In stock and futures trading, call auction is relative to continuous bidding. The so-called call auction refers to the time specified by the exchange (stock 09: 15 ~ 09: 25, commodity futures 08: 55 ~ 08: 59, stock index futures 09: 10 ~ 09: 14), when all investors' orders or commissions are entered into the quotation system. However, at the end of the matching trading time (09: 25 ~ 09: 30), each 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". Call auction Rules of Stock: Shanghai Stock Exchange Shenzhen Stock Exchange call auction Time 09:15 ~ 09: 2509:15 ~ 09: 25 call auction Time; 14: 57 ~ 15: 00: 09: 25 ~ 09: 3009: 25 ~ 09: 30; 15:00 note: in the last 3 minutes of Shenzhen Stock Exchange, call auction will describe the trading principle in detail, and the principle of determining the trading price (the principle of maximum trading volume) (1) can realize the price of maximum trading volume; (two) the transaction price of all the buying declarations above the price and the selling declarations below the price; (3) The price at which at least one of the buyers or sellers completes the transaction at the same price. How to deal with the list that is not closed? Rules for automatic continuous bidding quotation after bid opening. Whether the list can be submitted before call auction time. In fact, investors can submit lists after the exchanges and securities companies settle accounts separately on each trading day. However, the list submitted by securities companies will be submitted to the system and participate in the bidding at the beginning of 09: 15 call auction. Can the bill be submitted or cancelled from 09:15 to 09: 25 call auction time? 09: 15 ~ 09: 20, but not 09: 20 ~ 09: 25. Can I submit the order at the matching time? Orders can be submitted from 09: 25 to 09: 30, and cannot be withdrawn. However, the submitted orders will not be used as matching objects immediately, and the matching will be carried out after the market opens. Whether you can see the call auction time of other people's quotations, you can only see the current matching price, but you can't see the closing time of other quotations. In addition to the currently matched prices, you can also check whether the other five quotations can see the currently matched prices. Bidding auction time, you can see the closing time of the current price and volume that can be matched. It can be seen that there are more than two final matching prices and more than two declared prices that meet the above conditions, so the declared price with the smallest volume is the closing price; If there are still more than two declared prices to minimize the transaction volume, the middle price shall be the transaction price. If two or more prices meet the requirements, the price closest to the previous closing price shall be the transaction price. There is no price that can be matched. How to determine the opening price? The opening price will be empty, and the first transaction price generated after continuous bidding will be taken as the opening price. If the highest purchase price is higher than the closing price of the previous trading day, this price is selected as the opening price; If the lowest asking price is lower than the closing price of the previous trading day, select this price as the opening price; If the highest bid price is lower than the closing price of the previous trading day and the lowest bid price is higher than the closing price of the previous trading day, the closing price of the previous trading day is selected as the opening price of the day. For example, 1: Formation of opening price (formation of closing price after call auction). For example, when a stock's closing price in the previous trading day was 10 yuan and it was in call auction, it applied to pay the bill. The application form is shown in the following table: application form for paying the bill 10.08 yuan 10. 07 yuan 20,000 shares 10.06 yuan 30,000 shares 10.05 yuan 20,000 shares 10.04 yuan/0.000 shares 65438+. .03 yuan 2000 shares 10.03 yuan 10000 shares 10.02 yuan 3000 shares 10.0 1 4000 shares10.0. 4,000 shares 9.99 yuan 4,000 shares 9.99 yuan 3,000 shares 9.98 yuan 5,000 shares 9.97 yuan 65,438+0,000 shares 9.96 yuan 20,000 shares 9.95 yuan 20,000 shares According to the principle of determining the transaction price, 65,438+00.01yuan will become. The six prices of 9.99 yuan, 10 yuan,10/yuan, 10.02 yuan, 10.03 yuan and 10.04 yuan are the prices covered by the purchase order. Because the clinch a deal price to meet three conditions, namely, (1) can achieve the maximum clinch a deal price; (two) the transaction price of all the buying declarations above the price and the selling declarations below the price; (3) The price at which at least one of the buyers or sellers completes the transaction at the same price. The transaction price of 10.0 1 yuan can sell all 6000 shares above10.0/yuan, and all 7000 shares above10.0/yuan.10.0/yuan. (Bidding below 10.0 1 yuan and selling orders above 10.0 1 yuan, as well as 3000 shares not traded at 10/yuan, will automatically enter continuous bidding after opening) If the transaction price is/kloc, If the transaction price is 65,438+00.02 yuan, all 65,438+03,000 shares in the sell order that are less than 65,438+00.02 yuan cannot be traded. Example 2: When there are more than two matching prices in the bidding, the Shanghai Stock Exchange and Shenzhen Stock Exchange have different choices. For example, the closing price of a stock in the previous trading day is 10 yuan. In call auction, the application form for bill payment and sale is shown in the following table: bill payment application form 10.4 yuan 10.2 yuan 20000 yuan1. (3) The price at which at least one of the buyers or sellers completes the transaction at the same price. "The prices of these three conditions are 10. 13 yuan,10/4 yuan, 10. 15 yuan. If the stock is listed on the Shanghai Stock Exchange, the final transaction price is 10. 13 yuan,10./4 yuan,10./5 yuan, that is, 10.65438 yuan. If the stock is listed on Shenzhen Stock Exchange, the final matching transaction prices are 10. 13 yuan, 10. 14 yuan,/kloc-0.15 yuan, which is the closest to the closing price of the previous trading day 10 yuan. Example 3: If call auction does not match the transaction price, the Shanghai Stock Exchange and Shenzhen Stock Exchange will determine the opening price difference. For example, the closing price of a stock in the previous trading day was 10 yuan, while in call auction, the submitted buying orders and selling orders are shown in the following three tables: Table A (the highest buying price is higher than the closing price of the previous trading day) Application forms and application forms selling 10.4 yuan 65438+ 10000 lots 10.25 Yuan 200. The application for pending orders is 10.0 1 0,000 lots of 995 yuan, 20,000 lots of 982 yuan, 5,000 lots of 9.67 yuan, 3,000 lots of 9.54 yuan, 1 0,000 lots of 949 yuan, and 30,000 lots of Form C (the highest application price is lower than the previous one) The lowest bid is higher) Apply for a single bid 10. 12 yuan 10.05 yuan 20,000 yuan10/5,000 yuan 9.98 yuan 3,000 yuan 9.92 yuan 1.86 yuan. After entering the continuous bidding at 9: 30, the first transaction price will be the opening price of the stock on that day. The Shenzhen Stock Exchange said, "If the highest purchase price is higher than the closing price of the previous trading day, this price will be the opening price; If the lowest asking price is lower than the closing price of the previous trading day, select this price as the opening price; If the highest bid price is lower than the closing price of the previous trading day and the lowest bid price is higher than the closing price of the previous trading day, the closing price of the previous trading day is selected as the opening price of the day. "Taking Type A, Type B and Type C as examples, the opening prices are 10. 18 yuan, 9.82 yuan and 10 yuan respectively.