Produced by telephone auction. The way to call an auction is: every
Market day
Within 5 minutes before the opening of the market, the first 4 minutes are
Futures trading contract
The reporting time of the purchase price and the selling price orders, followed by 1 minute is the matching time of the purchase price, and the obtained opening price is immediate.
market quotation
Displayed in the column.
Call auction uses the largest
turnover
The principle is that you can get the maximum turnover at this price. First of all,
transaction system
Declare to all valid buyers according to the declared price from high to low.
sequence
The arrangement and declared price are the same according to the time of entering the system; All valid selling declarations are arranged according to the order of the declared price from low to high, and those with the same declared price are arranged according to the time of entering the system. Next, the trading system will gradually match the top buyer's declaration with the sale declaration until the transaction cannot be completed. If the last transaction is concluded, the buyer's declared price and the seller's declared price of the last transaction shall be taken.
Arithmetic average price
The price generated for call auction is based on the minimum change of each futures contract.
price
Rounding; If the last transaction is a partial transaction, the declared price of some transactions is the price generated in call auction (please note that this price is the opening price, and all transactions have been quoted at this price instead of the quotation.
cheap
)。 Here, let's give an example to illustrate.
Suppose,
Shanghai and Shenzhen 300 index futures
some
moon
The order of contract declaration is as follows (minimum change price 1 yuan):
classify
buy in
sell
price
Number of hands
price
Number of hands
1
1299
50
1270
30
2
1290
90
1280
60
three
1285
100
1288
120
four
128 1
150
1295
150
The matching situation is that the purchase price of 1 is higher than 1.
selling price
, 30 lots were sold; The buying price 1 has 20 lots left, because it is higher than the selling price of 2, and 20 lots have been sold. There are still 40 lots left in the second place, because 40 lots have been sold in the second place below the purchase price; There are still 50 lots with a purchase price of 2, and 50 lots have been sold because they are higher than the selling price of 3; There are still 70 unsold bids ranked as 3, but it is obviously impossible to close because it is higher than the purchase price ranked as 3. In this way, the final opening price is 1288 points, and at this price, 140 lots are sold (280 lots if calculated bilaterally). . . . . .