U.S. Treasury prices were multiple sealed bid auctions to sell their accounts since their introduction in 1929. In this format, the auction, the buyers a confidential application for new securities and awards bidders paid for their bids, resulting usually in different prices for different market participants. This traditional procedure was under acute myocardial several prominent economists, when illegal manipulation by trader Salomon Brothers was born in 1991. As a pilot program, the Treasury announced on September 3, 1992, that he would hold a uniform price sealed bid auction of his 2-year and 5-year bonds for a limited period of time. In one price auction, participants again a confidential rates, but, in contrast to several auctions, a single clearing price has been established that the alignment of supply and demand. When in 1992 a pilot program was extended until 1998, the majority of sales of Treasury have been held in the traditional multiple price format and the decision about the use of a single auction has not yet been taken. "Hide
by Matthias Hild Source: University of Virginia Darden School Foundation 6 pages. Publication Date: September 28, 2004. Prod. #: UV3978-PDF-ENG
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