"hold the floor"

My context:
"Scollon & Scollon's concept of "distribution of talk" which refers t the mutual agreement between individuals as to who talks first, *holds the floor*, how each takes a turn or interrupts is useful here..."

I'm not sure about the meaning of "holds the floor".
Is it who has the right to speak, or who dominates the conversation and speaks most of the time?

Thank you very much