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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): NATIONAL FINANCIAL SERVICES LLC, MUTUAL SECURITIES INC. Every underlying execution venue and clearing context is evaluated below.
CRD #13092
Review Period: 2026Q2
Filing: Adopts clearing firm report
MUTUAL SECURITIES, INC. (CRD #13092) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. Citadel Securities LLC(391.9%)
2. CrossStream ATS(278.3%)
3. Virtu Americas, LLC(165.5%)
Top routed order shares
Disclosed PFOF / Rebates
Clears via NATIONAL FINANCIAL SERVICES LLC, MUTUAL 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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
MUTUAL SECURITIES, INC.
CRD Number: 13092 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:20:00 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| NATIONAL FINANCIAL SERVICES LLC(Clearing: NATIONAL FINANCIAL SERVICES LLC) | 13041 | Direct | V1 | f8839db1e72daba791e5ecc16517e73cf7896af522640164ac1e4a53f64d3e53 | Download XML ↗ |
| MUTUAL SECURITIES INC | 13092 | Direct | V1 | 2cace3dcd7f5d860676b5556aa297756e90541900d042b882cc7ffc8fb7c6230 | 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) |
|---|---|---|---|---|---|---|---|---|---|
| 202604 | options | Citadel Securities LLC (CDRG) | CDRG | 20.2% | 39.6% | 42.0% | 38.1% | 25.93 ¢ | 6.16 ¢ |
| 202604 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 18.0% | 17.2% | 14.4% | 13.9% | 27.30 ¢ | 19.19 ¢ |
| 202604 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 17.8% | 3.3% | 4.7% | 18.8% | 28.27 ¢ | 19.95 ¢ |
| 202604 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 16.9% | 15.1% | 12.4% | 8.4% | 29.01 ¢ | 20.08 ¢ |
| 202604 | options | NYSE Arca Options (ARCA) | Unmapped | 9.5% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 27.46 ¢ |
| 202604 | options | CBOE Options Exchange (CBOE) | Unmapped | 8.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | -23.87 ¢ |
| 202604 | other_stocks | CrossStream ATS (XSTM) | XSTM | 18.4% | 20.1% | 12.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 16.7% | 17.6% | 27.6% | 2.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Virtu Americas, LLC (NITE) | NITE | 16.6% | 17.6% | 25.8% | 2.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 14.6% | 15.9% | 4.9% | 0.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 14.2% | 15.5% | 4.5% | 0.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | HRT Financial LP (HRTF) | HRTF | 5.8% | 6.4% | 1.9% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Goldman, Sachs and Co. LLC (GSCO) | GSCO | 2.5% | 2.8% | 0.8% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Nasdaq Stock Market (NSDQ) | Unmapped | 2.2% | 0.0% | 1.0% | 27.7% | -14.09 ¢ | -8.18 ¢ |
| 202604 | other_stocks | New York Stock Exchange (NYSE) | Unmapped | 2.1% | 0.0% | 0.4% | 27.4% | -12.46 ¢ | -12.90 ¢ |
| 202604 | other_stocks | NYSE Arca (ARCA) | Unmapped | 1.9% | 0.0% | 1.7% | 25.1% | -25.76 ¢ | -20.59 ¢ |
| 202604 | sp500 | Virtu Americas, LLC (NITE) | NITE | 18.6% | 20.0% | 24.4% | 1.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 18.5% | 19.8% | 28.8% | 2.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 16.2% | 17.9% | 2.2% | 1.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 15.8% | 17.4% | 2.2% | 1.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | CrossStream ATS (XSTM) | XSTM | 9.3% | 10.3% | 4.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | HRT Financial LP (HRTF) | HRTF | 6.5% | 7.2% | 1.0% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | New York Stock Exchange (NYSE) | Unmapped | 4.2% | 0.0% | 0.9% | 48.4% | -11.00 ¢ | -11.13 ¢ |
