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2026Q2 2026Q1

CRD #13071 Review Period: 2026Q2 Filing: Direct 606 filer

APEX CLEARING CORPORATION (CRD #13071) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: APEX CLEARING CORPORATION (CRD #13071) 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. CITADEL SECURITIES LLC(176.7%)

2. Virtu Americas, LLC(134.7%)

3. Bruce Markets LLC(97.4%)

Top routed order shares

Disclosed PFOF / Rebates

$14,432,057.88

Avg 23.43 ¢

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

APEX CLEARING CORPORATION

CRD Number: 13071 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:42 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
APEX Clearing	13071	APEX	V1	4f254a91d2c8519b86f0f1f71adb7441170597469632123f939bad901f3b817a	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	Instinet, LLC	Unmapped	19.9%	16.0%	7.3%	6.7%	0.00 ¢	0.00 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	17.4%	18.3%	21.5%	17.8%	26.32 ¢	27.93 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	17.2%	5.8%	9.7%	11.8%	31.48 ¢	34.17 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	16.2%	16.3%	13.3%	18.4%	27.35 ¢	30.33 ¢
202604	options	Jane Street Capital	JNST	14.6%	18.0%	18.5%	15.2%	25.90 ¢	28.03 ¢
202604	options	Global Execution Brokers LP	Unmapped	9.2%	18.3%	20.9%	23.1%	31.27 ¢	37.36 ¢
202604	options	Matrix Executions, LLC	Unmapped	5.6%	7.3%	8.7%	6.9%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	40.3%	9.5%	48.8%	49.6%	16.21 ¢	17.76 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	27.8%	60.7%	18.4%	19.4%	17.96 ¢	18.00 ¢
202604	other_stocks	Jane Street Capital	JNST	21.5%	8.4%	25.9%	24.3%	15.82 ¢	18.36 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	3.7%	7.6%	1.8%	2.3%	15.68 ¢	18.22 ¢
202604	sp500	Virtu Americas, LLC	NITE	49.4%	80.2%	23.6%	22.2%	17.86 ¢	19.87 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	27.1%	5.2%	50.4%	49.9%	20.00 ¢	16.64 ¢
202604	sp500	Jane Street Capital	JNST	11.6%	4.9%	19.2%	17.2%	20.00 ¢	20.00 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	3.6%	4.0%	1.9%	2.6%	20.00 ¢	20.00 ¢
202605	options	Instinet, LLC	Unmapped	19.2%	12.8%	6.1%	5.7%	0.00 ¢	0.00 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	18.3%	16.9%	19.5%	17.8%	28.58 ¢	29.37 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	16.6%	7.0%	9.7%	10.9%	32.03 ¢	36.22 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	15.3%	15.8%	14.9%	19.9%	29.24 ¢	32.16 ¢
202605	options	Jane Street Capital	JNST	14.9%	20.4%	19.6%	16.4%	27.31 ¢	29.19 ¢
