Priority

Used for listed equity securities. System used in an auction market, in which the first bid or offer price is executed before other bid and offer prices, even if subsequent orders are larger. NYSE rules stipulate that the bid made first should be executed first, or if two bids came in at once, the bid for the large number of shares receives "priority." The bid not executed is then turned to the broker, who informs the customer that the trade was not completed because there was stock ahead. See: Standing.

Priority

In an auction market, a rule stating that the orders for a new issue must be executed in the order in which they are received. That is, as long as an offer or bid is made at the requested price, it must be executed before an offer or bid that is made after it, even if the second one is larger.

priority

The preference received by a bid or offer entered first in an auction market. Regardless of size, the first offer has priority if a transaction occurs at the price specified by the order.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

priority

An order of payment of creditors if there are insufficient assets to pay all creditors.

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