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2026Q2 2026Q1

CRD #104369 Review Period: 2026Q2 Filing: Direct 606 filer

LIGHTSPEED FINANCIAL SERVICES GROUP LLC (CRD #104369) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: LIGHTSPEED FINANCIAL SERVICES GROUP LLC (CRD #104369) 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. Wolverine Execution Services, LLC(157.7%)

2. Dash/IMC Financial Markets(83.7%)

3. CITADEL SECURITIES LLC(81.0%)

Top routed order shares

Disclosed PFOF / Rebates

$527,686.38

Avg 10.13 ¢

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

0 mo • 0 builds

Amended 605 builds

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

LIGHTSPEED FINANCIAL SERVICES GROUP LLC

CRD Number: 104369 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:58 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Lightspeed Financial Services Group LLC	104369	LSPS	V1	0a936e1b9efb5dca19d7986ba32d96849e5beabcbc9509c2bb33d16d650bade9	Download XML ↗

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	Wolverine Execution Services, LLC	Unmapped	48.8%	99.5%	82.7%	65.3%	14.88 ¢	27.27 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	29.2%	0.0%	0.0%	0.0%	11.07 ¢	1.43 ¢
202604	options	Bank Of America - Merrill Lynch Instinct X Ats	Unmapped	22.0%	0.5%	17.3%	34.7%	0.00 ¢	-22.44 ¢
202604	other_stocks	MEMX LLC	Unmapped	12.8%	0.0%	0.6%	2.3%	-17.55 ¢	-17.70 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	7.0%	20.3%	6.9%	15.5%	9.96 ¢	1.17 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	6.3%	13.9%	8.7%	11.6%	8.80 ¢	6.96 ¢
202604	other_stocks	UBS Securities, LLC ATS	Unmapped	5.0%	0.0%	5.1%	2.7%	0.00 ¢	-10.00 ¢
202604	other_stocks	J.P. Morgan Securities LLC	Unmapped	4.4%	0.0%	4.7%	2.0%	0.00 ¢	-10.00 ¢
202604	other_stocks	The Nasdaq Stock Market LLC	Unmapped	4.3%	0.3%	2.4%	6.3%	6.07 ¢	-22.14 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	4.2%	18.4%	6.6%	10.0%	9.14 ¢	3.39 ¢
202604	other_stocks	Goldman Sachs & Co. LLC SIGMA X2	Unmapped	4.1%	0.0%	3.5%	1.1%	0.00 ¢	-10.00 ¢
202604	other_stocks	Instinct X	Unmapped	4.0%	0.0%	3.6%	1.3%	0.00 ¢	-10.00 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	3.9%	0.0%	2.2%	3.1%	0.00 ¢	-25.24 ¢
202604	other_stocks	Jane Street Capital	JNST	3.7%	15.5%	5.4%	3.5%	9.87 ¢	8.69 ¢
202604	other_stocks	Instinet, CBX	Unmapped	3.3%	0.0%	2.4%	2.1%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	3.1%	21.2%	5.9%	6.1%	9.74 ¢	7.32 ¢
202604	other_stocks	Investors Exchange (IEXG)	Unmapped	3.1%	0.0%	3.0%	1.1%	0.00 ¢	-16.23 ¢
202604	other_stocks	Intelligentcross	Unmapped	2.3%	0.0%	3.6%	0.6%	0.00 ¢	4.56 ¢
202604	other_stocks	MIAX Pearl Equities	Unmapped	2.3%	0.0%	0.5%	0.4%	0.00 ¢	-22.83 ¢
202604	other_stocks	Jump Trading	Unmapped	2.1%	0.0%	2.5%	0.8%	0.00 ¢	4.57 ¢
202604	other_stocks	Barclays Ats	Unmapped	2.0%	0.0%	2.3%	1.9%	0.00 ¢	-10.00 ¢
202604	other_stocks	Level ATS	Unmapped	1.9%	0.0%	3.5%	2.7%	0.00 ¢	-5.00 ¢
202604	other_stocks	OneChronos Markets LLC	Unmapped	1.9%	0.0%	1.6%	3.1%	0.00 ¢	-1.52 ¢
202604	other_stocks	Virtu MatchIt	Unmapped	1.9%	0.0%	2.3%	2.0%	0.00 ¢	-5.00 ¢
202604	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.8%	0.0%	0.9%	1.6%	0.00 ¢	-25.88 ¢
202604	other_stocks	Virtu POSIT ATS	Unmapped	1.6%	0.0%	2.2%	1.9%	0.00 ¢	-5.00 ¢