202605	options	Global Execution Brokers LP	Unmapped	9.6%	19.2%	19.8%	22.5%	33.04 ¢	39.79 ¢
202605	options	Matrix Executions, LLC	Unmapped	6.0%	7.9%	10.3%	6.7%	0.00 ¢	0.00 ¢
202605	other_stocks	Bruce Markets LLC	Unmapped	25.8%	0.0%	30.3%	26.9%	0.00 ¢	-14.97 ¢
202605	other_stocks	Blue Ocean Technologies, LLC	Unmapped	22.4%	0.0%	24.2%	21.8%	0.00 ¢	-19.33 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	19.1%	10.3%	19.1%	23.3%	15.01 ¢	17.73 ¢
202605	other_stocks	MOON ATS	Unmapped	14.5%	0.0%	15.4%	14.6%	0.00 ¢	-10.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	11.1%	65.0%	5.5%	7.1%	16.84 ¢	17.88 ¢
202605	sp500	Bruce Markets LLC	Unmapped	27.3%	0.0%	29.8%	29.7%	0.00 ¢	-15.00 ¢
202605	sp500	MOON ATS	Unmapped	26.4%	0.0%	29.7%	28.2%	0.00 ¢	-10.00 ¢
202605	sp500	Blue Ocean Technologies, LLC	Unmapped	16.2%	0.0%	18.1%	17.0%	0.00 ¢	-20.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	14.6%	83.4%	4.8%	5.4%	17.87 ¢	19.85 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	11.2%	5.2%	13.6%	15.7%	20.00 ¢	16.34 ¢
202606	options	Instinet, LLC	Unmapped	20.6%	12.9%	6.0%	5.3%	0.00 ¢	0.00 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	17.5%	16.9%	19.3%	18.6%	29.06 ¢	31.58 ¢
202606	options	Jane Street Capital	JNST	16.1%	21.5%	21.2%	18.9%	29.13 ¢	31.09 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	15.9%	6.8%	9.0%	11.0%	34.19 ¢	36.57 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	13.6%	14.4%	14.6%	16.9%	31.77 ¢	33.46 ¢
202606	options	Global Execution Brokers LP	Unmapped	9.9%	19.3%	20.3%	21.8%	31.93 ¢	33.46 ¢
202606	options	Matrix Executions, LLC	Unmapped	6.4%	8.2%	9.6%	7.4%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	24.5%	10.9%	39.1%	34.5%	16.30 ¢	18.39 ¢
202606	other_stocks	Bruce Markets LLC	Unmapped	19.7%	0.0%	16.0%	17.4%	0.00 ¢	-8.06 ¢
202606	other_stocks	Blue Ocean Technologies, LLC	Unmapped	19.4%	0.0%	14.4%	14.5%	0.00 ¢	-17.38 ¢
202606	other_stocks	MOON ATS	Unmapped	13.6%	0.0%	8.7%	9.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	13.0%	67.2%	11.5%	11.6%	17.58 ¢	18.31 ¢
202606	other_stocks	Jane Street Capital	JNST	7.3%	8.2%	8.7%	10.9%	16.04 ¢	18.05 ¢
202606	sp500	Bruce Markets LLC	Unmapped	24.6%	0.0%	29.1%	30.6%	0.00 ¢	-12.00 ¢
202606	sp500	MOON ATS	Unmapped	23.3%	0.0%	24.5%	26.5%	0.00 ¢	-10.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	18.8%	84.7%	5.7%	5.5%	17.98 ¢	19.85 ¢
202606	sp500	Blue Ocean Technologies, LLC	Unmapped	18.7%	0.0%	17.7%	18.3%	0.00 ¢	-20.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	9.3%	5.2%	18.0%	13.2%	19.94 ¢	22.48 ¢

