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CRD #126292
Review Period: 2026Q1
Filing: Direct 606 filer
WELLS FARGO SECURITIES, LLC (CRD #126292) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. INTELLIGENTCROSS(395.4%)
2. HUDSON RIVER TRADING (HRT)(58.7%)
3. MEMX LLC OPTIONS(52.7%)
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
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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
WELLS FARGO SECURITIES, LLC
CRD Number: 126292 •
Quarter: 2026Q1 •
Generated: Wed, 14 Oct 2026 20:21:25 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| Wells Fargo Securities LLC [WCHV] | 126292 | Direct | V1 | a1c013eda576948adc0c80cc314fe83430715216e97458eefe375d67c75b1fb5 | 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.
| Month | Section | Execution Venue | 605 Reporter | Route % | Market % | Mkt Limit % | Non-Mkt % | PFOF Mkt (¢/100) | PFOF Limit (¢/100) |
|---|---|---|---|---|---|---|---|---|---|
| 202601 | options | MEMX LLC OPTIONS (MXOP) | Unmapped | 18.1% | 0.0% | 4.7% | 25.8% | 0.00 ¢ | -2.50 ¢ |
| 202601 | options | CBOE C2 OPTIONS EXCHANGE (C2OX) | Unmapped | 16.4% | 0.0% | 34.0% | 14.0% | 0.00 ¢ | -2.50 ¢ |
| 202601 | options | MIAX PEARL, LLC (EPRL) | Unmapped | 13.3% | 0.0% | 3.8% | 19.0% | 0.00 ¢ | -2.50 ¢ |
| 202601 | options | MIAX EMERALD, LLC (EMLD) | Unmapped | 12.6% | 0.0% | 3.2% | 13.4% | 0.00 ¢ | -2.69 ¢ |
| 202601 | options | CBOE BZX OPTIONS EXCHANGE (BATS) | BATS | 11.7% | 0.0% | 3.2% | 15.8% | 0.00 ¢ | -2.50 ¢ |
| 202601 | options | ISE GEMINI EXCHANGE (GMNI) | Unmapped | 7.9% | 0.0% | 2.9% | 10.6% | 0.00 ¢ | -2.72 ¢ |
| 202601 | options | PHILADELPHIA OPTIONS EXCHANGE (PHLX) | Unmapped | 6.8% | 0.0% | 37.8% | 0.1% | 0.00 ¢ | -2.50 ¢ |
| 202601 | options | CBOE GLOBAL MARKETS INC. (CBOE) | Unmapped | 4.6% | 0.0% | 2.6% | 0.7% | 0.00 ¢ | -2.33 ¢ |
| 202601 | options | NYSE ARCA OPTIONS (ARCA) | Unmapped | 4.4% | 0.0% | 3.6% | 0.5% | 0.00 ¢ | -2.50 ¢ |
| 202601 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISE) | Unmapped | 4.1% | 0.0% | 4.2% | 0.2% | 0.00 ¢ | -2.66 ¢ |
| 202601 | other_stocks | INTELLIGENTCROSS (INCR) | Unmapped | 56.4% | 61.8% | 51.9% | 2.0% | -2.00 ¢ | -2.00 ¢ |
| 202601 | other_stocks | HUDSON RIVER TRADING (HRT) (HRTF) | HRTF | 14.7% | 10.8% | 10.2% | 58.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | VIRTU Americas LLC (NITE) | NITE | 7.1% | 7.8% | 5.9% | 1.3% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | G1 EXECUTION SERVICES (ETMM) | ETMM | 6.2% | 4.4% | 2.6% | 24.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | JANE STREET CAPITAL, LLC (JNST) | JNST | 5.2% | 4.9% | 5.3% | 10.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | CITADEL SECURITIES (CDRG) | CDRG | 3.2% | 2.8% | 17.2% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | JUMP TRADING - US EQUITY PLATFORM (JLEQ) | JLEQ | 2.8% | 3.0% | 3.1% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Nasdaq Execution Services, LLC. (NASR) | Unmapped | 1.6% | 1.8% | 0.5% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | TWO SIGMA SECURITIES, LLC (SOHO) | SOHO | 1.1% | 1.0% | 0.6% | 2.3% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | INVESTORS EXCHANGE (IEXG) | IEXG | 0.7% | 0.7% | 1.1% | 0.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | UBS SECURITIES LLC (UBSS) | UBSS | 0.5% | 0.5% | 0.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Matchit ATS (VFMI) | Unmapped | 0.4% | 0.4% | 0.4% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | LUMINEX TRADING & ANALYTICS LLC (EBXL) | EBXL | 0.2% | 0.2% | 0.3% | 0.1% | -2.50 ¢ | -2.50 ¢ |