| 202604 | sp500 | Nasdaq Stock Market (NSDQ) | Unmapped | 3.5% | 0.0% | 1.7% | 40.2% | -14.49 ¢ | -2.99 ¢ |
| 202604 | sp500 | Goldman, Sachs and Co. LLC (GSCO) | GSCO | 2.8% | 3.1% | 0.5% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | UBS Securities, LLC (UBSS) | UBSS | 1.6% | 1.8% | 0.3% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Citadel Securities LLC (CDRG) | CDRG | 21.4% | 39.6% | 24.1% | 7.9% | 26.09 ¢ | 8.88 ¢ |
| 202605 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 19.7% | 18.0% | 9.2% | 3.4% | 28.88 ¢ | 24.06 ¢ |
| 202605 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 19.3% | 3.6% | 2.6% | 3.5% | 28.43 ¢ | 14.39 ¢ |
| 202605 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 19.1% | 12.7% | 6.0% | 1.8% | 29.64 ¢ | 25.36 ¢ |
| 202605 | options | NYSE Arca Options (ARCA) | Unmapped | 7.0% | 0.0% | 23.3% | 29.4% | 0.00 ¢ | 27.83 ¢ |
| 202605 | options | CBOE Options Exchange (CBOE) | Unmapped | 6.0% | 0.0% | 8.8% | 25.5% | -25.11 ¢ | -25.11 ¢ |
| 202605 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 21.3% | 22.5% | 27.3% | 5.4% | 4.01 ¢ | 1.80 ¢ |
| 202605 | other_stocks | CrossStream ATS (XSTM) | XSTM | 19.2% | 21.1% | 12.0% | 0.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Virtu Americas, LLC (NITE) | NITE | 16.5% | 17.3% | 24.7% | 4.4% | 3.79 ¢ | 4.02 ¢ |
| 202605 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 16.2% | 17.8% | 4.2% | 2.6% | 3.91 ¢ | 4.13 ¢ |
| 202605 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 8.1% | 8.9% | 2.4% | 1.2% | 3.45 ¢ | 3.63 ¢ |
| 202605 | other_stocks | HRT Financial LP (HRTF) | HRTF | 5.7% | 6.3% | 1.5% | 0.9% | 3.67 ¢ | 4.92 ¢ |
| 202605 | other_stocks | Goldman, Sachs and Co. LLC (GSCO) | GSCO | 2.5% | 2.7% | 0.7% | 0.4% | 3.90 ¢ | 2.80 ¢ |
| 202605 | other_stocks | Nasdaq Stock Market (NSDQ) | Unmapped | 2.2% | 0.0% | 1.1% | 26.8% | -14.57 ¢ | -15.13 ¢ |
| 202605 | other_stocks | Two Sigma Securities, LLC (SOHO) | SOHO | 1.7% | 1.9% | 0.4% | 0.3% | 4.08 ¢ | 2.79 ¢ |
| 202605 | other_stocks | New York Stock Exchange (NYSE) | Unmapped | 1.7% | 0.0% | 0.3% | 21.1% | -19.37 ¢ | -26.07 ¢ |
| 202605 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 24.2% | 25.5% | 35.6% | 4.5% | 2.78 ¢ | 0.15 ¢ |
| 202605 | sp500 | Virtu Americas, LLC (NITE) | NITE | 18.6% | 19.6% | 30.2% | 3.4% | 2.59 ¢ | 1.24 ¢ |
| 202605 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 18.4% | 20.0% | 2.9% | 2.8% | 2.88 ¢ | 5.17 ¢ |
| 202605 | sp500 | CrossStream ATS (XSTM) | XSTM | 10.2% | 11.2% | 3.4% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 9.3% | 10.1% | 1.4% | 1.4% | 2.57 ¢ | 5.92 ¢ |
| 202605 | sp500 | HRT Financial LP (HRTF) | HRTF | 6.5% | 7.1% | 0.9% | 1.0% | 2.63 ¢ | 4.99 ¢ |
| 202605 | sp500 | New York Stock Exchange (NYSE) | Unmapped | 3.2% | 0.0% | 0.3% | 41.9% | -17.87 ¢ | -18.71 ¢ |
| 202605 | sp500 | Nasdaq Stock Market (NSDQ) | Unmapped | 3.1% | 0.0% | 1.4% | 39.8% | -14.14 ¢ | -8.27 ¢ |
