the property of arithmetic operations that determines which operations are done first in a complex expression.
Typically, exponentiations are done first, then multiplications and divisions, and finally additions and subtractions. For example, the Excel expression
=5+4*3ˆ2
means 5 + 4 × 9 = 5 + 36 = 41. You can use parentheses to change the order of the operations when you need to, since any operation in parentheses will be done first. For example,
=5+(4*3)ˆ2
means 5 + 122 = 5 + 144 = 149.
priority of one order over another on the floor of the exchanges, according to rules designed to protect the double auction system. The rules basically are that the highest bid and lowest offer have precedence over other bids and offers, that the first bid or first offer at a price has priority over other bids or offers at that price, and that the size of the order determines precedence thereafter, large orders having priority over smaller orders. Where two orders of equal size must compete for the same limited quantity after the first bid is filled, the impasse is resolved by a flip of the coin.Exchange rules also require that public orders have precedence over trades for floor members' own accounts.
