Call Auction mechanism

Call Auction is the pre-opening session of a new trading pair. Investors can place "post-only" orders freely at their desired prices during this session. Then, our system will calculate the reference price (opening price) according to the Call Auction rules before enabling trading.

The reference price determined must meet the following 3 conditions:

• It must be able to generate the greatest trading volume;
• All posted bid orders with prices higher than the reference price and all posted ask orders with prices lower than the reference price must be fully filled;
• Either side of all the posted orders with the same price as the reference price must be fully filled.

Call Auction will last for 20 minutes and will be divided into 2 sessions:

• Session 1 (10 min): user can place post-only orders; cancellation is allowed; orders will not match during Call Auction.
• Session 2 (10 min): user can place post-only orders; cancellation is NOT allowed; orders will not match during Call Auction.

After Call Auction has ended, our system will calculate the opening price according to the rules, and enable trading.

Taker fee will be charged for the orders which are filled during the closing of Call Auction.