| 202601 | other_stocks | UBS ATS (UBSA) | UBSA | 0.1% | 0.1% | 0.5% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | INTELLIGENTCROSS (INCR) | Unmapped | 74.8% | 79.4% | 68.8% | 1.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | HUDSON RIVER TRADING (HRT) (HRTF) | HRTF | 7.2% | 4.1% | 8.6% | 58.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | CITADEL SECURITIES (CDRG) | CDRG | 4.8% | 5.1% | 5.9% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | VIRTU Americas LLC (NITE) | NITE | 4.3% | 4.6% | 3.4% | 0.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | G1 EXECUTION SERVICES (ETMM) | ETMM | 3.0% | 1.4% | 2.5% | 25.3% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | JUMP TRADING - US EQUITY PLATFORM (JLEQ) | JLEQ | 2.9% | 3.1% | 4.0% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | JANE STREET CAPITAL, LLC (JNST) | JNST | 1.3% | 0.6% | 2.0% | 12.8% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | INVESTORS EXCHANGE (IEXG) | IEXG | 0.7% | 0.7% | 1.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | TWO SIGMA SECURITIES, LLC (SOHO) | SOHO | 0.4% | 0.2% | 0.8% | 1.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | LUMINEX TRADING & ANALYTICS LLC (EBXL) | EBXL | 0.3% | 0.3% | 1.4% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | UBS SECURITIES LLC (UBSS) | UBSS | 0.2% | 0.2% | 0.4% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Matchit ATS (VFMI) | Unmapped | 0.1% | 0.1% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Nasdaq Execution Services, LLC. (NASR) | Unmapped | 0.1% | 0.1% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | UBS ATS (UBSA) | UBSA | 0.1% | 0.1% | 0.6% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | MEMX LLC OPTIONS (MXOP) | Unmapped | 17.3% | 0.0% | 4.8% | 23.1% | 0.00 ¢ | -2.50 ¢ |
| 202602 | options | CBOE C2 OPTIONS EXCHANGE (C2OX) | Unmapped | 14.9% | 0.0% | 29.1% | 12.7% | 0.00 ¢ | -2.50 ¢ |
| 202602 | options | MIAX PEARL, LLC (EPRL) | Unmapped | 14.1% | 0.0% | 3.8% | 18.8% | 0.00 ¢ | -2.50 ¢ |
| 202602 | options | MIAX EMERALD, LLC (EMLD) | Unmapped | 13.7% | 0.0% | 2.9% | 14.7% | 0.00 ¢ | -2.70 ¢ |
| 202602 | options | CBOE BZX OPTIONS EXCHANGE (BATS) | BATS | 13.2% | 0.0% | 3.2% | 17.3% | 0.00 ¢ | -2.50 ¢ |
| 202602 | options | ISE GEMINI EXCHANGE (GMNI) | Unmapped | 8.5% | 0.0% | 2.4% | 11.1% | 0.00 ¢ | -2.60 ¢ |
| 202602 | options | PHILADELPHIA OPTIONS EXCHANGE (PHLX) | Unmapped | 6.4% | 0.0% | 44.0% | 0.3% | 0.00 ¢ | -2.50 ¢ |
| 202602 | options | CBOE GLOBAL MARKETS INC. (CBOE) | Unmapped | 4.8% | 0.0% | 4.3% | 1.9% | 0.00 ¢ | -0.57 ¢ |
| 202602 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISE) | Unmapped | 3.6% | 0.0% | 5.2% | 0.2% | 0.00 ¢ | -2.54 ¢ |
| 202602 | options | CBOE EDGX OPTIONS EXCHANGE (EDGX) | EDGK | 3.5% | 0.0% | 0.3% | 0.0% | 0.00 ¢ | 0.30 ¢ |
| 202602 | other_stocks | INTELLIGENTCROSS (INCR) | Unmapped | 57.1% | 61.3% | 50.9% | 2.3% | -2.00 ¢ | -2.00 ¢ |
| 202602 | other_stocks | HUDSON RIVER TRADING (HRT) (HRTF) | HRTF | 13.6% | 11.4% | 10.8% | 55.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | VIRTU Americas LLC (NITE) | NITE | 7.1% | 7.6% | 5.5% | 2.3% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | JANE STREET CAPITAL, LLC (JNST) | JNST | 6.0% | 5.4% | 6.2% | 10.6% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | G1 EXECUTION SERVICES (ETMM) | ETMM | 5.5% | 3.9% | 2.4% | 25.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | CITADEL SECURITIES (CDRG) | CDRG | 3.5% | 2.9% | 17.9% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | JUMP TRADING - US EQUITY PLATFORM (JLEQ) | JLEQ | 2.9% | 3.1% | 2.4% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Nasdaq Execution Services, LLC. (NASR) | Unmapped | 1.5% | 1.7% | 0.6% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | TWO SIGMA SECURITIES, LLC (SOHO) | SOHO | 0.9% | 0.8% | 0.6% | 2.