| 202605 | sp500 | Goldman, Sachs and Co. LLC (GSCO) | GSCO | 2.8% | 3.1% | 0.4% | 0.4% | 2.61 ¢ | 2.57 ¢ |
| 202605 | sp500 | Two Sigma Securities, LLC (SOHO) | SOHO | 2.0% | 2.1% | 0.3% | 0.3% | 2.74 ¢ | 1.87 ¢ |
| 202606 | options | Citadel Securities LLC (CDRG) | CDRG | 21.9% | 36.9% | 36.1% | 29.5% | 27.16 ¢ | 5.09 ¢ |
| 202606 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 20.5% | 23.3% | 18.5% | 16.0% | 28.99 ¢ | 24.30 ¢ |
| 202606 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 19.2% | 13.7% | 10.7% | 7.3% | 30.13 ¢ | 25.21 ¢ |
| 202606 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 12.5% | 2.5% | 3.7% | 11.5% | 29.79 ¢ | 14.19 ¢ |
| 202606 | options | NYSE Arca Options (ARCA) | Unmapped | 7.4% | 0.0% | 0.8% | 4.9% | 0.00 ¢ | 33.68 ¢ |
| 202606 | options | CBOE Options Exchange (CBOE) | Unmapped | 7.3% | 0.0% | 0.0% | 4.8% | 0.00 ¢ | -22.58 ¢ |
| 202606 | options | CBOE BZX Options Exchange, Inc. (BATS) | BATS | 5.0% | 0.0% | 0.0% | 4.5% | 0.00 ¢ | 28.60 ¢ |
| 202606 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 25.3% | 26.2% | 29.1% | 11.8% | 5.33 ¢ | 3.40 ¢ |
| 202606 | other_stocks | CrossStream ATS (XSTM) | XSTM | 18.8% | 20.5% | 11.3% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Virtu Americas, LLC (NITE) | NITE | 16.4% | 16.7% | 25.1% | 8.6% | 5.34 ¢ | 6.59 ¢ |
| 202606 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 16.1% | 17.2% | 5.0% | 5.4% | 5.34 ¢ | 6.96 ¢ |
| 202606 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 7.8% | 8.3% | 3.0% | 2.7% | 5.93 ¢ | 7.01 ¢ |
| 202606 | other_stocks | HRT Financial LP (HRTF) | HRTF | 4.8% | 5.1% | 1.4% | 1.6% | 5.20 ¢ | 7.51 ¢ |
| 202606 | other_stocks | Goldman, Sachs and Co. LLC (GSCO) | GSCO | 2.7% | 2.9% | 0.8% | 0.9% | 5.43 ¢ | 7.45 ¢ |
| 202606 | other_stocks | Nasdaq Stock Market (NSDQ) | Unmapped | 2.0% | 0.0% | 0.9% | 27.3% | -13.50 ¢ | -14.86 ¢ |
| 202606 | other_stocks | Two Sigma Securities, LLC (SOHO) | SOHO | 1.6% | 1.7% | 0.5% | 0.5% | 5.33 ¢ | 6.54 ¢ |
| 202606 | other_stocks | NYSE Arca (ARCA) | Unmapped | 1.1% | 0.0% | 1.1% | 15.4% | -30.89 ¢ | -30.50 ¢ |
| 202606 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 28.2% | 29.5% | 32.3% | 9.5% | 3.74 ¢ | 0.30 ¢ |
| 202606 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 18.2% | 19.5% | 3.2% | 5.5% | 3.78 ¢ | 7.43 ¢ |
| 202606 | sp500 | Virtu Americas, LLC (NITE) | NITE | 18.0% | 18.7% | 26.2% | 6.2% | 3.74 ¢ | 2.44 ¢ |
| 202606 | sp500 | CrossStream ATS (XSTM) | XSTM | 9.9% | 10.8% | 3.8% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 8.8% | 9.4% | 1.6% | 2.8% | 4.23 ¢ | 7.66 ¢ |
| 202606 | sp500 | HRT Financial LP (HRTF) | HRTF | 5.4% | 5.8% | 0.9% | 1.6% | 3.99 ¢ | 7.73 ¢ |
| 202606 | sp500 | Goldman, Sachs and Co. LLC (GSCO) | GSCO | 3.1% | 3.3% | 0.5% | 0.9% | 3.86 ¢ | 14.75 ¢ |
| 202606 | sp500 | Nasdaq Stock Market (NSDQ) | Unmapped | 2.8% | 0.0% | 1.4% | 38.6% | -14.46 ¢ | -9.49 ¢ |
| 202606 | sp500 | New York Stock Exchange (NYSE) | Unmapped | 2.1% | 0.0% | 0.1% | 30.0% | -30.48 ¢ | -29.95 ¢ |
| 202606 | sp500 | Two Sigma Securities, LLC (SOHO) | SOHO | 1.8% | 1.9% | 0.3% | 0.6% | 3.83 ¢ | 7.07 ¢ |
