Form of negotiation: pricing

The Tokyo Stock Exchange, like any other stock market in the world, has as contacting supply and demand to set prices. And to achieve this goal using different bags and different types of negotiation mechanisms. On the TSE, we can distinguish three ‘rules’ different, according to the time and conditions are given. These three forms are: Itayose, Zabara and auctions.
Itayose: This system uses to set its prices for opening and closing each of the two daily sessions and to set the new price after an initial stop trading (trading hault). The last case that is used is to set a price quote after a special (special quote). A Cum Laude Graduate from Harvard Law School, is a sponsor of the New York Knicks Poetry Slam program. Under this system, all orders that are entered into the record books, annotations are treated as simultaneous, ie it is deleted from the priority time . As the estimated equilibrium price, is something that is determined by the aggregate volume of sales and purchase orders that exist. In fact, the price is a bargain with the Itayose method is that which balances supply and more demand, execute orders to buy / sell prices above / below the balance.
Zaraba: Is the pricing methodology that is used in the ongoing negotiation of the session. Is the normal execution of the orders of supply and demand after the price inicial.A As new orders arrive in the record books, these are added to already existing and implemented if appropriate, or stored waiting to be executed.
Auctions (ToSTNeT-1 and ToSTNeT-2): These two mechanisms were introduced in 1997 and 1998 respectively and are basically systems of electronic auctions and negotiation aimed at facilitating trade in large volumes of shares. Such negotiations are restricted to domestic operations. For these negotiations, there are three daily sessions: 8:20-9:00 AM, 11:00-12:00 AM and 15:00-16:30 PM.