202604	other_stocks	NEW YORK STOCK EXCHANGE, INC.	Unmapped	1.0%	0.0%	0.7%	1.8%	-9.00 ¢	-28.22 ¢
202604	other_stocks	BofA Securities, Inc.	Unmapped	1.0%	0.0%	1.2%	1.4%	0.00 ¢	-10.00 ¢
202604	other_stocks	Cboe BYX Exchange, Inc.	Unmapped	0.8%	0.0%	1.0%	1.4%	0.00 ¢	-6.18 ¢
202604	other_stocks	CODA MARKETS INC	Unmapped	0.8%	0.0%	0.7%	0.1%	0.00 ¢	-1.50 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	22.3%	17.9%	18.2%	31.7%	10.00 ¢	1.52 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	18.0%	25.9%	18.9%	20.2%	10.00 ¢	6.46 ¢
202604	sp500	Virtu Americas, LLC	NITE	16.0%	13.4%	18.2%	20.2%	10.00 ¢	4.49 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	11.4%	20.5%	18.2%	9.9%	10.00 ¢	10.02 ¢
202604	sp500	Jane Street Capital	JNST	7.5%	9.8%	9.8%	7.0%	10.00 ¢	11.93 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	2.8%	4.5%	10.5%	0.0%	10.00 ¢	10.00 ¢
202604	sp500	Intelligentcross	Unmapped	2.4%	0.0%	3.5%	0.0%	0.00 ¢	15.00 ¢
202604	sp500	The Nasdaq Stock Market LLC	Unmapped	1.8%	0.0%	0.0%	1.3%	0.00 ¢	-27.52 ¢
202604	sp500	Canaccord Genuity Securities	Unmapped	1.4%	8.0%	0.7%	0.0%	10.00 ¢	10.00 ¢
202604	sp500	OneChronos Markets LLC	Unmapped	1.1%	0.0%	0.0%	0.3%	0.00 ¢	0.00 ¢
202604	sp500	Jump Trading	Unmapped	1.0%	0.0%	1.4%	0.6%	0.00 ¢	2.28 ¢
202604	sp500	MEMX LLC	Unmapped	1.0%	0.0%	0.0%	0.6%	0.00 ¢	-3.73 ¢
202604	sp500	NYSE Arca, Inc.	Unmapped	0.9%	0.0%	0.0%	0.6%	0.00 ¢	-30.00 ¢
202604	sp500	UBS Securities, LLC ATS	Unmapped	0.8%	0.0%	0.0%	0.3%	0.00 ¢	-10.00 ¢
202604	sp500	Nasdaq BX, Inc.	Unmapped	0.7%	0.0%	0.0%	0.3%	0.00 ¢	0.00 ¢
202604	sp500	Instinet, CBX	Unmapped	0.7%	0.0%	0.0%	0.3%	0.00 ¢	0.00 ¢
202604	sp500	Virtu MatchIt	Unmapped	0.7%	0.0%	0.0%	0.3%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	51.4%	98.8%	82.6%	70.3%	14.93 ¢	37.33 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	30.9%	0.0%	0.0%	0.0%	12.10 ¢	8.98 ¢
202605	options	Bank Of America - Merrill Lynch Instinct X Ats	Unmapped	17.7%	1.2%	17.4%	29.7%	25.00 ¢	-15.79 ¢
202605	other_stocks	The Nasdaq Stock Market LLC	Unmapped	13.2%	5.4%	2.1%	20.0%	0.32 ¢	-6.85 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	11.0%	19.0%	10.8%	12.3%	7.15 ¢	9.67 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	9.6%	21.7%	5.8%	11.6%	8.53 ¢	1.23 ¢
202605	other_stocks	OneChronos Markets LLC	Unmapped	9.5%	0.3%	3.3%	14.9%	0.00 ¢	0.00 ¢
202605	other_stocks	MEMX LLC	Unmapped	8.9%	0.0%	0.2%	0.6%	0.00 ¢	-15.14 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	7.2%	19.6%	5.6%	11.3%	9.21 ¢	1.86 ¢
202605	other_stocks	BIDS TRADING L.P.	Unmapped	3.8%	0.0%	3.2%	14.9%	0.00 ¢	-0.02 ¢
202605	other_stocks	Jane Street Capital	JNST	3.7%	11.4%	8.1%	0.7%	8.25 ¢	9.19 ¢
202605	other_stocks	Jump Trading	Unmapped	3.6%	0.0%	6.4%	0.3%	0.00 ¢	8.03 ¢
202605	other_stocks	Intelligentcross	Unmapped	3.2%	0.0%	12.4%	0.7%	0.00 ¢	12.49 ¢
202605	other_stocks	NYSE Arca, Inc.	Unmapped	3.2%	0.0%	0.9%	3.6%	0.00 ¢	-15.18 ¢
202605	other_stocks	Instinet, CBX	Unmapped	3.0%	0.6%	1.1%	0.6%	0.00 ¢	0.00 ¢
202605	other_stocks	MIAX Pearl Equities	Unmapped	2.2%	0.0%	0.3%	0.1%	0.00 ¢	-15.34 ¢
202605	other_stocks	Goldman Sachs & Co. LLC SIGMA X2	Unmapped	1.7%	0.0%	2.9%	0.3%	0.00 ¢	-10.00 ¢
202605	other_stocks	CODA MARKETS INC	Unmapped	1.6%	0.0%	1.9%	0.0%	0.00 ¢	-2.51 ¢
202605	other_stocks	Instinct X	Unmapped	1.6%	0.0%	2.7%	0.3%	0.00 ¢	-10.00 ¢
