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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 ?
It's led to unexpected combinations, like using the wider aisles to feature large storage bins that have been a hit with tailgaters for packing up their equipment," she says.
Though it started as a print magazine, Tailgater Monthly[TM] has grown steadily into a multi level platform with print and digital versions, e-newsletters, tailgate tours, sponsored events, custom surveying, list development and product sales.
If there are no open lanes available, maintain a legal speed until you can let the tailgater pass.
Just as sport consumers display varying levels of commitment with particular teams (Mullin, Hardy, & Sutton, 1993) and consumers develop varying levels of relationships with brands (Fournier, 1998), tailgaters differ in their levels of commitment to the ritual of tailgating.
Fans nationwide usually have their own special food that they like to prepare specifically for their team or region, but typically, from city to city, tailgaters are eating the basics of burgers, bratwurst, and chili to foods like poached salmon and deep fried turkeys.
The variety of food among tailgaters was mind blowing.
But, then, nothing comes easy for tailgater chefs: Time constraints.
15 per cent of women and 11 per cent of men slow down to annoy the tailgater as much as possible.
Speed cameras don't stop tailgaters, texters or nutters.
Today, his new company KB Innovations, LLC has sold hundreds of Point Pong tables to college students, tailgaters and other outdoor game enthusiasts based throughout the country.
In fact, according to the American Tailgaters Association, home improvement outlets were one of the top 10 places consumers turn to first for their tailgating needs.
It never dawns on the tailgater that if I accelerate I'll be putting myself and others at more risk.