Abstract: In the market of tradable green certificate （TGC）， an effective trading mechanism and good bidding strategy plays an important role for improving its efficiency. Firstly， under the circumstances that the TGC trades are voluntary in China now， the trading mechanism is introduced and the studies are done on the two aspects of pricing and market performance. Next， on the basis of these analyses， an appropriate multi-round call auction mechanism is designed for improving the efficiency and social welfare， in which a particle swarm optimization （PSO） adaptive bidding strategy  is proposed to accomplish a multi-round quotation and bidding process. This bidding strategy can make both sides of TGC buyers and sellers to adjust their biding price and quantity dynamically. Finally， some experiment simulations are done to verify the feasibility and effectiveness of the trading mechanism and bidding strategy.

Key words:  tradable green certificates （TGC）, multi-round call auction, particle swarm optimization （PSO） adaptive bidding strategy