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2026Q2 2026Q1

CRD #127818 Review Period: 2026Q2 Filing: Direct 606 filer

OPEN TO THE PUBLIC INVESTING, INC. (CRD #127818) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: OPEN TO THE PUBLIC INVESTING, INC. (CRD #127818) 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. Jane Street Capital(217.2%)

2. CITADEL SECURITIES LLC(155.5%)

3. Virtu Americas, LLC(122.1%)

Top routed order shares

Disclosed PFOF / Rebates

$3,066,753.80

Avg 18.07 ¢

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

OPEN TO THE PUBLIC INVESTING, INC.

CRD Number: 127818 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:41 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
TTSI	127818	TTSI	V1	280ec771d032404e86aaee4671adca607eb570c2c4b9d80658ae4426e8b7c43e	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	Jane Street Capital	JNST	25.2%	28.4%	27.4%	23.3%	25.70 ¢	27.22 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	23.5%	18.1%	19.5%	21.3%	27.70 ¢	29.37 ¢
202604	options	Global Execution Brokers LP	Unmapped	20.9%	28.2%	27.5%	26.9%	26.26 ¢	27.71 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	12.7%	5.3%	5.2%	8.6%	26.67 ¢	28.59 ¢
202604	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	11.1%	12.6%	12.0%	11.2%	24.20 ¢	26.43 ¢
202604	options	Watershed Technologies	Unmapped	6.3%	7.4%	8.3%	8.8%	27.49 ¢	30.62 ¢
202604	other_stocks	Jane Street Capital	JNST	25.3%	23.3%	31.7%	29.2%	10.87 ¢	16.17 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	22.6%	19.8%	42.7%	27.0%	10.50 ¢	14.89 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	19.8%	18.8%	18.1%	22.3%	10.71 ¢	15.50 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	12.8%	13.1%	4.0%	13.4%	10.46 ¢	8.11 ¢
202604	other_stocks	CODA MARKETS INC	Unmapped	5.7%	8.3%	0.5%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	4.0%	4.2%	1.2%	4.0%	10.99 ¢	4.48 ¢
202604	sp500	Jane Street Capital	JNST	24.9%	24.3%	28.2%	29.6%	16.97 ¢	14.70 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	22.1%	20.9%	40.5%	29.8%	17.00 ¢	13.33 ¢
202604	sp500	Virtu Americas, LLC	NITE	20.1%	19.9%	17.8%	22.1%	17.00 ¢	18.21 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	13.5%	13.8%	8.0%	12.1%	17.00 ¢	20.54 ¢
202604	sp500	CODA MARKETS INC	Unmapped	5.3%	6.1%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	4.2%	4.4%	2.5%	3.1%	17.00 ¢	25.21 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	25.9%	18.0%	19.6%	21.2%	28.02 ¢	30.82 ¢
202605	options	Jane Street Capital	JNST	24.4%	23.1%	24.3%	22.8%	28.03 ¢	29.77 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	21.9%	19.9%	18.5%	18.6%	26.61 ¢	28.13 ¢
202605	options	Global Execution Brokers LP	Unmapped	12.7%	20.6%	19.3%	19.2%	27.00 ¢	28.21 ¢
202605	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	10.8%	12.5%	11.8%	11.0%	26.83 ¢	27.29 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	27.2%	23.3%	54.7%	33.1%	10.72 ¢	15.42 ¢
202605	other_stocks	Jane Street Capital	JNST	21.8%	20.9%	19.7%	24.3%	10.96 ¢	16.13 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	20.1%	19.1%	18.3%	22.4%	10.96 ¢	16.04 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	11.4%	11.6%	3.6%	11.9%	10.83 ¢	12.40 ¢
202605	other_stocks	CODA MARKETS INC	Unmapped	5.7%	8.3%	0.5%	0.1%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	4.0%	4.1%	1.3%	4.1%	10.78 ¢	12.46 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	26.6%	25.1%	58.1%	36.7%	17.00 ¢	9.25 ¢
202605	sp500	Jane Street Capital	JNST	22.5%	22.3%	18.2%	24.0%	16.96 ¢	13.91 ¢
202605	sp500	Virtu Americas, LLC	NITE	20.6%	20.5%	16.7%	22.2%	17.00 ¢	13.84 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	12.2%	12.5%	3.7%	10.6%	17.00 ¢	17.02 ¢
202605	sp500	CODA MARKETS INC	Unmapped	4.6%	5.2%	0.2%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	4.3%	4.4%	1.3%	3.2%	17.00 ¢	17.08 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	26.2%	25.5%	25.6%	27.6%	25.82 ¢	29.46 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	25.2%	17.1%	18.3%	19.4%	26.38 ¢	30.18 ¢
202606	options	Jane Street Capital	JNST	24.1%	21.4%	21.8%	20.9%	26.25 ¢	29.67 ¢
202606	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	11.1%	13.1%	12.2%	11.2%	25.54 ¢	27.69 ¢
202606	options	Global Execution Brokers LP	Unmapped	10.7%	18.3%	17.8%	16.9%	25.58 ¢	28.63 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	28.2%	27.4%	52.6%	28.1%	10.91 ¢	16.39 ¢
202606	other_stocks	Jane Street Capital	JNST	24.6%	21.7%	20.6%	29.6%	11.52 ¢	16.32 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	20.6%	19.9%	19.3%	23.1%	10.34 ¢	16.48 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	8.2%	9.1%	3.2%	7.1%	10.19 ¢	13.80 ¢
202606	other_stocks	CODA MARKETS INC	Unmapped	4.8%	7.0%	0.5%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	3.5%	4.2%	1.4%	2.4%	10.68 ¢	13.90 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	3.2%	1.9%	0.8%	7.2%	9.10 ¢	12.95 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	28.9%	28.6%	53.6%	31.8%	17.00 ¢	17.15 ¢
202606	sp500	Jane Street Capital	JNST	24.3%	22.8%	22.6%	29.8%	16.95 ¢	18.66 ¢
202606	sp500	Virtu Americas, LLC	NITE	20.9%	21.0%	16.0%	22.8%	17.00 ¢	19.29 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	9.2%	9.7%	3.1%	6.1%	17.00 ¢	17.80 ¢
202606	sp500	CODA MARKETS INC	Unmapped	4.1%	4.7%	0.9%	0.1%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	4.1%	4.4%	1.5%	2.0%	17.00 ¢	18.26 ¢

