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2026Q2 2026Q1

Preview Report: 2026Q2 Routing × 2026Q3 Benchmarks

Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q2 (606, latest month in that quarter); execution quality comes from 2026Q3 amended 605 benchmarks. Route shares from one period are applied to benchmarks from another.

CRD #104021 Review Period: 2026Q2 Filing: Direct 606 filer

CHOICETRADE (CRD #104021) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: CHOICETRADE (CRD #104021) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

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Primary Routed Venues (606)

1. RICE(559.1%)

2. Coda Markets Inc.(176.9%)

3. Citadel Options(120.5%)

Top routed order shares

Disclosed PFOF / Rebates

$45,246.01

Avg 17.57 ¢

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

Rule 5310.09 Exceptions Preview (0 Total)

All scored order size and routing buckets where venue net price improvement trailed mix-adjusted peers by > 1.0 bps.

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No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.

FINRA Rule 5310.09 Review Packet

CHOICETRADE

CRD Number: 104021 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:16:56 GMT

Methodology: exq-2

Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
ChoiceTrade	104021	Direct	V1	be525b3aa7746ccf250c42fd42e5e234e21929ab59852c9ae9cd23eadd123631	Download XML ↗

Benchmark Builds Applied

• Month 202608: build 202608-20261001T134852Z (exq-2) • S&P constituent source: public_constituent_list (2026Q3) • NPI row exclusions: 224

1. SEC Rule 606(a)(1) Order Routing

Quarterly non-directed customer order routing shares and net PFOF/rebates by section and venue.

