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2026Q2 2026Q1

Adopted Clearing Firm Rule 606 Reports

Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., VIRTU AMERICAS LLC, BOFA SECURITIES, INC.. Every underlying execution venue and clearing context is evaluated below.

CRD #10690 Review Period: 2026Q2 Filing: Adopts clearing firm report

SEI INVESTMENTS DISTRIBUTION CO. (CRD #10690) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: SEI INVESTMENTS DISTRIBUTION CO. (CRD #10690) 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. Virtu Americas, LLC(780.0%)

2. CITADEL SECURITIES LLC(321.0%)

3. Wolverine Execution Services, LLC(276.4%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., VIRTU AMERICAS LLC, BOFA SECURITIES, INC. • Subject to 5310.09(c) supervision

Clearing firm adoption

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

SEI INVESTMENTS DISTRIBUTION CO.

CRD Number: 10690 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:18:20 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
JPMS.606(Clearing: J.P. MORGAN SECURITIES LLC)	79	Direct	V1	ce1e29ba32901f1777442605723a06cc10969559fa0f509ef752c4ef4d9fdbb2	Download XML ↗
Citigroup Global Markets Inc. ("CGMI") Wealth(Clearing: CITIGROUP GLOBAL MARKETS INC.)	7059	CGWM	V1	4e317de744ad159933c14215b234232032e7139f8dc43e563233fcfd7e71368f	Download XML ↗
Citigroup Global Markets Inc. (Markets)(Clearing: CITIGROUP GLOBAL MARKETS INC.)	7059	SBSH	V1	0d52b4e39f020f47eb9726c93205c06d1798de90845433f1796db654a25cd69a	Download XML ↗
Virtu Americas LLC(Clearing: VIRTU AMERICAS LLC)	149823	VIRT	V1	92f080446b38b7ad9533ac6efc1c8b33c5a500000a3e9f2bb4b7f69b91a05e26	Download XML ↗
MLCO.606_NEW(Clearing: BOFA SECURITIES, INC.)	283942	Direct	V1	4958d07f6cd499311b5714c7c4c491e9607e527d3bb8312d057f106369ece1c1	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	other_stocks	Virtu Americas, LLC	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	0.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	56.6%	62.5%	27.9%	61.2%	0.00 ¢	0.00 ¢
202604	options	NYSE ARCA OPTIONS	Unmapped	28.7%	0.0%	5.0%	31.6%	0.00 ¢	-35.25 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	4.3%	0.0%	11.2%	1.4%	0.00 ¢	-33.62 ¢
202604	options	The NASDAQ Options Market LLC	Unmapped	2.3%	0.0%	6.9%	2.2%	0.00 ¢	-51.77 ¢
202604	options	MEMX LLC	Unmapped	1.4%	0.0%	3.5%	1.4%	0.00 ¢	-56.13 ¢
202604	options	Cboe C2 Exchange, Inc.	Unmapped	1.3%	0.0%	3.0%	0.4%	0.00 ¢	-46.13 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	1.2%	0.1%	4.7%	0.2%	20.83 ¢	-24.19 ¢
202604	options	BOX Exchange LLC	Unmapped	0.7%	0.0%	4.0%	0.0%	0.00 ¢	0.85 ¢
202604	options	MIAX Emerald, LLC	Unmapped	0.7%	0.0%	1.5%	0.6%	0.00 ¢	-51.62 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	0.6%	0.0%	6.9%	0.0%	0.00 ¢	-49.04 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	53.4%	62.6%	25.5%	58.9%	0.00 ¢	0.00 ¢
