· Competitive {yield and quantity- broker/dealers, institutions, money management firms}and non-competitive {quantity only, individual investors} bids.
· Single-Price Auction (with the help of competitive bids, ranked from lowest to highest yield demanded, identify the stop yield where quantity offered equals quantity demanded, then fill
· competitive and noncompetitive bids at the price implied by the stop yield.
· Multiple-price or “ Dutch” Auction(ranked and each group of bidders paid a different price . Dutch auctions held by Fed NY.
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