Price-time priority

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The principle of price/time priority refers to how orders are prioritized for execution. Orders are first ranked according to their price; orders of the same price are then ranked depending on when they were entered.[1]

Unlike the pro-rata model, in which orders go to specialists first, in a price/time priority model, dealers have few special privileges.

References

  1. price-time priority (definition). encyclo.co.uk.