Misplaced Pages

#409590

43-569: The Sydney Fish Market is a fish market in Sydney , New South Wales , Australia . The market sits on the Blackwattle Bay foreshore in Pyrmont , 2 kilometres west of the Sydney central business district . It is the world's third largest fish market. Sydney Fish Market incorporates a working fishing port, wholesale fish market, fresh seafood retail market, a delicatessen, a sushi bar,

86-521: A traditional 'voice' auction , to the highest bidder. A computerised Dutch auction system was introduced in October 1989, greatly increasing the efficiency of the sale process. The Sydney Fish Market was privatised, in 1994, as Sydney Fish Market Pty Ltd. This company is owned in equal parts by the harvesting and marketing sectors of the N.S.W. seafood industry—the Catchers Trust of N.S.W. and

129-422: A bakery, a gift shop, a fruit and vegetable market, a new meat deli, a beverage outlet, a seafood cooking school, indoor seating and an outdoor promenade for visitors. There are daily wholesale auctions for Sydney's seafood retailers. The original Fish Market was established, in 1871, at Woolloomooloo , then and for many years later the mooring site of the local Sydney fishing fleet. It expanded over time to occupy

172-405: A higher price (encouraging higher priced bids). In aggregate the bids are as follows: In this example, $ 10.00 billion is raised by the bids at and above the price of 5.130% yield; the auction clears at 5.130% yield. All filled bids thus receive this price. All higher-priced bids are first filled ($ 7.00 billion), leaving enough bonds ($ 3.00 billion) to fill 2/3rds of the bids at the clearing price;

215-526: A new 35,000 sq m complex on an adjacent site. The new complex will include 15,500 sq m of seafood retail space – compared with 6582 sq m of space for the existing site. On 17 June 2020, the New South Wales Government approved the final plans for the new markets. Completion is scheduled for late 2024. The redevelopment forms part of the New South Wales Government's Bays Precinct urban renewal program. The mural inside Sydney Fish Market

258-466: A surprise for the remaining participants. In other words, bidders in Dutch auctions are more likely to experience winner regret, the belief that they overpaid, and loser regret, the belief that they underbid, because Dutch auctions evoke a stronger emotional response than other auction formats, as bidders are unable to seek signals (such as other bids) that can inform their bidding behaviour. Compared to

301-439: A traditional Dutch auction, internet auction and e-commerce site eBay formerly (until 2009) offered a multi-quantity listing style. This allowed a person to bid by specifying a price and quantity collectively. This Dutch auction mechanism has been referred to as ascending uniform-price "Dutch" auction. The units were sold per the price and quantity bidden that added up to the highest overall value. Each individual bidder paid

344-510: Is also served by the 501 bus route. 33°52′21.87″S 151°11′31.77″E  /  33.8727417°S 151.1921583°E  / -33.8727417; 151.1921583 Fish market Fish markets range in size from small fish stalls to large ones such as the great Tsukiji fish market in Tokyo, which turns over about 660,000 tonnes a year. The term fish market can also refer to the process of fish marketing in general, but this article

387-452: Is concerned with physical marketplaces. Fish markets were known in antiquity. They served as a public space where large numbers of people could gather and discuss current events and local politics . Because seafood is quick to spoil , fish markets are historically most often found in seaside towns. Once ice or other simple cooling methods became available, some were also established in large inland cities that had good trade routes to

430-412: Is displayed on a clock or electronic device in front of the site. A Dutch auction initially offers an item at a price in excess of the amount the seller expects to receive. The price lowers in steps until a bidder accepts the current price. That bidder wins the auction and pays that price for the item. For example, a business might auction a used company car at a starting bid of €15,000. If nobody accepts

473-464: The 17th century, which was called "mineing". In that type of auction, said to be a "Method of Sale not hitherto used in England", the auctioneer began with a high price that was sequentially reduced until one bidder cried out "Mine!" The Times mentioned one Dutch auction in 1788. Before the auction commences, the auctioneer presents information about the objects sold to bidders. This information

