集中竞价

摘要做市商制与集中竞价制是证券市场两种基本的价格形成机制。

Market maker system and aggregate auction system are two basic pricing mechanism in securities market .

证券交易的集中竞价应当实行价格优先、时间优先的原则。

The principle of price and time preference shall be practiced in centralized price bidding in stock trading .

第三十三条证券在证券交易所挂牌交易，应当采用公开的集中竞价交易方式。

Article 33 . The method of open and centralized price bidding shall be adopted for trading of stocks in stock exchanges .

第一百零三条进入证券交易所参与集中竞价交易的，必须是具有证券交易所会员资格的证券公司。

Article 103 . The securities companies that participate in collective trading through bidding at a stock exchange must be those that hold stock exchange membership .

第九十五条证券交易所是提供证券集中竞价交易场所的不以营利为目的的法人。

Article 95 . The stock exchange is a non ? profit legal entity which provides a venue in which securities are collectively traded by bidding .

但从根本上讲，创业板市场仍然是以A股为基础的交易所集中竞价市场的组成部分，还没有成为交易规则不同的第二股票市场。

But fundamentally , the GEM is the A share market is still based on centralized auction market , the exchange part of the different trading rules have not yet become the second stock market .

第一百零七条证券交易所应当为组织公平的集中竞价交易提供保障，即时公布证券交易行情，并按交易日制作证券市场行情表，予以公布。

Article 107 . The stock exchange shall provide guarantee for organized and fair collective trading through bidding , promptly publicize stock market prices , and create and publicize stock quotations lists based on the situation of the transaction day .

电力市场与证券市场、期货市场一样，同属于集中竞价的商品市场，根据电力工业的特点和电力市场的根本目标，合理地编制电力市场的综合指数十分必要。

The electricity market , as well as security market and future market , are all concentrated bidding merchandize market , so it is necessary to design the effective aggregative index for the electricity market considering the characteristics of power industry .