Auction

1. Noun.

A competitive pricing process in which prospective purchasers submit rival bids.

The item - or items - being offered for sale are then sold to the purchaser - or purchasers - submitting the most favourable bids, for example, the highest prices.

2. Adjective.

Relating to a competitive pricing process as described above.

See also

• Bid
• Contingent Term Repo Facility
• Dutch auction
• Dynamic discounting
• Indexed Long-Term Repo operations
• Offer
• Open outcry
• Private treaty
• T-bill rate
• Tender
• Tender panel