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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
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.
References in periodicals archive ?
"Table of Precedency" prevents this world, she wants to jump
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." Ah, but there is you know.
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.
(71.) For a discussion of situations in which players converge on some "focal point" (a prominent position in terms of uniqueness, simplicity, or precedency), see THOMAS C.
On the other hand, as a philosophical relation, a cause is "an object precedent and contiguous to another, and where all the objects resembling the former are plac'd in like relations of precedency and contiguity to those objects, that resemble the latter" (170).