With U.S. Treasury securities, a single price auction is held but bidders may also submit [...]bid. Such a bid indicates that those bidders will accept the amount ofTreasuries indicated at the price determined by the auction, rather than specifying a maximum price in their bids. The price determined by this type of auction is found as in the example just given, but the amount of securities specified in the [...]bids is subtracted from the total amount to be sold.
With U.S. Treasury securities, a single price auction is held but bidders may also submit [...]bid. Such a bid indicates that those bidders will accept the amount ofTreasuries indicated at the price determined by the auction, rather than specifying a maximum price in their bids. The price determined by this type of auction is found as in the example just given, but the amount of securities specified in the [...]bids is subtracted from the total amount to be sold.
With U.S. Treasury securities, a single price auction is held but bidders may also submit [...]bid. Such a bid indicates that those bidders will accept the amount ofTreasuries indicated at the price determined by the auction, rather than specifying a maximum price in their bids. The price determined by this type of auction is found as in the example just given, but the amount of securities specified in the [...]bids is subtracted from the total amount to be sold.
Answer
noncompetitive
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Open it With U.S. Treasury securities, a single price auction is held but bidders may also submit a noncompetitive bid. Such a bid indicates that those bidders will accept the amount ofTreasuries indicated at the price determined by the auction, rather than specifying a maximum price in
Original toplevel document (pdf)
owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p19
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