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Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Citadel Options	Unmapped	51.5%	45.8%	100.0%	42.8%	32.53 ¢	32.64 ¢
202604	options	RICE	Unmapped	48.5%	54.2%	0.0%	57.2%	35.00 ¢	35.00 ¢
202604	other_stocks	RICE	Unmapped	93.0%	71.5%	0.0%	94.3%	16.92 ¢	17.17 ¢
202604	other_stocks	VELOX	Unmapped	0.8%	14.4%	12.2%	0.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Coda Markets Inc.	Unmapped	3.7%	0.0%	10.5%	3.7%	0.00 ¢	40.00 ¢
202604	other_stocks	Citadel Executions Services	Unmapped	1.9%	12.7%	54.6%	1.2%	1.96 ¢	1.96 ¢
202604	other_stocks	Alpaca	Unmapped	0.6%	1.4%	22.7%	0.4%	4.05 ¢	4.21 ¢
202604	sp500	RICE	Unmapped	43.0%	76.3%	0.0%	40.8%	16.91 ¢	16.94 ¢
202604	sp500	Coda Markets Inc.	Unmapped	44.2%	0.0%	52.6%	50.5%	0.00 ¢	38.71 ¢
202604	sp500	Citadel Executions Services	Unmapped	7.0%	10.2%	15.8%	4.7%	1.38 ¢	2.78 ¢
202604	sp500	VELOX	Unmapped	2.1%	11.0%	15.8%	0.6%	0.00 ¢	0.00 ¢
202604	sp500	Alpaca	Unmapped	3.7%	2.5%	15.8%	3.4%	4.55 ¢	0.00 ¢
202605	options	RICE	Unmapped	59.3%	50.0%	0.0%	70.7%	34.68 ¢	35.01 ¢
202605	options	Citadel Options	Unmapped	40.8%	50.0%	100.0%	29.3%	34.98 ¢	34.98 ¢
202605	other_stocks	RICE	Unmapped	87.4%	79.5%	95.8%	80.5%	17.29 ¢	17.93 ¢
202605	other_stocks	Citadel Executions Services	Unmapped	2.5%	7.7%	0.8%	3.4%	5.00 ¢	5.00 ¢
202605	other_stocks	Alpaca	Unmapped	2.3%	9.9%	2.2%	1.8%	5.39 ¢	5.44 ¢
202605	other_stocks	Coda Markets Inc.	Unmapped	6.8%	0.2%	0.8%	13.0%	33.33 ¢	26.94 ¢
202605	other_stocks	VELOX	Unmapped	1.0%	2.7%	0.3%	1.4%	0.00 ¢	0.00 ¢
202605	sp500	RICE	Unmapped	37.0%	79.8%	82.3%	24.1%	17.13 ¢	17.78 ¢
202605	sp500	Coda Markets Inc.	Unmapped	56.9%	0.0%	14.2%	72.0%	0.00 ¢	28.15 ¢
202605	sp500	VELOX	Unmapped	0.7%	7.6%	0.5%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Citadel Executions Services	Unmapped	3.8%	4.2%	2.5%	2.9%	1.36 ¢	1.74 ¢
202605	sp500	Alpaca	Unmapped	1.6%	8.4%	0.5%	1.0%	4.00 ¢	10.00 ¢
202606	options	Citadel Options	Unmapped	28.3%	27.4%	100.0%	21.3%	35.00 ¢	34.28 ¢
202606	options	RICE	Unmapped	71.8%	72.6%	0.0%	78.7%	35.00 ¢	35.00 ¢
202606	other_stocks	RICE	Unmapped	79.1%	79.6%	92.8%	71.0%	18.00 ¢	18.00 ¢
202606	other_stocks	Alpaca	Unmapped	1.0%	6.8%	1.3%	0.6%	6.08 ¢	6.13 ¢
202606	other_stocks	VELOX	Unmapped	0.3%	4.5%	0.1%	0.4%	0.00 ¢	0.00 ¢
202606	other_stocks	Citadel Executions Services	Unmapped	6.7%	8.8%	5.2%	7.3%	8.94 ¢	9.00 ¢
202606	other_stocks	Coda Markets Inc.	Unmapped	12.9%	0.2%	0.6%	20.7%	27.27 ¢	26.79 ¢
202606	sp500	RICE	Unmapped	40.0%	75.2%	84.1%	22.8%	17.96 ¢	17.90 ¢
202606	sp500	Coda Markets Inc.	Unmapped	52.3%	1.4%	11.1%	72.2%	33.33 ¢	27.65 ¢
202606	sp500	Citadel Executions Services	Unmapped	5.0%	5.7%	3.2%	3.8%	8.83 ¢	8.19 ¢
202606	sp500	VELOX	Unmapped	1.6%	12.1%	1.3%	0.5%	0.00 ¢	0.00 ¢
202606	sp500	Alpaca	Unmapped	1.0%	5.7%	0.3%	0.7%	0.00 ¢	10.00 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

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Month	Venue	Class	Notional × Lot	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s

3. Routing-Weighted Composite Quality

Implied execution quality achieved by the firm’s routing mix across the 24 amended size tiers, compared against the best and median competing venues.

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Month	Class	Notional × Lot	Metric	Firm Composite	Best Competing	Best Venue	Median Competing	Mapped Flow

4. Payment for Order Flow vs. Execution Quality

Addresses FINRA 5310.09 conflicts: comparing PFOF received (¢/100 sh) against net price improvement shortfall vs mix-adjusted peers.