| 202604 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 43.8% | 0.0% | 0.0% | 53.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Citadel Securities LLC (CDRG) | CDRG | 18.8% | 33.3% | 0.0% | 15.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 18.8% | 33.3% | 0.0% | 15.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Jane Street Capital, LLC (JNST) | JNST | 12.5% | 33.3% | 0.0% | 7.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 6.3% | 0.0% | 0.0% | 7.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | CrossStream ATS (XSTM) | XSTM | 30.0% | 54.1% | 48.9% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | New York Stock Exchange (NYSE) | Unmapped | 24.8% | 0.0% | 0.0% | 57.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 7.0% | 11.0% | 13.3% | 0.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Cboe EDGX US Equities Exchange (EDGX) | EDGK | 5.9% | 0.0% | 0.0% | 13.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 5.2% | 9.2% | 0.0% | 3.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Members Exchange (MEMX) | Unmapped | 5.2% | 0.0% | 0.0% | 12.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 4.8% | 9.2% | 2.2% | 1.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Virtu Americas, LLC (NITE) | NITE | 4.8% | 7.3% | 6.7% | 1.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Instinet BlockCross (BLKX) | Unmapped | 4.1% | 0.9% | 22.2% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Nasdaq Stock Market (NSDQ) | Unmapped | 3.3% | 0.0% | 0.0% | 7.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | CrossStream ATS (XSTM) | XSTM | 29.3% | 33.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 17.1% | 13.9% | 50.0% | 33.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 14.6% | 16.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 14.6% | 13.9% | 0.0% | 33.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Virtu Americas, LLC (NITE) | NITE | 9.8% | 8.3% | 0.0% | 33.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | HRT Financial LP (HRTF) | HRTF | 7.3% | 5.6% | 50.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.4% | 2.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | GTS SECURITIES LLC (GTSM) | GTSM | 2.4% | 2.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | UBS Securities, LLC (UBSS) | UBSS | 2.4% | 2.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Citadel Securities LLC (CDRG) | CDRG | 57.1% | 75.0% | 0.0% | 33.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 28.6% | 0.0% | 0.0% | 66.7% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 14.3% | 25.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | CrossStream ATS (XSTM) | XSTM | 46.5% | 51.5% | 46.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 10.0% | 10.8% | 11.5% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Virtu Americas, LLC (NITE) | NITE | 8.8% | 10.0% | 3.9% | 7.1% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 8.2% | 10.0% | 3.9% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 6.5% | 7.7% | 3.9% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Instinet BlockCross (BLKX) | Unmapped | 5.9% | 3.1% | 23.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Members Exchange (MEMX) | Unmapped | 2.9% | 0.0% | 0.0% | 35.7% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Cboe EDGX US Equities Exchange (EDGX) | EDGK | 2.4% | 0.0% | 0.0% | 28.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.4% | 3.1% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | HRT Financial LP (HRTF) | HRTF | 2.4% | 1.5% | 7.7% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | New York Stock Exchange (NYSE) | Unmapped | 34.0% | 0.0% | 0.0% | 78.