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Summary

This video explains how stock prices are formed through market dynamics, particularly focusing on the interaction of buy and sell orders. It highlights key concepts such as best bid, best offer, and how these orders are prioritized based on price and time. Through a detailed example of investors placing orders at varying prices, the video shows how the stock price is continuously adjusted and matched by the market system. The process illustrates the complexity of price formation and transaction matching in real-time stock trading.

Takeaways

• 😀 The formation of stock prices is determined by supply and demand in the market, processed by computers.
• 😀 Not all buy and sell orders lead to price formation. Only matching orders contribute to price formation.
• 😀 Investor 1 wants to buy shares of XYZ at IDR 5,000 for 20 lots, and Investor 2 wants to sell at IDR 5,200 for 10 lots, but no price is formed yet as the orders don't match.
• 😀 The best bid (highest buy order) is IDR 5,000 and the best offer (lowest sell order) is IDR 5,200, but no price is formed yet.
• 😀 When a new order comes in at a lower price, such as Investor 3 wanting to sell at IDR 5,100 for 50 lots, the sell order is prioritized by price (price priority).
• 😀 The best offer changes to IDR 5,100 when Investor 3's sell order is added, as IDR 5,100 is lower than IDR 5,200.
• 😀 The best bid remains IDR 5,000 as no buy orders are lower than that price.
• 😀 When a new buy order comes in at IDR 4,900 for 40 lots, it doesn’t change the best bid as IDR 5,000 remains higher.
• 😀 Time priority is applied when multiple orders have the same price. The order that was placed first is given higher priority.
• 😀 When Investor 5 places a sell order at IDR 5,100 for 15 lots, it increases the volume of the best offer to 65 lots due to time priority.
• 😀 A match occurs when the best bid (IDR 5,100) equals the best offer (IDR 5,100), resulting in a transaction at that price for 40 lots, with a total value of IDR 6,500,000.

Q & A

What determines the formation of stock prices in the market?

Stock prices are formed through the interaction of market supply and demand, which is processed by computers. Not all buy or sell orders directly contribute to the price formation.

What happens when an investor wants to buy a stock at a lower price than what another investor is willing to sell?

When an investor wants to buy at a lower price than another is willing to sell, no price is formed yet because the buy order is below the current sell price.

What are the terms 'best bid' and 'best offer' referring to in the market?

The 'best bid' refers to the highest buy price, while the 'best offer' refers to the lowest sell price in the market at a given time.

How is the priority determined when multiple orders are placed?

The priority is determined based on two main principles: price priority, where cheaper sell orders are prioritized, and time priority, where earlier orders are prioritized if the prices are the same.

What happens when an investor places an order to sell at a price lower than the current 'best offer'?

When an investor places a sell order at a price lower than the current 'best offer,' the new lower price becomes the 'best offer' and takes precedence over higher sell orders.

How does volume impact the 'best offer' when multiple orders exist at the same price?

If multiple sell orders exist at the same price, the order with the larger volume takes precedence. For example, if an investor increases the sell order volume, the price remains the 'best offer,' but with a higher volume.

What happens when two investors have the same price but one enters the market first?

When two investors have the same price, the one who entered the market first is given priority in the execution of their order, based on the principle of time priority.

What is the process of matching orders at the same price in the market?

Matching occurs when the 'best bid' and 'best offer' are the same, and the market facilitates a transaction at that price, such as when an order to buy matches an order to sell at the same price.

How do the best bid and best offer prices evolve in the market?

The best bid and best offer prices evolve dynamically as new orders are placed. If a new buy order offers a higher price, it becomes the new best bid, and similarly, if a new sell order offers a lower price, it becomes the new best offer.

How does the total volume of an order impact market transactions?

The total volume of an order can impact market transactions by influencing which orders are prioritized, especially when multiple orders share the same price. A larger volume order may have a higher chance of matching faster or influencing the price.