When receiving an auction, the user can access it in the system and click Make Bid and fill in the following details and then click Create Bid.

If click Cancel or Back to Auction Transaction List, no details will be saved.

Corporate Risk Auction

Financing Period – is based on days

Discount Rate – % p.a

Cost of Funds (Indication) –  % p.a.

Cost of Fund Basis – select value: LIBOR, SOFR, COF, BSBY or Other.

Risk fee – any additional transaction fee.

% of Funding – the level of funding the bank is prepared to offer.

Bid End Date – the bank has the option to customize the time/date that its bid will expire

Notes – any comments

Bank Risk Auction

Confirmation Rate/Discount Rate – % p.a. depends on Tenor

Negotiation Fee – can be fixed amount or % p.a. – Bank has the option to change the currency

Miscellaneous Charges – can be based on a fixed amount or % p.a. – Bank has the option to change the currency

Cost of Funds (Indication) – % p.a. depends on Tenor

Cost of Fund Basis – select value: LIBOR, SOFR, COF, BSBY or Other

Expected No. of Negotiations – number of anticipated negotiations under the LC.

Bid End Date – the bank has the option to customize the time/date that its bid will expire

Notes – any comments

After Create Bid, the user gets a summary of its bid and can click Submit or Back. At this stage Back will take the user back to the Make Bid screen to enable user to amend the details inputted.

Corporate Risk Auction:

Bank Risk Auction:

Once the bid is submitted, the Bid view screen will appear with Bid details. Update and Transaction Log links will be there on top of the view screen as below. Click Update to amend the data if required or send the Bid for approval.

Approver can then send the Bid to Corporate or reject back to creator for reprocessing if required. At each change in status, an alert and email are generated to other bank users, and if Send to Corporate, also to the corporate.