SessionAuction
For a Session in which matching is by periodic Auction, this field defines the type of Auction matching to be used.
Metadata
- Underlying type:
u16
Values
| Key | Value | Description |
|---|---|---|
| Standard | 1 | The standard maxium clearing volume auction method. This algorithm determines the price at which the maximum volume wll clear subject to the constraints described in the Single Price Auction documentation. |
| Oneside | 2 | An auction where there is a single seller or buyer that will determine the final price at which the auction will clear. This is often called a primary auction and is described in detail in the Single Sided Auction documentation. |
| Preopen | 4 | Similar to the Standard auction, a pre-open just uncrosses the crossed prices without regard to maximising the traded volume. |
| CartaX | 8 | The proprietary Carta Cross auction methodology |
| Side | 256 | The side (buy or sell) that constitutes the "Single" side in a single sided auction. When this is not set it a single Buy. When this bit is set then it is a single Sell. |
| MaximiseValue | 512 | If this value is present then a single sided auction maximises the total value traded as a result of the auction. Otherwise it maximises volume. It is straightforward to design a set of auction orders where by the value can be maximised by trding much less volume than the maximum volume that might trade at a different price. |
| ProrataResidual | 1024 | It is usually the case that a single sided auction cannot fulfill all the quantity at the final price at which trading will occurr. When this value is set, the quantity left at this price will be distributed pro rata amongst the orders at that price point. |
| MultiPrice | 2048 | When this value is set, the auction will match each Trade at the price of the Order in question rather than the single price at which the last matching will finally occur. |