Auction Principle

The netting process in the opening or closing auction does not use price/time priority matching to determine opening prices. Instead, an auction principle is applied to determine a price that results in the highest executable volume in the netting process while also clearing limit orders through that price. Unmatched limit orders remain in the order book: after the closing auction in futures, only those remaining orders are deleted, which were not explicitly entered with the restriction "closing auction only". Within the auction principle, orders with better prices (higher bid prices, lower ask prices) get preference in the determination of which orders are actually executed in the auction, as do earlier orders over later orders at the same price limit. Market orders still take priority over limit orders. In the netting process, the Market Order Matching Range does not apply.