a. Discuss the differences between “best price” and “best execution” with respect to order handling.

b. Describe how following the SEC’s Order Protection Rule (best price) can conflict with “best execution,” particularly in the scenario involving a block order.

c. The “Best Price” component of Reg NMS has been criticized as being counterproductive in that it can serve to prevent brokers from working orders to obtain the best executions for their clients. In Section 1.6, we discussed various types of orders that can be placed in markets. Which of those order types can serve the purpose of obtaining “best execution” when other order types would be executed under “best price” rules?