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | CrossStream ATS (XSTM) | XSTM | 24.5% | 43.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 13.2% | 23.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Virtu Americas, LLC (NITE) | NITE | 9.4% | 13.3% | 0.0% | 4.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 7.5% | 10.0% | 0.0% | 4.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 5.7% | 6.7% | 0.0% | 4.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 1.9% | 3.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Members Exchange (MEMX) | Unmapped | 1.9% | 0.0% | 0.0% | 4.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Nasdaq Stock Market (NSDQ) | Unmapped | 1.9% | 0.0% | 0.0% | 4.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Citadel Securities LLC (CDRG) | CDRG | 45.0% | 50.0% | 50.0% | 43.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 25.0% | 25.0% | 0.0% | 26.7% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 12.5% | 25.0% | 0.0% | 10.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Jane Street Capital, LLC (JNST) | JNST | 12.5% | 0.0% | 50.0% | 13.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 5.0% | 0.0% | 0.0% | 6.7% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | CrossStream ATS (XSTM) | XSTM | 45.9% | 56.7% | 45.5% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 12.6% | 14.9% | 12.1% | 3.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Nasdaq Stock Market (NSDQ) | Unmapped | 10.6% | 0.0% | 0.0% | 66.7% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 8.7% | 12.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Virtu Americas, LLC (NITE) | NITE | 8.2% | 7.1% | 15.2% | 6.1% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Instinet BlockCross (BLKX) | Unmapped | 3.9% | 0.7% | 21.2% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 3.4% | 3.5% | 6.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Cboe EDGX US Equities Exchange (EDGX) | EDGK | 2.9% | 0.0% | 0.0% | 18.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | HRT Financial LP (HRTF) | HRTF | 1.9% | 2.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 1.0% | 1.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 21.6% | 23.7% | 0.0% | 19.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Virtu Americas, LLC (NITE) | NITE | 19.8% | 20.3% | 0.0% | 19.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | CrossStream ATS (XSTM) | XSTM | 16.4% | 32.2% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Nasdaq Stock Market (NSDQ) | Unmapped | 13.8% | 0.0% | 0.0% | 28.1% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 11.2% | 8.5% | 0.0% | 14.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 8.6% | 5.1% | 0.0% | 12.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | HRT Financial LP (HRTF) | HRTF | 3.5% | 3.4% | 0.0% | 3.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 1.7% | 3.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | New York Stock Exchange (NYSE) | Unmapped | 1.7% | 0.0% | 0.0% | 3.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | GTS SECURITIES LLC (GTSM) | GTSM | 0.9% | 1.7% | 0.0% | 0.0% | 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 2026Q1.
