Continuous bidding means that the transaction price is generated by the computer trading system according to the following two situations: the highest buying declaration is the same as the lowest selling declaration, then the price is the transaction price; When the buying declaration is higher than the selling declaration, or when the selling declaration is lower than the buying declaration, the price declared first is the transaction price.
For collective pricing, the computer transaction processing system sorts all the declarations according to the principle of price priority and time priority, and finds out a benchmark price on this basis, so that it meets the following three conditions at the same time:
1. has the largest transaction volume.
2. All the buying declarations above the benchmark price and selling declarations below the benchmark price are satisfied (clinched).
One of the buyers and sellers with the same benchmark price declares that they are both satisfied (clinch a deal).
The benchmark price is determined as the transaction price, and the whole process of generating the transaction price by call auction method is completely programmed by the computer trading system, and the transaction price generated after processing is displayed. What needs to be explained here is:
First, the principle of price priority and time priority under the call auction model, which is embodied in that the computer host arranges all trading declarations from high to low, and the declaration principle under the same price is sorted according to the order accepted by the computer host;
Second, in the process of call auction, if more than two declared prices meet the above three conditions at the same time, the transaction price will be the one with the smallest transaction volume. If there are still more than two declared prices with the smallest transaction volume, the middle price will be the transaction price. The Shenzhen Stock Exchange takes the price closest to the previous closing price as the transaction price.
1, the principle of time priority, the declared price is higher than the lowest selling price, and the transaction is made at the lowest declared price; If the bid is lower than the highest bid, the transaction is made at the highest bid. If these two commissions fail to complete the transaction, the rest will be left on the list, waiting for the next transaction.
2. Take the principle of price priority and time priority as an example. At present, the highest purchase price hanging on it is 9.96 and the lowest selling price is 9.98. At this time, two new buyers are willing to pay 10 yuan, and one is willing to pay 9.90 yuan. The result is that they are willing to buy 10 yuan, and they give him 9.98 for all transactions.
The system will give you a transaction in a direction that is beneficial to users. You are willing to buy 10 yuan. Now someone sells it at 9.98, and the system will give you a favorable deal at 9.98. If you are willing to sell at 9.9, but someone buys at 9.96 now, the system will close the deal for you at 9.96, which is favorable to you. It means you can buy something cheaper or sell it at a higher price.