<?xml version="1.0"?>
<!-- This example is based on the CDA of the stock market.
     Although Etrade or any other broker is really an intermediary
     between the user and the nyse specialists or the nasdaq market system,
     this example shows that the transaction can still be described
     by the schema. -->

<auction>
  <biddingRules>
    <multipleBuyers>true</multipleBuyers>
    <multipleSellers>true</multipleSellers>
    <bidDivisible>true</bidDivisible>
    <sellerBidDominance>descending</sellerBidDominance>
    <buyerBidDominance>ascending</buyerBidDominance>
    <expressiveness>singlePrice</expressiveness>
    <beatTheQuote>
      <agent>buyer</agent>
    </beatTheQuote>
    <beatTheQuote>
      <agent>seller</agent>
    </beatTheQuote>
    <withdrawalAllowed>true</withdrawalAllowed>
  </biddingRules>

  <informationRevelation>
    <quoteBid>true</quoteBid>
    <quoteAsk>true</quoteAsk>
    <quoteTiming><activity/></quoteTiming>
    <orderBook>open</orderBook>
    <showPrices>true</showPrices>
    <showQuantity>true</showQuantity>
    <showIdentity>false</showIdentity>
  </informationRevelation>

  <clearingPolicy>
    <clearTiming>
      <activity/>
      <scheduled/>
    </clearTiming>
    <closingCondition><scheduled/></closingCondition>
    <matchingFunction>k=1</matchingFunction>
    <tieBreaker>earliest</tieBreaker>
    <auctioneerFees>bid</auctioneerFees>
    <auctioneerFees>percentage</auctioneerFees>
  </clearingPolicy>
</auction>


