The call price would be $9.07 because it is the highest price where there is at least one buyer and no seller. Any price above $9.07 would have a seller with a higher quantity than the available buyer quantity. Therefore, $9.07 would be the price at which the maximum number of shares can be traded, making it the call price.

Now assume that the state of the limit order book is as follows just before the call of BHPs openinocall auction Price $919 $912 $910 $907$902$898 $895 $893 Buy Quantity 0 0 0 1910 910 1210 2010 910 S

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