How it works
An exchange's trading session is divided into the opening auction, at which the first trade of the day is determined; the closing auction, at which the last trade is determined; and zaraba in between (see related pages). During zaraba, orders are matched and executed continuously based on the principles of price priority and time priority as conditions are met.
Difference from the opening and closing
The opening and closing prices are determined using a method called itayose, which matches all outstanding orders at a single price — this differs from how prices are formed during zaraba (see the respective pages for details).