Look at these two examples and you will understand:
A. During call auction, the buying orders were all below 98.0 1 or 98.0 1, and the selling orders were above 98.02, so there was no price transaction in call auction;
B During the stay in call auction, a few people paid the bill at 98.04,98.02, most of them were at 98.0 1 or below, and all the selling orders were at 98.02 or above, so the transaction price in call auction was 98.02, that is, all the people who wanted to buy 98.04,98.02 sold it at 98.02, and the corresponding few people would get this price. The bidding trading system is also a commission-driven system, which is characterized by forming the opening price through call auction, and then the trading system sorts the trading orders of investors who keep entering the market according to the principle of price and time priority, and matches the buying and selling orders for bidding trading. Compared with the "instruction-driven" bidding trading system, the "quotation-driven" market maker system is two basic trading mechanisms in modern securities market. Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with certain mass products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.
The delivery date of futures can be one week later, one month later, three months later or even one year later.
A contract or agreement to buy or sell futures is called a futures contract. The place where futures are bought and sold is called the futures market. Investors can invest or speculate in futures.