ORDER PERIOD – The period of time following the competitive sale of a new issue during which non-priority orders submitted by syndicate members are allocated without consideration of time of submission.  The length of the order period is usually determined by the manager.  In a negotiated sale, the order period is the period of time established by the manager during which orders are accepted.  The order period in a negotiated sale generally precedes the purchase of the issue by the underwriters from the issuer.  At times, order periods are established at subsequent points in the life of a syndicate.  Such subsequent order periods may occur when securities are repriced or market conditions change.  In some offerings, a “retail order period” may be designated during which orders will be accepted solely for retail customers (or, in some cases, small orders for any type of customers).  See:  PRIORITY PROVISIONS; RETAIL CUSTOMER.