“…8 Centrally-managed TES designs can in turn be divided into two basic types, direct and iterative. In direct forms, referred to in [8] as one-time information exchange-based designs, an aggregator sets the terms of trade in each market period directly following the receipt of bids from GERs; see, for example, [45]. In iterative forms, referred to in [8] as iterative information exchange-based designs, an aggregator sets the terms of trade in each market period only after multiple information exchanges have taken place between the aggregator and GER participants.…”