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2026Q2 2026Q1

CRD #132078 Review Period: 2026Q2 Filing: Direct 606 filer

COBRA TRADING, INC. (CRD #132078) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: COBRA TRADING, INC. (CRD #132078) 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. INSTINET, LLC(1399.9%)

2. LAMPOST CAPITAL, L.C.(300.0%)

3. MURIEL SIEBERT & CO., LLC(149.8%)

Top routed order shares

Disclosed PFOF / Rebates

$0.00

Avg 130.41 ¢

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

COBRA TRADING, INC.

CRD Number: 132078 • 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
COBRA TRADING, INC.	132078	BIGT	V2	488e581643237d9810dc5567c3d2dbdf7067f252f779d3cf253f44c8a78bc0fc	Download XML ↗
COBRA TRADING, INC.	132078	CBRC	V2	eef5b10abc74b02f6023e9806cd66f44e581ba50c0a1f341309fbe8c85bc1c12	Download XML ↗
COBRA TRADING, INC.	132078	CBRV	V2	277cb589ccc9ea94b3053c3c708432a81ad99fc42192df825fb6d85b4b561ff4	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)
202605	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	50.0%	50.0%	50.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	INSTINET, LLC	Unmapped	50.0%	0.0%	0.0%	100.0%	-0.01 ¢	-0.01 ¢
202606	options	INSTINET, LLC	Unmapped	49.5%	27.2%	9.8%	63.0%	-0.01 ¢	-0.01 ¢
202606	options	MURIEL SIEBERT & CO., LLC	Unmapped	0.4%	0.0%	0.0%	100.0%	0.00 ¢	0.00 ¢
202606	options	DASH FINANCIAL TECHNOLOGIES LLC	Unmapped	50.2%	28.2%	12.1%	59.6%	1.98 ¢	1.98 ¢
202606	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	48.6%	5.4%	31.0%	63.4%	0.00 ¢	0.00 ¢
202606	other_stocks	INSTINET, LLC	Unmapped	51.4%	5.4%	30.4%	64.0%	-0.01 ¢	-0.01 ¢
202606	sp500	MURIEL SIEBERT & CO., LLC	Unmapped	50.6%	7.1%	7.7%	85.1%	0.00 ¢	0.00 ¢
202606	sp500	INSTINET, LLC	Unmapped	49.4%	5.7%	6.4%	87.8%	-0.01 ¢	-0.01 ¢
202604	other_stocks	INSTINET, LLC	Unmapped	100.0%	15.1%	36.6%	48.0%	-0.01 ¢	-0.01 ¢
202604	other_stocks	VIRTU AMERICAS LLC	NITE	0.0%	100.0%	0.0%	0.0%	0.03 ¢	0.03 ¢
202604	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	INSTINET, LLC	Unmapped	100.0%	16.5%	33.7%	49.7%	-0.01 ¢	-0.01 ¢
202605	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	INSTINET, LLC	Unmapped	100.0%	16.6%	32.7%	50.0%	-0.01 ¢	-0.01 ¢
202605	sp500	INSTINET, LLC	Unmapped	100.0%	13.8%	31.8%	54.4%	-0.01 ¢	-0.01 ¢
202606	other_stocks	INSTINET, LLC	Unmapped	100.0%	16.8%	30.3%	52.3%	-0.01 ¢	-0.01 ¢
202606	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	INSTINET, LLC	Unmapped	100.0%	13.0%	42.4%	44.5%	-0.01 ¢	-0.01 ¢
202604	options	DASH FINANCIAL TECHNOLOGIES LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	3.02 ¢	3.02 ¢
202604	options	LAMPOST CAPITAL, L.C.	Unmapped	100.0%	35.0%	17.7%	47.3%	0.06 ¢	0.06 ¢
202604	other_stocks	APEX CLEARING CORPORATION	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	29.4%	70.6%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	BOFA SECURITIES, INC.	Unmapped	0.0%	0.0%	100.0%	0.0%	0.25 ¢	0.25 ¢