202605	other_stocks	J.P. Morgan Securities LLC	Unmapped	1.5%	0.0%	3.3%	0.4%	0.00 ¢	-10.00 ¢
202605	other_stocks	UBS Securities, LLC ATS	Unmapped	1.4%	0.0%	2.5%	0.3%	0.00 ¢	-10.00 ¢
202605	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.4%	0.3%	0.2%	1.7%	-6.98 ¢	-16.25 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	16.6%	22.3%	13.4%	26.5%	10.00 ¢	4.38 ¢
202605	sp500	Virtu Americas, LLC	NITE	16.3%	23.4%	14.2%	20.8%	10.00 ¢	13.88 ¢
202605	sp500	Intelligentcross	Unmapped	15.1%	0.0%	31.4%	0.8%	0.00 ¢	15.00 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	11.8%	17.6%	6.9%	19.0%	10.00 ¢	4.91 ¢
202605	sp500	Jane Street Capital	JNST	8.0%	14.9%	10.0%	8.5%	10.00 ¢	13.99 ¢
202605	sp500	The Nasdaq Stock Market LLC	Unmapped	6.7%	0.0%	0.0%	5.6%	0.00 ¢	32.50 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	6.0%	13.3%	11.1%	8.3%	10.00 ¢	10.00 ¢
202605	sp500	OneChronos Markets LLC	Unmapped	4.7%	0.0%	0.0%	4.2%	0.00 ¢	0.00 ¢
202605	sp500	MEMX LLC	Unmapped	3.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Jump Trading	Unmapped	2.2%	0.0%	2.7%	0.4%	0.00 ¢	15.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	57.5%	97.3%	85.4%	66.3%	13.27 ¢	30.52 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	23.6%	0.0%	0.0%	0.0%	17.60 ¢	-20.22 ¢
202606	options	Bank Of America - Merrill Lynch Instinct X Ats	Unmapped	18.9%	2.6%	14.6%	33.7%	0.00 ¢	-16.91 ¢
202606	other_stocks	The Nasdaq Stock Market LLC	Unmapped	16.0%	6.2%	1.3%	21.1%	3.18 ¢	2.23 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	12.7%	17.2%	14.3%	13.0%	9.52 ¢	10.40 ¢
202606	other_stocks	OneChronos Markets LLC	Unmapped	12.4%	0.1%	2.5%	17.4%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	11.8%	21.8%	6.4%	12.7%	8.94 ¢	1.72 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	9.4%	11.0%	6.0%	13.0%	7.90 ¢	1.28 ¢
202606	other_stocks	MEMX LLC	Unmapped	8.1%	0.1%	0.3%	0.5%	0.00 ¢	-15.82 ¢
202606	other_stocks	BIDS TRADING L.P.	Unmapped	5.4%	0.0%	3.6%	17.4%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital	JNST	3.4%	18.1%	9.9%	0.3%	9.63 ¢	10.30 ¢
202606	other_stocks	Jump Trading	Unmapped	3.3%	0.0%	9.3%	0.2%	0.00 ¢	9.76 ¢
202606	other_stocks	Intelligentcross	Unmapped	2.6%	0.0%	16.6%	0.2%	0.00 ¢	13.55 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	2.6%	0.0%	0.6%	1.6%	0.00 ¢	-18.84 ¢
202606	other_stocks	Instinet, CBX	Unmapped	2.1%	2.8%	2.1%	0.5%	0.00 ¢	0.00 ¢
202606	other_stocks	MIAX Pearl Equities	Unmapped	1.8%	0.0%	0.2%	0.1%	0.00 ¢	-5.87 ¢
202606	sp500	Intelligentcross	Unmapped	16.1%	0.0%	41.7%	1.0%	0.00 ¢	14.78 ¢
202606	sp500	Virtu Americas, LLC	NITE	14.8%	20.5%	8.3%	20.2%	10.00 ¢	14.83 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	13.8%	21.4%	7.6%	21.1%	10.00 ¢	3.32 ¢
202606	sp500	The Nasdaq Stock Market LLC	Unmapped	11.6%	0.0%	0.0%	11.3%	0.00 ¢	32.50 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	11.0%	14.2%	6.8%	16.1%	10.00 ¢	3.90 ¢
202606	sp500	OneChronos Markets LLC	Unmapped	8.8%	0.0%	0.0%	9.1%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	6.5%	18.3%	15.2%	4.1%	10.00 ¢	14.07 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	3.6%	16.3%	6.8%	5.3%	10.00 ¢	10.00 ¢
202606	sp500	BIDS TRADING L.P.	Unmapped	2.3%	0.0%	0.8%	9.1%	0.00 ¢	0.00 ¢
202606	sp500	MEMX LLC	Unmapped	2.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢

