single-price definition
single-price nature of the auction means that all counterparties that are awarded any ON RRPs receive the same interest rate. Those counterparties that bid a rate below the auction rate receive the dollar amounts that they have requested, and any remaining capacity is divided (on a pro rata basis) among those whose bid rates are equal to the stop-out rate. Ordinarily, the rate produced by this procedure is expected to be the ON RRP offering rate set by the FOMC, but when the cap binds, the auction-determined rate can be lower.
single-price means “the minimum quantifiable consideration for the supply at the time of the representation””. It includes applicable taxes, charges and levies (eg GST), but does NOT include elements of the price which are at the option of the purchaser. For example, delivery charges don’t need to be included if the purchaser can opt for delivery or to collect the goods personally. This avoids the problem of stating a single price including delivery when charges vary because of distance – however if there is a minimum delivery charge, at least the minimum must be included.