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	Blue Ocean Technologies, LLC	added	—	—	11.63 ¢	—
sp500	Bruce Markets LLC	added	—	—	17.31 ¢	—
sp500	CITADEL SECURITIES LLC	route_share	—	27.15 ¢	15.88 ¢	-11.27 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	market	20.00 ¢	19.98 ¢	-0.02 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	18.73 ¢	18.49 ¢	-0.24 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	27.90 ¢	27.53 ¢	-0.37 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	23.76 ¢	23.57 ¢	-0.19 ¢
sp500	GTS SECURITIES LLC	dropped	—	1.44 ¢	—	—
sp500	Jane Street Capital	route_share	—	17.41 ¢	3.87 ¢	-13.54 ¢
sp500	Jane Street Capital	pfof_rate	non_marketable_limit	29.78 ¢	29.73 ¢	-0.05 ¢
sp500	Jane Street Capital	pfof_rate	other	27.12 ¢	25.85 ¢	-1.27 ¢
sp500	MOON ATS	added	—	—	16.54 ¢	—
sp500	Virtu Americas, LLC	route_share	—	42.02 ¢	27.59 ¢	-14.43 ¢
sp500	Virtu Americas, LLC	pfof_rate	market	17.69 ¢	17.90 ¢	0.21 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	29.45 ¢	29.72 ¢	0.27 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	15.32 ¢	13.30 ¢	-2.02 ¢
other_stocks	Blue Ocean Technologies, LLC	added	—	—	13.94 ¢	—
other_stocks	Bruce Markets LLC	added	—	—	15.16 ¢	—
other_stocks	CITADEL SECURITIES LLC	route_share	—	36.31 ¢	27.97 ¢	-8.34 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	16.59 ¢	15.84 ¢	-0.75 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	17.43 ¢	17.96 ¢	0.53 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	25.70 ¢	25.53 ¢	-0.17 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	15.65 ¢	14.38 ¢	-1.27 ¢
other_stocks	GTS SECURITIES LLC	dropped	—	3.71 ¢	—	—
other_stocks	Hudson River Trading (HRT)	pfof_rate	market	16.29 ¢	15.68 ¢	-0.61 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	marketable_limit	18.32 ¢	18.22 ¢	-0.09 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	26.51 ¢	25.18 ¢	-1.33 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	other	12.89 ¢	10.74 ¢	-2.16 ¢
other_stocks	Jane Street Capital	route_share	—	24.04 ¢	9.60 ¢	-14.44 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	18.02 ¢	18.21 ¢	0.19 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	25.93 ¢	24.39 ¢	-1.54 ¢
other_stocks	Jane Street Capital	pfof_rate	other	13.46 ¢	16.08 ¢	2.62 ¢
other_stocks	MOON ATS	added	—	—	9.37 ¢	—
other_stocks	Virtu Americas, LLC	route_share	—	25.84 ¢	17.30 ¢	-8.53 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	17.48 ¢	17.46 ¢	-0.03 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	18.05 ¢	18.07 ¢	0.02 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	23.72 ¢	22.93 ¢	-0.79 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	9.61 ¢	5.52 ¢	-4.08 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	27.48 ¢	29.45 ¢	1.97 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	32.07 ¢	31.98 ¢	-0.09 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	38.91 ¢	39.60 ¢	0.69 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	57.18 ¢	59.40 ¢	2.21 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	26.52 ¢	27.99 ¢	1.47 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	31.25 ¢	29.63 ¢	-1.62 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	37.57 ¢	37.02 ¢	-0.54 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	27.72 ¢	34.82 ¢	7.10 ¢
options	Global Execution Brokers LP	pfof_rate	market	26.35 ¢	32.08 ¢	5.73 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	31.41 ¢	36.87 ¢	5.46 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	38.71 ¢	48.73 ¢	10.02 ¢
options	Global Execution Brokers LP	pfof_rate	other	26.47 ¢	29.15 ¢	2.68 ¢
options	Jane Street Capital	pfof_rate	market	26.49 ¢	27.45 ¢	0.96 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	30.73 ¢	29.44 ¢	-1.30 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	37.27 ¢	37.04 ¢	-0.23 ¢
options	Jane Street Capital	pfof_rate	other	49.70 ¢	54.21 ¢	4.51 ¢
options	Matrix Executions, LLC	pfof_rate	market	16.69 ¢	0.00 ¢	-16.69 ¢
options	Matrix Executions, LLC	pfof_rate	marketable_limit	29.50 ¢	0.00 ¢	-29.50 ¢
options	Matrix Executions, LLC	pfof_rate	non_marketable_limit	35.04 ¢	0.00 ¢	-35.04 ¢
options	Matrix Executions, LLC	pfof_rate	other	46.93 ¢	0.00 ¢	-46.93 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	32.01 ¢	32.57 ¢	0.56 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	35.83 ¢	35.65 ¢	-0.18 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	39.28 ¢	40.03 ¢	0.75 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	55.01 ¢	58.44 ¢	3.43 ¢

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:

Blue Ocean Technologies, LLC (name:BLUE OCEAN TECHNOLOGIES), Bruce Markets LLC (name:BRUCE MARKETS), MOON ATS (name:MOON ATS)

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.