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

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	BIDS TRADING L.P.	added	—	—	0.77 ¢	—
sp500	Canaccord Genuity Securities	added	—	—	0.47 ¢	—
sp500	CITADEL SECURITIES LLC	route_share	—	22.82 ¢	17.53 ¢	-5.29 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	10.04 ¢	3.07 ¢	-6.97 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	15.00 ¢	14.22 ¢	-0.78 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	12.44 ¢	0.73 ¢	-11.71 ¢
sp500	GTS SECURITIES LLC	route_share	—	20.38 ¢	6.99 ¢	-13.38 ¢
sp500	GTS SECURITIES LLC	pfof_rate	marketable_limit	10.12 ¢	10.01 ¢	-0.11 ¢
sp500	GTS SECURITIES LLC	pfof_rate	other	11.64 ¢	12.31 ¢	0.67 ¢
sp500	Hudson River Trading (HRT)	route_share	—	22.95 ¢	13.61 ¢	-9.34 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	marketable_limit	10.00 ¢	5.09 ¢	-4.91 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	14.96 ¢	10.26 ¢	-4.70 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	other	11.90 ¢	2.88 ¢	-9.01 ¢
sp500	Instinet, CBX	added	—	—	0.24 ¢	—
sp500	Intelligentcross	added	—	—	11.23 ¢	—
sp500	Jane Street Capital	pfof_rate	marketable_limit	10.00 ¢	13.33 ¢	3.33 ¢
sp500	Jane Street Capital	pfof_rate	other	12.03 ¢	5.16 ¢	-6.87 ¢
sp500	Jump Trading	added	—	—	1.07 ¢	—
sp500	MEMX LLC	added	—	—	2.09 ¢	—
sp500	Nasdaq BX, Inc.	added	—	—	0.24 ¢	—
sp500	NYSE Arca, Inc.	added	—	—	0.30 ¢	—
sp500	OneChronos Markets LLC	added	—	—	4.90 ¢	—
sp500	The Nasdaq Stock Market LLC	added	—	—	6.70 ¢	—
sp500	UBS Securities, LLC ATS	added	—	—	0.27 ¢	—
sp500	Virtu Americas, LLC	pfof_rate	marketable_limit	10.00 ¢	11.07 ¢	1.07 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	15.00 ¢	14.81 ¢	-0.19 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	11.68 ¢	12.27 ¢	0.59 ¢
sp500	Virtu MatchIt	added	—	—	0.24 ¢	—
other_stocks	Barclays Ats	added	—	—	0.67 ¢	—
other_stocks	BIDS TRADING L.P.	added	—	—	3.05 ¢	—
other_stocks	BofA Securities, Inc.	added	—	—	0.33 ¢	—
other_stocks	Cboe BYX Exchange, Inc.	added	—	—	0.26 ¢	—
other_stocks	Cboe EDGX Exchange, Inc.	added	—	—	1.04 ¢	—
other_stocks	CITADEL SECURITIES LLC	route_share	—	21.55 ¢	9.46 ¢	-12.09 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	9.53 ¢	9.15 ¢	-0.38 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	6.08 ¢	1.37 ¢	-4.71 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	10.64 ¢	10.04 ¢	-0.60 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	11.12 ¢	0.62 ¢	-10.50 ¢
other_stocks	CODA MARKETS INC	added	—	—	0.80 ¢	—
other_stocks	G1 Execution Services, LLC	dropped	—	4.93 ¢	—	—
other_stocks	Goldman Sachs & Co. LLC SIGMA X2	added	—	—	1.92 ¢	—
other_stocks	GTS SECURITIES LLC	route_share	—	20.10 ¢	1.04 ¢	-19.06 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	market	9.46 ¢	9.74 ¢	0.28 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	marketable_limit	5.63 ¢	7.32 ¢	1.70 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	non_marketable_limit	12.50 ¢	14.69 ¢	2.19 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	other	10.54 ¢	12.76 ¢	2.22 ¢
