1, the call auction time of commodity futures is from 8:55 to 8:59 p.m., the call auction trading events of stock index futures are from 9:25 to 9:29, the closing time of commodity futures is from 8:59 to 9: 00 p.m., and the closing time of stock index futures is from 9:29 to 9:30 a.m.
2. The principle of determining the transaction price of futures in call auction is that the transaction price can obtain a large volume, and all the transactions of buying declarations higher than the price generated by call auction are lower than the transactions of selling declarations generated by bidding, which is equal to the buying or selling declarations generated by call auction. According to the declared quantity of buying, trade according to the declared quantity of selling.
3. Orders that are not closed in call auction time will automatically enter the continuous bidding time after opening, and cannot be declared before call auction time. After call auction time, investors can declare and withdraw their orders at the same time, but investors cannot declare or withdraw their orders at the matching time.
In futures trading, call auction is relative to continuous bidding. The so-called call auction refers to the time specified by the exchange (commodity futures 08: 55 ~ 08: 59, stock index futures 09: 10 ~ 09: 14), in which all investors' orders are entered into the quotation system by computer, but the exchange does not match the transaction; Next, the exchange determines the matching transaction price and volume according to certain rules during the matching transaction time (commodity futures 08: 59 ~ 09: 00, stock index futures 09: 14 ~ 09: 15); Finally, every stock or futures contract will take the trading price set by the exchange as the opening price, and at the same time, the list that can be closed will be matched to the maximum extent at this price.
Generally speaking, the closing principle of continuous bidding is: the first price takes precedence, and the second price takes precedence. In call auction, the principle of clinching a deal is: the first volume takes precedence, the second price takes precedence, and the third time takes precedence. To put it simply, bidding auction "offers first, then matches, then closes", while continuous bidding is "offers, matches and closes". Open call auction is adopted for stocks, and closed call auction is adopted for futures.