202605	options	NYSE ARCA OPTIONS	Unmapped	32.2%	0.0%	6.8%	35.8%	0.00 ¢	-44.23 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	5.6%	0.0%	11.5%	1.1%	0.00 ¢	-37.04 ¢
202605	options	The NASDAQ Options Market LLC	Unmapped	1.7%	0.0%	6.9%	1.7%	0.00 ¢	-52.95 ¢
202605	options	Nasdaq PHLX LLC	Unmapped	1.4%	0.0%	4.8%	0.1%	0.00 ¢	-35.44 ¢
202605	options	Cboe C2 Exchange, Inc.	Unmapped	1.3%	0.0%	3.0%	0.3%	0.00 ¢	-46.23 ¢
202605	options	MEMX LLC	Unmapped	1.1%	0.0%	4.2%	1.0%	0.00 ¢	-59.67 ¢
202605	options	BOX Exchange LLC	Unmapped	0.9%	0.0%	3.7%	0.0%	0.00 ¢	-2.68 ¢
202605	options	MIAX Emerald, LLC	Unmapped	0.5%	0.0%	1.3%	0.5%	0.00 ¢	-55.00 ¢
202605	options	Nasdaq ISE, LLC	Unmapped	0.4%	0.0%	6.4%	0.0%	0.00 ¢	-49.43 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	79.9%	70.2%	19.2%	83.1%	0.00 ¢	0.00 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	13.5%	0.0%	7.1%	13.9%	0.00 ¢	-44.81 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	1.6%	0.0%	13.5%	0.6%	0.00 ¢	-39.68 ¢
202606	options	The NASDAQ Options Market LLC	Unmapped	1.1%	0.0%	7.1%	1.0%	0.00 ¢	-53.47 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	0.8%	0.0%	4.5%	0.1%	0.00 ¢	-35.40 ¢
202606	options	MEMX LLC	Unmapped	0.7%	0.0%	3.8%	0.7%	0.00 ¢	-57.83 ¢
202606	options	Cboe C2 Exchange, Inc.	Unmapped	0.6%	0.0%	3.4%	0.1%	0.00 ¢	-47.17 ¢
202606	options	MIAX Emerald, LLC	Unmapped	0.4%	0.0%	1.3%	0.3%	0.00 ¢	-53.78 ¢
202606	options	BOX Exchange LLC	Unmapped	0.3%	0.0%	3.5%	0.0%	0.00 ¢	0.97 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	0.3%	0.0%	8.6%	0.0%	0.00 ¢	-46.59 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	32.5%	31.9%	34.3%	34.6%	-0.35 ¢	-3.14 ¢
202604	options	Global Execution Brokers LP	Unmapped	21.9%	18.3%	18.6%	22.1%	-0.48 ¢	-7.28 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	20.5%	19.8%	20.9%	19.5%	0.00 ¢	0.00 ¢
202604	options	DASH Financial Option ATS	Unmapped	15.2%	18.9%	13.5%	14.4%	0.00 ¢	0.00 ¢
202604	options	Jane Street Execution Services, LLC	Unmapped	8.8%	10.7%	11.0%	8.1%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	23.4%	23.5%	22.8%	23.1%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	19.6%	19.6%	19.1%	19.5%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital	JNST	19.3%	19.3%	20.9%	19.6%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	12.1%	12.0%	12.2%	12.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	9.2%	9.3%	8.0%	9.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	5.7%	5.4%	6.1%	6.0%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	5.4%	5.3%	5.7%	5.8%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	25.4%	25.0%	24.3%	25.5%	0.00 ¢	0.00 ¢
202604	sp500	Jane Street Capital	JNST	16.9%	16.9%	18.1%	17.6%	0.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	15.1%	14.7%	15.3%	15.5%	0.00 ¢	0.00 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	12.2%	12.1%	12.0%	12.2%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	11.7%	11.6%	11.7%	11.6%	0.00 ¢	0.00 ¢