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	CITADEL SECURITIES LLC	route_share	—	13.45 ¢	25.86 ¢	12.41 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	market	-17.00 ¢	17.00 ¢	34.00 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	-9.61 ¢	13.25 ¢	22.85 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	-9.75 ¢	15.94 ¢	25.69 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	-25.50 ¢	19.93 ¢	45.43 ¢
sp500	CODA MARKETS INC	added	—	—	4.68 ¢	—
sp500	G1 Execution Services, LLC	pfof_rate	market	-17.00 ¢	17.00 ¢	34.00 ¢
sp500	G1 Execution Services, LLC	pfof_rate	marketable_limit	-22.12 ¢	20.19 ¢	42.30 ¢
sp500	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	-18.85 ¢	20.19 ¢	39.04 ¢
sp500	G1 Execution Services, LLC	pfof_rate	other	-25.50 ¢	23.09 ¢	48.59 ¢
sp500	GTS SECURITIES LLC	dropped	—	2.36 ¢	—	—
sp500	Hudson River Trading (HRT)	route_share	—	18.61 ¢	11.63 ¢	-6.98 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	market	-17.00 ¢	17.00 ¢	34.00 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	marketable_limit	-22.38 ¢	18.45 ¢	40.83 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	-18.23 ¢	22.91 ¢	41.14 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	other	-25.50 ¢	22.59 ¢	48.09 ¢
sp500	INCR-H	dropped	—	3.26 ¢	—	—
sp500	Jane Street Capital	pfof_rate	market	-16.95 ¢	16.96 ¢	33.91 ¢
sp500	Jane Street Capital	pfof_rate	marketable_limit	-14.54 ¢	15.76 ¢	30.30 ¢
sp500	Jane Street Capital	pfof_rate	non_marketable_limit	-14.67 ¢	18.76 ¢	33.43 ¢
sp500	Jane Street Capital	pfof_rate	other	-25.50 ¢	24.78 ¢	50.28 ¢
sp500	Virtu Americas, LLC	pfof_rate	market	-17.00 ¢	17.00 ¢	34.00 ¢
sp500	Virtu Americas, LLC	pfof_rate	marketable_limit	-15.71 ¢	17.11 ¢	32.82 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	-15.51 ¢	18.18 ¢	33.69 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	-25.50 ¢	22.48 ¢	47.98 ¢
other_stocks	CITADEL SECURITIES LLC	route_share	—	14.11 ¢	25.98 ¢	11.87 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	-10.17 ¢	10.71 ¢	20.88 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	-13.16 ¢	15.57 ¢	28.73 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	-8.03 ¢	7.57 ¢	15.60 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	-14.89 ¢	19.20 ¢	34.09 ¢
other_stocks	CODA MARKETS INC	added	—	—	5.39 ¢	—
other_stocks	G1 Execution Services, LLC	pfof_rate	market	-9.61 ¢	10.82 ¢	20.43 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	marketable_limit	-10.03 ¢	10.28 ¢	20.31 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	-14.01 ¢	14.02 ¢	28.03 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	other	-22.87 ¢	18.95 ¢	41.81 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	market	-10.23 ¢	9.10 ¢	19.33 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	marketable_limit	-12.37 ¢	12.95 ¢	25.32 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	non_marketable_limit	-15.46 ¢	13.33 ¢	28.79 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	other	0.00 ¢	17.12 ¢	17.12 ¢