other_stocks	Hudson River Trading (HRT)	route_share	—	23.83 ¢	6.94 ¢	-16.89 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	market	9.38 ¢	8.75 ¢	-0.63 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	marketable_limit	6.45 ¢	2.18 ¢	-4.27 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	10.26 ¢	6.17 ¢	-4.08 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	other	11.00 ¢	1.25 ¢	-9.75 ¢
other_stocks	Instinct X	added	—	—	1.86 ¢	—
other_stocks	Instinet, CBX	added	—	—	2.81 ¢	—
other_stocks	Intelligentcross	added	—	—	2.70 ¢	—
other_stocks	Investors Exchange (IEXG)	added	—	—	1.02 ¢	—
other_stocks	J.P. Morgan Securities LLC	added	—	—	1.99 ¢	—
other_stocks	Jane Street Capital	route_share	—	12.53 ¢	3.62 ¢	-8.91 ¢
other_stocks	Jane Street Capital	pfof_rate	market	9.77 ¢	9.25 ¢	-0.52 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	6.95 ¢	9.39 ¢	2.44 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	10.82 ¢	12.42 ¢	1.60 ¢
other_stocks	Jane Street Capital	pfof_rate	other	8.74 ¢	4.57 ¢	-4.17 ¢
other_stocks	Jump Trading	added	—	—	3.02 ¢	—
other_stocks	Level ATS	added	—	—	0.64 ¢	—
other_stocks	MEMX LLC	added	—	—	9.92 ¢	—
other_stocks	MIAX Pearl Equities	added	—	—	2.09 ¢	—
other_stocks	NEW YORK STOCK EXCHANGE, INC.	added	—	—	0.33 ¢	—
other_stocks	NYSE Arca, Inc.	added	—	—	3.22 ¢	—
other_stocks	OneChronos Markets LLC	added	—	—	7.94 ¢	—
other_stocks	The Nasdaq Stock Market LLC	added	—	—	11.16 ¢	—
other_stocks	UBS Securities, LLC ATS	added	—	—	2.13 ¢	—
other_stocks	Virtu Americas, LLC	pfof_rate	market	8.78 ¢	8.49 ¢	-0.29 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	7.43 ¢	9.01 ¢	1.59 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	13.08 ¢	13.17 ¢	0.09 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	10.31 ¢	10.61 ¢	0.29 ¢
other_stocks	Virtu MatchIt	added	—	—	0.62 ¢	—
other_stocks	Virtu POSIT ATS	added	—	—	0.54 ¢	—
options	Bank Of America - Merrill Lynch Instinct X Ats	pfof_rate	market	12.97 ¢	8.33 ¢	-4.64 ¢
options	Bank Of America - Merrill Lynch Instinct X Ats	pfof_rate	marketable_limit	-20.16 ¢	-18.38 ¢	1.78 ¢
options	Bank Of America - Merrill Lynch Instinct X Ats	pfof_rate	non_marketable_limit	18.52 ¢	24.75 ¢	6.23 ¢
options	Bank Of America - Merrill Lynch Instinct X Ats	pfof_rate	other	29.27 ¢	28.86 ¢	-0.41 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	-2.08 ¢	13.59 ¢	15.67 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	0.56 ¢	-3.27 ¢	-3.83 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	19.40 ¢	37.44 ¢	18.04 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	25.87 ¢	28.94 ¢	3.07 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	14.09 ¢	14.36 ¢	0.27 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	27.71 ¢	31.71 ¢	4.00 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	33.23 ¢	33.77 ¢	0.53 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	15.22 ¢	16.78 ¢	1.57 ¢