202604	sp500	StoneX Financial, Inc.	Unmapped	6.7%	7.6%	6.5%	5.5%	0.00 ¢	0.00 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	6.4%	6.1%	6.2%	6.5%	0.00 ¢	0.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	5.5%	5.7%	6.1%	5.5%	0.00 ¢	0.00 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	32.2%	32.7%	34.2%	34.0%	-0.50 ¢	-3.64 ¢
202605	options	Global Execution Brokers LP	Unmapped	24.6%	20.2%	20.6%	25.2%	-1.20 ¢	-0.39 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	19.6%	17.9%	19.7%	18.7%	0.00 ¢	0.00 ¢
202605	options	DASH Financial Option ATS	Unmapped	13.5%	18.1%	12.8%	12.1%	0.00 ¢	0.00 ¢
202605	options	Jane Street Execution Services, LLC	Unmapped	9.2%	10.8%	12.3%	8.8%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	23.3%	23.4%	22.8%	23.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	19.8%	19.7%	22.4%	19.9%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	19.1%	19.0%	20.3%	18.8%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	12.6%	12.3%	12.8%	12.9%	0.00 ¢	0.00 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	8.7%	8.8%	7.0%	9.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	5.7%	5.6%	5.9%	5.8%	0.00 ¢	0.00 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	5.6%	5.3%	5.0%	6.6%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	25.0%	24.4%	24.5%	25.7%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	16.6%	16.6%	17.2%	17.3%	0.00 ¢	0.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	16.4%	15.9%	16.9%	16.6%	0.00 ¢	0.00 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	12.1%	12.0%	11.7%	12.2%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	11.7%	11.7%	11.5%	11.6%	0.00 ¢	0.00 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	6.6%	6.3%	7.1%	6.9%	0.00 ¢	0.00 ¢
202605	sp500	StoneX Financial, Inc.	Unmapped	6.1%	7.2%	6.0%	4.6%	0.00 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	5.3%	5.5%	5.1%	5.2%	0.00 ¢	0.00 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	31.3%	31.2%	31.4%	34.5%	-0.16 ¢	-0.26 ¢
202606	options	Global Execution Brokers LP	Unmapped	24.1%	18.1%	20.9%	24.1%	-0.37 ¢	-0.43 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	19.8%	18.9%	15.7%	18.3%	0.00 ¢	0.00 ¢
202606	options	DASH Financial Option ATS	Unmapped	15.2%	19.8%	18.6%	13.9%	0.00 ¢	0.00 ¢
202606	options	Jane Street Execution Services, LLC	Unmapped	8.7%	11.4%	11.4%	7.9%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	25.4%	25.4%	24.4%	25.4%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital	JNST	19.2%	19.4%	20.8%	19.0%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	18.8%	19.1%	19.2%	17.8%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	13.4%	13.2%	13.3%	14.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	8.1%	7.9%	7.7%	8.8%	0.00 ¢	0.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	5.3%	5.2%	5.5%	5.4%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	24.2%	23.9%	24.5%	24.4%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	18.7%	17.8%	19.0%	19.7%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	16.5%	16.6%	16.9%	16.8%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	11.5%	11.5%	11.0%	11.4%	0.00 ¢	0.00 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	11.5%	11.5%	11.3%	11.4%	0.00 ¢	0.00 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	6.5%	6.2%	6.3%	7.0%	0.00 ¢	0.00 ¢
