A noncompetitive bid is in effect a market order whereas a competitive bid names a spread an investor is willing to accept versus the benchmark Treasury bond. Each bid is time stamped when it is confirmed. Non-competitive bids and competitive initial bids are shared anonymously with all auction participants on the right side of the bidding screen. Investors can use a final bid to improve their initial bid and retain their time stamp as long as the improvement is within the protected spread range. Final bids are non-public and are automatically entered at the end of the auction.
Investors can always enter bids outside the protected spread range and receive new time stamps.
The size of a bid may not be reduced without receiving a new time stamp. Bids are entered in the Modify column. Pick an initial bid spread from the the drop-down menu. Pick a final bid spread from the drop-down menu. If none is selected the final bid defaults to the initial bid.