<h2>Order Protection Rule</h2>
<p>The <strong>Order Protection Rule</strong> is a regulatory measure designed to safeguard investors and ensure fairness in the execution of orders. It was introduced by the U.S. Securities and Exchange Commission (SEC) in 2007 and applies to all U.S. stock exchanges and alternative trading systems (ATS).</p>

<h2>How It Works</h2>
<p>The Order Protection Rule aims to prevent the manipulation of a security's price by ensuring that orders are executed at the best possible price. Here's how it works:</p>
<ul>
  <li><strong>Best Execution</strong>: Brokers must execute orders at the best available price. This means that if a better price is available at another venue, the order should be routed there for execution.</li>
  <li><strong>Trade Throughs</strong>: If a trade occurs at a price inferior to a protected quote, the exchange or ATS must review the trade to determine if it was executed in error. If it was, the trade may be voided or adjusted.</li>
  <li><strong>National Best Bid/Offer (NBBO)</strong>: The Order Protection Rule requires that the best bid and offer prices for a security are displayed to all market participants simultaneously. This ensures that everyone has access to the same information and can make informed trading decisions.</li>
</ul>

<h2>Why It Matters for Traders</h2>
<p>The Order Protection Rule matters to traders for several reasons:</p>
<ul>
  <li><strong>Fairness</strong>: The rule promotes fairness by ensuring that all traders have access to the best prices available. This helps to level the playing field and prevent unfair advantages.</li>
  <li><strong>Transparency</strong>: The requirement to display the NBBO promotes transparency, allowing traders to see the best prices available and make informed trading decisions.</li>
  <li><strong>Protection from Manipulation</strong>: The Order Protection Rule helps to protect traders from price manipulation by ensuring that trades are executed at fair prices.</li>
</ul>

<h2>Example</h2>
<p>Let's say you're using <strong>MetaTrader 5</strong> on STB Provider's platform to trade stocks. You place a market order to buy 100 shares of XYZ Inc. at the current market price. The Order Protection Rule ensures that your order will be executed at the best available price, even if that price is available on another exchange. If a trade occurs at a price inferior to the best bid, the exchange will review the trade to ensure it was executed in error and not due to manipulation.</p>

<h2>Key Takeaways</h2>
<ul>
  <li>The Order Protection Rule ensures that orders are executed at the best possible price.</li>
  <li>It prevents trades from being executed at prices inferior to protected quotes.</li>
  <li>The rule promotes fairness, transparency, and protection from price manipulation.</li>
  <li>It applies to all U.S. stock exchanges and alternative trading systems.</li>
</ul>