After the customer pays the deposit for opening an account in full according to the regulations, the transaction can be started and the order can be entrusted. The so-called order is that the customer sends a trading instruction to the business personnel of the futures brokerage company before each transaction.
(1) The customer fills in the trading instruction, and indicates the customer's name, trading account number, trading commodity name, contract expiration month, quantity bought or sold, trading price, execution method, order placing date and customer's signature in writing on the entrustment instruction.
(2) After you give instructions to the brokerage company, the brokerage company will call the on-site and off-site representatives of the futures exchange to inform them of the entrustment.
(3) On-site and off-site representatives of brokerage companies stationed in the exchange immediately input entrustment instructions into the exchange trading system to participate in centralized bidding transactions of the exchange. ?
(4) After the execution of the entrustment, the trading results will be immediately displayed on the floor trading terminal, and the market representative will call the applicant, who will inform you again. ?
Customers can send trading instructions to futures brokerage companies in writing, by telephone or in other ways as stipulated by the China Securities Regulatory Commission. Common ordering methods are as follows:
1、? Place an order in writing
The customer fills in the transaction form in person, signs it and submits it to the trading department of the futures brokerage company. Then the trading department of the futures brokerage company calls the company's market representative in the futures exchange, inputs instructions, and enters the exchange mainframe for trading.
2、? Telephone order
The customer directly sends the order to the trading department of the futures brokerage company by telephone, and then the trading department informs the market representative to place the order. The futures brokerage company shall record the customer's instructions for future reference. After the activity, the customer should sign the transaction form.
After accepting the customer's instructions, the futures brokerage company shall promptly notify the market representative. The market representative shall timely input the customer's instructions into the computer terminal of the trading seat for bidding trading.
3、? Online electronic transaction
Customers use the computer and trading software provided by the futures brokerage company to transmit direct trading orders to the trading system of the brokerage company through the network, and the system automatically transmits the trading orders of customers to the trading host of the exchange for trading. This is one of the most convenient trading methods at present.
3. Limit orders and cancellation orders?
A limit order is a trading order to buy and sell at a specific price. If you fill in an order, "sell 10 the May 2006 soybean contract with a price limit of 2 188 yuan/ton", then when the market transaction price is higher than 2 188 yuan/ton, your order will be closed, and the purchase price must be equal to or higher than 2 188 yuan/ton. Limit orders has clear requirements on the transaction price, but whether it can be implemented depends on the price changes within the validity period of the instruction. If the price limit level is not reached, there is no chance for the order to be executed. ?
After the limit order is issued, there are no transactions or only some transactions. At this point, you have the right to issue a cancellation order to make the original limit orders invalid or partially invalid. If you issue the "sell 10 May 2006 soybean contract" with a price limit of 2 188 yuan/ton and only sell 5 lots, you can issue a cancellation order. After cancellation, your original limit order will be partially invalid, and the other five hands will not be closed.
Fourth, the bidding principles of "price priority" and "time priority"
Price priority
The principle of price priority is as follows: the higher-priced buying declaration takes precedence over the lower-priced buying declaration and the lower-priced selling declaration takes precedence over the higher-priced selling declaration.
Time priority
The principle of time priority is as follows: declaration of the same value, the priority order is determined according to the time order of declaration, that is, if the buying and selling direction and price are the same, the first declaration takes precedence over the second declaration. Determine the order according to the time when the exchange host accepts the declaration.
Verb (abbreviation of verb) bidding method
Computer blind date is a deal. Computer matchmaking is an automatic counterparty designed according to the principle of open bidding.
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