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The top live bidding aggregator referrals came in at position , with a mere 3 referrals and no registrations. Understandable for them, but how does it work to help the auctioneer in the long run? The rules on electronic mail marketing are in regulation In short, you must not send electronic mail marketing to individuals, unless:. After all, data is the key to monetisation for all of the aggregator channels. Any auctioneer following this model should be careful to ensure that they store the contact source and contact history in their databases should a challenge arise.

Without the auctioneer there is no content, no product, no trust, no expertise.

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Well firstly, there are some powerful marketing forces to overcome. But as they traditionally feel that they compete with each other there is no established national network of cooperation due to rivalry. Remember the value of the auctioneer is as the trusted intermediary acting for both vendor and buyer. At that point they become direct competitors, and Porterian forces once again kick in by opening up the competitive landscape.

Moves were made recently to attempt this with an industry driven body developing a rival online platform, but the force of industry rivalry, the structural advantage of the main players, the cost of marketing and fear of change is stifling its adoption. Well it comes back to the point made in the headline. In doing so they have then created brands that attract the public to the auction world through demystification, providing a win-win for both parties. This is difficult for the larger players as they have most of the addressable market already.

So new revenue strategies will probably include higher fees for new auctioneers joining the platform and a gradual increase in fees across the board for all.

How To Beat The Market Makers Using Iceberg Orders

The other alternative is to run curated sales and take higher margin, but this comes with significant risk. Our blog post on Brand Identity for auctioneers covers this in more detail. New entrants to the aggregator market have to be careful as well. There is a cost to launching technology, certainly to getting it right and supporting it properly. The retailers equally have to be extremely careful not to be over reliant on the marketplace providers who have huge reach, as they end up pricing to the bottom.

Players such as Amazon have effectively taken control of their market by making the barrier to entry and cost of competing truly prohibitive through their massive structural advantage and power of network. In the online ecommerce world where multiple vendors compete to sell the same product the only winners are the major marketplaces who force prices down and take their fees regardless of the end price.

Smart ecommerce players are ditching these marketplaces and fixing their minimum online selling prices to push buyers back into their core profitable selling channels. But they are then reliant on the level of customer service that their retailers provide, and this is often not to the same perceived level as a marketplace…. Buyer and vendor commissions are attractive, and the shipping and packaging is the responsibility of the vendor, who adds a charge to the final hammer price. Technology is certainly an enabler. However, the dealers are retailers and not auctioneers, so they are not using the auction platform in the true sense of intermediation, more as an additional channel to retail.

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Their commission will be one way, from the buyer and the margins after all costs may not be sustainable. Early forays into this model have not been a resounding success. The cost of marketing acts as a barrier as it needs to be borne by the dealers initially, and as with any auction there is no guarantee of sale.

However, generalist auctioneers that only use the online bidding aggregators for their internet auction catalogue listings should be aware that they are not building any online equity for their own brand independently of the aggregator. Market-Maker quotes are generally based on pricing models that rely on various factors, including the price of the underlying security and that security's volatility.


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As these variables change, a Market-Maker's pricing model automatically will enter updates to its bids and offers with bulk messages for some or all of an option's series. Because Market-Makers may update bids and offers using bulk messages in multiple series at the same time, there can be a multitude of instances in which their bids and offers inadvertently interact with each other, which can lead to significant risk and exposure. This may occur, for example, when one Market-Maker's price update system is faster than systems used by other Market-Makers. In this respect, a Market-Maker's system that updates options prices microseconds faster than another Market-Maker's system may lock or cross its bids offers against the other Market-Maker's offers bids every time its bid offer adjusts to the offer bid of the second Market-Maker even if the second Market-Maker's system was also in the process of updating that offer bid.

This could happen contemporaneously in a large number of series within the class, such that instead of locking one quote, Market-Maker A may lock 20 of Market-Maker B's quotes. This may expose each Market-Maker to significant risk due to these unintended executions. The proposed rule change will protect Market-Makers from executions that occur due to technology disparities rather than the intention of Market-Makers to trade with one another at a particular price.

