Since May 1998 the auction procedure has been carried out by an auction-software developed for this purpose by OeKB. Starting from June 2008 a fully web-based version of ADAS is in use.
As this software has been adjusted continuously to accommodate changing requirements, it covers a wide range of possibilities (different auction procedures, submission of competitive and non-competitive bids, personalized reports, parallel auctions etc.). Constant communication and feedback from both sides (the issuer as well as the banks) before, during and after the auction has enhanced the development of ADAS. Thus ADAS was established as a reliable and user-friendly application with a high standard of security.
In addition to technical support, OeKB assists all parties involved in dealing with questions concerning the auction procedure. All results may also be calculated using Excel-spreadsheets, in order to guarantee the participants a maximum of transparency and the possibility to arrive at the same results as calculated by the system.
The essential advantage of the electronic auction system may be found in its ability to respond quickly:
- The submission of bids is carried out electronically.
- The issuer confirms the issue electronically after the deadline for the submission of competitive bids has expired.
- Then, the total auction results are immediately made available to the participants
- All information (total auction results, resulting parameters in case of a new issue as well as individual allotments per bank) is communicated electronically via ADAS and are also distributed automatically via email and/or fax without delay.
To ADAS - the Austrian Direct Auction System