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Technically No is not incorrect, just the terminology. They would be snap bids, not COBs. COB only starts after bids are distributed, which is from being under total which happens for a number of reasons. Snap bids are distributed with regular bids. Snaps occur when you perform lower than what the RFM calculations expect. RFM tells you to cut too many based on return rates, and not enough want you back. Whether this happened with AXO is unknown.