other_stocks	Hudson River Trading (HRT)	route_share	—	17.30 ¢	10.80 ¢	-6.49 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	market	-9.86 ¢	10.49 ¢	20.35 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	marketable_limit	-10.51 ¢	11.44 ¢	21.95 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	-13.67 ¢	13.58 ¢	27.25 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	other	-16.21 ¢	19.70 ¢	35.91 ¢
other_stocks	INCR-H	dropped	—	2.21 ¢	—	—
other_stocks	Jane Street Capital	route_share	—	29.68 ¢	23.94 ¢	-5.74 ¢
other_stocks	Jane Street Capital	pfof_rate	market	-10.09 ¢	11.11 ¢	21.20 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	-15.97 ¢	16.21 ¢	32.18 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	-10.35 ¢	10.01 ¢	20.36 ¢
other_stocks	Jane Street Capital	pfof_rate	other	-15.68 ¢	18.69 ¢	34.36 ¢
other_stocks	StoneX Financial, Inc.	dropped	—	2.55 ¢	—	—
other_stocks	Virtu Americas, LLC	pfof_rate	market	-9.77 ¢	10.67 ¢	20.44 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	-15.65 ¢	16.01 ¢	31.66 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	-10.66 ¢	8.65 ¢	19.31 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	-17.83 ¢	18.47 ¢	36.30 ¢
options	Dash/IMC Financial Markets	route_share	—	11.90 ¢	20.25 ¢	8.36 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	-27.21 ¢	26.37 ¢	53.58 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	-29.91 ¢	28.73 ¢	58.64 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	-32.17 ¢	33.44 ¢	65.61 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	-26.72 ¢	34.64 ¢	61.36 ¢
options	G-SIGOPTBN2	dropped	—	14.61 ¢	—	—
options	Global Execution Brokers LP	route_share	—	7.82 ¢	14.78 ¢	6.97 ¢
options	Global Execution Brokers LP	pfof_rate	market	-25.18 ¢	26.28 ¢	51.46 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	-28.58 ¢	28.18 ¢	56.76 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	-31.30 ¢	32.47 ¢	63.77 ¢
options	Global Execution Brokers LP	pfof_rate	other	-26.14 ¢	25.80 ¢	51.94 ¢
options	Instinet, LLC	dropped	—	7.94 ¢	—	—
options	Jane Street Capital	pfof_rate	market	-25.93 ¢	26.66 ¢	52.59 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	-28.49 ¢	28.89 ¢	57.38 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	-31.11 ¢	33.34 ¢	64.44 ¢
options	Jane Street Capital	pfof_rate	other	-28.28 ¢	35.43 ¢	63.71 ¢
options	Matrix Executions, LLC	dropped	—	10.97 ¢	—	—
options	Matrix Executions, LLC / Simplex Trading, LLC	added	—	—	10.98 ¢	—
options	Watershed Technologies	added	—	—	2.09 ¢	—
options	Wolverine Execution Services, LLC	route_share	—	19.56 ¢	24.85 ¢	5.29 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	-26.91 ¢	27.37 ¢	54.27 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	-29.52 ¢	30.12 ¢	59.64 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	-31.27 ¢	33.91 ¢	65.18 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	-27.58 ¢	34.11 ¢	61.69 ¢

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:

CODA MARKETS INC (name:CODA MARKETS), GTS SECURITIES LLC (name:GTS 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.