202604	other_stocks	VIRTU AMERICAS LLC	NITE	0.0%	42.9%	0.0%	57.1%	0.03 ¢	0.03 ¢
202604	other_stocks	INSTINET, LLC	Unmapped	100.0%	23.0%	29.2%	47.4%	-0.01 ¢	-0.01 ¢
202604	other_stocks	LAMPOST CAPITAL, L.C.	Unmapped	0.0%	29.4%	36.8%	33.8%	0.06 ¢	0.06 ¢
202604	sp500	INSTINET, LLC	Unmapped	100.0%	38.0%	27.3%	32.7%	-0.01 ¢	-0.01 ¢
202604	sp500	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	options	DASH FINANCIAL TECHNOLOGIES LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	4.25 ¢	4.25 ¢
202605	options	LAMPOST CAPITAL, L.C.	Unmapped	100.0%	28.4%	21.7%	49.7%	0.08 ¢	0.08 ¢
202605	other_stocks	APEX CLEARING CORPORATION	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	VIRTU AMERICAS LLC	NITE	0.0%	56.8%	0.0%	43.2%	0.04 ¢	0.04 ¢
202605	other_stocks	BOFA SECURITIES, INC.	Unmapped	0.0%	0.0%	65.8%	34.1%	1298.00 ¢	1298.00 ¢
202605	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	80.0%	20.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	INSTINET, LLC	Unmapped	99.9%	16.8%	33.9%	48.9%	-0.01 ¢	-0.01 ¢
202605	other_stocks	LAMPOST CAPITAL, L.C.	Unmapped	0.0%	41.2%	37.1%	21.6%	0.08 ¢	0.08 ¢
202605	sp500	INSTINET, LLC	Unmapped	100.0%	40.1%	24.7%	33.8%	-0.01 ¢	-0.01 ¢
202605	sp500	BOFA SECURITIES, INC.	Unmapped	0.0%	0.0%	100.0%	0.0%	1298.00 ¢	1298.00 ¢
202605	sp500	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	VIRTU AMERICAS LLC	NITE	0.0%	100.0%	0.0%	0.0%	0.04 ¢	0.04 ¢
202606	options	LAMPOST CAPITAL, L.C.	Unmapped	100.0%	31.3%	24.8%	43.9%	0.09 ¢	0.09 ¢
202606	options	DASH FINANCIAL TECHNOLOGIES LLC	Unmapped	0.0%	100.0%	0.0%	0.0%	1.98 ¢	1.98 ¢
202606	other_stocks	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	35.1%	28.5%	36.4%	0.00 ¢	0.00 ¢
202606	other_stocks	VIRTU AMERICAS LLC	NITE	0.0%	11.5%	1.9%	86.5%	0.05 ¢	0.05 ¢
202606	other_stocks	APEX CLEARING CORPORATION	Unmapped	0.0%	100.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	INSTINET, LLC	Unmapped	99.9%	15.9%	34.2%	49.4%	-0.01 ¢	-0.01 ¢
202606	other_stocks	LAMPOST CAPITAL, L.C.	Unmapped	0.0%	25.7%	23.0%	51.3%	0.09 ¢	0.09 ¢
202606	sp500	MURIEL SIEBERT & CO., LLC	Unmapped	0.0%	10.7%	28.6%	60.7%	0.00 ¢	0.00 ¢
202606	sp500	VIRTU AMERICAS LLC	NITE	0.0%	100.0%	0.0%	0.0%	0.05 ¢	0.05 ¢
202606	sp500	INSTINET, LLC	Unmapped	100.0%	36.4%	15.4%	47.3%	-0.01 ¢	-0.01 ¢
202606	sp500	CODA MARKETS, INC.	Unmapped	0.0%	100.0%	0.0%	0.0%	0.01 ¢	0.01 ¢

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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No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2026Q1.

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:

APEX CLEARING CORPORATION (name:APEX CLEARING), BOFA SECURITIES, INC. (name:BOFA SECURITIES), CODA MARKETS, INC. (name:CODA MARKETS), INSTINET, LLC (name:INSTINET), LAMPOST CAPITAL, L.C. (name:LAMPOST CAPITAL L C), MURIEL SIEBERT & CO., LLC (name:MURIEL SIEBERT)

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.