Multiple-Price Auction Law and Legal Definition

According to 31 CFR 356.2 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter II -- Fiscal Service, Department of the Treasury; Subchapter B -- Bureau of the Public Debt; Part 356 -- Sale and Issue of Marketable Book-Entry Treasury Bills, Notes and Bonds (Department of the Treasury Circular, Public Debt Series No. 1-93); Subpart A -- General Information], multiple-price auction means “an auction in which each successful competitive bidder pays the price equivalent to the yield or rate that it bid.”