Re: [LEAPSECS] trading time

From: <Jtrulyfree_at_AOL.COM>
Date: Tue, 23 Dec 2003 10:51:03 EST

To add to the illustration of an auction:

Interestingly time ending auctions are just that. The auction is terminated
at a specific time. The bidder who has bid last above a "reserved price" is
the winner. This comes down to the last .001 of a second, and the bids are now
entered (manipulated) via machine entry to assure proper placement of bids
within the allotted time. The described practice is known as "Sniping". A
"lost" second, or a small part of a second, may mean the difference between
winning or losing.
Received on Tue Dec 23 2003 - 07:51:26 PST