Call market

A secondary market in which trades occur only at a particular time and place.  All interested buyers and sellers of a stock gather at a specific time and place to declare their bids and asks, and then one negotiated price is set that clears the market for the stock. 

A call market can be very liquid when in session because all traders are present, but they are obviously illiquid between sessions.  Call markets usually are organised just once a day, but some markets organise calls at more frequent intervals.

Compare: Continuous market

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