Bid Instructions

Opening

Transaction opens based on terms and conditions that have been announced. The registered members who have been confirmed and are allowed to bid in transactions through the trading system, can place bid.

Bidders can enter, change, and delete price and quantity under the following circumstances:

- Bidders must submit the bid in the opening step to participate in the next steps, otherwise they cannot.

- Bids can be submitted and revised only three times in this step.

- Bidders must submit the bid quantity between the minimum and maximum quantity range, they also can increase or decrease the bid quantity in this specific range.

- Bidders must place a bid price not lower than the permitted range and not higher than the offered price. Bidder cannot decrease the first bid which is submitted in the opening step. When bidders submitted the first bid, the second and the third bid must be equal to or higher than the highest submitted bid.

- Bidders can delete the bid once, only in the opening step, if there is one submitted bid equal or higher than their bid. The current bid can be deleted in this stage if there is at least one higher offered price than that.

- If one bid or more are submitted in the opening step based on the above mentioned instructions, the transaction enters to the next step; otherwise, the transaction will be closed.

 
 Bid Removal Conditions:

- Bid removal can be done only once in the opening step; there is no possibility to delete your bid in any other steps of transaction.

- You may delete your bid only if there is a higher bid than yours, therefore if your bid is the only bid in the transaction, it is not possible to be deleted.

- If all the bids are equal, it is not possible to delete your bid.

- If you delete your bid in the opening step of the transaction, you can place a bid which is higher than the highest bid.

Quotation 1/2

- Only bidders who submitted bids in the opening step can continue the transaction into Quotation 1/2 step.

- Submitted bids cannot be deleted in this step.

- Bidders must submit the quantity bid between minimum and maximum quantity range, they also can increase or decrease the bid quantity in this specific range.

- The bidders can increase the current price bid equal to or higher than the highest submitted bid price, the maximum price bid must be equal to the offered price, not more than that. The price bid cannot be decreased in this stage by bidders.

- All bids submitted in this step are transmitted automatically into the next step.

Quotation 2/2

- Only bidders who submitted bids in the opening step can continue the transaction into Quotation 2/2 step.

- Bidders cannot delete the bid price in this step.

- Bidders must submit the bid quantity between minimum and maximum quantity range, they also can increase or decrease the bid quantity in this specific range.

- Bidders can increase the current bid price equal to or higher than the highest price bid, the maximum price bid must be equal to the offered price, not more than that. The price bid cannot be decreased in this stage by bidders.

- If the highest price bid doesn't reach the offered price, Seller can decrease the offered price to the highest bid, otherwise Trading System will automatically cancel and close the transaction.

- If the bidding reaches the offered price and,

(i) the total quantity bid is equal to or less than the maximum quantity, the transaction shall be done based on the offered price.

(ii) the quantity bid is more than the maximum quantity; the transaction will be going to the competition step.

Competetion

- Only bidders who submitted bids in the opening step can continue the transaction into the competition step.

- Bidders cannot delete the bid price in this step.

- Both bidders and sellers cannot change the bid quantity in the competition step.

- Bidders can change the price bid to higher than the highest bid, which can be higher than the offered price without any limitation, while there is no possibility to decrease the submitted bid price.

- At the end of the competition step, the Trading System sorts bids by the highest price. It prioritizes the highest bid price. whereas the lowest bid price is not a priority.

- The Trading System prioritizes transmitted bids with the same price by their time of entry into the Trading System; it executes the orders transmitted earliest. But, it should not be less than the minimum order.

- The result will be announced on the same day and TC will be sent to the sellers and the buyers.