Until now, it was rare for independent brokers to have access to IPOs. Lombard breaks new ground for our independent brokers with W.R. Hambrecht + Co.'s OpenIPO. It puts our brokers in syndicate deals. Through our brokers, potential investors can take part in Dutch Auctions, where all investors have the same opportunities to participate in initial public offerings, not just a select few.

• Potential investors must be represented by an independent broker affiliated with a participating OpenIPO firm
• Potential investors submit, modify or withdraw their bids through their brokers, prior to the closing of the auction process
• OpenIPO bids shall be accepted on the basis that an actual purchase is intended by the client

Tell me how the auction works