| Section | Venue | Type of Change | Order Class | Prior Value | Current Value | Net Shift |
|---|---|---|---|---|---|---|
| sp500 | Citadel Securities LLC | route_share | — | 15.98 ¢ | 23.63 ¢ | 7.65 ¢ |
| sp500 | Citadel Securities LLC | pfof_rate | market | 0.00 ¢ | 2.17 ¢ | 2.17 ¢ |
| sp500 | Citadel Securities LLC | pfof_rate | marketable_limit | 0.00 ¢ | 0.15 ¢ | 0.15 ¢ |
| sp500 | Citadel Securities LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 4.62 ¢ | 4.62 ¢ |
| sp500 | Citadel Securities LLC | pfof_rate | other | 0.00 ¢ | 4.22 ¢ | 4.22 ¢ |
| sp500 | G1 Execution Services, LLC | pfof_rate | market | 0.00 ¢ | 2.22 ¢ | 2.22 ¢ |
| sp500 | G1 Execution Services, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 4.20 ¢ | 4.20 ¢ |
| sp500 | G1 Execution Services, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 16.95 ¢ | 16.95 ¢ |
| sp500 | Goldman, Sachs and Co. LLC | pfof_rate | market | 0.00 ¢ | 2.16 ¢ | 2.16 ¢ |
| sp500 | Goldman, Sachs and Co. LLC | pfof_rate | marketable_limit | 0.00 ¢ | 5.77 ¢ | 5.77 ¢ |
| sp500 | Goldman, Sachs and Co. LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 16.42 ¢ | 16.42 ¢ |
| sp500 | GTS SECURITIES LLC | dropped | — | 0.13 ¢ | — | — |
| sp500 | HRT Financial LP | pfof_rate | market | 0.00 ¢ | 2.21 ¢ | 2.21 ¢ |
| sp500 | HRT Financial LP | pfof_rate | marketable_limit | 0.00 ¢ | 4.24 ¢ | 4.24 ¢ |
| sp500 | HRT Financial LP | pfof_rate | non_marketable_limit | 0.00 ¢ | 18.75 ¢ | 18.75 ¢ |
| sp500 | Intelligent Cross LLC | dropped | — | 0.24 ¢ | — | — |
| sp500 | Jane Street Capital, LLC | pfof_rate | market | 0.00 ¢ | 2.27 ¢ | 2.27 ¢ |
| sp500 | Jane Street Capital, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 4.53 ¢ | 4.53 ¢ |
| sp500 | Jane Street Capital, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 15.94 ¢ | 15.94 ¢ |
| sp500 | Virtu Americas, LLC | pfof_rate | market | 0.00 ¢ | 2.11 ¢ | 2.11 ¢ |
| sp500 | Virtu Americas, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 1.23 ¢ | 1.23 ¢ |
| sp500 | Virtu Americas, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 12.68 ¢ | 12.68 ¢ |
| sp500 | Virtu Americas, LLC | pfof_rate | other | 0.00 ¢ | 3.57 ¢ | 3.57 ¢ |
| sp500 | Nasdaq Stock Market | pfof_rate | market | -14.50 ¢ | -14.36 ¢ | 0.14 ¢ |
| sp500 | Nasdaq Stock Market | pfof_rate | marketable_limit | 0.00 ¢ | -6.92 ¢ | -6.92 ¢ |
| sp500 | Nasdaq Stock Market | pfof_rate | non_marketable_limit | 16.93 ¢ | 21.36 ¢ | 4.43 ¢ |
| sp500 | Nasdaq Stock Market | pfof_rate | other | 0.00 ¢ | -5.00 ¢ | -5.00 ¢ |
| sp500 | New York Stock Exchange | added | — | — | 3.19 ¢ | — |
| sp500 | Two Sigma Securities, LLC | pfof_rate | market | 0.00 ¢ | 3.29 ¢ | 3.29 ¢ |
| sp500 | Two Sigma Securities, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 4.47 ¢ | 4.47 ¢ |
| sp500 | Two Sigma Securities, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 15.97 ¢ | 15.97 ¢ |
| sp500 | CrossStream ATS | route_share | — | 15.71 ¢ | 9.81 ¢ | -5.89 ¢ |
| other_stocks | NYSE Arca | pfof_rate | market | -12.00 ¢ | -28.33 ¢ | -16.33 ¢ |
| other_stocks | NYSE Arca | pfof_rate | marketable_limit | -1.64 ¢ | -25.54 ¢ | -23.91 ¢ |
| other_stocks | NYSE Arca | pfof_rate | non_marketable_limit | 12.05 ¢ | 13.70 ¢ | 1.65 ¢ |
| other_stocks | NYSE Arca | pfof_rate | other | 0.00 ¢ | -6.00 ¢ | -6.00 ¢ |