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Month	Venue	Order Class	Route %	606 Net PFOF (¢/100)	NPI (bps)	Peer Bench (bps)	Delta (bps)	Ref Price	Delta (¢/100 sh)	Conflict Flag
202608	RICE	market	75.2%	17.96 ¢	—	—	—	—	—	No conflict
202608	RICE	marketable_limit	84.1%	17.90 ¢	—	—	—	—	—	No conflict
202608	RICE	nonmarketable_limit	22.8%	17.81 ¢	—	—	—	—	—	No conflict
202608	Coda Markets Inc.	market	1.4%	33.33 ¢	—	—	—	—	—	No conflict
202608	Coda Markets Inc.	marketable_limit	11.1%	27.65 ¢	—	—	—	—	—	No conflict
202608	Coda Markets Inc.	nonmarketable_limit	72.2%	27.38 ¢	—	—	—	—	—	No conflict
202608	Citadel Executions Services	market	5.7%	8.83 ¢	—	—	—	—	—	No conflict
202608	Citadel Executions Services	marketable_limit	3.2%	8.19 ¢	—	—	—	—	—	No conflict
202608	Citadel Executions Services	nonmarketable_limit	3.8%	8.26 ¢	—	—	—	—	—	No conflict
202608	VELOX	market	12.1%	0.00 ¢	—	—	—	—	—	No conflict
202608	VELOX	marketable_limit	1.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	VELOX	nonmarketable_limit	0.5%	0.00 ¢	—	—	—	—	—	No conflict
202608	Alpaca	market	5.7%	0.00 ¢	—	—	—	—	—	No conflict
202608	Alpaca	marketable_limit	0.3%	10.00 ¢	—	—	—	—	—	No conflict
202608	Alpaca	nonmarketable_limit	0.7%	4.35 ¢	—	—	—	—	—	No conflict
202608	RICE	market	79.6%	18.00 ¢	—	—	—	—	—	No conflict
202608	RICE	marketable_limit	92.8%	18.00 ¢	—	—	—	—	—	No conflict
202608	RICE	nonmarketable_limit	71.0%	18.00 ¢	—	—	—	—	—	No conflict
202608	Alpaca	market	6.8%	6.08 ¢	—	—	—	—	—	No conflict
202608	Alpaca	marketable_limit	1.3%	6.13 ¢	—	—	—	—	—	No conflict
202608	Alpaca	nonmarketable_limit	0.6%	6.12 ¢	—	—	—	—	—	No conflict
202608	VELOX	market	4.5%	0.00 ¢	—	—	—	—	—	No conflict
202608	VELOX	marketable_limit	0.1%	0.00 ¢	—	—	—	—	—	No conflict
202608	VELOX	nonmarketable_limit	0.4%	0.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Executions Services	market	8.8%	8.94 ¢	—	—	—	—	—	No conflict
202608	Citadel Executions Services	marketable_limit	5.2%	9.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Executions Services	nonmarketable_limit	7.3%	8.89 ¢	—	—	—	—	—	No conflict
202608	Coda Markets Inc.	market	0.2%	27.27 ¢	—	—	—	—	—	No conflict
202608	Coda Markets Inc.	marketable_limit	0.6%	26.79 ¢	—	—	—	—	—	No conflict
202608	Coda Markets Inc.	nonmarketable_limit	20.7%	26.67 ¢	—	—	—	—	—	No conflict

Conflict Methodology Note: Quality delta (¢/100 sh) is estimated as Δ_bps × ref_price. A positive PFOF beside a negative delta indicates the firm received payment while the venue delivered less price improvement than competing market centers on identical symbols and size tiers.

5. Material Changes Since Prior Quarter

Changes in routing share (≥ 5 pp), newly added/dropped venues, and PFOF rate shifts since 2026Q1.

