Auctions
BMX Auctions
Transparent, reserve-price commodity auctions — from warehouse deposit and grading to competitive bidding, T+2 settlement and T+10 collection.
Initial deposit before Auction Day
Full payment + commissions
Collection after full payment
Reserve disclosed to Trading Manager prior
The full auction process
45 steps across 8 phases, aligned to the BMX Rulebook and the ExchangeNet platform.
Seller obtains a client number, signs the Storage Agreement, delivers commodity for inspection, testing, grading and weighing, and receives a GRN.
Seller expresses interest, completes the Product Specification Form, which BMX reconciles against the GRN and verifies physically at the warehouse.
BMX announces the auction, notifies the settlement bank of the 20% deposit and T+3 terms, registers buyers, briefs participants, and collects the reserve price.
Trading terms and information forms are signed, participants are trained, user guides are issued, entities are set up and auction sites are located.
The warehouse issues and signs the GIN / Warehouse Receipt for the successful deposit and sends a duplicate GRN to BMX.
BMX verifies all agreements are signed and 20% deposits received, seats buyers and sellers, and the CEO discloses the reserve to the Trading Manager 24h prior.
The auction runs on the floor: bids are invited from the public against the reserve, and the Trading Manager generates and shares the Position Report.
Deposits are refunded to unsuccessful buyers, winners pay in full at T+3, funds are transferred to the parties, and delivery is effected against a load-out slip.
Take part in the next BMX auction
Sellers deposit and receipt commodity; buyers register, place a deposit and bid. Talk to us about upcoming auctions and how to participate.