Regulation 31 Identifying the key bidI1

The key bid is the bid which has the lowest value of n calculated in accordance with paragraph (2) out of all of the bids which satisfy—

For each such bid, the value of n is the difference (if any) between—

The first requirement is that the bid must be a valid opt-in bid or a valid primary bid made by an opted-in bidder.

The second requirement is that if the bid is a valid primary bid it must be for a selection of lots which includes (in addition to any other lots which are included) all of the lots comprised in one of the valid opt-in bids made by that bidder.

Where there is more than one bid for which the value of n is lowest (“tied n bids”), the key bid shall be determined in accordance with the order of precedence set out in paragraph (6).

Tied n bids with a lesser value of a prevail over tied n bids with a greater value of a, where a is calculated in accordance with paragraph (7).

For each tied n bid, the value of a is the total amount of the round prices in the most recent primary bid round for the lots included in the tied n bid, less the total amount of the round prices (in the most recent primary bid round) for those lots included in the tied n bid which were also included in the valid primary bid (if any) submitted in the most recent primary bid round by the bidder which submitted the tied n bid.

Where there is more than one tied n bid for which the value of a is lowest (“tied a bids”), the key bid shall be determined in accordance with the order of precedence set out in paragraph (9).

Tied a bids with a lesser value of b prevail over tied a bids with a greater value of b, where b is calculated in accordance with paragraph (10).

For each tied a bid, the value of b is the total amount of the round prices in the most recent primary bid round for the lots included in the valid primary bid (if any) submitted in the most recent primary bid round by the bidder which submitted the tied a bid, less the total amount of the round prices (in the most recent primary bid round) for those lots included in the valid primary bid which were also included in the tied a bid.

Where a bidder which submitted a tied a bid did not submit a valid primary bid in the most recent primary bid round, the value of b in relation to that tied a bid shall be zero.

Where there is more than one tied a bid for which the value of b is lowest (“tied b bids”), OFCOM shall employ a method of random selection from amongst those tied b bids to identify the key bid.