Set bidding definition | note

Set biddingThe definition of the so-called collective bidding, that is, within a specified period of time, investors can freely report the sale and purchase according to the psychological price they can accept, the computer transaction processing system sorts all applications according to the price-first and time-first principles. On this basis, it finds a benchmark price so that it can meet the following three conditions at the same time: the maximum transaction volume. The purchase declaration that is higher than the benchmark price and the sale declaration that is lower than the benchmark price are all satisfied (deal ). One of the buyers and sellers who have the same benchmark price must submit a ticket (deal ). This quasi-price is determined as the transaction price. The entire process of generating the transaction price through collective bidding is completely carried out by the computer trading system.ProgramTo display the deal price after processing. Note: first, the price-first and time-First Principles in the centralized bidding mode are embodied in the sequence in which computer hosts distribute all purchase and sale tickets from high to low, the reporting principles for the same price are sorted in the order that the computer hosts accept. Second, if more than one benchmark price is generated during the auction, that is, when more than one price meets the three conditions of the auction, the Shanghai stock market selects the Intermediate prices of these benchmark prices as the transaction price, shenzhen City selects the price closest to the previous closing price as the transaction price. [Edit this section] important points of attention in set bidding: 1. all the commissions that are sold in the auction, regardless of the commission price, the commission price is the open price, all the purchase commission higher than the open price and the sale commission lower than the open price can be sold, some of the commissions that are the same as the opening period can also be closed. 2. the opening prices of stock in Shanghai and Shenzhen Stock Exchange are produced by collective bidding. If the auction fails to find the deal price that meets the above three conditions, the opening price will be generated in the subsequent continuous bidding, the first transaction price for a continuous auction is the opening day of the stock. If a stock is suspended in the morning due to publishing announcements, it will go directly to the continuous auction from in the afternoon, the first deal price is the opening date of the stock. 3. The auction time for the Shanghai and Shenzhen stock markets is nine o'clock A.M. to 25 minutes. During this period, the exchange only accepts the application and does not apply for matching. However, the order can be withdrawn. In the 5 minutes between 09:27 and 09:30, you cannot submit a ticket or withdraw the ticket. The auction starts at and starts to enter the continuous bidding stage. 4. stock allotment, bonds (including government bonds, corporate bonds, etc.) and new shares are not sold in a bidding manner. Continuous bidding is only performed during normal trading hours. The opening of convertible bonds on the first day of listing is produced by collective bidding, and subsequent transactions are the same as those of bonds.