Data:2009-12-12 2:34
Category: Money tips Release Date: 2007-01-14
Competitive bidding by
Currently Stock Exchange generally use two kinds of competitive bidding, that is used in the daily opening call auction, in the everyday transactions in continuous auction method.
Call Auction Exchange hosts in each business day during 9:15-9:25, during which the computer auto-matching system is only stored and not match delegate. In the 9:25 moment, the system based on the input of all orders resulting from an opening reference price, then the commission will be able to deal as a reference price for the transaction price of all the matching transactions. This process is called a collection of auction.
Effective commissioned by the call auction to determine:
1. There price limit under the previous day's closing price of the securities and to determine the date of the Change to calculate the magnitude of the price ceiling, the minimum limit. Currently the stock, the Fund's Change the range of 10%, ST stocks go up or down the range of 5%. Price-cap = 1.1 × previous day's closing price of the lowest limit = 0.9 × previous day's closing price (calculated rounded) effective price range is the securities price ceiling, the lowest among all the price limit. Limit the scope of the commission beyond this commission to be invalid, the system for automatic withdrawals, treatment.
2. No new shares in the listed price limit No price limit that day, but the Shenzhen Stock Exchange listed shares when the call auction price range of 1,500 valid file, a file is RMB 1 point.
Call auction transaction price determined by principles:
1, in the effective price range selected to produce the greatest volume of all active commissioned price.
2, higher than the decision to declare the price of buying and selling prices, lower than the decision to declare to be fully met;
3, and decided to price the same party (buyer or seller) to all transactions. If the price to meet the above conditions are still more than its central parity can be selected from the last closing price or the most recent price. Continuous call auction auction immediately after the auction into the row until the close. Stage is characterized by a continuous auction, each commissioned by a trade entered into the computer auto-matching system, immediately judgments and different treatments that can be traded were traded; can not wait for the opportunity to contract by contract; part of the transaction were not to let the rest continue to wait.
1. The filing continuous auction methods are: Whether you're buying or selling, according to current rules, the stock (including A, B shares), the Fund securities in a trading day trading price of the previous day's closing price changes, the relative magnitude can not Chao Guo 10%, ST Change rate of the stock should not exceed 5%. However, no such restrictions on the day the listing of new shares. Continuous bonds auction price for the former on the basis of an ad valorem rate of not more than 10% of Change.
2. A continuous auction, the transaction price decided in principle as follows:
(1) The declaration of the highest buying price and lowest sell to declare the same;
(2) The purchase price is higher than the market to declare an immediate declaration of a minimum selling price, take an immediate declaration reveals the minimum selling price; selling price below the market to declare an immediate declaration of the highest bid price, take an immediate reveals the highest Bid price reporting.
There are three possible results of auction: all transactions, some transactions, not transactions.
(A) commissioned the sale of all of the transaction, securities institutions shall promptly notify the client, in accordance with the provisions of the delivery time for delivery to the client processing procedures.
(B) the client's commission, if not all of the transaction, securities institutions in the commission to continue to perform within the validity period until the expiration date.
(C) the client's commission, if not the transaction, securities institutions in the commission to continue to perform within the validity period, waiting for the opportunity the transaction, until the expiration date.