SECTION 10

#1732782418410

516-658: The Municipal Market. The end of the 'Southern Market' came in early 1923. The Colonial Secretary of NSW , Charles Oakes , had refused to renew licences of fish agents who operated at the Redfern market and the Fisherman's Union agreed to only supply fish to the 'City Fish Market', which subsequently became a profitable monopoly; that forced the Redfern agents to move to Haymarket and the City Council purchased

559-640: The Sydney Fish Market Tenants and Merchants Pty Ltd. Between 1997 and 1999, fish marketing was deregulated in stages and the Sydney Fish Market lost its monopoly in Sydney. However, the efficiency and scale of the auctioning operations at Blackwattle Bay means that a large amount of seafood still goes through the Sydney Fish Market. Although it draws over 3.5-million visitors per year, in recent years, there has been criticism of

602-514: The Trading Room Automated Processing System (TRAPS) and are generally informed of winning bids within fifteen minutes. For example, suppose the sponsor of the issuance seeks to raise $ 10 billion in ten-year notes with a 5.125% coupon. Bids are filled from the lowest yield /highest price until the entire $ 10 billion is raised -- however, all filled bids receive the lowest cleared price, even those who bid

645-504: The advantage of speed since a sale never requires more than one bid. It is strategically similar to a first-price sealed-bid auction . Herodotus relates an account of a descending price auction in Babylon, suggesting that market mechanisms similar to Dutch auctions were used in ancient times. Descending-price auctions were used in 17th-century Holland for estate sales and paintings. The Dutch manner of auctioning appeared in England by

688-487: The aesthetics and environmental aspects of the market facilities. Earlier plans to upgrade the market site have not eventuated and the site has been described as dirty and smelly; authentic perhaps, but not an ideal tourist destination. In September 2023, a big crane crashed into the market. One person was injured On 7 November 2016, the New South Wales Government announced the market would move to

731-442: The auctioneer begins with a high asking price in the case of selling, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price . This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce, or tobacco. A Dutch auction has also been called a clock auction or open-outcry descending-price auction . This type of auction shows

774-563: The auctioneer's expected revenue should increase when the number of participants in the auction rises and number of bid levels increases. The auctioneer is expected to increase its revenue when bidders exhibit the Allais paradox . This expectation is because bidders already have bidding preferences but insufficient time to change their preference and as such, typically act in accordance with their first plan. In Dutch auctions, bidders are unable to view other participants' bids; they can only view

817-464: The block bounded by Bourke, Plunkett, Forbes and Wilson Streets, Woolloomooloo. Unhygienic conditions at the Woolloomooloo market and the extension of railways to the coastal areas to the north of Sydney led to the formation, in 1891, of a second, more modern, privately owned fish market—known as the 'Southern Fish Market'—located at Redfern Street, Redfern . In 1892, the Woolloomooloo market

860-426: The clock used in the Dutch auction has a significant effect on final prices and the auctioneer's revenue . A fast Dutch clock has been found to yield significantly lower bids and seller revenue when benchmarked against a first-price sealed-bid auction . On the contrary, a sufficiently slow Dutch clock is found to be more profitable than a first-price auction. Individual differences among bidders may also influence

903-485: The coast. Since refrigeration and rapid transport became available in the 19th and 20th century, fish markets can technically be established at any place. However, because modern trade logistics in general has shifted away from marketplaces and towards retail outlets, such as supermarkets , most seafood worldwide is now sold to consumers through these venues, like most other foodstuffs . Consequently, most major fish markets now mainly deal with wholesale trade, and

SECTION 20

#1732782418410

946-588: The corner of Thomas and Engine Streets in the Haymarket area; it was also known as the 'City Fish Market'. It was a part of the produce market complex that the Sydney City Council had constructed in the Haymarket. The original market at Woolloomooloo continued to operate, but in a greatly diminished form. For a time, Sydney had three separate 'fish markets'; the privately owned market at Redfern

