Post by J.A.R.V.I.S. on Mar 1, 2016 11:36:40 GMT -8
Please note that traders assume FULL RESPONSIBILITY for their transactions. TCBF will not resolve disputes, and trades are done at your own risk.
What is a Brokered Trading Auction (BTA)?
A Brokered Trading Auction is similar to a regular auction, except that instead of an auction item and money being exchanged between the highest bidder and the seller, the winner of the auction agrees to offer either trade items or a trade promissory note for use in the next auction. In addition, neither the shipment of the item nor the redemption of the note will occur until the end of the next auction.
BTA Benefits Over Regular Trading
No need to find a trading partner with an exact match of what you both want to trade. Items are traded forward to a wide audience of traders who compete for a single trade item.
Rapid trading with no more than 7 days between trades.
BTA participants agree to be bound by the following terms:
Abbreviations
BTA - Brokered Trading Auction
BTV - Brokered Trading Value
TO - Trade Offer
TOP - Trade Offer Period
TPN - Trade Promissory Note
Terms of Agreement
Eligibility - Please see Eligibility Roster for requirements and current roster.
24 hour auction starts at current BTV
TOP = 6 days
Shipping/redemption period = 24 hours or less
TPN redeemed by PayPal Gift (preferred) or Money Order
1) Only eligible members may participate in the BTA.
2) A TO never includes shipping costs. Shipping costs are negotiated separately between the TO maker and the auction winner.
3) A round begins when a member makes a TO. When a member makes a TO, it is available at the BTV for the duration of the TOP. During the TOP, anyone can claim the TO at an amount equal to the BTV with an
.
4) If no claim is submitted by the end of the TOP, then a TPN of an amount equal to the BTV must be submitted by the TO maker.
5) When a claim (or a TPN) is submitted, the 24 hour auction begins. Bids must be in $1 increments or more. In the case of a TPN, bidding starts at the value of the TPN.
6) At the end of the 24 hour auction, the highest bidder automatically wins the auction and three things happen:
7) The above process then repeats.
8) Once the BTV passes $200, the next TPN will be split into two: one for $25, and one for the remainder. The remainder will become the new BTV in the current BTA, and the $25 TPN will become a new TO in a new, lower value BTA.
Spreadsheet Example
Spreadsheet Visual Examples
Example #1 (No Trade Promissory Notes Used)
Example #2 (One Trade Promissory Note Used)
Overview Video
What is a Brokered Trading Auction (BTA)?
A Brokered Trading Auction is similar to a regular auction, except that instead of an auction item and money being exchanged between the highest bidder and the seller, the winner of the auction agrees to offer either trade items or a trade promissory note for use in the next auction. In addition, neither the shipment of the item nor the redemption of the note will occur until the end of the next auction.
BTA Benefits Over Regular Trading
No need to find a trading partner with an exact match of what you both want to trade. Items are traded forward to a wide audience of traders who compete for a single trade item.
Rapid trading with no more than 7 days between trades.
BTA participants agree to be bound by the following terms:
Abbreviations
BTA - Brokered Trading Auction
BTV - Brokered Trading Value
TO - Trade Offer
TOP - Trade Offer Period
TPN - Trade Promissory Note
Terms of Agreement
Eligibility - Please see Eligibility Roster for requirements and current roster.
24 hour auction starts at current BTV
TOP = 6 days
Shipping/redemption period = 24 hours or less
TPN redeemed by PayPal Gift (preferred) or Money Order
1) Only eligible members may participate in the BTA.
2) A TO never includes shipping costs. Shipping costs are negotiated separately between the TO maker and the auction winner.
3) A round begins when a member makes a TO. When a member makes a TO, it is available at the BTV for the duration of the TOP. During the TOP, anyone can claim the TO at an amount equal to the BTV with an
. 4) If no claim is submitted by the end of the TOP, then a TPN of an amount equal to the BTV must be submitted by the TO maker.
5) When a claim (or a TPN) is submitted, the 24 hour auction begins. Bids must be in $1 increments or more. In the case of a TPN, bidding starts at the value of the TPN.
6) At the end of the 24 hour auction, the highest bidder automatically wins the auction and three things happen:
- The auction winner becomes the "new" TO maker in the next round.
- The winning bid becomes the "new" BTV in the next round.
- The contractual obligations from the previous round are executed: the previous TO maker must ship the previous TO (or redeem the previous TPN) to the previous auction winner within 24 hours.
7) The above process then repeats.
8) Once the BTV passes $200, the next TPN will be split into two: one for $25, and one for the remainder. The remainder will become the new BTV in the current BTA, and the $25 TPN will become a new TO in a new, lower value BTA.
Spreadsheet Example
Spreadsheet Visual Examples
Example #1 (No Trade Promissory Notes Used)
Example #2 (One Trade Promissory Note Used)
Overview Video
