> 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.