A market order refers to an order with unlimited price and trading according to the best quotation that can be executed in the market at that time. The unfinished part of the market order is automatically revoked.
A limit order refers to an order that is sold at a limited price or better. When buying, the limit order must be closed at or below its limit price; When selling, the transaction must be made at a price equal to or higher than the limit price. The price limit order is valid on the same day, and the unfinished part can be revoked.
The market order can only be used as a limit order, and the transaction price is equal to the limit price of the immediate optimal limit order. The quotation of trading orders can only be within the contract price limit, and the quotation exceeding the price limit is considered invalid.
Customers can only issue limit orders in call auction stage, but not market orders; In the continuous trading stage, both limit orders and market orders can be issued.
Stock index futures trading orders are quoted at index points, and the price must be an integer multiple of the minimum change price stipulated by CICC. Taking the Shanghai and Shenzhen 300 Index as an example, the quotation of the Shanghai and Shenzhen 300 Index in the stock market can be accurate to two decimal places, such as 1729.22; However, if the minimum change price of the Shanghai-Shenzhen 300 stock index futures contract is set at 0.2 point, its quotation can only be accurate to one decimal point and must be an integer multiple of 0.2, such as 1742.6 point.