(1) Q: What bidding principles are used in call auctions?
A: The call auction shall be subject to the principal of trading volume maximization, i.e. the price generated during the call auction shall result in the maximum trading volume. All of the buying declarations which are higher than the price generated from the call auction will be concluded; all of the selling declarations which are lower than the price generated from the call auction will be concluded; and in respect of the buying or selling declarations which are equal to the price generated from the call auction, the declared quantity of at least one party will be concluded. In case there are more than one prices which satisfies the principle of trading volume maximization, the opening price shall be the price most proximate to the settlement price of the immediately previous trading day.
(2) Q: What bidding method is adopted for the opening price?
A: Opening price: in respect of a certain futures contract, the opening price means the trade price generated from the call auction within 5 minutes prior to the market-opening. Of which the first 4 minutes of the call auctions shall be the time of declaration of the buy and sell orders, and the last 1 minute shall be the call auction matching time.
In case no trade price is generated from the call auction, the first trade price after the market opens shall be the opening price.
(3) Q: Can customers cancel or place orders during the pause period of open central auction session, the matching period of open central auction session, and the pause period of continuous auction?
A: No. Customers can only cancel or place orders during the call auction declaration period and the continuous trading period.
(4) Q: What types of orders are supported by call auctions?
A: In the process of call auction, the system only supports basic limit orders without special attributes, market orders without special attributes, stop orders, stop- limit orders. However, only basic limit orders without special attributes and market orders without special attributes participate in call auction matching, while stop orders and stop limit orders do not participate in call auction matching. This means that stop orders, stop limit orders, arbitrage orders, and the limit orders attached FOK or FAK and market orders with special attributes are not allowed to participate in call auction.
5) Q: What principles does continuous bidding follow?
A: Continuous bidding follows the general principle of price priority and time priority.
(6) Q: How does the trading system match up prices based on the principle of continuous bidding?
A: The Exchange's computer order-matching system shall order the buying and selling declaration orders under the principle of price priority and time priority, and the transaction will be concluded by automatic order-matching when the buying price is higher than or equal to the selling price. The trade price shall be equal to the middle one of the buying price ("bp"), the selling price ("sp") and the current price ("cp") after the market opens, that is,
Where bp≥sp≥cp, the last price = sp;
Where bp≥cp≥sp, the last price = cp; or
Where cp≥bp≥sp, the last price = bp
(7) Q: When arbitrage orders participate in the trading , what principles do continuous trading follow?
A: When arbitrage orders participate in transactions, continuous trading follows the principles of price priority, basic order priority and time priority.
(8) Q: What is the order of forced position liquidation, position closing and position opening when the order is placed at the prices of the price limits ?
A: When the order is placed at the prices of the price limits, the priority of the order (without special attributions) is forced position liquidation, position closing and position opening.