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Finance Dictionary and Glossary of Investment Terms
a Treasury auction, bidding for a specific amount of securities at the price, whatever it may turn out to be, equal to the average price of the accepted competitive bids.
A method of purchasing treasury bills in which an investor agrees to buy a specified number of securities at the average price of the accepted competitive bids.
A bid submitted at a Treasury auction for a specific amount of securities but at an unspecified price. The buyer agrees to pay the average price of accepted competitive bids.