Print to PDF: browser Print (Ctrl+P / Cmd+P)

Select Quarter:

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 #10674 Review Period: 2026Q2 Filing: Direct 606 filer

NEWEDGE SECURITIES, LLC (CRD #10674) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: NEWEDGE SECURITIES, LLC (CRD #10674) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

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

Open Review Workspace → Request committee preview

Primary Routed Venues (606)

1. Citadel Securities LLC(CDRG)(159.4%)

2. Jane Street Capital, LLC(JNST)(148.5%)

3. VIRTU Americas, LLC(NITE)(128.4%)

Top routed order shares

Disclosed PFOF / Rebates

$0.00

Non-directed retail equity flow

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.

Open in Workspace to Dispose →

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

FINRA Rule 5310.09 Review Packet

NEWEDGE SECURITIES, LLC

CRD Number: 10674 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:17:11 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
NewEdge Capital Group	10674	Direct	V1	a933353ed7df5b647eb05dc859abb54cdd309321077fe1f264411479aef952b1	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.

Download CSV ↓

Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %
202604	options	Citadel Execution Services(CES)	Unmapped	38.9%	0.0%	0.0%	0.0%
202604	options	Jane Street Capital, LLC(JNST)	Unmapped	25.6%	0.0%	0.0%	0.0%
202604	options	Dash Financial LLC(DFIN)	Unmapped	15.9%	0.0%	0.0%	0.0%
202604	options	GEB SECURITIES, INC.(GEB)	Unmapped	11.0%	0.0%	0.0%	0.0%
202604	options	WOLVERINE EXECUTION SERVICES, LLC(WEXX)	Unmapped	6.6%	0.0%	0.0%	0.0%
202604	other_stocks	VIRTU Americas, LLC(NITE)	Unmapped	21.9%	22.3%	16.8%	9.0%
202604	other_stocks	Citadel Securities LLC(CDRG)	Unmapped	20.8%	21.2%	14.4%	5.7%
202604	other_stocks	Jane Street Capital, LLC(JNST)	Unmapped	17.9%	18.2%	20.0%	5.2%
202604	other_stocks	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	Unmapped	17.7%	17.9%	20.0%	7.5%
202604	other_stocks	Hudson River Trading(HRTF)	Unmapped	7.1%	7.3%	8.0%	0.9%
202604	other_stocks	Fidelity Crossstream ATS(XSTM)	Unmapped	3.6%	3.7%	6.4%	0.0%
202604	other_stocks	Goldman Sachs and Co(GSCO)	Unmapped	3.3%	3.4%	1.6%	0.0%
202604	other_stocks	UBS Securities, LLC(UBSS)	Unmapped	2.4%	2.5%	0.8%	1.4%
202604	other_stocks	Two Sigma Securities, LLC(SOHO)	Unmapped	2.2%	2.2%	1.6%	1.4%
202604	other_stocks	Anonymous(ANON)	Unmapped	1.2%	0.0%	8.8%	44.3%
202604	sp500	VIRTU Americas, LLC(NITE)	Unmapped	22.2%	22.2%	14.3%	23.5%
202604	sp500	Citadel Securities LLC(CDRG)	Unmapped	20.5%	20.5%	7.1%	17.6%
202604	sp500	Jane Street Capital, LLC(JNST)	Unmapped	19.4%	19.5%	7.1%	15.7%
202604	sp500	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	Unmapped	19.1%	19.2%	21.4%	7.8%
202604	sp500	Hudson River Trading(HRTF)	Unmapped	7.2%	7.2%	21.4%	7.8%
202604	sp500	Goldman Sachs and Co(GSCO)	Unmapped	3.4%	3.4%	7.1%	2.0%
202604	sp500	Fidelity Crossstream ATS(XSTM)	Unmapped	3.0%	3.0%	14.3%	0.0%
202604	sp500	UBS Securities, LLC(UBSS)	Unmapped	2.0%	2.0%	0.0%	0.0%
202604	sp500	Two Sigma Securities, LLC(SOHO)	Unmapped	1.8%	1.9%	0.0%	0.0%
202604	sp500	GTS Securities LLC(GTSM)	Unmapped	1.0%	1.0%	0.0%	0.0%
202605	options	Citadel Execution Services(CES)	Unmapped	35.4%	0.0%	0.0%	0.0%
202605	options	Jane Street Capital, LLC(JNST)	Unmapped	22.5%	0.0%	0.0%	0.0%
202605	options	Dash Financial LLC(DFIN)	Unmapped	20.6%	0.0%	0.0%	0.0%
202605	options	WOLVERINE EXECUTION SERVICES, LLC(WEXX)	Unmapped	9.8%	0.0%	0.0%	0.0%
