120Information available during rounds of the secondary stage

120  Information available during rounds of the secondary stage

Information for the start of each round

 (1) Before the start time of each round of the secondary stage, the auction manager must, using the auction system:

 (a) provide to each bidder covered by column 1 of an item of the following table the information set out in column 2 of that item that is applicable to that round; and

 (b) provide to a bidder or bidders any other information the auction manager considers necessary or convenient to conduct the secondary stage of the auction.

 

| | Column 1 Bidder | Column 2 Information | | 1 | A bidder to whom at least one residual lot is available for bidding in the pre‑bidding round | (a) for the pre‑bidding round—the starting price that will apply to the lot in the first round; and<br>(b) for each round—the start time and end time of the round | | 2 | A bidder who made a valid bid on a residual lot during the pre‑bidding round | (a) before the first round:<br>(i) the specified price that will apply to the lot in the round; and<br>(ii) the starting price for the lot; and<br>(b) for each round other than the first round:<br>(i) the specified price that will apply to the lot in the round; and<br>(ii) the specified price that applied to that lot in the previous round; and<br>(c) before each round—the total number of bidders who could bid on the lot in the round, taking into account sections 122 and 123; and<br>(d) after the final round for bids on the lot—the residual price for the lot |

Posting of results from rounds

 (2) After each round of the secondary stage, the auction manager must provide the following information for that round to each bidder, using the auction system:

 (a) the bids (if any) made by the bidder during the round;

 (b) if, as a result of the round, the bidder is the secondary winner for a lot—the residual price for that lot;

 (c) any other information the auction manager considers necessary or convenient to conduct the secondary stage of the auction.

Subdivision C—Bidding in the secondary stage