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. Limit orders must be sold at or below their limit price when buying; 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.
Forty-first market orders can only be closed by price limit orders, and the transaction price is equal to the price limit of the immediate optimal price limit order.
Article 42 The quotation of trading orders can only be within the contract price limit, and the quotation exceeding the price limit is invalid.
The declaration of trading orders shall take effect after being confirmed by the exchange.
Article 43 The minimum order quantity of a trading order is 1 lot, the maximum order quantity of a market order is 50 lots, and the maximum order quantity of a limit order is 100 lots.
Article 44 If a member or customer uses or provides trading software that can automatically place orders in batches or quickly through computer programs, it shall file with the Exchange in advance.
If a member or customer issues a trading order in a way that may affect the security of the exchange system or the normal trading order, the exchange may take relevant measures.
Forty-fifth stock index futures bidding transactions using call auction and continuous bidding. Call auction refers to the way of one-time centralized bidding for buying and selling declarations accepted within the specified time, and continuous bidding refers to the way of matching the buying and selling declarations one by one.
Article 46 call auction shall be conducted at 9: 10-9: 15 on the trading day, where 9: 10-9: 14 is the time for filing orders and 9:14 is the order.
Call auction's order declaration time does not accept market order declaration.
Call auction does not accept the instruction declaration of the instruction matching time.
Forty-seventh futures continuous bidding transactions shall be concluded in accordance with the principle of price priority and time priority. In the order of ceiling price's declaration of price increase and decrease, it shall be carried out according to the principle of closing positions first and giving priority to time.
Article 48 call auction adopts the principle of maximum transaction volume, that is, the maximum transaction volume can be obtained at this price. All the buying declarations higher than the price generated by call auction are sold; All sales declarations below the price generated in call auction were sold; For the purchase or sale declaration with the same price as that generated in call auction, the transaction shall be made according to the quantity of the purchase declaration and the quantity of the sale declaration, and according to the quantity declared by the minority party.
Forty-ninth orders that have not been completed in the opening bidding will automatically participate in the continuous bidding transaction.
Article 50 If the price limit entrusts a continuous bidding transaction, the exchange system will sort the transaction declaration forms according to the principle of price priority and time priority, and when the buying price is greater than or equal to the selling price, the transaction will be automatically matched. The matching transaction price is equal to the middle value of the buying price (bp), selling price (sp) and the previous transaction price (cp). Namely:
When bp≥sp≥cp, the latest transaction price =sp.
Bp≥cp≥sp, the latest transaction price =cp.
Cp≥bp≥sp, the latest transaction price =bp.
If there is no transaction price in call auction, the closing price of the previous trading day shall be the previous transaction price, and the first transaction price shall be determined according to the above method.
Article 51 The benchmark price of a new listing contract shall be determined by the Exchange and announced in advance. The benchmark price is the basis for determining the range of the price limit of the new contract on the first day of listing.