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


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


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.
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.


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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
"He knocked it out of the park," says Chad Barczak, co-founder of a Eugene real estate software company that brought in Meigs to do its 2011 tailgaters.
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.
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.
There's plenty of sensible advice on how to deal with tailgaters at www.safespeed.org.uk/tailgate.html.
In addition to traditional print, internet and promotional marketing elements, TicketCity will work with Southern Tailgater Magazine at more than 20 events throughout the fall, including SEC and Big 12 football games, NFL matchups, and NASCAR racing events.
Tailgaters, picked out by 22 per cent, took second place.
15pc of women and 11pc of men slow down to annoy the tailgater as much as possible.
Perhaps if we all had bumper stickers with this message, the tailgater would get the message.
"If I am driving slow on the fast lane, which rarely ever happens, I would give the tailgater the opportunity to pass.
"It can be tempting to hold them up, however, this will only further frustrate the tailgater and it's just not worth it as the situation could escalate into road rage."