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Here (as in many other books) it is not entirely clear whether the writers advocated the adaptation of the metric ("French") system, or a decimalized system based on selected imperial units.
Prior Return (PR) is the decimalized fund return over the prior calendar year.
In theory, enforcement of time priority would enhance market liquidity and competition, but in the decimalized world time priority has become largely moot even on a single exchange--improving the best quote by a mere penny eliminates the previous best quote's time priority.
Knight's new execution criteria will enable it to continue to provide clients with enhanced liquidity and price improvement in listed securities, even though trading spreads are expected to narrow and the availability of liquidity at specific price points most likely will decrease once all listed stocks are decimalized.