The Federal Communications Commission (FCC) on Thursday issued rules for bidding on high-band spectrum that will be used to create the 5G wireless networks.

The announcement follows statements by FCC Chairman Ajit Pai in Barcelona, Spain in February, that he planned to hold an auction of spectrum in the 28 GHz band in November, followed by an auction of spectrum in the 24 GHz band.

Bidding will begin on the 28 GHz band on Nov. 14, with the 24GHz licenses going up for auction immediately afterward, the FCC said on Thursday.

Carriers have spent billions of dollars to buy spectrum and to develop and test 5G networks, which are expected to cut data delivery times to less than one-thousandth of a second from one one-hundredth of a second in 4G networks, the FCC has said.