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.