Single Traded Auction Price (STAP)

The single traded auction price methodology:

• Facilitates the price formation process by making transparent the market's full order book through the pre-open period;
• Concentrates liquidity into one single trade period, unlike a continuously traded market which spreads liquidity throughout the traded period; and
• More accurately imitates a real property auction than a continuously traded market.

The STAP algorithm matches at a single price the most trades possible. Accordingly there is only one traded price each day. The indicative STAP price is visible to all during the market pre-open period.