Block trading system is generally an adaptive arrangement for the investor structure with institutional investors as the main body, and it is also a common trading system for institutional investors in overseas exchanges.
Extended data:
Conditions for centralized bidding:
1, the largest volume.
2. All the buying declarations above the benchmark price and selling declarations below the benchmark price are satisfied (clinched).
One of the buyers and sellers with the same benchmark price declares that they are both satisfied (clinch a deal). The benchmark price is determined as the transaction price, and the whole process of generating the transaction price by call auction method is completely programmed by the computer trading system, and the transaction price generated after processing is displayed. What needs to be explained here is:
(1) The principle of price priority and time priority under the call auction model is embodied in that the computer host arranges all the trading declarations from high to low, and the declaration principles under the same price are sorted according to the order accepted by the computer host.
(2) In the process of call auction, if more than two declared prices meet the above three conditions at the same time, the transaction price is the one with the smallest turnover, and if there are still more than two declared prices with the smallest turnover, the middle price is the transaction price. The Shenzhen Stock Exchange takes the price closest to the previous closing price as the transaction price.
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