Abstract: A system and method for providing an on-line trading environment of partial-disclosure informational leads are disclosed. The method includes presenting an on-line auction to a user. The on-line auction is for auctioning partial-disclosure informational leads to users. The method also includes receiving a bid request from the user for the partial-disclosure informational lead being auctioned in the on-line auction. Real-time information representing auction events can be transmitted by the system to the user, contemporaneous with the auction events occurring. The transmission of the real-time information is unevoked by the user.