Tender procedure used at the ECB for fixed-term contracts in fine-tuning operations. – Quick tenders are usually announced only ninety minutes in advance and executed within one hour. However, they may also occur on the basis of bilateral operations, especially in liquidity-absorbing operations, where a limited number of counterparties may be selected. In this case – i.e. when the transaction cannot be settled with all counterparties – the selection is made according to a rotation system in order to ensure equal consideration of counterparties. – As a rule, quick tenders are executed by the national central banks; however, the ECB itself may also execute such tenders.
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