| other_stocks | Citadel Securities LLC | route_share | — | 14.59 ¢ | 21.10 ¢ | 6.50 ¢ |
| other_stocks | Citadel Securities LLC | pfof_rate | market | 0.00 ¢ | 3.11 ¢ | 3.11 ¢ |
| other_stocks | Citadel Securities LLC | pfof_rate | marketable_limit | 0.00 ¢ | 1.73 ¢ | 1.73 ¢ |
| other_stocks | Citadel Securities LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 9.82 ¢ | 9.82 ¢ |
| other_stocks | Citadel Securities LLC | pfof_rate | other | 0.00 ¢ | 6.54 ¢ | 6.54 ¢ |
| other_stocks | G1 Execution Services, LLC | pfof_rate | market | 0.00 ¢ | 3.08 ¢ | 3.08 ¢ |
| other_stocks | G1 Execution Services, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 3.70 ¢ | 3.70 ¢ |
| other_stocks | G1 Execution Services, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 14.84 ¢ | 14.84 ¢ |
| other_stocks | Goldman, Sachs and Co. LLC | pfof_rate | market | 0.00 ¢ | 3.11 ¢ | 3.11 ¢ |
| other_stocks | Goldman, Sachs and Co. LLC | pfof_rate | marketable_limit | 0.00 ¢ | 3.42 ¢ | 3.42 ¢ |
| other_stocks | Goldman, Sachs and Co. LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 16.19 ¢ | 16.19 ¢ |
| other_stocks | HRT Financial LP | pfof_rate | market | 0.00 ¢ | 2.96 ¢ | 2.96 ¢ |
| other_stocks | HRT Financial LP | pfof_rate | marketable_limit | 0.00 ¢ | 4.14 ¢ | 4.14 ¢ |
| other_stocks | HRT Financial LP | pfof_rate | non_marketable_limit | 0.00 ¢ | 12.77 ¢ | 12.77 ¢ |
| other_stocks | Jane Street Capital, LLC | pfof_rate | market | 0.00 ¢ | 3.13 ¢ | 3.13 ¢ |
| other_stocks | Jane Street Capital, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 3.55 ¢ | 3.55 ¢ |
| other_stocks | Jane Street Capital, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 12.96 ¢ | 12.96 ¢ |
| other_stocks | Virtu Americas, LLC | pfof_rate | market | 0.00 ¢ | 3.04 ¢ | 3.04 ¢ |
| other_stocks | Virtu Americas, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 3.54 ¢ | 3.54 ¢ |
| other_stocks | Virtu Americas, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 12.63 ¢ | 12.63 ¢ |
| other_stocks | Virtu Americas, LLC | pfof_rate | other | 0.00 ¢ | 3.64 ¢ | 3.64 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | market | -14.52 ¢ | -14.05 ¢ | 0.46 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | marketable_limit | -5.85 ¢ | -12.73 ¢ | -6.87 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | non_marketable_limit | 0.10 ¢ | 18.06 ¢ | 17.97 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | other | 0.00 ¢ | -11.11 ¢ | -11.11 ¢ |
| other_stocks | New York Stock Exchange | added | — | — | 1.26 ¢ | — |
| other_stocks | Two Sigma Securities, LLC | pfof_rate | market | 0.00 ¢ | 4.71 ¢ | 4.71 ¢ |
| other_stocks | Two Sigma Securities, LLC | pfof_rate | marketable_limit | 0.00 ¢ | 4.66 ¢ | 4.66 ¢ |
| other_stocks | Two Sigma Securities, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 8.35 ¢ | 8.35 ¢ |
| other_stocks | Two Sigma Securities, LLC | pfof_rate | other | 0.00 ¢ | 7.76 ¢ | 7.76 ¢ |
| other_stocks | UBS Securities, LLC | dropped | — | 1.82 ¢ | — | — |
| other_stocks | CrossStream ATS | route_share | — | 25.84 ¢ | 18.78 ¢ | -7.07 ¢ |
| options | NYSE Arca Options | pfof_rate | marketable_limit | 0.00 ¢ | 29.66 ¢ | 29.66 ¢ |
| options | NYSE Arca Options | pfof_rate | non_marketable_limit | 7.40 ¢ | 29.59 ¢ | 22.18 ¢ |
