Auctions are conducted using the definite time frame, which is the same regardless of the fact whether treasury bills or bonds are sold. Every auction starts at 10 a.m. with the introductory part referring to the submission of orders lasting until 11 a.m. All the submitted orders have to amount to RSD 50.000, i.e. at least EUR 5.000, depending on the fact whether the securities being sold are denominated in dinars or in euros. The maximum amount of individual order may amount to 30% of the value of an auction. Following the submission of orders, the auction follows, in the period from 11 until 11.30 a.m, during which the Director of the Public Debt Administration, or another authorised person, takes decision on the minimum acceptable rate (discount rate or yield to maturity). All the transactions ought to be completed until 11.45 a.m. The results and the statistics of the conducted auction are published on the same day, until 12 a.m. The settlement and payment transactions are performed through the system of the Central Securities Depository and Clearing House.