Price Priority Principle

…Article 129). In the securities market, competitive trading is conducted in accordance with the principle of time priority (in the case of bids and offers at the same price, priority is given to the person who made the first bid) and the principle of price priority (in the case of multiple bids and offers at the same time, priority is given to the person who made the higher bid for buying and the person who made the lower bid for selling), as stipulated in the securities exchange's business regulations, and the principle of one price for one item applies. In addition, when executing trading in the securities market, members must give priority to transactions based on customer orders over transactions based on their own account, in accordance with the principle of customer priority as stipulated in the securities exchange's business regulations. …

*Some of the terminology that refers to the "principle of price priority" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…129条)。有価証券市場においては，証券取引所の業務規程に定める時間優先の原則(同一値段の呼値の場合に，先に呼値をとなえた者を優先する原則)および価格優先の原則(同時に複数の呼値がとなえられた場合に，買いでは高い呼値をとなえた者を，売りでは安い呼値をとなえた者を優先する原則)に従って競争売買が行われ，一物一価の原則が妥当する。なお，会員は，有価証券市場における売買取引の執行については，証券取引所の業務規程に定める顧客優先の原則によって，顧客の注文による取引を自己の計算による取引に優先させなければならない。…

※「価格優先の原則」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報