202605	options	GEB SECURITIES, INC.(GEB)	Unmapped	9.5%	0.0%	0.0%	0.0%
202605	other_stocks	Citadel Securities LLC(CDRG)	Unmapped	27.2%	27.5%	27.8%	12.7%
202605	other_stocks	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	Unmapped	21.3%	21.6%	15.7%	13.3%
202605	other_stocks	VIRTU Americas, LLC(NITE)	Unmapped	21.3%	21.6%	15.7%	14.0%
202605	other_stocks	Jane Street Capital, LLC(JNST)	Unmapped	11.0%	11.1%	12.0%	4.0%
202605	other_stocks	Hudson River Trading(HRTF)	Unmapped	7.7%	7.8%	6.5%	4.0%
202605	other_stocks	Fidelity Crossstream ATS(XSTM)	Unmapped	3.4%	3.5%	3.7%	0.0%
202605	other_stocks	Goldman Sachs and Co(GSCO)	Unmapped	3.2%	3.2%	5.6%	2.0%
202605	other_stocks	Two Sigma Securities, LLC(SOHO)	Unmapped	2.3%	2.3%	1.9%	1.3%
202605	other_stocks	Anonymous(ANON)	Unmapped	0.7%	0.0%	5.6%	32.0%
202605	other_stocks	GTS Securities LLC(GTSM)	Unmapped	0.7%	0.7%	0.9%	1.3%
202605	sp500	Citadel Securities LLC(CDRG)	Unmapped	28.3%	28.6%	34.0%	16.8%
202605	sp500	VIRTU Americas, LLC(NITE)	Unmapped	21.9%	21.7%	23.4%	27.1%
202605	sp500	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	Unmapped	21.3%	21.3%	21.3%	20.6%
202605	sp500	Jane Street Capital, LLC(JNST)	Unmapped	11.0%	11.0%	10.6%	10.3%
202605	sp500	Hudson River Trading(HRTF)	Unmapped	8.2%	8.3%	6.4%	6.5%
202605	sp500	Goldman Sachs and Co(GSCO)	Unmapped	3.0%	3.1%	0.0%	1.3%
202605	sp500	Two Sigma Securities, LLC(SOHO)	Unmapped	2.4%	2.5%	0.0%	1.9%
202605	sp500	Fidelity Crossstream ATS(XSTM)	Unmapped	2.3%	2.3%	0.0%	0.0%
202605	sp500	UBS Securities, LLC(UBSS)	Unmapped	0.7%	0.6%	4.3%	1.9%
202605	sp500	GTS Securities LLC(GTSM)	Unmapped	0.5%	0.5%	0.0%	1.3%
202606	options	Citadel Execution Services(CES)	Unmapped	32.1%	0.0%	0.0%	0.0%
202606	options	Dash Financial LLC(DFIN)	Unmapped	28.0%	0.0%	0.0%	0.0%
202606	options	Jane Street Capital, LLC(JNST)	Unmapped	20.8%	0.0%	0.0%	0.0%
202606	options	GEB SECURITIES, INC.(GEB)	Unmapped	9.9%	0.0%	0.0%	0.0%
202606	options	WOLVERINE EXECUTION SERVICES, LLC(WEXX)	Unmapped	8.2%	0.0%	0.0%	0.0%
202606	other_stocks	Citadel Securities LLC(CDRG)	Unmapped	30.8%	31.3%	30.2%	13.3%
202606	other_stocks	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	Unmapped	21.3%	21.5%	29.3%	9.8%
202606	other_stocks	VIRTU Americas, LLC(NITE)	Unmapped	20.4%	20.8%	12.3%	11.6%
202606	other_stocks	Jane Street Capital, LLC(JNST)	Unmapped	10.0%	10.2%	4.7%	5.2%
202606	other_stocks	Hudson River Trading(HRTF)	Unmapped	6.0%	6.0%	12.3%	3.5%
202606	other_stocks	Goldman Sachs and Co(GSCO)	Unmapped	3.9%	4.0%	1.9%	2.3%
202606	other_stocks	Two Sigma Securities, LLC(SOHO)	Unmapped	2.8%	2.7%	3.8%	3.5%
202606	other_stocks	Fidelity Crossstream ATS(XSTM)	Unmapped	2.1%	2.1%	0.9%	1.2%
202606	other_stocks	Anonymous(ANON)	Unmapped	0.8%	0.0%	0.0%	29.5%
202606	other_stocks	UBS Securities, LLC(UBSS)	Unmapped	0.8%	0.8%	1.9%	0.0%
202606	sp500	Citadel Securities LLC(CDRG)	Unmapped	31.9%	32.2%	29.3%	25.7%
202606	sp500	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	Unmapped	21.5%	21.6%	12.0%	21.3%
202606	sp500	VIRTU Americas, LLC(NITE)	Unmapped	20.8%	20.6%	25.3%	24.5%
202606	sp500	Jane Street Capital, LLC(JNST)	Unmapped	10.3%	10.4%	10.7%	8.3%
202606	sp500	Hudson River Trading(HRTF)	Unmapped	6.5%	6.7%	8.0%	2.4%
202606	sp500	Goldman Sachs and Co(GSCO)	Unmapped	3.2%	3.2%	6.7%	2.4%
202606	sp500	Two Sigma Securities, LLC(SOHO)	Unmapped	2.3%	2.4%	0.0%	0.8%
202606	sp500	Fidelity Crossstream ATS(XSTM)	Unmapped	1.9%	2.0%	1.3%	0.0%
202606	sp500	UBS Securities, LLC(UBSS)	Unmapped	0.5%	0.4%	2.7%	0.4%
202606	sp500	GTS Securities LLC(GTSM)	Unmapped	0.4%	0.4%	1.3%	0.0%

