Auctions Overview
Since hosting the first internet auction of a fixed-income security in 1997, Grant Street Group has built and operated auction platforms used by over 2,000 clients throughout the United States. Today, we serve the following market segments:
Government Finance | Tax Collectors & Clerks of Courts | Commercial Banks | Secondary Market Auction
Government Finance
For competitive sales of new discount bills and notes issued by government-sponsored enterprises. Optional features include all-or-none or partial bidding, and multi- or single "Dutch" auction pricing.
For purchases of large CDs by state and local government treasurers. Program sponsors determine which banks are qualified to bid.
Used by:
- State Treasurers
- County Treasurers
- Banks
For investing bond proceeds, or other funds in flexible repurchase agreements and investment agreements.
Issuer receives bids in an open auction from qualified providers. Grant Street Group serves as Bidding Agent.
For competitive sales of new bonds and notes issued by state and local governments. Optional features include: all-or-none or partial bidding; open or closed auctions; multi- or single "Dutch" auction pricing; and Build America Bonds.
Used by:
- Broker-Dealers
- Governments
- Bond Counsel
- Financial Advisors
For sales and purchases of money market instruments – time deposits, bank notes, CP, CDs, repos, and treasury and agency securities – by banks, broker-dealers, corporations, and institutional investors. Features include all-or-none or partial bidding, and closed or open auctions.
Used by:
- Banks
- Broker-Dealers
- Corporations
- Institutional Investors
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Tax Collectors and Clerks of the Courts
For auctions of foreclosed properties and tax deeds by Clerks of the Courts and Tax Collectors.
- Used by:
- Clerks of the Courts
- Tax Collectors
- Institutional Investors
- Individual Investors
For sales and purchases of tax and municipal liens by state and local governments, and by municipal authorities to individual and institutional investors. Optional features include customized searching and budgeting capabilities, and proxy bidding.
- Used by:
- Tax Collectors
- Institutional Investors
- Individual Investors
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Commercial Banks
For initial underwriting and/or regular reset of auction rate certificates (ARC) via either an internal order-taking process within a firm, or via an auction process among one or more broker-dealers and conducted by the auction agent.
- Used by:
- Banks
- Auction Agents
- Brokers/Dealers
For lending of securities held by custodian banks and asset managers. Borrowers submit orders to the custodial agent on the web site.
- Used by:
- Banks
For exchange of debt issued by sovereigns, corporations, and supernational organizations. The exchange agent, issuer or dealer-manager utilizes the web site to receive tender offers and settlement instructions from debt holders or their agents.
For competitive sales of securities offered through Zions Direct - a part of the Zions Bancorporation family of financial services companies. The auctioned financial instruments/securities, including CDs, Municipal Bonds, Corporate Bonds, Preferred Stock and ESOARS™, are priced through a competitive, modified "Dutch", open auction process. Bidding is open to both individual investors and institutions.
In addition to auctions, Zions Direct also features two custom applications designed by Grant Street Group. The first is a user authentication (Single Sign-On "SSO") application designed to simplify the customer authentication process. With the SSO application, Zions Direct customers only need to enter their user name and password once in order to access multiple applications, rather than requiring each application to re-verify authentication credentials.
The second is an online brokerage account registration application. This application lets new and existing Zions Direct customers submit applications to open a variety of new accounts, including: Individual Accounts, Retirement Accounts (IRAs), Joint Accounts, Custodial Accounts, Business Accounts, and Trust and Estate Accounts.
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Secondary Market Auction
For listing and purchasing fixed income securities by dealers and institutional investors in regularly scheduled and/or periodic secondary market auctions. Optional features include all-or-none vs. partial bidding, and anonymity or name give-up.
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