Term Finance v1
  • Introduction to Term Finance
  • Protocol
    • Term Repos
      • Key terms
      • Margin maintenance
      • Maturity
      • Collapse position
      • Defaults
        • Liquidation
        • Liquidation protection
      • Terminology
      • Conventions
      • Rollovers
    • Term Auctions
      • Auction characteristics
      • Auction timeline
      • Complete Auction
        • Clearing rate
        • Assignment
        • Settlement
      • Terminology
    • Term Repo Tokens
      • Key metadata
      • Valuation
    • Fees and Penalties
      • Servicing Fee
      • Liquidated Damages
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  1. Protocol
  2. Term Auctions

Complete Auction

The complete auction process is where a clearing rate is determined and the auction is cleared and settled.

PreviousAuction timelineNextClearing rate

Last updated 2 years ago

The completeAuction function is callable once validly submitted tenders have been revealed. This is a two-step process where the Protocol:

  1. determines a to clear the market (the );

  2. assigns fills based on the resulting ; and finally

  3. settles fills and unlocks tenders "left on the table"

pricing rate
clearing rate
clearing rate