Simon, can you explain how the closing auction works - watching SIM a few weeks back, it was getting pulled back up about 5/6% in the closing auction to 530. Seemed very artificial to me - does futures trading have anything to do with this?
clsoing auction. trading stop sat 4.50 but orders can still be entered or deleted. Then at 5pm the price at which the largest volume happens is the closing auction price with potentially may people on either side of the trade.
Simon, I know you said that the closing auction finishes on the price with the largest volume, but that does not explain how for instance SIM closed today. Just before the closing auction the largest Buy bid was 386. There were no @Market orders. And yet it closed at 399. Please explain this giant leap?