The first stage is call auction, and the transaction is made according to the highest bid. In fact, the price that can reach the maximum number of transactions is the opening price. For example, before the opening of a certain variety, there were only 5 pending orders, namely 100 RMB 10, 1065438 0 yuan 4 lots, 102 RMB 8 lots and 65438 lots.

The next stage is the trading stage, which gives priority to trading according to the price of the handicap. If there is an arbitrage pending order in the pending order, the arbitrage pending order takes precedence over the unilateral speculative pending order. That is, the principle of price priority, arbitrage priority and time priority.