This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That best execution is the best overall outcome for a customer, not just the best price, considering factors like speed and likelihood of execution. - The critical difference between a binding 'firm quote' and a non-binding, informational 'subject quote' or 'nominal quote'. - That customer orders always have priority over a firm's proprietary trades at the same price, a concept known as the priority of public orders. - How broker-dealers must use a firm-level error account to correct order entry mistakes, ensuring the customer is always made whole. - Key prohibited trading practices like 'trading ahead' of customer orders and 'front-running' based on non-public block trade information.