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:

Barclays Ats (name:BARCLAYS ATS), BIDS TRADING L.P. (name:BIDS TRADING L P), BofA Securities, Inc. (name:BOFA SECURITIES), Canaccord Genuity Securities (name:CANACCORD GENUITY SECURITIES), Cboe BYX Exchange, Inc. (name:CBOE BYX EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), CODA MARKETS INC (name:CODA MARKETS), Goldman Sachs & Co. LLC SIGMA X2 (name:GOLDMAN SACHS CO LLC SIGMA X2), GTS SECURITIES LLC (name:GTS SECURITIES), Instinct X (name:INSTINCT X), Instinet, CBX (name:INSTINET CBX), Intelligentcross (name:INTELLIGENTCROSS), Investors Exchange (IEXG) (name:INVESTORS EXCHANGE IEXG), J.P. Morgan Securities LLC (name:J P MORGAN SECURITIES), Jump Trading (name:JUMP TRADING), Level ATS (name:LEVEL ATS), MEMX LLC (name:MEMX), MIAX Pearl Equities (name:MIAX PEARL EQUITIES), Nasdaq BX, Inc. (name:NASDAQ BX), NEW YORK STOCK EXCHANGE, INC. (name:NEW YORK STOCK EXCHANGE), NYSE Arca, Inc. (name:NYSE ARCA), OneChronos Markets LLC (name:ONECHRONOS MARKETS), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), UBS Securities, LLC ATS (name:UBS SECURITIES LLC ATS), Virtu MatchIt (name:VIRTU MATCHIT), Virtu POSIT ATS (name:VIRTU POSIT ATS)

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.