What is the principle of stock index futures matching? 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. Readers may think that the priority buyer's bid is 1399 points, while the seller's bid is 1397 points. So, what is the actual transaction price? It seems that 1397, 1398, 1399 will do. How is the CICC system determined?