Continuous Auction Trading
Continuous Auction Trading (zaraba system) with price / time priority, in principle.
At the processing start time
Processing start time point is set at the beginning of a trading session, since a special trading method is adopted for a smooth processing of orders placed before the trading session begins.
At the processing start time point, MM orders and orders other than MM orders are matched.
Order acceptance time
Order acceptance time: from 15 minutes prior to the opening to the closing.
Types of orders: Limit, Market, FAK, FAS, FOK, Best Rate, Limited Market, SM, SL and Limit-to-Market.
Orders that can be placed from the opening: Limit, Stop, Stop Limit and Limit-to-Market.
Triggers for Stop Market Orders and Stop Limit Orders are activated only during continuous auction.
Trading ends at the closing time
When determining closing price, itayose (call auction) is not conducted – trading ends at the closing time of the trading session.