2. Venue Scorecards (Amended Rule 605)

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

Download CSV ↓

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.

Download CSV ↓

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.

Download CSV ↓

Month	Venue	Order Class	Route %	NPI (bps)	Peer Bench (bps)	Delta (bps)	Ref Price	Delta (¢/100 sh)	Conflict Flag
202608	Citadel Securities LLC(CDRG)	market	32.2%	—	—	—	—	—	No conflict
202608	Citadel Securities LLC(CDRG)	marketable_limit	29.3%	—	—	—	—	—	No conflict
202608	Citadel Securities LLC(CDRG)	nonmarketable_limit	25.7%	—	—	—	—	—	No conflict
202608	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	market	21.6%	—	—	—	—	—	No conflict
202608	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	marketable_limit	12.0%	—	—	—	—	—	No conflict
202608	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	nonmarketable_limit	21.3%	—	—	—	—	—	No conflict
202608	VIRTU Americas, LLC(NITE)	market	20.6%	—	—	—	—	—	No conflict
202608	VIRTU Americas, LLC(NITE)	marketable_limit	25.3%	—	—	—	—	—	No conflict
202608	VIRTU Americas, LLC(NITE)	nonmarketable_limit	24.5%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC(JNST)	market	10.4%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC(JNST)	marketable_limit	10.7%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC(JNST)	nonmarketable_limit	8.3%	—	—	—	—	—	No conflict
202608	Hudson River Trading(HRTF)	market	6.7%	—	—	—	—	—	No conflict
202608	Hudson River Trading(HRTF)	marketable_limit	8.0%	—	—	—	—	—	No conflict
202608	Hudson River Trading(HRTF)	nonmarketable_limit	2.4%	—	—	—	—	—	No conflict
202608	Goldman Sachs and Co(GSCO)	market	3.2%	—	—	—	—	—	No conflict
202608	Goldman Sachs and Co(GSCO)	marketable_limit	6.7%	—	—	—	—	—	No conflict
202608	Goldman Sachs and Co(GSCO)	nonmarketable_limit	2.4%	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC(SOHO)	market	2.4%	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC(SOHO)	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC(SOHO)	nonmarketable_limit	0.8%	—	—	—	—	—	No conflict
202608	Fidelity Crossstream ATS(XSTM)	market	2.0%	—	—	—	—	—	No conflict
202608	Fidelity Crossstream ATS(XSTM)	marketable_limit	1.3%	—	—	—	—	—	No conflict
202608	Fidelity Crossstream ATS(XSTM)	nonmarketable_limit	0.0%	—	—	—	—	—	No conflict
202608	UBS Securities, LLC(UBSS)	market	0.4%	—	—	—	—	—	No conflict
202608	UBS Securities, LLC(UBSS)	marketable_limit	2.7%	—	—	—	—	—	No conflict
202608	UBS Securities, LLC(UBSS)	nonmarketable_limit	0.4%	—	—	—	—	—	No conflict
202608	GTS Securities LLC(GTSM)	market	0.4%	—	—	—	—	—	No conflict
202608	GTS Securities LLC(GTSM)	marketable_limit	1.3%	—	—	—	—	—	No conflict
202608	GTS Securities LLC(GTSM)	nonmarketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Citadel Securities LLC(CDRG)	market	31.3%	—	—	—	—	—	No conflict
202608	Citadel Securities LLC(CDRG)	marketable_limit	30.2%	—	—	—	—	—	No conflict
202608	Citadel Securities LLC(CDRG)	nonmarketable_limit	13.3%	—	—	—	—	—	No conflict
202608	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	market	21.5%	—	—	—	—	—	No conflict
202608	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	marketable_limit	29.3%	—	—	—	—	—	No conflict
