撮合交易的含义及运作方式

撮合交易，又称作“对盘”，是一种在金融市场，特别是在股票、期货和外汇市场中常见的交易方式。在撮合交易中，买方和卖方通过交易平台或交易所提供的电子撮合系统达成交易。买方提出一个买入价格，而卖方提出一个卖出价格。当买方的价格高于或等于卖方的价格时，交易平台就会撮合这两个订单，完成交易。

撮合交易的特点是价格优先、时间优先。也就是说，价格更高的买盘或价格更低的卖盘会优先成交。如果价格相同，那么先进入交易系统的订单会优先成交。这种方式保证了市场的公平性和效率。

撮合交易有助于维护市场的稳定和公正，因为它提供了一个公平、透明的交易平台，使得所有参与者都能在相同的信息和条件下进行交易。同时，撮合交易也促进了市场的流动性，使得买卖双方能够快速、有效地完成交易。

The Meaning and Operation of Matching Transaction

Matching transaction, also known as "matching orders," is a common trading method in financial markets, especially in stock, futures, and foreign exchange markets. In matching transactions, buyers and sellers reach deals through an electronic matching system provided by a trading platform or exchange.

The buyer proposes a purchase price, while the seller proposes a sales price. When the buyer's price is higher than or equal to the seller's price, the trading platform will match these two orders and complete the transaction.

Matching transactions are characterized by price priority and time priority. That is, buy orders with higher prices or sell orders with lower prices will be matched first. If the prices are the same, the order that entered the trading system first will be matched first. This approach ensures fairness and efficiency in the market.

Matching transactions help maintain market stability and fairness by providing a fair and transparent trading platform where all participants can trade under the same information and conditions. At the same time, matching transactions also promote market liquidity, enabling buyers and sellers to complete transactions quickly and efficiently.