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

Select Quarter:

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): STONEX FINANCIAL INC.. Every underlying execution venue and clearing context is evaluated below.

CRD #115624 Review Period: 2026Q2 Filing: Adopts clearing firm report

LAFISE SECURITIES LLC (CRD #115624) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: LAFISE SECURITIES LLC (CRD #115624) 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(574.2%)

2. Matrix Executions, LLC / Simplex Trading, LLC(232.8%)

3. Jane Street Capital(32.5%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via STONEX FINANCIAL 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.

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

LAFISE SECURITIES LLC

CRD Number: 115624 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:21:03 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
StoneX Financial, Inc.(Clearing: STONEX FINANCIAL INC.)	45993	INTL	V1	b55f4679e7486677afb246be3fe2554b6d7a6644005acc1086c4cad2dffa0e25	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.

Download CSV ↓

Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	75.8%	20.5%	28.4%	57.4%	-24.97 ¢	2.10 ¢
202604	options	Jane Street Capital	JNST	10.4%	43.3%	26.0%	19.9%	26.23 ¢	27.79 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	8.7%	35.8%	23.0%	16.3%	26.09 ¢	24.17 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	92.7%	62.0%	85.5%	92.0%	3.94 ¢	0.57 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	91.6%	34.4%	43.6%	27.4%	9.65 ¢	2.41 ¢
202604	sp500	Jane Street Capital	JNST	5.2%	46.0%	31.0%	45.6%	10.00 ¢	10.00 ¢
202605	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	77.1%	33.2%	26.2%	45.2%	10.32 ¢	-2.07 ¢
202605	options	Jane Street Capital	JNST	9.6%	36.5%	27.5%	24.9%	28.72 ¢	29.24 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	5.5%	13.3%	12.4%	12.8%	25.63 ¢	27.14 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	93.9%	61.1%	85.6%	93.0%	4.04 ¢	1.15 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	93.5%	29.3%	46.0%	27.2%	9.37 ¢	1.35 ¢
202606	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	79.9%	40.8%	41.8%	60.9%	2.98 ¢	-4.15 ¢
202606	options	Jane Street Capital	JNST	7.3%	31.1%	24.6%	17.5%	26.27 ¢	29.00 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	4.4%	13.4%	12.5%	9.7%	27.78 ¢	31.82 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	90.3%	65.3%	73.6%	79.6%	2.78 ¢	1.33 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	93.7%	53.6%	69.0%	53.7%	4.93 ¢	0.32 ¢

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 %	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.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	CITADEL SECURITIES LLC	pfof_rate	market	7.04 ¢	7.98 ¢	0.94 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	2.44 ¢	1.36 ¢	-1.09 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	0.59 ¢	0.60 ¢	0.01 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	0.08 ¢	0.13 ¢	0.04 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	4.90 ¢	3.58 ¢	-1.32 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	1.03 ¢	1.02 ¢	-0.01 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	0.40 ¢	0.25 ¢	-0.14 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	0.07 ¢	-0.04 ¢	-0.11 ¢
other_stocks	Jane Street Capital	dropped	—	1.98 ¢	—	—
options	CITADEL SECURITIES LLC	pfof_rate	market	25.25 ¢	26.50 ¢	1.25 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	33.41 ¢	27.71 ¢	-5.70 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	32.89 ¢	32.24 ¢	-0.65 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	11.08 ¢	-17.49 ¢	-28.57 ¢
options	Jane Street Capital	pfof_rate	market	26.91 ¢	27.07 ¢	0.16 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	27.09 ¢	28.68 ¢	1.59 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	30.92 ¢	31.07 ¢	0.15 ¢
options	Jane Street Capital	pfof_rate	other	17.57 ¢	16.98 ¢	-0.59 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	market	13.34 ¢	-3.89 ¢	-17.23 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	marketable_limit	1.77 ¢	-1.38 ¢	-3.15 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	non_marketable_limit	9.58 ¢	10.51 ¢	0.94 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	other	8.13 ¢	9.86 ¢	1.73 ¢

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

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.