202608	G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM)	nonmarketable_limit	9.8%	—	—	—	—	—	No conflict
202608	VIRTU Americas, LLC(NITE)	market	20.8%	—	—	—	—	—	No conflict
202608	VIRTU Americas, LLC(NITE)	marketable_limit	12.3%	—	—	—	—	—	No conflict
202608	VIRTU Americas, LLC(NITE)	nonmarketable_limit	11.6%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC(JNST)	market	10.2%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC(JNST)	marketable_limit	4.7%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC(JNST)	nonmarketable_limit	5.2%	—	—	—	—	—	No conflict
202608	Hudson River Trading(HRTF)	market	6.0%	—	—	—	—	—	No conflict
202608	Hudson River Trading(HRTF)	marketable_limit	12.3%	—	—	—	—	—	No conflict
202608	Hudson River Trading(HRTF)	nonmarketable_limit	3.5%	—	—	—	—	—	No conflict
202608	Goldman Sachs and Co(GSCO)	market	4.0%	—	—	—	—	—	No conflict
202608	Goldman Sachs and Co(GSCO)	marketable_limit	1.9%	—	—	—	—	—	No conflict
202608	Goldman Sachs and Co(GSCO)	nonmarketable_limit	2.3%	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC(SOHO)	market	2.7%	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC(SOHO)	marketable_limit	3.8%	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC(SOHO)	nonmarketable_limit	3.5%	—	—	—	—	—	No conflict
202608	Fidelity Crossstream ATS(XSTM)	market	2.1%	—	—	—	—	—	No conflict
202608	Fidelity Crossstream ATS(XSTM)	marketable_limit	0.9%	—	—	—	—	—	No conflict
202608	Fidelity Crossstream ATS(XSTM)	nonmarketable_limit	1.2%	—	—	—	—	—	No conflict
202608	Anonymous(ANON)	market	0.0%	—	—	—	—	—	No conflict
202608	Anonymous(ANON)	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Anonymous(ANON)	nonmarketable_limit	29.5%	—	—	—	—	—	No conflict
202608	UBS Securities, LLC(UBSS)	market	0.8%	—	—	—	—	—	No conflict
202608	UBS Securities, LLC(UBSS)	marketable_limit	1.9%	—	—	—	—	—	No conflict
202608	UBS Securities, LLC(UBSS)	nonmarketable_limit	0.0%	—	—	—	—	—	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.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	Citadel Securities LLC(CDRG)	route_share	—	17.94 ¢	26.91 ¢	8.97 ¢
sp500	GTS Securities LLC(GTSM)	added	—	—	0.63 ¢	—
other_stocks	Citadel Securities LLC(CDRG)	route_share	—	17.56 ¢	26.23 ¢	8.67 ¢
other_stocks	GTS Securities LLC(GTSM)	added	—	—	0.23 ¢	—
options	Dash Financial LLC(DFIN)	route_share	—	14.43 ¢	21.50 ¢	7.07 ¢
options	GEB SECURITIES, INC.(GEB)	route_share	—	17.75 ¢	10.12 ¢	-7.63 ¢

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:

Anonymous(ANON) (name:ANONYMOUS ANON), Citadel Securities LLC(CDRG) (name:CITADEL SECURITIES LLC CDRG), Fidelity Crossstream ATS(XSTM) (name:FIDELITY CROSSSTREAM ATS XSTM), G1 Execution ServiCitadel Execution Services(CES), LLC(ETMM) (name:G1 EXECUTION SERVICITADEL EXECUTION SERVICES CES LLC ETMM), Goldman Sachs and Co(GSCO) (name:GOLDMAN SACHS AND CO GSCO), GTS Securities LLC(GTSM) (name:GTS SECURITIES LLC GTSM), Hudson River Trading(HRTF) (name:HUDSON RIVER TRADING HRTF), Jane Street Capital, LLC(JNST) (name:JANE STREET CAPITAL LLC JNST), Two Sigma Securities, LLC(SOHO) (name:TWO SIGMA SECURITIES LLC SOHO), UBS Securities, LLC(UBSS) (name:UBS SECURITIES LLC UBSS), VIRTU Americas, LLC(NITE) (name:VIRTU AMERICAS LLC NITE)

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.