What is a call auction (single-price auction)?

A single-price auction is a method in which orders received over a set period are collected and executed all at once at a single price; it is commonly called a 'simultaneous quote' session in Korea.

It is an efficient way to quickly find a new equilibrium price when trading continuity is broken, such as before the market opens or before it closes, or when share prices are likely to change sharply. During the rest of regular market hours, continuous trading takes place, with orders executed as they come in.