How to determine the opening price of stock index futures?
_ How to determine the call auction of the opening price is: within 5 minutes before the opening of each trading day, the first 4 minutes are the declaration time of the futures contract trading price order, and the last 1 minute is the call auction matching time, and the obtained opening price is immediately displayed in the quotation column. Call auction adopts the principle of maximum turnover, that is, the maximum turnover can be obtained at this price. _ Opening Price Determination Process 1. The trading system sorts all valid buyer declarations from high to low, and the declarations with the same price are arranged according to the time of entering the system; All valid selling declarations are arranged according to the order of the declared price from low to high, and those with the same declared price are arranged according to the time of entering the system. 2. System Matchmaking Next, the trading system will gradually match the top buyer's declaration and the sale declaration until the transaction cannot be completed. If the last transaction is concluded, the arithmetic average price of the declared price of the buyer and the declared price of the seller in the last transaction shall be the price generated in call auction, and the price shall be rounded off according to the minimum change price of each futures contract; If the last transaction is a partial transaction, the declared price of some transactions is the price generated in call auction (please note that this price is the opening price, and all quotations for this transaction have taken this price as the transaction price instead of the quotation).