GlobalDairyTrade is taking action to improve bidder experience by reducing the duration of trading events. The first step toward this will be implemented at the January 21, 2014, when all bidding rounds will be reduced to 6 minutes duration.
This change is being made following consultation with the GDT Advisory Board and a survey of all qualified bidders. The bidder survey found that over 80% of respondents considered that trading events take too long and would favor shortening bidding rounds to five minutes. A small number of bidders who deal with multiple products and/or contract periods were concerned that shortening the duration of bidding rounds may leave them with insufficient time.
Reflecting these concerns, GlobalDairyTrade will proceed cautiously by initially reducing bidding rounds to six minutes and closely monitoring bidder experience over a period of at least three months before deciding whether to implement any further reduction. Any such change will be the subject of a further announcement.
Bidders will be reminded of this change prior to Trading Event 108 and do not need to take any action.
Source: ADPI
