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Auction Overview: Reference Bills® Securities

Reference Bills® securities are sold weekly through a uniform price auction process. Bids are submitted via the Internet from a group of participating dealers.

Auction FeaturesReference Bills Securities
Auction Dates Mondays(1)
Auction Time Auction Closes at 9:45 a.m. ET(2)
Bid Types Accepted Competitive (dealers and investors)
Non-competitive (investor orders only)
Minimum Bid Size $1 million (competitive)
$1,000 (non-competitive)
Minimum Bid Increment $1 million (competitive)
$1,000 (non-competitive)
Non-Competitive Pool  20% of auction size
Maximum Bid Size Competitive Investor: not to exceed 100% of auction
Competitive Dealer: not to exceed 50% of the auction
Non-Competitive: 20% of auction size
Maximum Award  Competitive Investor: not to exceed 100% of auction
Competitive Dealer: not to exceed 50% of the auction size less non-comp bid awards (excludes investor orders)
Non-Competitive: 20% of auction size
Maturities One year or less
Settlement System Fedwire
Day Count Convention Actual/360

(1) Subject to holidays.
(2) Subject to change.

To go to the Reference Notes Auction, click here. The Adobe Acrobat Reader is required to view documents in the PDF format.

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