202606	sp500	StoneX Financial, Inc.	Unmapped	6.3%	7.5%	6.4%	4.8%	0.00 ¢	0.00 ¢
202604	options	MEMX LLC	Unmapped	41.7%	10.5%	1.6%	42.0%	89.83 ¢	-59.52 ¢
202604	options	Cboe C2 Exchange, Inc.	Unmapped	16.3%	1.0%	0.9%	16.4%	0.00 ¢	-51.88 ¢
202604	options	NYSE ARCA OPTIONS	Unmapped	13.6%	0.5%	4.3%	13.7%	0.00 ¢	-45.13 ¢
202604	options	Cboe BZX Exchange, Inc.	Unmapped	8.2%	3.8%	0.9%	8.2%	100.50 ¢	-48.37 ¢
202604	options	MIAX PEARL, LLC	Unmapped	4.7%	1.0%	0.9%	4.7%	0.00 ¢	-53.64 ¢
202604	options	MIAX Emerald, LLC	Unmapped	4.3%	2.4%	0.7%	4.4%	0.00 ¢	-53.08 ¢
202604	options	The NASDAQ Options Market LLC	Unmapped	3.8%	0.5%	4.4%	3.8%	0.00 ¢	-55.96 ¢
202605	options	MEMX LLC	Unmapped	47.0%	7.7%	2.1%	47.3%	67.17 ¢	-64.84 ¢
202605	options	Cboe C2 Exchange, Inc.	Unmapped	13.9%	5.0%	1.0%	14.0%	37.50 ¢	-49.93 ¢
202605	options	NYSE ARCA OPTIONS	Unmapped	12.9%	6.3%	5.4%	12.9%	0.00 ¢	-49.56 ¢
202605	options	Cboe BZX Exchange, Inc.	Unmapped	7.9%	4.8%	1.3%	7.9%	100.50 ¢	-53.05 ¢
202605	options	MIAX PEARL, LLC	Unmapped	4.6%	4.5%	1.2%	4.6%	0.00 ¢	-55.35 ¢
202605	options	MIAX Emerald, LLC	Unmapped	4.4%	4.8%	1.1%	4.4%	67.00 ¢	-54.05 ¢
202606	options	MEMX LLC	Unmapped	48.2%	5.5%	2.0%	48.4%	112.50 ¢	-48.81 ¢
202606	options	Cboe C2 Exchange, Inc.	Unmapped	14.5%	1.6%	1.0%	14.6%	0.00 ¢	-49.04 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	12.8%	0.0%	5.7%	12.9%	0.00 ¢	-47.12 ¢
202606	options	Cboe BZX Exchange, Inc.	Unmapped	7.7%	1.6%	1.3%	7.7%	100.50 ¢	-45.93 ¢
202606	options	MIAX PEARL, LLC	Unmapped	4.3%	0.8%	1.2%	4.3%	0.00 ¢	-52.87 ¢
202606	options	MIAX Emerald, LLC	Unmapped	4.1%	1.6%	1.0%	4.1%	0.00 ¢	-50.10 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	49.8%	22.0%	15.6%	12.0%	-0.00 ¢	-0.04 ¢
202604	options	Jane Street Capital	JNST	15.8%	48.7%	24.4%	23.7%	0.00 ¢	0.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	4.6%	13.9%	6.9%	7.1%	0.00 ¢	0.00 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	4.0%	9.7%	6.0%	6.0%	0.00 ¢	0.00 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	3.3%	0.0%	3.8%	7.3%	0.00 ¢	-25.14 ¢
202604	options	NYSE ARCA OPTIONS	Unmapped	2.8%	0.0%	2.8%	6.4%	0.00 ¢	-49.37 ¢
202604	options	Global Execution Brokers LP	Unmapped	2.5%	5.4%	4.3%	4.3%	0.00 ¢	0.00 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	2.2%	0.3%	2.8%	4.8%	-60.98 ¢	-21.68 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	1.8%	0.0%	2.2%	4.0%	0.00 ¢	-40.40 ¢
