The auction system enables participants with the highest bid prices (the demand side of the market) and the lowest ask prices (the supply side of the market) to execute their orders.
Because the price determination procedure does not require a trading intermediary, it can also be performed by the electronic trading system. During floor trading at FWB® Frankfurter Wertpapierbörse (Frankfurt Stock Exchange), the Xontro® system assists the lead broker in determining prices on the basis of the auction principle. The Xetra® electronic trading system also determines prices using the auction system. The market model on which the system is based provides for a number of regular auctions: the opening auction, the closing auction and, depending on the stock, several intra-day auctions. Each auction consists of three phases: Termprofile.com | web statistics for language professionals. ETB Webseite. Linguee.
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