989-445: The degree to which a Dutch auction is profitable to the auctioneer. More advanced age has a clear, statistically significant adverse impact on the overall performance in Dutch auctions. Older bidders often end up paying too much in Dutch auctions because of their cognitive limitations and high need for closure. In the case in which two or more bidders are participating in a Dutch auction, bid reductions should be increasing. Furthermore,

1032-633: The disused Redfern market building. The Redfern market building became a hostel for the unemployed during the Great Depression . The dormant 'Eastern Market' site at Woolloomooloo was sold to John Wren in 1926. The Fish Market remained in Haymarket, until it relocated to its current location at Blackwattle Bay in 1966. The wholesale marketing of fish in Sydney originally was in the hands of licensed agents at Haymarket. At places other than Sydney, unlicensed operators—most typically fishermen's cooperatives—marketed fish. The Fish Marketing Authority

1075-457: The existing major fish retail markets continue to operate as much for traditional reasons as for commercial ones. Both types of fish markets are often tourist attractions as well. The following is an incomplete list of notable fish markets. (See also a list of fish market articles .) Dutch auction A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which

1118-450: The hybrid dutch auction is to overcome problems in the traditional dutch auction, which can lead to collusion and excessive payment. Auctioneer initially setting the highest price, and the bidders must bid lower the initial price until both the auctioneer and bidder reach an agreement. Collusion happens because bidders are able to collude in determining the price. Hybrid dutch auction reduces the probability of collusion and cartel by providing

1161-436: The initial bid, the seller successively reduces the price in €1,000 increments. When the price reaches €10,000, a particular bidder—who feels that price is acceptable and that someone else might soon bid—quickly accepts the bid, and pays €10,000 for the car. Dutch auctions are a competitive alternative to a traditional auction, in which customers make bids of increasing value until nobody is willing to bid higher. The speed of

1204-626: The largest uniform price or "Dutch" auction IPOs was for Singapore Telecom in 1994. The 1994 auction IPO of Japan Tobacco was substantially larger, with proceeds more than doubling those of the Singapore Telecom IPO and tripling those of the Google IPO, but this auction was discriminatory or pay-what-you-bid, not uniform price or Dutch. SRECTrade.com uses a two-sided Dutch auction to trade Solar Renewable Energy Credits (SRECs). Dutch auction IPOs have been criticised for

1247-536: The market has already priced their shares and an indication of issue size already exists. The United States Department of the Treasury , through the Federal Reserve Bank of New York (FRBNY), raises funds for the U.S. government using a Dutch auction. The FRBNY interacts with primary dealers , including large banks and broker-dealers, who submit bids on behalf of themselves and their clients using

1290-408: The market operations continued, opening a new building in 1903. Around 1907–1908, the Woolloomooloo market was taken over by the Sydney City Council, without compensation; that led to the exodus of some agents to the 'Southern Market', which was further expanded in 1910 after being incorporated as Commonwealth Cooperative Fish Exchange Limited in 1908. A newer Municipal Fish Market, opened in 1911, at

1333-421: The number of shares tendered exceeds the number sought, the company purchases less than all shares tendered at or below the purchase price pro rata to all who tendered at or below the purchase price. If too few shares are tendered, then the firm either cancels the offer (provided it had been made conditional on a minimum acceptance), or it buys back all tendered shares at the maximum price. Rather than implementing

Sydney Fish Market - Misplaced Pages Continue

1376-530: The other 1/3rd, and all lower price bids, are unfilled. In theory, this feature of the Dutch auction leads to more aggressive bidding, as those who (in this example) bid 5.115% receive the bonds at the lower price/higher yield of 5.130%. A variation on the Dutch auction, OpenIPO , was developed by Bill Hambrecht and has been used for a number of US IPOs . Auctions have been used for hundreds of IPOs in more than two dozen countries but have not been popular with issuers and thus were replaced by other methods. One of

1419-405: The possibility of tacit collusion and cartel -like behaviour, as the issuer has discretion over price and allocation. This possibility is more prevalent in primary market transactions. The introduction of the Dutch auction share repurchase in 1981 gives firms an alternative to the fixed price tender offer when executing a tender offer share repurchase . The first firm to use the Dutch auction

