The principle of liquidation priority and time priority is implemented in transaction matching, but the principle of liquidation priority does not apply to newly opened positions on the same day. What does this sentence mean? It is a special language in stock index futures, which gives priority to the time of closing positions and pending orders when selling. If you just want to close your position today, you can't close your position first. You should focus on empty orders and multiple orders.

The full name of stock index futures (SPIF) is stock index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock price index as the subject matter. The two parties agree to buy and sell the underlying index according to the size of the stock price index determined in advance at a future date, and settle the difference in cash after the expiration. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading. Stock index futures are a kind of futures, which can be roughly divided into two categories, commodity futures and financial futures.