Execution Method for Continuous Trading

Continuous trading, i.e., individual competitive trading at multiple prices is a trading method where orders are executed if any pair of orders matches based on the principles of price and time priority. In continuous trading, the lowest ask order among asks and the highest bid order among bids are matched through competition during a trading session and the execution price is the price of the order placed earlier.

Example 1
Example 1
Asks Price Bids Executio Result
  10,600  
  • price : 10,300 (price of preceding offer price)
    ①200-③200
  • Trading volume: 200 shares
  10,500  
②200 10,400  
  10,300 ①200
③200 10,200  
  10,100  
  10,000  
  9,900  
  9,800  
The circled numbers ①, ② and ③ indicate the time sequence of order receipt.
Example 2
Example 2
Asks Price Bids Executio Result
  10,600 ①500
  • Execution Results
    <1>①-③: 200 shares @10,600
    <2>①-④ : ①-④: 200 shares @10,600
  10,500  
  10,400  
  10,300  
④200 10,200  
  10,100 ②200
  10,000  
③200 9,900  
  9,800  
Example 3
Example 3
Asks Price Bids Executio Result
  10,600 ①100
  • Execution Results
    <1>①-③: 100 shares @10,600
    <2>②-④: 200 shares @10,100
    <3>③-⑤ : ③-⑤: 100 shares @10,200
  10,500  
  10,400 ⑤300
  10,300  
③200 10,200  
  10,100 ②200
  10,000  
④200 9,900  
  9,800