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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 ?
Four-time Super Bowl champion Joe Montana has also gotten in on the art of the tailgate.
As fall sets in, these displays can be reimagined to focus on tailgate shoppers.
Caption: Tailgates with durable components, such as steel alloy chains, last longer and perform better.
Donnie Adlen, who has co-owned Sun Valley's U-Pick-A-Part auto wreckage yard for 50 years, said many truck owners come in seeking tailgates to replace those that have been smashed in a collision or else stolen, so there is a demand.
Make sure your tailgate area stands out so friends can find you.
The first commercial immediately caught my attention--a product called Gorilla-Lift--designed to easily lift the tailgate of utility trailers.
But we figure we should at least let them tailgate.
Initial targets are tailgate and backlite assemblies (with molded-in attachments), panoramic roof and sun-roof modules, and side windows that are seamlessly integrated into exterior body panels.
Preceding the game, American Golf's Brookside Golf Club - located adjacent to the historic Rose Bowl Stadium - will host two of the largest and most exciting tailgate parties in college football.
Over the years, fans have pushed the envelope of partying science, bringing bigger and better tailgates to life as they cheer on their favorite teams.
Lory Lentian, an Armenian university student, said she only tailgates people when it is her right to ask others to give way.