Update : Mar. 02, 2012
TSE offers two trading sessions each weekday from 09:00～11:30 and 12:30～15:00, the morning and afternoon sessions respectively.
The first transactions of each session are executed during the 'opening auction' at the start of each session; and the last transactions are executed during the 'closing auction' at the end of each session. Thus there are two opening and two closing auctions each day.
All other transactions taking place during the sessions do so as part of a continuous auction.
Orders from Trading Participants are accepted and registered from slightly earlier than the start of each session, 08:00～11:30 and 12:05～15:00, as illustrated in the diagram below.
This diagram only illustrates the hours that TSE accepts orders from Trading Participants, but investors may place orders with securities companies during whatever hours the securities companies offer. Indeed, the Internet and other developments mean that some securities companies accept orders 24 hours a day.
Orders accepted and registered on TSE are valid for only one day, so if an order is not executed and a customer hopes it to be placed on the following day, a Trading Participant must re-place the order the following day.