Call Auction is a one-time matching method for all bid/ask orders during a certain period of time according to the price and time priority principles, and a reference price is met on this basis meeting the following 3 conditions:
1. It must be able to generate the greatest trading volume;
2. All placed bid/ask orders with prices higher/lower than the reference price must be completed executed;
3. Either side of all the placed orders with the same price as the reference price must be completed executed.
Call Auction is introduced to reduce the risk of drastic market fluctuation due to lack of liquidity, and the details are as follows:
1. During Call Auction, users may place orders freely and these orders will remain unexecuted in the market, displayed in the trading volume priority principle for real-time price reference.
2. To avoid price manipulation, Call Auction is scheduled in 2 phases: In Phase 1, orders can be placed and cancelled while in Phase 2, users may continue to place orders and these orders cannot be cancelled.
3. An opening price will be matched by the completion of Call Auction and users may trade freely in the market.