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | INVESTORS EXCHANGE (IEXG) | IEXG | 0.6% | 0.6% | 1.0% | 0.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | UBS SECURITIES LLC (UBSS) | UBSS | 0.5% | 0.5% | 0.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Matchit ATS (VFMI) | Unmapped | 0.4% | 0.5% | 0.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | LUMINEX TRADING & ANALYTICS LLC (EBXL) | EBXL | 0.3% | 0.3% | 0.4% | 0.1% | -2.50 ¢ | -2.50 ¢ |
| 202602 | other_stocks | UBS ATS (UBSA) | UBSA | 0.1% | 0.1% | 0.5% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | INTELLIGENTCROSS (INCR) | Unmapped | 75.1% | 78.6% | 68.6% | 1.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | HUDSON RIVER TRADING (HRT) (HRTF) | HRTF | 6.3% | 4.4% | 8.9% | 54.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | VIRTU Americas LLC (NITE) | NITE | 4.8% | 5.0% | 3.7% | 1.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | CITADEL SECURITIES (CDRG) | CDRG | 4.3% | 4.5% | 4.9% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | JUMP TRADING - US EQUITY PLATFORM (JLEQ) | JLEQ | 3.5% | 3.6% | 4.3% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | G1 EXECUTION SERVICES (ETMM) | ETMM | 2.7% | 1.3% | 2.3% | 26.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | JANE STREET CAPITAL, LLC (JNST) | JNST | 1.6% | 0.9% | 2.0% | 13.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | INVESTORS EXCHANGE (IEXG) | IEXG | 0.6% | 0.6% | 1.4% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | LUMINEX TRADING & ANALYTICS LLC (EBXL) | EBXL | 0.3% | 0.3% | 1.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | TWO SIGMA SECURITIES, LLC (SOHO) | SOHO | 0.3% | 0.2% | 0.8% | 1.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | UBS SECURITIES LLC (UBSS) | UBSS | 0.2% | 0.3% | 0.5% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Matchit ATS (VFMI) | Unmapped | 0.2% | 0.2% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Nasdaq Execution Services, LLC. (NASR) | Unmapped | 0.1% | 0.1% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | UBS ATS (UBSA) | UBSA | 0.1% | 0.0% | 0.8% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | MEMX LLC OPTIONS (MXOP) | Unmapped | 17.3% | 0.0% | 5.3% | 24.7% | 0.00 ¢ | -2.50 ¢ |
| 202603 | options | CBOE C2 OPTIONS EXCHANGE (C2OX) | Unmapped | 14.1% | 0.0% | 23.2% | 11.9% | 0.00 ¢ | -2.50 ¢ |
| 202603 | options | MIAX PEARL, LLC (EPRL) | Unmapped | 13.8% | 0.0% | 3.9% | 19.9% | 0.00 ¢ | -2.50 ¢ |
| 202603 | options | MIAX EMERALD, LLC (EMLD) | Unmapped | 13.4% | 0.0% | 3.1% | 14.2% | 0.00 ¢ | -2.74 ¢ |
| 202603 | options | CBOE BZX OPTIONS EXCHANGE (BATS) | BATS | 12.8% | 0.0% | 3.2% | 17.9% | 0.00 ¢ | -2.50 ¢ |
| 202603 | options | PHILADELPHIA OPTIONS EXCHANGE (PHLX) | Unmapped | 7.9% | 0.0% | 49.9% | 0.1% | 0.00 ¢ | -2.50 ¢ |
| 202603 | options | ISE GEMINI EXCHANGE (GMNI) | Unmapped | 7.3% | 0.0% | 1.9% | 9.9% | 0.00 ¢ | -2.65 ¢ |
| 202603 | options | CBOE GLOBAL MARKETS INC. (CBOE) | Unmapped | 5.2% | 0.0% | 4.3% | 1.2% | 0.00 ¢ | 5.88 ¢ |
| 202603 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISE) | Unmapped | 4.2% | 0.0% | 4.6% | 0.2% | 0.00 ¢ | -2.56 ¢ |
| 202603 | options | CBOE EDGX OPTIONS EXCHANGE (EDGX) | EDGK | 3.9% | 0.0% | 0.6% | 0.0% | 0.00 ¢ | -0.76 ¢ |
| 202603 | other_stocks | INTELLIGENTCROSS (INCR) | Unmapped | 59.2% | 62.2% | 47.3% | 3.5% | -2.00 ¢ | -2.00 ¢ |
