To close an auction.
The auction is closed to further bids when the auction is either forced to close, or when the closing condition of the auction is met.
After the auction is closed, its status changes to "Bidding Closed". It will not accept any bids after this time. However, the status of the already submitted bids will remain in "Active" status.
The auction is changed to "Settlement Closed" state by the scheduler after it is closed. When the auction status changes to "Settlement Closed", the winner is determined.
Winners for Open Cry and Sealed Bid auctions are determined based upon the parameters in this order:
1. Bid price per quantity
2. Bid quantity
3. Bid submission time.
Winners for Dutch auctions are determined based upon the parameters in this order:
1. Bid submission time
2. Bid quantity.
When the winners are determined, an auction notification message is produced to inform customers that they submitted a winning bid.
When an auction ends, the winners automatically receive messages informing them of the results. If the recipient does not read the message within a certain time period, an e-mail message with the same contents as the unread message is sent.
Professional, Business, Express Edition
Task | Description | Role |
---|---|---|
Force-close auction |
Close the bidding for an auction manually. |
Seller |
Time to close auction automatically |
Close the bidding for an auction when it is time to close. |
System |
Finalize auction |
Retrieve all Bidding Closed auctions and determine the winners of auctions. |
System |
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