Precedence

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Precedence

The established system of priorities of trades in an exchange. For example, the highest bid and lowest offer have highest precedence; the first bid or first offer at a price has highest priority, and large orders have priority over smaller orders.

Precedence

On an exchange, the succession in which floor traders must execute orders. Invariably, the orders with the highest bid or the lowest ask are executed first. If two orders have an identical price, the one entered first has precedence. The specific rules of precedence are set by each exchange individually.

precedence

The sequence in which orders are executed on an exchange floor. For example, the order with the lowest ask or highest bid has precedence over other orders. With orders at an identical price, the one entered earliest has precedence. The precedence of orders is established by the rules of each exchange.
References in periodicals archive ?
No contest passed, as was usual on the like occasions, for Precedency, the Muscovites freely giving it to the Poles.
No society, whether barbarous or civilized, has ever found it convenient to settle the rules of precedency of rank and subordination, according to those invisible qualities; but according to something that is more plain and palpable.
Johnson when asked to decide whether Derrick or Smart was the better poet, but without Johnson's recourse: "Sir, there is no settling the point of precedency between a louse and a flea.
Despite the respect such work has been accorded (particularly the work of Langer) and the long-standing recognition of important intersections of that work with musicology, such research has, until quite recently, not held precedency as a primary concern within musicology.