www.jpx.co.jp/tse-school/learn/05.html

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証券取引所での取引のルール｜なるほど！東証経済教室

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This page explains the trading rules at securities exchanges. Most transactions are conducted by computer to ensure proper trading. Two principles govern the process: price priority (highest bids for buy orders, lowest asks for sell orders) and time priority (earlier orders take precedence at equal prices). Trades are executed between the highest buy and lowest sell prices for each stock. When identical prices exist, the first submitted order is prioritized. The system ensures fair and equal trading opportunities for all investors.