Zions Direct Auctions
On March 27, 2007, Zions Direct announced it would begin using an auction platform to offer FDIC-insured CDs. The process allows investors to bid on securities' price or yield, similar to the process used by the U.S. Treasury. In addition to auctioning CDs, Zions Direct has also used the platform to offer medium term notes and the employee stock option valuation instrument, ESOARS. As of April 15, 2008, Zions Direct had sold more than $500 million in securities through their auction platform.
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