An order-driven market in which orders are parked for execution at a single clearing price. The auction mechanism is based on a uniform pricing rule, and matching takes place without having a choice for a counterparty. Periodic auction markets are used to execute multilateral transactions at a single price as orders are accumulated for execution at a preset price. The liquidity provided by these markets is time-specific, i.e., it is not available at other times (other than specific points in time).
This market is also known as a batch market or call auction market.