202604	options	The NASDAQ Options Market LLC	Unmapped	1.4%	0.0%	5.4%	2.0%	0.00 ¢	-53.07 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	23.0%	33.0%	19.6%	0.3%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	19.8%	23.5%	23.6%	8.8%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	18.6%	25.6%	23.3%	0.9%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	12.1%	12.5%	18.3%	8.6%	0.00 ¢	-0.00 ¢
202604	other_stocks	The Nasdaq Stock Market	Unmapped	8.3%	1.4%	2.3%	27.7%	-6.71 ¢	-5.41 ¢
202604	other_stocks	Jane Street Capital	JNST	5.0%	2.4%	9.9%	8.6%	0.00 ¢	0.00 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	3.8%	0.9%	1.4%	11.9%	-15.78 ¢	-7.35 ¢
202604	other_stocks	New York Stock Exchange LLC	Unmapped	3.4%	0.5%	1.1%	11.2%	-1.66 ¢	-1.01 ¢
202604	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.1%	0.2%	0.6%	7.2%	-13.46 ¢	-8.48 ¢
202604	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.5%	0.0%	0.0%	5.7%	-28.79 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	24.9%	34.8%	23.3%	0.3%	0.00 ¢	0.00 ¢
202604	sp500	JP Morgan Securities, LLC	Unmapped	21.2%	28.7%	32.7%	0.4%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	14.0%	15.8%	14.3%	8.3%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	10.9%	11.5%	12.2%	8.5%	0.00 ¢	0.00 ¢
202604	sp500	The Nasdaq Stock Market	Unmapped	9.3%	1.1%	4.3%	32.1%	-5.55 ¢	-5.18 ¢
202604	sp500	Jane Street Capital	JNST	7.1%	6.0%	9.5%	8.3%	0.00 ¢	0.00 ¢
202604	sp500	New York Stock Exchange LLC	Unmapped	4.9%	1.0%	2.3%	16.0%	-2.00 ¢	-0.77 ¢
202604	sp500	NYSE Arca, Inc.	Unmapped	1.8%	0.0%	0.0%	7.0%	0.00 ¢	-38.60 ¢
202604	sp500	Cboe EDGX Exchange, Inc.	Unmapped	1.5%	0.0%	0.0%	5.8%	-33.04 ¢	-33.11 ¢
202604	sp500	Cboe BZX Exchange, Inc.	Unmapped	1.3%	0.0%	0.0%	5.0%	-29.82 ¢	0.00 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	51.4%	29.8%	21.5%	17.7%	-0.01 ¢	-0.05 ¢
202605	options	Jane Street Capital	JNST	9.6%	25.8%	15.3%	14.3%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	9.1%	25.5%	12.5%	13.9%	0.00 ¢	0.00 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	6.5%	16.2%	9.9%	9.7%	0.00 ¢	0.00 ¢
202605	options	Nasdaq PHLX LLC	Unmapped	3.3%	0.0%	3.3%	7.0%	0.00 ¢	-20.32 ¢
202605	options	NYSE ARCA OPTIONS	Unmapped	2.5%	0.0%	3.0%	5.3%	0.00 ¢	-49.12 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	2.0%	1.0%	2.7%	3.9%	-62.90 ¢	-20.89 ¢
202605	options	Nasdaq ISE, LLC	Unmapped	1.8%	0.0%	1.9%	3.9%	0.00 ¢	-39.96 ¢
202605	options	Cboe BZX Exchange, Inc.	Unmapped	1.4%	0.0%	3.1%	2.5%	0.00 ¢	-50.32 ¢
202605	options	MEMX LLC	Unmapped	1.3%	0.0%	3.3%	2.4%	0.00 ¢	-51.09 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	25.7%	37.3%	22.9%	0.4%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	20.2%	24.4%	24.3%	8.9%	0.00 ¢	0.00 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	18.7%	26.0%	23.9%	0.8%	0.00 ¢	0.00 ¢
202605	other_stocks	The Nasdaq Stock Market	Unmapped	8.5%	1.3%	2.1%	27.3%	-7.05 ¢	-1.28 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	8.2%	6.9%	13.2%	8.9%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	5.0%	2.2%	10.3%	8.7%	0.00 ¢	0.00 ¢
202605	other_stocks	NYSE Arca, Inc.	Unmapped	3.6%	0.6%	1.1%	11.3%	-15.57 ¢	-6.46 ¢
