The act or state of preceding or going before in order of time; priority; as, one event has precedence of another.
The established system of priorities of trades 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.
The order of preference among established names, used to select the accepted name from among them. In general, precedence is based on the date of establishment, with earlier-established names having precedence over later ones, but later-established names may be conserved over earlier ones.