The established system of priorities of trade in an exchange. For example, the highest bid and lowest offer have highest precedence; the first bid or first offer at a price has highest priority, and large orders have priority over smaller orders. Bloomberg Financial Dictionary
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precedence UK US /ˈpresɪdəns/ noun [U]
► the fact that something is more important than other things and should be dealt with first: »
The cases led to a debate about whether human rights should sometimes take precedence over national security.
give precedence to sth »Many companies are currently giving precedence to short-term gains.
Financial and business terms. 2012.