202605	other_stocks	New York Stock Exchange LLC	Unmapped	3.5%	0.5%	1.0%	11.2%	-2.41 ¢	-1.15 ¢
202605	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.3%	0.2%	0.7%	7.5%	-13.45 ¢	-12.69 ¢
202605	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	5.7%	-13.39 ¢	15.50 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	27.6%	39.1%	29.1%	0.4%	0.00 ¢	0.00 ¢
202605	sp500	JP Morgan Securities, LLC	Unmapped	18.9%	26.2%	27.6%	0.4%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	14.7%	17.1%	13.4%	8.6%	0.00 ¢	0.00 ¢
202605	sp500	The Nasdaq Stock Market	Unmapped	9.9%	1.0%	3.8%	32.6%	-5.94 ¢	-4.12 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	8.2%	7.5%	12.2%	8.4%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	7.8%	6.9%	10.9%	8.5%	0.00 ¢	0.00 ¢
202605	sp500	New York Stock Exchange LLC	Unmapped	4.6%	0.8%	1.5%	14.5%	-3.04 ¢	-1.81 ¢
202605	sp500	NYSE Arca, Inc.	Unmapped	2.0%	0.0%	0.0%	7.2%	-32.51 ¢	-30.37 ¢
202605	sp500	Cboe EDGX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	5.9%	-34.56 ¢	0.00 ¢
202605	sp500	Cboe BZX Exchange, Inc.	Unmapped	1.4%	0.0%	0.0%	5.0%	-27.69 ¢	-15.75 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	40.1%	37.0%	21.4%	19.3%	0.03 ¢	-0.01 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	12.8%	30.4%	13.5%	15.1%	0.00 ¢	0.00 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	9.9%	21.4%	11.8%	11.2%	0.00 ¢	0.00 ¢
202606	options	Jane Street Capital	JNST	4.7%	9.7%	6.0%	5.5%	0.00 ¢	0.00 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	4.1%	0.0%	4.2%	6.7%	0.00 ¢	-48.11 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	4.0%	0.0%	3.2%	6.9%	0.00 ¢	-21.79 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	2.8%	0.9%	3.0%	4.3%	-66.80 ¢	-22.18 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	2.7%	0.0%	2.4%	4.5%	0.00 ¢	-36.92 ¢
202606	options	Cboe BZX Exchange, Inc.	Unmapped	2.3%	0.0%	3.7%	3.3%	0.00 ¢	-48.51 ¢
202606	options	MEMX LLC	Unmapped	2.0%	0.0%	4.2%	2.8%	0.00 ¢	-49.29 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	23.2%	35.2%	20.0%	0.3%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	22.5%	27.1%	25.5%	11.4%	0.00 ¢	0.00 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	17.8%	24.9%	22.2%	2.6%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	10.0%	7.9%	15.6%	11.4%	-0.00 ¢	0.00 ¢
202606	other_stocks	The Nasdaq Stock Market	Unmapped	7.7%	0.9%	1.7%	24.1%	-5.79 ¢	0.49 ¢
202606	other_stocks	Jane Street Capital	JNST	6.3%	2.4%	12.5%	11.3%	0.00 ¢	0.00 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	3.4%	0.5%	1.0%	10.2%	-17.27 ¢	-8.06 ¢
202606	other_stocks	New York Stock Exchange LLC	Unmapped	2.7%	0.4%	0.6%	8.4%	-2.18 ¢	-0.80 ¢
202606	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.1%	0.2%	0.6%	6.7%	-13.38 ¢	-14.01 ¢
202606	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.5%	0.0%	0.0%	5.1%	-36.25 ¢	-23.86 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	28.7%	40.9%	29.0%	0.3%	0.00 ¢	0.00 ¢
