Today, CRA announced that cumulative transactions on its auction-based trading platform for internationally traded dairy products (Global Dairy Trade) have surpassed 10 million metric tons sold with more than $34 billion transacted.
“Our clients rely on CRA to help maximize the value of their assets and products, and to minimize procurement costs,” said Brad Miller, CRA’s Vice President and Auctions & Competitive Bidding Practice Leader. “The success of our innovative trading platforms reflects the experience, expertise, and dedication of our Auctions & Competitive Bidding practice team.”
CRA developed the platform and managed the first trading event in July 2008. Since then, CRA has managed 334 dairy trading events to date. The twice-monthly trading events are conducted using CRA’s Trading System for Efficient Markets (TSEM™), which also is used to conduct smaller dairy auctions in the weeks that larger trading events do not take place.
Since 1995, CRA’s auction and marketplace designs and trading platforms have been used for approximately 1,000 auctions and other competitive bidding processes. The industries served include dairy, fruit, wool, electricity, natural gas, environment, telecommunications, and intellectual property assets. CRA’s TSEM and systems are customizable for a variety of bidding formats, including ascending-price and descending-price clock auctions, simultaneous multiple-round auctions, combinatorial auctions, hybrid auctions, RFPs, and one-shot sealed-bids.