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Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	Alpaca	added	—	—	2.07 ¢	—
sp500	Citadel Executions Services	route_share	—	33.95 ¢	5.28 ¢	-28.67 ¢
sp500	Citadel Executions Services	pfof_rate	market	4.45 ¢	3.86 ¢	-0.59 ¢
sp500	Citadel Executions Services	pfof_rate	marketable_limit	4.17 ¢	4.23 ¢	0.07 ¢
sp500	Citadel Executions Services	pfof_rate	non_marketable_limit	4.23 ¢	3.24 ¢	-0.99 ¢
sp500	Citadel Executions Services	pfof_rate	other	4.93 ¢	4.39 ¢	-0.54 ¢
sp500	Coda Markets Inc.	pfof_rate	market	1.63 ¢	11.11 ¢	9.48 ¢
sp500	Coda Markets Inc.	pfof_rate	marketable_limit	10.01 ¢	31.50 ¢	21.49 ¢
sp500	Coda Markets Inc.	pfof_rate	non_marketable_limit	28.33 ¢	31.80 ¢	3.48 ¢
sp500	RICE	route_share	—	10.31 ¢	40.02 ¢	29.70 ¢
sp500	RICE	pfof_rate	market	709.00 ¢	17.33 ¢	-691.67 ¢
sp500	RICE	pfof_rate	marketable_limit	818.07 ¢	17.54 ¢	-800.53 ¢
sp500	RICE	pfof_rate	non_marketable_limit	302.50 ¢	17.57 ¢	-284.93 ¢
other_stocks	Alpaca	added	—	—	1.31 ¢	—
other_stocks	Citadel Executions Services	route_share	—	62.53 ¢	3.71 ¢	-58.82 ¢
other_stocks	Citadel Executions Services	pfof_rate	market	4.49 ¢	5.30 ¢	0.81 ¢
other_stocks	Citadel Executions Services	pfof_rate	marketable_limit	4.53 ¢	5.32 ¢	0.78 ¢
other_stocks	Citadel Executions Services	pfof_rate	non_marketable_limit	4.50 ¢	4.14 ¢	-0.37 ¢
other_stocks	Citadel Executions Services	pfof_rate	other	4.40 ¢	3.97 ¢	-0.43 ¢
other_stocks	Coda Markets Inc.	pfof_rate	market	4.49 ¢	20.20 ¢	15.71 ¢
other_stocks	Coda Markets Inc.	pfof_rate	marketable_limit	10.32 ¢	31.24 ¢	20.93 ¢
other_stocks	Coda Markets Inc.	pfof_rate	non_marketable_limit	29.74 ¢	31.40 ¢	1.67 ¢
other_stocks	RICE	route_share	—	28.90 ¢	86.49 ¢	57.59 ¢
other_stocks	RICE	pfof_rate	market	10.00 ¢	17.40 ¢	7.40 ¢
other_stocks	RICE	pfof_rate	marketable_limit	9.45 ¢	17.70 ¢	8.25 ¢
other_stocks	RICE	pfof_rate	non_marketable_limit	10.00 ¢	17.36 ¢	7.36 ¢
options	Citadel Options	route_share	—	51.46 ¢	40.15 ¢	-11.31 ¢
options	Citadel Options	pfof_rate	market	33.57 ¢	34.17 ¢	0.60 ¢
options	Citadel Options	pfof_rate	marketable_limit	33.06 ¢	33.97 ¢	0.91 ¢
options	Citadel Options	pfof_rate	non_marketable_limit	31.14 ¢	33.59 ¢	2.45 ¢
options	Citadel Options	pfof_rate	other	33.55 ¢	22.61 ¢	-10.94 ¢
options	RICE	route_share	—	48.54 ¢	59.85 ¢	11.31 ¢
options	RICE	pfof_rate	market	34.87 ¢	34.89 ¢	0.02 ¢
options	RICE	pfof_rate	marketable_limit	0.00 ¢	35.00 ¢	35.00 ¢
options	RICE	pfof_rate	non_marketable_limit	41.57 ¢	42.20 ¢	0.63 ¢
options	RICE	pfof_rate	other	35.00 ¢	23.33 ¢	-11.67 ¢

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells

Cells with < 100 covered orders

Unmapped Venues

606 destinations without 605 match

Challenged / Missing 605

Venues missing monthly 605 report

Unmapped Routing Destinations:

Alpaca (name:ALPACA), Citadel Executions Services (name:CITADEL EXECUTIONS SERVICES), Coda Markets Inc. (name:CODA MARKETS), RICE (name:RICE), VELOX (name:VELOX)

Standing Review Limitations:

A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
This report is not legal or compliance advice.
Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.