202606	sp500	JP Morgan Securities, LLC	Unmapped	18.0%	24.8%	27.0%	0.4%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	15.8%	18.3%	14.0%	9.2%	0.00 ¢	0.00 ¢
202606	sp500	The Nasdaq Stock Market	Unmapped	9.6%	0.9%	2.9%	32.4%	-4.74 ¢	-3.95 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	8.4%	7.2%	13.0%	9.1%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	7.6%	6.1%	11.6%	9.2%	0.00 ¢	0.00 ¢
202606	sp500	New York Stock Exchange LLC	Unmapped	4.0%	0.7%	1.1%	12.8%	-3.74 ¢	-2.86 ¢
202606	sp500	NYSE Arca, Inc.	Unmapped	2.0%	0.0%	0.0%	7.4%	-51.40 ¢	13.00 ¢
202606	sp500	Cboe EDGX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	5.9%	-39.79 ¢	-33.54 ¢
202606	sp500	Cboe BZX Exchange, Inc.	Unmapped	1.4%	0.0%	0.0%	5.0%	-30.64 ¢	-14.55 ¢

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
options	CITADEL SECURITIES LLC	pfof_rate	market	0.00 ¢	-0.34 ¢	-0.34 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	0.00 ¢	-2.35 ¢	-2.35 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	0.00 ¢	-1.12 ¢	-1.12 ¢
options	Global Execution Brokers LP	pfof_rate	market	0.00 ¢	-0.68 ¢	-0.68 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	0.00 ¢	-2.70 ¢	-2.70 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	0.00 ¢	-2.93 ¢	-2.93 ¢
options	Global Execution Brokers LP	pfof_rate	other	0.00 ¢	0.85 ¢	0.85 ¢
options	Cboe BZX Exchange, Inc.	pfof_rate	market	8.50 ¢	100.50 ¢	92.00 ¢
options	Cboe BZX Exchange, Inc.	pfof_rate	marketable_limit	-46.33 ¢	-49.11 ¢	-2.78 ¢
options	Cboe BZX Exchange, Inc.	pfof_rate	non_marketable_limit	25.40 ¢	28.44 ¢	3.03 ¢
options	Cboe BZX Exchange, Inc.	pfof_rate	other	48.47 ¢	59.74 ¢	11.27 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	marketable_limit	-49.18 ¢	-50.28 ¢	-1.10 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	non_marketable_limit	27.68 ¢	27.07 ¢	-0.60 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	other	10.14 ¢	14.85 ¢	4.72 ¢
options	MEMX LLC	route_share	—	39.03 ¢	45.60 ¢	6.57 ¢
options	MEMX LLC	pfof_rate	market	41.50 ¢	89.83 ¢	48.33 ¢
options	MEMX LLC	pfof_rate	marketable_limit	-55.04 ¢	-57.72 ¢	-2.68 ¢
options	MEMX LLC	pfof_rate	non_marketable_limit	36.31 ¢	37.38 ¢	1.06 ¢
options	MEMX LLC	pfof_rate	other	56.58 ¢	63.34 ¢	6.76 ¢
options	MIAX Emerald, LLC	pfof_rate	market	14.50 ¢	22.33 ¢	7.83 ¢
options	MIAX Emerald, LLC	pfof_rate	marketable_limit	-53.73 ¢	-52.41 ¢	1.32 ¢
options	MIAX Emerald, LLC	pfof_rate	non_marketable_limit	27.82 ¢	28.03 ¢	0.20 ¢
options	MIAX Emerald, LLC	pfof_rate	other	34.55 ¢	53.65 ¢	19.11 ¢
options	MIAX PEARL, LLC	pfof_rate	marketable_limit	-53.58 ¢	-53.96 ¢	-0.38 ¢
options	MIAX PEARL, LLC	pfof_rate	non_marketable_limit	17.48 ¢	17.50 ¢	0.02 ¢
options	MIAX PEARL, LLC	pfof_rate	other	13.93 ¢	50.57 ¢	36.64 ¢
options	NYSE ARCA OPTIONS	pfof_rate	marketable_limit	-49.98 ¢	-47.27 ¢	2.70 ¢
options	NYSE ARCA OPTIONS	pfof_rate	non_marketable_limit	19.45 ¢	20.55 ¢	1.10 ¢
