SYSTEM REQUIREMENTS
ChemConnect Auctions are web-based and run through your Internet browser.
The platform was designed for use primarily by Microsoft Internet Explorer
5.x and above. Netscape 6.2 (only) is also supported, but it is highly
recommended that you abide by these configuration
procedures.
AOL
Users:
The standard AOL browser is not supported and hence you must use Microsoft
Internet Explorer when connecting through AOL.
SCREEN LAYOUT
|
Help Numbers1 |
Numbers
for Live Event Support are located at the top of your screen:
|
|
Time Remaining |
Every
30 seconds, the system will refresh your screen in order to bring you the
most current information pertaining to your auction. If you notice this
clock is counting down to –5 before refreshing, there is no need to worry,
however, if you see the clock go down to –10 or higher, you may have lost
your connection. If this happens, you can try refreshing your screen to
bring your connection back or simply click the Microsoft Internet Explorer 6.0 SP1 (How
can I tell if this is my browser version?) may experience problems with
dynamic websites and may stop refreshing during auctions (see the Microsoft Support article on this Internet Explorer
flaw). To remedy this problem, download the patch directly from
Microsoft: Download |
|
Refresh |
Your
screen is set to automatically refresh every 30 seconds. It will also refresh
when you switch markets or place a bid. To manually refresh your screen
simply hit F5 on your keyboard. |
|
Market Floor3 |
The
area pertaining to the top half of the screen where the lots on which you are
bidding are displayed. |
|
Auction Names4 |
The
first column on the Market Floor. |
|
Moving from |
The
market that is highlighted in yellow/orange is the market in which you are
placing a bid. In auctions with multiple rooms/markets, click on the
market name to highlight it in yellow/orange and bid in that market. |
|
Terms5 |
In
the terms column, you will see an icon that looks like a sheet of paper with
the corner folded over. Clicking on this icon will give you information about
your specific auction. For example, your Event Statement or a copy of the
product specs could be located here. |
|
System Time6 |
Located
in the middle of the screen to the right of your name. This clock goes
by Central US time and is the clock by which all auctions are scheduled. It
is recommended that you log into your auction approximately 10 minutes prior
to the start time and use this clock to determine when will officially start. |
|
Status Time7 |
This
clock tells you when your auction will begin and how many hours, minutes, or
seconds are left in your auction. |
|
Overtime |
With
the exception of the sealed bid negotiation format, auctions are usually set
up with 3-5 minute overtimes. If an auction has 3-minute overtimes, the
Status Time will reset to 3 minutes if a bidder places a bid within the last
3 minutes of the auction. For example, if there is 1 minute left in the
auction and a bidder places a bid, the Status Time will reset to 3
minutes. This gives all bidders a chance to bid again based on the new
information displayed. In a sealed bid negotiation, participants are given a
specific time frame in which to place bids. There are rarely overtimes once
the base time runs out. |
|
Processing |
When
the Status Time reaches zero, it will say, “Processing”. During this time,
our server is doing one last sweep to check for bids. If no bids were placed,
the Status Time will change from “Processing” to “Ended At” and give a time
stamp. If the server detects a bid, the clock will reset to whatever overtime
was set for the event. |
|
Staggered |
Auctions
with staggered endings will begin together at the start time, but the end
times will be staggered, usually by 5-10 minute intervals so that the bidding
events (rooms) close in order and can be followed one-at-a-time. |
|
Quiet Period |
Outlined
in your Event Statement. Time required for Host to evaluate bids and award
business after bidding stops. |
|
Best Price |
If
revealed, the current best bid in the market will be displayed in this
column. |
|
Reserve8 |
Once
the Reserve Price has been met or exceeded, the bidding event will reveal a
green flag on the Market Floor to all of the participants. (See Award of
Business - Decision Criteria). |
|
Price Units |
Also
explained in your Event Statement, this column tells you what units are used
for the bidding. For example, $US/bbl or €/MT. |
|
Quantity |
The
quantity available for bid in the auction. |
|
My WQ/Grade |
My
Winning Quantity/Grade. This column helps you determine your standing in
an auction. If you are participating in a Sealed Bid negotiation, your grade
feedback will appear here as well as in your Bid Guidance window. For
single lot auctions, this column will display a green “1” if you are in first
place of an auction or a red “0” if you are not in first place. In multi-lot
auctions, your Winning Quantity will display on how many of the lots on which
you bid, you are currently the leading bidder. If you see “—“ then this
information is not disclosed unless you are currently the overall leader in
the auction.” You need to change the graphic as you indicated.
In
multivariable auctions, you must keep in mind that you may have a green “1”
which means you are in first place overall, however, each variable is also
ranked individually and you may not be in first place on all lots. |
|
Quantity Units |
The
quantity units that are being used for the event. This can be represented as
barrels, metric tons, lots of 45,000 bbls each, etc. |
on your browser to
go back to your home page and then click the forward arrow to come back to
the auction. Sometimes users have to log out and back in. You can
always call ChemConnect at the numbers above for help.
