> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/architecture/pre-match-processing/frequent-batch-auctions-fba/auction-specifications.md). # Auction Specifications The Ithaca Protocol utilizes [Frequent Batch Auctions](/docs/architecture/pre-match-processing/frequent-batch-auctions-fba.md) rather than continuous limit order books. Auctions take place at discrete times and are expected to become more frequent over time. ## Auction Times * Regular auctions take place every 10 minutes at round intervals (00:00 hrs, 00:10 hrs, 00:20 hrs, etc.) * The daily auction taking place at 12:00 hrs UTC will be considered a Focal Auction (more below). * An additional focal auction will take place at options expiry: 08:00 hrs UTC every Friday. * The [Order Submission Period ](/docs/architecture/pre-match-processing/frequent-batch-auctions-fba.md)lasts until the start of each auction. At that point, a new Order Submission Period starts for the following auction. ## Focal Auction A focal auction is an auction where the Ithaca team commits to provide two-way liquidity on every market traded in the platform (every order type, maturity, and strike). Focal auctions take place daily at 12:00 hrs UTC and at options expiry. Transparent incentives will be available to market makers committed to providing liquidity during and beyond focal auctions. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.ithacaprotocol.io/docs/architecture/pre-match-processing/frequent-batch-auctions-fba/auction-specifications.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.