Auction Specifications

The Ithaca Protocol utilizes Frequent Batch Auctions 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 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.