In FM96.5 activation of the market is started by the market boss agent who "opens" the market place. The rest of market agents (buyers' admitter, buyers' manager, sellers' admitter, sellers' manager and auctioneer) are forced to check in the boss office by identifying themselves and later on ask for the addresses of those market agents that they will work with. Although an auction cannot take place till all the market intermediaries check in, the market does not remain inactive until that condition occurs. In fact, buyers and sellers might start entering the market as soon as the admitters are ready.

The picture below shows the information that the boss agent in FM 96.5 has once all market intermediaries have checked in. Notice that the area labelled Staff Members shows the Internet addresses of all market intermediaries.

Fig. x - Boss after market agents have registered

The fish market closes when all boxes are sold. In FM 96.5 there is a closing time too that is determined by explicit conditions, e.g. all produce is sold, but can also be determined by the market boss who has the authority to close the market at any time. Both buyers and sellers requesting any services after the market closing will have their requests rejected. In other words, new buyers and sellers intending to enter the market will find its doors closed whereas buyers and sellers already in the market will find the admissions offices, the settlements offices and the auction room closed. Nevertheless, special care has been taken about appropriately finishing all pending activities before the general activity of the fish market is definitively over. For instance, if an agent asked for leaving the market, this operation must be performed although the closing time is reached in the middle of the transactions involved in the operation.

We could briefly summarize the termination of the market in the following steps:

  1. The boss sends a closing signal to the auctioneer
  2. The auctioneer acknowledges this closing signal as soon as the last bidding round is over.
  3. The boss broadcasts a closing signal to the rest of market intermediaries.
  4. Both buyer admitter and seller admitter close the doors of the market to buyers and sellers intending to enter by rejecting their requests.
  5. Lastly all the market intermediaries engage in a coordinated activity which basically consists in finishing off all pending activities before definitively terminating. In this sense it is important to highlight that any market agent cannot appropriately close until all pending requests have been effectively made, all pending services end up and all his potential clients have announced not to need any more services. Each market agent will keep track in his agenda of pendings requests, pending services and active agents so as to determine what remains to be done when a closing signal is received from the market boss.

The following image shows what occurs when the auctioneer receives a closing signal while a bidding round is taking place.

Auctioneer receiving a closing signal

In spite of receiving a closing signal, the auctioneer waits for the current round to finish before acknowledging the closing signal to the boss.
Updated: December, 6th 1996

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