1462-463: The price of the bidder with the lowest winning price. However, they all were guaranteed the quantity they demanded in their original bid. This has been criticised in literature as not being a Dutch auction, because Dutch auctions guarantee not the price but rather the quantity demanded by a bidder. Dutch flower auctions are considered to be a particularly fast auction form with particularly low transaction costs, and they use an electronic device to lower

1505-768: The price. Sometimes, slower processes such as the bargain basement of Filene's Department Store in the USA, during which the discount on goods was increased over time until the goods were sold, are considered Dutch auctions. When faced with a positive cost of returning to the auction site, buyers prefer to purchase the object sooner (at a higher price) to economize on the cost of return. Therefore, when transaction costs are accounted for, Dutch auctions yield, on average, higher revenue than sealed-bid auctions. Holding electronic auctions reduces transaction costs substantially by relaxing physical and temporal constraints. In many cases, electronic markets enable competition in markets where competition

1548-525: The standard book building method, Dutch auctions have been considered for public offerings and price discovery. Dutch auctions have been praised as being more efficient and fairer, as they can prevent underwriters from allocating stocks to known or favoured clients. It has been suggested that improved efficiency in the IPO market is more likely to be felt in larger, already publicly listed companies, as buyers are typically hedge funds or mutual funds . As such,

1591-424: The winning bid. This leads to participants experiencing greater uncertainty when assessing the competitive dynamics of the Dutch auction. When losing, participants experience a stronger emotional response compared to when winning. This can be attributed to the instant-win feature of Dutch auctions. The winner is aware and assured of winning the auction and paying the winning price, whilst losing comes abruptly and as

1634-460: Was Todd Shipyards. A Dutch auction offer specifies a price range within which the shares are purchased. Shareholders can choose to tender their stock at any price within the stated range. The firm compiles these responses, creating a supply curve for the stock. The purchase price is the lowest price that allows the firm to buy the number of shares sought in the offer, and the firm pays that price to all investors who tendered at or below that price. If

1677-625: Was designed by Australian artist Keith Howland. It is made up of about 400 individually glazed ceramic tiles and measures eight metres long and four metres wide and was installed in 1990. It took the artist about 12 months to complete and it depicts the fishing industry in New South Wales from Yamba on the Far North Coast to Sydney. The Fish Market tram stop on the L1 Dulwich Hill Line is located nearby. The market

1720-538: Was established in 1964, by the NSW State Government, and it established a regulated wholesale market. The new organisation relocated the Fish Market to Blackwattle Bay in 1966. During the 1980s, new buildings were erected. These both provided an improved auction floor and expanded the secondary role of the Sydney Fish Market as a visitor attraction and retail venue. Until 1989, fish was sold, under

1763-402: Was expanded for the last time, then becoming known as the 'Eastern Market'. The Sydney City Council had passed a bylaw requiring that any fish sold in Sydney was first inspected at the Woolloomooloo market, jeopardising the railway-based business model of the Redfern market and its ability to directly market fish from Botany . In 1897, the 'Southern Market' buildings were for sale at auction but

Sydney Fish Market - Misplaced Pages Continue

1806-402: Was in open conflict with the City Council, owner of the 'City' and old Woolloomooloo markets. The Council had the backing of the N.S.W. State Government, which passed an Act—The Sydney Corporation (Fish Markets) Act, 1922 (Act No. 39, 1922)—that empowered the City Council to acquire the assets of Commonwealth Cooperative Fish Exchange Limited and to centralize fish marketing operations in Sydney at

1849-444: Was not possible before. Dutch auctions are all sellers' bidding auctions, also known as silent auctions, which can be divided into two types. The hybrid dutch auction is a new form of dutch auction that uses two methods that is the traditional dutch auction and sealed bid uniform price auction. Compared to the traditional dutch auction method, hybrid dutch auction comprises several stages consisting of: The purpose of establishing

#409590