Futures usually open at 9 am. However, the trading system started running at 8: 55. From 08: 55 to 08: 59, buyers and sellers submit quotations and quantities through the trading system. 08: 59-09: 00 is the matching time in call auction, and the trading system matches the declarations of buyers and sellers. We can probably imagine these five minutes as a big blind date scene. Young men and women put forward their own needs, and the trading system acts as a "matchmaker" to match them.
Of course, many young people who come on blind dates have different needs and their own conditions. But the matchmaker's goal is only one, and that is to match as many as possible. So she can get more referral fees. The same is true for futures exchanges. Therefore, when determining the opening price, the maximum turnover is the primary principle and goal of the trading system.
The declared price during the period of call auction is not displayed, and it can only be declared according to its own pre-judgment. The declared price range is the limit price of the settlement price of the previous trading day.
Call auction refers to the bidding method of one-time centralized matching of trading declarations received within a period of time. Taking China's bidding trading system as an example, the principles of determining the transaction price in call auction are: selecting the price with the largest transaction volume within the effective price range; All buy declarations above the transaction price and sell declarations below the transaction price are closed; At least one of the buyers or sellers with the same transaction price has completed the transaction.
If more than two prices meet the above conditions at the same time, the Shanghai Stock Exchange stipulates that the declared price that minimizes the transaction volume is the transaction price. If more than two declared prices still meet the requirements, the middle price shall be the transaction price. The Shenzhen Stock Exchange takes the price closest to the previous closing price as the transaction price. All transactions in call auction are made at the same price. Call auction did not clinch a deal part, automatically enter the continuous bidding.
The so-called call auction is that before the opening of the day, you can input the stock price according to the closing price of the previous day and the forecast of the stock market that day, input all orders of the computer host within call auction time, and calculate the price of the maximum trading volume according to the principle of price priority and time priority. This price will be the transaction price in call auction, a process called call auction.