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Zaraba

A method of trading employed on Japanese exchanges. Under the zaraba method, transactions are consummated by auction based on (i) price priority in that the selling (buying) order with the lowest (highest) price takes precedence over other orders, and (ii) time priority in that an earlier order takes precedence over other orders at the same price.

Zero coupon bonds

Zero coupon bonds are corporate or municipal debt securities that trade at a deep discount from the face value, as the bond pays no interest to the bondholders during its lifetime.