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Online Share Trading

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Closing Auction

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Contributor
What happens during the final ten minutes of the trading day? Why is there an 'auction' and what happens during this time that determines the closing price? I really should know this by this time, huh!!
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7 REPLIES 7
Super Contributor
We all cross our fingers and thumbs if we got buys or sells in.
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Valued Contributor
orders are noit matched .. but orders can be placed and cancelled .. then at 5pm the system determines @ what price the largest volume takes place and that is the final trade .. an that final trade is made up of many buyers and sellers ..
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Super Contributor
Is that for shares only or does it include CFDs and SSFs?
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Valued Contributor
if you put a cfd or ssf order in the market we put the hedge into the auction .. if it trades then you're in (or out) ..
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Contributor
Hey Simon - can you be a bit more explicit about how the "system" determines the final price - on the OST screens all we see is a volume at an unspecified price - does that volume contain offers or bids at one price or many prices. If many then are you saying the system chooses the highest volume and that becomes the closing price?
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Valued Contributor
price at which the highest volume will trade ..
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Contributor
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