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  • Auction Times
  • Focal Auction

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  1. Architecture
  2. Pre-Match Processing
  3. Frequent Batch Auctions (FBA)

Auction Specifications

PreviousFrequent Batch Auctions (FBA)NextCommon Product Specifications

Last updated 1 year ago

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The Ithaca Protocol utilizes 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 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.

Frequent Batch Auctions
Order Submission Period