| options | NYSE Arca Options | pfof_rate | other | 25.02 ¢ | 11.23 ¢ | -13.79 ¢ |
| options | CBOE BZX Options Exchange, Inc. | pfof_rate | marketable_limit | 0.00 ¢ | 28.60 ¢ | 28.60 ¢ |
| options | CBOE BZX Options Exchange, Inc. | pfof_rate | non_marketable_limit | 23.18 ¢ | 28.60 ¢ | 5.42 ¢ |
| options | CBOE BZX Options Exchange, Inc. | pfof_rate | other | 23.18 ¢ | 28.60 ¢ | 5.42 ¢ |
| options | CBOE Options Exchange | pfof_rate | market | 0.00 ¢ | -8.37 ¢ | -8.37 ¢ |
| options | CBOE Options Exchange | pfof_rate | marketable_limit | 0.00 ¢ | -23.85 ¢ | -23.85 ¢ |
| options | CBOE Options Exchange | pfof_rate | non_marketable_limit | -7.93 ¢ | -23.85 ¢ | -15.92 ¢ |
| options | CBOE Options Exchange | pfof_rate | other | -23.86 ¢ | -7.53 ¢ | 16.33 ¢ |
| options | Citadel Securities LLC | pfof_rate | market | 0.00 ¢ | 26.39 ¢ | 26.39 ¢ |
| options | Citadel Securities LLC | pfof_rate | marketable_limit | 0.00 ¢ | 6.71 ¢ | 6.71 ¢ |
| options | Citadel Securities LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 13.67 ¢ | 13.67 ¢ |
| options | Citadel Securities LLC | pfof_rate | other | -52.42 ¢ | -0.07 ¢ | 52.36 ¢ |
| options | Dash Financial Technologies LLC | pfof_rate | market | 0.00 ¢ | 28.39 ¢ | 28.39 ¢ |
| options | Dash Financial Technologies LLC | pfof_rate | marketable_limit | 0.00 ¢ | 22.52 ¢ | 22.52 ¢ |
| options | Dash Financial Technologies LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 43.66 ¢ | 43.66 ¢ |
| options | Dash Financial Technologies LLC | pfof_rate | other | 3.22 ¢ | 21.11 ¢ | 17.89 ¢ |
| options | Global Execution Brokers, LP | pfof_rate | market | 0.00 ¢ | 29.59 ¢ | 29.59 ¢ |
| options | Global Execution Brokers, LP | pfof_rate | marketable_limit | 0.00 ¢ | 23.55 ¢ | 23.55 ¢ |
| options | Global Execution Brokers, LP | pfof_rate | non_marketable_limit | 0.00 ¢ | 36.99 ¢ | 36.99 ¢ |
| options | Global Execution Brokers, LP | pfof_rate | other | -33.37 ¢ | -1.49 ¢ | 31.88 ¢ |
| options | Wolverine Execution Services LLC | pfof_rate | market | 0.00 ¢ | 28.83 ¢ | 28.83 ¢ |
| options | Wolverine Execution Services LLC | pfof_rate | marketable_limit | 0.00 ¢ | 16.18 ¢ | 16.18 ¢ |
| options | Wolverine Execution Services LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | 45.91 ¢ | 45.91 ¢ |
| options | Wolverine Execution Services LLC | pfof_rate | other | -14.56 ¢ | 12.90 ¢ | 27.46 ¢ |
| sp500 | GTS SECURITIES LLC | added | — | — | 1.10 ¢ | — |
| sp500 | Members Exchange | added | — | — | 0.63 ¢ | — |
| sp500 | New York Stock Exchange | route_share | — | 4.33 ¢ | 11.89 ¢ | 7.56 ¢ |
| sp500 | Two Sigma Securities, LLC | dropped | — | 0.68 ¢ | — | — |
| sp500 | CrossStream ATS | route_share | — | 34.13 ¢ | 23.39 ¢ | -10.73 ¢ |
| other_stocks | Goldman, Sachs & Co. LLC | added | — | — | 1.11 ¢ | — |
| options | Global Execution Brokers, LP | route_share | — | 13.35 ¢ | 6.25 ¢ | -7.10 ¢ |
| options | Jane Street Capital, LLC | route_share | — | 17.32 ¢ | 8.33 ¢ | -8.98 ¢ |
| options | Wolverine Execution Services LLC | route_share | — | 11.62 ¢ | 25.77 ¢ | 14.16 ¢ |
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
5
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
NYSE Arca (ARCA), Instinet BlockCross (BLKX), Members Exchange (MEMX), Nasdaq Stock Market (NSDQ), New York Stock Exchange (NYSE)
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.