options	NYSE ARCA OPTIONS	pfof_rate	other	-9.33 ¢	3.37 ¢	12.69 ¢
options	The NASDAQ Options Market LLC	pfof_rate	market	-29.83 ¢	0.00 ¢	29.83 ¢
options	The NASDAQ Options Market LLC	pfof_rate	marketable_limit	-56.37 ¢	-55.96 ¢	0.41 ¢
options	The NASDAQ Options Market LLC	pfof_rate	non_marketable_limit	7.92 ¢	5.14 ¢	-2.77 ¢
options	The NASDAQ Options Market LLC	pfof_rate	other	47.30 ¢	-44.85 ¢	-92.15 ¢
options	BOX Exchange LLC	added	—	—	0.65 ¢	—
options	Cboe C2 Exchange, Inc.	pfof_rate	non_marketable_limit	36.55 ¢	38.86 ¢	2.31 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	other	-8.20 ¢	4.49 ¢	12.69 ¢
options	Cboe Exchange, Inc.	pfof_rate	marketable_limit	-29.25 ¢	-36.78 ¢	-7.53 ¢
options	Cboe Exchange, Inc.	pfof_rate	non_marketable_limit	-3.13 ¢	9.15 ¢	12.28 ¢
options	Cboe Exchange, Inc.	pfof_rate	other	-69.64 ¢	-58.79 ¢	10.85 ¢
options	MEMX LLC	pfof_rate	marketable_limit	-54.72 ¢	-57.87 ¢	-3.15 ¢
options	MEMX LLC	pfof_rate	non_marketable_limit	28.92 ¢	37.17 ¢	8.25 ¢
options	Miami International Securities Exchange, LLC	dropped	—	4.74 ¢	—	—
options	MIAX Emerald, LLC	pfof_rate	marketable_limit	-52.64 ¢	-53.47 ¢	-0.82 ¢
options	MIAX Emerald, LLC	pfof_rate	non_marketable_limit	40.09 ¢	40.58 ¢	0.50 ¢
options	MIAX Emerald, LLC	pfof_rate	other	-28.09 ¢	-22.64 ¢	5.45 ¢
options	Nasdaq ISE, LLC	pfof_rate	marketable_limit	-47.58 ¢	-48.35 ¢	-0.78 ¢
options	Nasdaq ISE, LLC	pfof_rate	non_marketable_limit	-15.28 ¢	7.76 ¢	23.05 ¢
options	Nasdaq ISE, LLC	pfof_rate	other	-14.17 ¢	-9.91 ¢	4.26 ¢
options	Nasdaq PHLX LLC	pfof_rate	market	0.00 ¢	6.94 ¢	6.94 ¢
options	Nasdaq PHLX LLC	pfof_rate	marketable_limit	-18.42 ¢	-31.68 ¢	-13.26 ¢
options	Nasdaq PHLX LLC	pfof_rate	non_marketable_limit	-0.71 ¢	1.50 ¢	2.21 ¢
options	Nasdaq PHLX LLC	pfof_rate	other	-37.44 ¢	-34.28 ¢	3.15 ¢
options	NYSE ARCA OPTIONS	route_share	—	33.33 ¢	24.77 ¢	-8.56 ¢
options	NYSE ARCA OPTIONS	pfof_rate	marketable_limit	-27.67 ¢	-41.43 ¢	-13.76 ¢
options	NYSE ARCA OPTIONS	pfof_rate	non_marketable_limit	49.92 ¢	42.86 ¢	-7.07 ¢
options	NYSE ARCA OPTIONS	pfof_rate	other	-48.75 ¢	-16.03 ¢	32.72 ¢
options	The NASDAQ Options Market LLC	pfof_rate	marketable_limit	-51.20 ¢	-52.73 ¢	-1.53 ¢
options	The NASDAQ Options Market LLC	pfof_rate	non_marketable_limit	61.47 ¢	59.23 ¢	-2.24 ¢
options	Wolverine Execution Services, LLC	route_share	—	50.32 ¢	63.31 ¢	13.00 ¢

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:

Cboe BZX Exchange, Inc. (name:CBOE BZX EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), GTS SECURITIES LLC (name:GTS SECURITIES), JP Morgan Securities, LLC (name:JP MORGAN SECURITIES), New York Stock Exchange LLC (name:NEW YORK STOCK EXCHANGE), NYSE Arca, Inc. (name:NYSE ARCA), StoneX Financial, Inc. (name:STONEX FINANCIAL), The Nasdaq Stock Market (name:THE NASDAQ STOCK MARKET), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), UBS Securities, LLC (name:UBS SECURITIES)

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.