In CICC's computer trading system, the basic principle is that price and time take precedence (in some cases, in order to control risks, liquidation orders will take precedence at the same price). The complete explanation of this principle is: the buyer's high bid takes precedence, the seller's low bid takes precedence, and if the bids are the same, the earliest pending order takes precedence. For example, a trader sells 10 March Shanghai and Shenzhen 300 index futures at the listing price of 1400, and trader A pays the bill at the listing price of 1398; Subsequently, trader B also wants to buy 10 lot with the listing price of 1399 points. Because the price of B is higher than that of A, according to the principle of price priority, B's list is ahead of A; Later, C also took out 10 to pay the bill, and the price was also 1399 points. Because the listing price is the same as that of B, according to the principle of time priority, it can only be ranked after B, but still before A. If a trader sells 10 in 1397, the buyer has priority to close the transaction.

The premise of matchmaking transaction is that the buying price must be greater than or equal to the selling price. When the buying price and the selling price are equal, there is no doubt that the transaction price is the buying price or the selling price. The problem is how to determine the transaction price when the buying price is greater than the selling price.

When the computer matches, the latest transaction price is actually determined according to the previous transaction price. If the previous transaction price is lower than or equal to the selling price, the latest transaction price is the selling price; If the previous transaction price is higher than or equal to the purchase price, the latest transaction price is the purchase price; If the previous transaction price is between the selling price and the buying price, the latest transaction price is the previous transaction price. Let's take it for example.

The buyer's bid is 1399, and the seller's bid is 1397. If the previous transaction price is lower than 1397 or 1397, the latest transaction price is 1397; If the previous transaction price is above 1399 or 1399, the latest transaction price is1399; If the previous transaction price was 1398, then the latest transaction price is 1398.

The advantage of this matching method is that it not only embodies fairness, but also makes the transaction price relatively continuous, avoiding unnecessary irregular jumps.