| 202603 | other_stocks | HUDSON RIVER TRADING (HRT) (HRTF) | HRTF | 11.7% | 11.5% | 8.9% | 35.5% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | VIRTU Americas LLC (NITE) | NITE | 7.8% | 7.9% | 10.1% | 3.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | JANE STREET CAPITAL, LLC (JNST) | JNST | 5.8% | 5.3% | 4.3% | 15.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | G1 EXECUTION SERVICES (ETMM) | ETMM | 5.0% | 3.4% | 2.3% | 36.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | CITADEL SECURITIES (CDRG) | CDRG | 4.2% | 3.4% | 21.2% | 0.5% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | JUMP TRADING - US EQUITY PLATFORM (JLEQ) | JLEQ | 2.6% | 2.7% | 2.2% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Nasdaq Execution Services, LLC. (NASR) | Unmapped | 1.3% | 1.4% | 0.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | TWO SIGMA SECURITIES, LLC (SOHO) | SOHO | 0.7% | 0.6% | 0.6% | 3.8% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | INVESTORS EXCHANGE (IEXG) | IEXG | 0.5% | 0.5% | 0.9% | 1.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | UBS SECURITIES LLC (UBSS) | UBSS | 0.5% | 0.5% | 0.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Matchit ATS (VFMI) | Unmapped | 0.4% | 0.5% | 0.4% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | LUMINEX TRADING & ANALYTICS LLC (EBXL) | EBXL | 0.2% | 0.2% | 0.3% | 0.1% | -2.50 ¢ | -2.50 ¢ |
| 202603 | other_stocks | UBS ATS (UBSA) | UBSA | 0.1% | 0.1% | 0.6% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | INTELLIGENTCROSS (INCR) | Unmapped | 72.8% | 74.6% | 69.6% | 2.9% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | VIRTU Americas LLC (NITE) | NITE | 6.5% | 6.7% | 3.9% | 1.9% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | CITADEL SECURITIES (CDRG) | CDRG | 5.5% | 5.6% | 4.3% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | HUDSON RIVER TRADING (HRT) (HRTF) | HRTF | 5.3% | 5.1% | 8.6% | 24.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | JUMP TRADING - US EQUITY PLATFORM (JLEQ) | JLEQ | 4.0% | 4.2% | 4.5% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | G1 EXECUTION SERVICES (ETMM) | ETMM | 2.5% | 1.3% | 2.4% | 45.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | JANE STREET CAPITAL, LLC (JNST) | JNST | 1.8% | 1.2% | 2.1% | 21.5% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | INVESTORS EXCHANGE (IEXG) | IEXG | 0.3% | 0.3% | 0.8% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | LUMINEX TRADING & ANALYTICS LLC (EBXL) | EBXL | 0.3% | 0.3% | 1.2% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | UBS SECURITIES LLC (UBSS) | UBSS | 0.3% | 0.3% | 0.5% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | TWO SIGMA SECURITIES, LLC (SOHO) | SOHO | 0.3% | 0.2% | 0.9% | 3.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Matchit ATS (VFMI) | Unmapped | 0.2% | 0.2% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Nasdaq Execution Services, LLC. (NASR) | Unmapped | 0.1% | 0.1% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | UBS ATS (UBSA) | UBSA | 0.1% | 0.0% | 0.9% | 0.2% | 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.
| 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.
| 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.
| 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 2025Q4.
No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Suppressed Cells
0
Cells with < 100 covered ordersUnmapped Venues
3
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
INTELLIGENTCROSS (INCR), Nasdaq Execution Services, LLC. (NASR), Matchit ATS (VFMI)
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.