Definition: Situation in which one debt is entitled to be paid before another debt(s) is paid. Definition: [crh] Used for listed equity securities. System used in an auction market, in which the first bid or offer price is execuDefinition: ted before other bid and offer prices, even if subsequent orders are larger. NYSE rules stipulate that the bid made first should be executed firsDefinition: t, or if two bids came in at once, the bid for the large number of shares receives "priority." The bid not executed is then turned to the broDefinition: ker, who informs the customer that the trade was not completed because there was stock ahead. See: Standing.

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