BID
ENTRY WINDOW
|
Bid Entry Window9 |
Located
in the bottom left corner of your screen, this is where you place your bids.
|
|
Submit Suggestion |
In
an auction where the next bid is suggested, this button changes according to
where your cursor is placed within the Bid Entry window. It defaults to
Submit Suggestion, however, if you place your cursor in the price box, the
button will change to Submit Bid. If you would like to submit the suggested bid,
just click this button. If you wish to enter a price other than what is
suggested, just enter a price in the price box and the button will change to
Submit Price. |
|
Suggested Bid |
The
system will calculate your next bid to help you bid faster in an auction. The
suggested bid appears to the left of the Submit Suggestion button and is
always your bid plus the minimum increment in a forward auction or minus the
decrement in a reverse auction. To quickly submit your next bid, just
hit the Submit Suggestion button to submit the suggested bid. |
|
Qualifying Bid |
Qualifying
Bids are sometimes required to participate in an auction and are viewable
only by the host and ChemConnect. The host will use these bids to help
determine start price, reserve price and grade ranges of an auction. All
qualifying bids are your actual opening bids and considered binding and made
in good faith. Your qualifying bid should be the price that you plan to begin
your bidding. |
|
Bid Increment |
The
amount by which you must increase or decrease your bid. The bid
increment for you auction will be indicated in your Event Statement. |
|
Submit Bid |
Clicking
this button will submit the price you entered in the Price box. |
|
Confirmation Window |
This
pop-up allows you to double check your bid before submitting it in the
auction
|
|
Powerfill10 |
The
PowerFill button is a tool that helps you bid faster in multivariable
auctions. Clicking this button will quickly calculate and drop each of your
variable bids within an auction by the designated decrement. You may
use the drop down arrows to indicate a different choice of price
change, either by a percentile, by a specific increment or by the minimum
increment. Hitting PowerFill only calculates your bid. You still must
hit Submit Bid in order to enter your new bid amounts in the market.
|
|
Proxy Bidding |
Proxy
bidding will be available during this auction. Proxy bidding allows
participants to enter their maximum bid for a given Lot and have the
system bid on their behalf, by the minimum increment at a time, until
they are either winning or their proxy has reached its maximum limit.
Proxy bidding increases the speed of the auction. Also, given
that time is a tie-breaker to a given price, use of proxy bidding will
give time preference to that participant. Under no circumstances
will proxy bid limits be viewable by other participants. Proxy
bidding also allows participants not available during the hours of the
auction to submit their price limits via customer service. Please
visit the Proxy Bidding Help to learn more or contact ChemConnect
Customer Service for more information or help entering proxy bids |
|
Variable Ranking |
In rank auctions where you are bidding on multiple products in a
single room, each product may be given a variable (individual) ranking as
well as an aggregate (average) ranking.
Variable rankings are shown once an auction begins in your Bid Entry
window. Your aggregate ranking will
appear on the market floor in your my WQ/Grade column. Review your event rules. In many
cases, the Host prefers to award in aggregate, but reserves the right to
split the business among multiple Bidders. Because of this you should
pay attention to both aggregate and variable rankings. |
|
Current Bid |
The
last bid you submitted. |
|
Bid Entry |
Once
a bid is submitted, it cannot be cancelled, but it can be replaced. When a
participant submits a new bid, it replaces his previous one. |
|
Price |
The
amount you wish to bid input with numerals and decimals only. No currency
symbols or commas are permitted. |
|
Quantity |
The
volume for which you are bidding. |
|
Additional Terms |
Sometimes
these fields are added so you can enter extra information relating to your
bid. For example, manufacturer, brand, etc. All entered comments will be visible throughout the duration of
the event however, once entered you will not be able to edit Additional Terms
without modifying your bid price. If this becomes necessary during the
qualifying bid period, you must notify ChemConnect. |
BID GUIDANCE WINDOW
|
Bid Guidance Window11 |
Located
in the bottom right corner of your screen. This window is where you will find
your last bid, a time stamp for your last bid, rank (if shown) and grade
feedback (if shown). |
AUCTION
FORMATS
ChemConnect offers a multitude of
simple-to-complex auction formats. Generally the formats fall into one of
the following 4 general categories. Be sure to review your Event
Statement for any additional rules for your individual auction.
|
Buy/Sell – Rank Only |
Each
bidder’s view during the on-line bidding will include the participant’s own
bid and their rank. Bidders will not see the best price or other
participant’s bids. Each bidder’s goal is to be in first place when the
auction ends. |
|
Buy/Sell – Topline Only |
Each
bidder's view during the on-line bidding will include the participant's own
current bid and the lead bid in the auction (visible on the Market Floor). |
|
Buy/Sell – Sealed Bid |
Each
bidder's view during the Automated-Feedback Round will include the
participant's own current bid and a feedback grade for the bid. The
feedback grades provide information to allow bidders to understand the host's
level of satisfaction with the current bids. The feedback grade ranges
are based on a combination of Qualifying bids, current pricing, and host
price expectations. The feedback grade ranges are determined prior to
the start of the Automated-Feedback Round by the host and ChemConnect.
Once the Automated-Feedback Round begins, the ratings and reserve prices are
not altered in any way. The feedback grades have the following meaning:
|
|
Buy/Sell – Everything Except ID |
Each
bidder's view during the on-line bidding will include the participant's own
current bid, the lead bid (visible on the Market Floor), the bidder's rank
versus the lead bid and bids in the market without revealing identities. |
