Terminology - A Multilingual Directory

TAUS Data - Online TMs von Unternehmen 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. Outcry phase: in this phase, participants can enter orders and quotes, or delete previous entries. Antonym: Market-maker principle

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