Shenzhen and Shanghai Stock Exchange call auction time

Shanghai market: 9:15-9:25 Shenzhen market: 9:15-9:25 (opening call auction time) 14: 57-15:00 (closing call auction time)

At 9:15-9:25 am on each trading day, investors can freely execute purchase and sale declarations according to the psychological prices they can accept, and the computer The trading host system implements a centralized matching process for all valid orders, which is called collective bidding.

If the valid orders within the call auction time are not executed, it will automatically enter the continuous auction starting at 9:30. Shenzhen and Shanghai Stock Exchange Call Bidding Declaration Specifications

From 9:15 to 9:25 on each trading day (including 14:57 to 15:00 in Shenzhen), the stock exchange’s trading host accepts declarations for participating in auction transactions .

From 9:25 to 9:30 on each trading day, the trading host does not accept orders, but does not process purchase and sale orders or cancellation orders. The exchange may adjust the time for accepting declarations when it deems it necessary. Order cancellation specifications during the call auction stage of the Shenzhen and Shanghai stock exchanges

In the opening call auction stage from 9:25 to 9:30 on each trading day of the Shanghai and Shenzhen stock exchanges, the trading hosts of both exchanges do not accept order cancellations declare.

However, during other times when transaction declarations are accepted, the specifications of the two exchanges are different. Untraded orders on the Shanghai Stock Exchange can be canceled within the time when it accepts transaction orders, specifically from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on each trading day; while the Shenzhen Stock Exchange regulates From 14:57 to 15:00, the trading host of the Shenzhen Stock Exchange does not accept cancellation declarations from participating in bidding transactions. At other times when it accepts declarations, uncompleted declarations can be canceled. Case of collective bidding

Case 1:

The trading instructions for the Soybean No. 1 futures contract submitted between 9:15 and 9:25 a.m. on a certain day are as follows:

Ask what the opening price should be?

Answer:

If the transaction price is higher than 2,500 yuan/ton, there are no buy orders that meet the transaction conditions and there is no transaction volume.

If the transaction price is 2,500 yuan/ton, then there are only 1,000 buy orders that meet the transaction conditions, while the sell orders that meet the transaction conditions are 1,502,003,000=6,500 lots, and the trading volume can only be 1,000 lots. At the same time, all sales orders with a selling price lower than 2,500 yuan/ton cannot be completed.

If the transaction price is 2,450 yuan/ton, the buy orders that meet the transaction conditions are 1,001,500=2,500 lots, the sell orders are 2,001,500=3,500 lots, and the trading volume is 2,500 lots. Buy orders (1,000 lots) with a buying price higher than 2,450 yuan/ton and real orders (1,500 lots) with a selling price lower than 2,450 yuan/ton can be completed.

If the transaction price is 2,400 yuan/ton, the buy orders that meet the transaction conditions are 1,001,50503,000 lots, the buy orders that meet the transaction conditions are 1,500 lots, and the trading volume is 1,500 lots. At the same time, orders with a purchase price higher than 2,400 yuan/ton cannot be fully completed.

If the transaction price is lower than 2,400 yuan/ton, there is no sell order that meets the transaction conditions and there is no transaction volume.

The transaction volume at the price of 2,450 yuan/ton was the largest. At the same time, all buy orders above 2,450 yuan/ton and sell orders below 2,450 yuan/ton were completed. All buy orders at a price of 2,450 yuan/ton were also completed. . Therefore, the opening price is 2,450 yuan/ton.

Case 2:

Assume that Vanke A has 5 buy and 5 sell orders in its opening declaration on April 15, 2010. According to the price priority principle, Sort the buying prices from high to low, and sort the selling prices from low to high, as shown in Table 1.

Table 1 Order status before transaction Serial number Order buying price (yuan, shares) Number of lots Serial number Order selling price (yuan, shares) Number of lots 19.504a9.15229.385b9.27139.263c9.29149.227d9.34859.202e9. 363

Under the principle of not being higher than the buying price and not lower than the selling price, the first transaction was completed at the buying price of 9.50 yuan/share and the selling price of 9.15 yuan/share. , if it meets the wishes of both buyers and sellers, the transaction price should be 9.15 yuan/share. 9.50 yuan/share, the transaction quantity is 2 lots. The specific price at which the transaction will be completed will not be known until other declarations are completed. The declaration status after the first round of transactions is shown in Table 2.

Table 2 Commission status after the first round of transactions Serial number Commission buying price (yuan, shares) Number of lots Serial number Commission selling price (yuan, shares) Number of lots 19.502a9.15029.385b9.27139.263c9.29149.227d9. 34859.202e9.363

In the first round of transactions, the commissioned buying quantity of serial number 1 was 2 lots more than the commissioned selling quantity of serial number a. Therefore, as can be seen from Table 2, there is still a lot left in serial number 1. The order for 2 lots of 9.50 yuan/share was not executed.

In the second round of transactions, the entrusted purchase price of serial number 1 was not higher than 9.50 yuan/share, and the quantity was 2 lots, while serial numbers b and c were exactly 2 lots, and the price met the transaction requirements. So the deal can be made. The transaction price ranged from 9.50 yuan/share to 9.29 yuan/share. What investors can see is that the second transaction range is within the first transaction range. After the second round of transactions, the commission status is shown in Table 3.

Table 3 Commission status after the second round of transactions Serial number Commission buying price (yuan, shares) Number of lots Serial number Commission selling price (yuan, shares) Number of lots 19.500a9.15029.385b9.27039.263c9.29049.227d9. 34859.202e9.363

In the third round of transactions, the entrusted buying price of serial number 2 is not higher than 9.38 yuan/share, and the entrusted selling price of serial number d meets the requirements and can be completed. The transaction price ranged from 9.34 yuan/share to 9.38 yuan/share, and the transaction quantity was 5 lots.

After the third round of transactions, the commission status is shown in Table 4.

Table 4 Commission status after the third round of transactions Serial number Commission buying price (yuan, shares) Number of lots Serial number Commission selling price (yuan, shares) Number of lots 19.500a9.15029.380b9.27039.263c9.29049.227d9. 34359.202e9.363

After the above three rounds of transactions, there is no overlapping price range, and the call auction is over. The transaction price in the third round is within the range of the transaction prices in the three rounds, which is the opening price of the call auction. Unfilled orders will be filled in the continuous auction after the market opens.

In the above collective bidding process, through three matchings, the transaction price range gradually narrowed and the transaction volume increased until the specific transaction price was determined and the maximum number of transactions was obtained. In the last round of transactions, if the buying price ≠ the selling price, the transaction price = 1/2 (buying price + selling price).

The transaction conclusion is as follows: the total transaction volume is: 9 lots, and the transaction price is: 9.36 yuan/share.

The opening price of Vanke A on April 15, 2010 displayed on the market software was 9.36 yuan/share. The trading volume is 9 lots.