noun
continuous trading session; zaraba
A stock exchange term for the main trading session where orders are matched continuously, as opposed to fixed-price sessions like the opening or closing call. Also referred to by the Japanese term 'zaraba' in English financial contexts.
東京証券取引所のざら場は午前9時から午後3時までです。
The continuous session of the Tokyo Stock Exchange is from 9 a.m. to 3 p.m.
ザラ場中に大きな注文が入った。
A large order came in during the continuous trading session.
板寄せ refers to a call auction or fixed-price session (e.g., opening/closing), while ざら場 is the continuous trading session in between.
The term ざら場 (zaraba) is a financial jargon word. The origin is uncertain, but it may derive from the onomatopoeic word ざらざら (rough, granular) combined with 場 (place), possibly referring to the bustling, continuous nature of the trading floor.