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Purchase of a security by a broker after the broker places an order for the same security for a customer. The broker hopes to profit either because of information which the customer has or because the customer's purchase is of sufficient size to affect security prices. This is an unethical practice.


The act of entering a restricted area without authorization by following a person with authorization. For example, one may enter a door immediately behind a person who has the key. The term implies that the tailgater does not have the consent of the person who has access, but this is not always the case. Tailgating is a violation of security protocol and may be a form of trespassing.


The placement of an order by a registered representative for the registered representative's own account on the basis of an order that has been received from a client. Suppose a customer calls a registered representative with an order to sell 1,000 shares of stock. If the representative sells the stock for the customer and follows it by selling additional shares of the same stock for his or her own personal account, the representative is tailgating.


When a broker places your order for a security, and then immediately places an order for his or her own account for the same security, the broker is tailgating.

Although this practice, which is also known as piggybacking, isn't illegal, it is considered unethical, because the assumption is that the broker is trying to profit from information the broker believes you have about the stock.

A broker will typically tailgate only when you buy stock in a sufficient quantity to potentially affect the price of the security.

References in periodicals archive ?
Some Yale historians argue that the dawn of the tailgate era was 1904, started by Yale football fans.
For those tailgate foods that require more than fingers, the CHINET Cut Crystal cutlery assortment includes forks, knives and spoons all in a unique, ready-to-serve package - perfect for every tailgate table.
Select a stellar food lineup: Rely on classic tailgate favorites like burgers and brats, but try at least one new dish each time, and a health-conscious one, too.
2014 Honda Odyssey : The Odyssey has all the minivan goods: best-in-class cargo room behind the second row, plus a widescreen entertainment screen visible from behind an open tailgate.
The make and model that saw the most tailgate theft claims during this period was the 2008 Ford F250 with 70 claims, or 5 percent of the total.
While "basics" tailgate grillers spend an average of $441 in groceries per year for their parking lot parties, "gourmet" tailgaters spend an average of $1,001-a whopping 127 percent more.
TAILGATE TAKEDOWN is produced for TLC by Asylum Entertainment.
People who "always grill" at tailgates are spending more ($117) than those who "sometimes grill" ($96); those who "never grill" but attend tailgates spend an average of $52.
Let's look at the numbers: The return on investment associated with a tailgate is significant, and scissor-style tailgates take it even further.
The Instagate Party Supplies : a carefully curated party pack that contains everything else you need (but sometimes forget) for your tailgate party ($14.
However, she said, people might get around this by leaving a distance only near the radars and continue to tailgate elsewhere.
They began with enough equipment for one tailgate at Mississippi State, but quickly expanded to Ole Miss and the University of Alabama as their reputation grew.