who decides the open rate?

#1
Hi everyBody,
This is vedvyas.This is my first post. I've learnt a lot from this forum. still i have many confusions about the market.
for example we know that previous close and todays open rate are not the same . there is a +- gap between these two.
but who decides the open rate for today.how it is decided. is it after hours tradeing or something else? please throw some light on it.
thanking in advance.
vedvyas.
 

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