If there are only market orders in the auction, what is the opening price?

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Multiple Choice

If there are only market orders in the auction, what is the opening price?

Explanation:
In an opening auction, a reference price serves as the anchor for price discovery. When only market orders are submitted, there are no limit orders to push the price away from a benchmark. The system thus uses the reference price to set the opening price, ensuring the start of trading is orderly and fair and that market orders can be executed at a sensible benchmark. The last price is simply the previous trade price and isn’t used to determine the new opening price in this scenario. And maximum executable trading volume is not a price—it's a measure of how much can be traded at a given price, not the opening price itself.

In an opening auction, a reference price serves as the anchor for price discovery. When only market orders are submitted, there are no limit orders to push the price away from a benchmark. The system thus uses the reference price to set the opening price, ensuring the start of trading is orderly and fair and that market orders can be executed at a sensible benchmark.

The last price is simply the previous trade price and isn’t used to determine the new opening price in this scenario. And maximum executable trading volume is not a price—it's a measure of how much can be traded at a given price, not the opening price itself.

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