This section allows cross-market comparisons.
Glossary Definition

The process of buying and selling securities by (i) offering them for tender, (ii) accepting bids from potential investors, and (iii) allocating them to the highest bidder(s). In “reserve” auctions, there is a minimum bid or reserve price; if the bidding does not reach the minimum, there is no sale. In “absolute” or “no reserve” auctions, the sale is guaranteed, with only the price to be determined by the highest bid (offered price).