&amp;#x200B;

I would purchase new-issued t-bills (e.g. 01/03/2023) at Fidelity (but never did it before).

Questions:

1. Announcement day is Jan 3, and auction day is Jan 4. What time (and clock e.g. 8 AM ET or 10pm PT) can I purchase/bid it at Fidelity?
2. The minimum purchase is $100 and the minimum increment is also $100. But all purchasing price is a fractional like 98.1234. If I would purchase $1000 par value t-bill (i.e., 10 unit of minimum purchase), I should input $1000 or $98.1234\*10, or any number &gt;= $100 is OK?

&amp;#x200B;

TIA
1. At Fidelity, you can participate in U.S. Treasury auctions. The schedule for these auctions varies, but the Treasury typically announces them at 11:30 AM ET on the second, third, and fourth Wednesdays of the month. Bidding opens after this announcement and remains open until the day of the auction. You can place orders up until 11:00 AM ET on the day of the auction.

2. When purchasing Treasury bills, you will typically place a bid for a discount from the par value. For example, if you place a bid at a $98.1234 price, you're actually bidding $98.1234 for every $100 of face value. So if you want to purchase $1,000 of face value, you would bid $981.234 (i.e., $98.1234 * 10). However, please note that the price you actually pay may differ based on the result of the auction. If your bid price is competitive, you will pay the price you bid. If it is noncompetitive, you will pay the average price of all competitive bids. 

Remember, when buying Treasury bills, you're essentially agreeing to lend the U.S. government money. The discount you bid is the interest you're charging for that loan. At maturity, you're paid the full par value of the T-bill. 

Please be sure to confirm all this information with Fidelity or your financial advisor as procedures and regulations can vary.
### Human
&amp;#x200B;

I would purchase new-issued t-bills (e.g. 01/03/2023) at Fidelity (but never did it before).

Questions:

1. Announcement day is Jan 3, and auction day is Jan 4. What time (and clock e.g. 8 AM ET or 10pm PT) can I purchase/bid it at Fidelity?
2. The minimum purchase is $100 and the minimum increment is also $100. But all purchasing price is a fractional like 98.1234. If I would purchase $1000 par value t-bill (i.e., 10 unit of minimum purchase), I should input $1000 or $98.1234\*10, or any number &gt;= $100 is OK?

&amp;#x200B;

TIA

### Assistant
1. At Fidelity, you can participate in U.S. Treasury auctions. The schedule for these auctions varies, but the Treasury typically announces them at 11:30 AM ET on the second, third, and fourth Wednesdays of the month. Bidding opens after this announcement and remains open until the day of the auction. You can place orders up until 11:00 AM ET on the day of the auction.

2. When purchasing Treasury bills, you will typically place a bid for a discount from the par value. For example, if you place a bid at a $98.1234 price, you're actually bidding $98.1234 for every $100 of face value. So if you want to purchase $1,000 of face value, you would bid $981.234 (i.e., $98.1234 * 10). However, please note that the price you actually pay may differ based on the result of the auction. If your bid price is competitive, you will pay the price you bid. If it is noncompetitive, you will pay the average price of all competitive bids. 

Remember, when buying Treasury bills, you're essentially agreeing to lend the U.S. government money. The discount you bid is the interest you're charging for that loan. At maturity, you're paid the full par value of the T-bill. 

Please be sure to confirm all this information with Fidelity or your financial advisor as procedures and regulations can vary.<eos_token>