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This proposed functionality is similar to the quote-lock functionality available on Cboe Options. As proposed, a Market-Maker bulk message or order will be rejected if it would execute against resting Market-Maker interest. The Market-Maker may resubmit its bulk message or order after being rejected, which would be able to rest in the Book if the Market-Maker repriced its resting bid or offer in the interim.

Additionally, a Market-Maker may interact with resting Market-Maker interest by submitting an order to the Exchange through a different type of port. The Exchange believes this will encourage Users to submit their best bids and offers in series, and thus provide displayed liquidity to the market and contribute to public price discovery. Note firms may have multiple EFIDs and multiple bulk ports, and thus will have the ability through separate ports or EFIDs to submit additional bids and offers using bulk messages in the same series if they choose.

This provision is consistent with the rule interpretation of another exchange. In addition to permitting Users to submit bulk orders which functionality the Exchange will discontinue and replace with bulk message functionality , current bulk order ports permit Users to submit single orders to the Exchange. To encourage Users that may not have quoting systems to provide liquidity to the Exchange, the proposed rule change will permit Users to continue to submit single orders to the Exchange through these ports, which are proposed to be renamed as bulk ports. This will provide Users with additional functionality that is available for single orders submitted through bulk ports today, and allow their liquidity to rest on the Exchange for multiple trading days, if Users so choose.

This will also provide Users with additional control over the orders they use to provide liquidity to the Exchange through bulk ports. Additionally, proposed Rule 6. The Exchange believes it is appropriate for orders submitted through bulk ports be subject to the same restrictions on adding and removing liquidity as bulk messages submitted through bulk ports, so that orders submitted through bulk ports do not have an advantage over bulk messages, and vice versa.

While liquidity providers are most commonly registered market-makers, other professional traders also provide liquidity to the options market, which contributes to price discovery.


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  • As a result, unlike other exchanges that restrict quoting functionality to market-makers, the Exchange believes it is appropriate to make bulk messages available to all Users to encourage them to provide liquidity, which is critical to the Exchange's market. Additionally, permitting orders to be submitted through bulk ports will continue to provide all liquidity providers with this functionality that is available today, as well as additional flexibility with respect to this functionality they may use to provide liquidity to the Exchange.

    The proposed rule change adds a price protection mechanism for bulk messages that is similar to the fat finger check the Exchange currently provides for orders. This is similar to the fat finger check currently applicable to limit orders. This proposed check will not apply to bulk messages submitted prior to the conclusion of the Opening Process or when no NBBO is available.

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    The Exchange believes it is appropriate to have the ability to not apply this check during the pre-open or opening rotation so that the check does not impact the determination of the opening price. The Exchange also believes it is appropriate to not apply this check when there is no NBBO, as the Exchange believes that is the most reliable measure against which to compare the price of the bulk message to determine its reasonability.

    The proposed change is similar to a quote price protection mechanism available at other options exchanges. The Exchange currently offers Users similar functionality for orders and quotes as currently defined as bids and offers from Market-Makers , which is optional. The Exchange believes this will operate as an additional safeguard that causes liquidity providers to re-evaluate their bids and offers in a series before attempting to update them again. Additionally, when a User submits a new bulk message, it is implicitly instructing the Exchange to cancel any resting bulk message in the same series.

    Thus, even if the new bulk message is rejected as a result of this proposed check, the implicit instruction to cancel the resting bulk message remains valid nonetheless.


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    The proposed rule change is substantially similar to a risk control applicable to quotes available at another options exchange. The proposed rule change amends proposed Rules 6. The proposed rule change also amends the definitions of order types, Order Instructions, and Times-in-Force in Rule 6. Download PDF What are the benefits to both the market-makers and consumers in an auction? Free download. Book file PDF easily for everyone and every device.

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