The quotation of the customer at the time of trading can only be within the limit of the fluctuation range specified by the futures variety.

For example:

The settlement price of a futures contract on the previous day was 1000, and the fluctuation range of the contract on that day was 10%. Therefore, the trading declared price range of customers was: 900≤ declared price ≤ 1 100. If the quotation exceeds this range, the trading commission will be rejected by the trading system.

What are the bidding modes of domestic transactions at present?

(1) call auction: refers to the bidding method of centralized matching of transaction declarations accepted within a specified time.

(2) Continuous bidding: refers to the bidding method of continuously matching transaction declarations one by one.

Call auction's trading methods:

(1) The Exchange will select a price from all declared prices in the call auction stage according to the principle of maximum turnover, so as to ensure that the transaction of this price can obtain the maximum turnover;

(2) The buying declaration higher than the price generated in call auction and the selling declaration lower than the price generated in call auction will be closed;

(3) Declare buying or selling at the same price as that generated in call auction according to the declared quantity of buying and selling, and make a deal according to the declared quantity of the minority party.

(4) The unfinished declaration form in call auction will automatically participate in the bidding transaction after the market opens.

Continuous bidding transaction mode:

(1) The trading system sorts the trading declarations according to the principle of price priority and time priority, and automatically matches the transactions when the buying price is greater than or equal to the selling price.

Price priority means that 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 means that when the buying and selling direction and price are the same, the one declared first takes precedence over the one declared later. Determine the order according to the time when the exchange system accepts the declaration.

For example:

① Price priority

At the same time, customers A and B declared to buy ZC209 contract at the price of 850 and 860 respectively. Because the price of customer B 860 is higher than that of customer A 850, the deadline for filing of customer B will be earlier than that of customer A. ..

② Time priority

At 9: 10 on may 5, 2022, customer a declared to buy the open ZC209 contract at the price of 850; At 9: 1 1 on may 5, 2022, customer b declared to buy ZC209 contract at the price of 850. Because the buying and selling direction and price are the same, the declaration time of customer A is earlier than that of customer B, so the declaration time of customer A will be earlier than that of customer B..

(2) When the quotation of a contract is at the daily limit, the principle of closing positions is closing positions first and time first. However, due to the last issue of "Ping Jin" and the entrustment instruction of the Energy Center, the principle of closing positions first was not followed when opening positions that day.

For example:

A customer sold 1 NI2205 at a price of 200,000 on March 7, 2022/0: 37. At present, the customer holds three NI2205 contracts. In the subsequent trading process, the NI2205 contract reached the daily limit, and the customer immediately bought and closed the third hand NI2205 at the daily limit price at 13: 30 in the afternoon. At the same time, customers pay attention to the continuous expansion of the NI increase, and at the same time buy positions at the daily limit price of 1 After the pending order is completed, the market shows that the order quantity is 1020 lots, and the total turnover after closing is 1060 lots. The closing orders of the customer's two historical warehouses were closed, but the opening and warehouse receipt of the new warehouse were not closed that day.

Cause analysis:

(1) All transactions are entrusted to declare the price limit, so the prices are the same, so there is no such thing as price priority;

(2) When a contract is under the price limit, if the customer's position is contrary to the price limit of the contract, the customer's risk will continue to increase, so the exchange believes that the customer needs to release the risk in this case, so the liquidation is the first priority between opening and closing;

③ The newly opened positions in the previous period and the energy center of that day did not follow the liquidation priority. Considering that the loss of historical positions will be greater than that of newly opened positions, the exchange takes historical positions as the first priority between historical positions and newly opened positions on the same day.