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2026Q2 2026Q1

CRD #13609 Review Period: 2026Q2 Filing: Direct 606 filer

BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. (CRD #13609) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. (CRD #13609) 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. Wolverine Execution Services, LLC(224.6%)

2. Citadel Securities LLC(214.3%)

3. CITADEL SECURITIES LLC(192.2%)

Top routed order shares

Disclosed PFOF / Rebates

$389,755.14

Avg 23.50 ¢

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

BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC.

CRD Number: 13609 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:41 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
BERTHEL FISHER & COMPANY	13609	NFS	V1	d41ca70078c7bab90545b64711e36ece5c8c29a7d3e266adde12570a4b4bd72e	Download XML ↗
RBC Clearing & Custody	13609	RBC	V1	e2f8ce6d0ff2387d4a553e58cb32abb4a053354585ecea426900c27b36416398	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	Citadel Securities LLC (CDRG)	CDRG	35.5%	33.7%	63.6%	36.3%	0.00 ¢	0.00 ¢
202604	options	Jane Street Capital, LLC (JNST)	JNST	24.2%	30.8%	0.0%	18.7%	0.00 ¢	0.00 ¢
202604	options	Dash Financial Technologies LLC (DASH)	Unmapped	19.4%	20.4%	9.1%	20.9%	0.00 ¢	0.00 ¢
202604	options	Wolverine Execution Services LLC (WEXX)	Unmapped	10.2%	5.2%	18.2%	16.5%	0.00 ¢	0.00 ¢
202604	options	Global Execution Brokers, LP (GEBB)	Unmapped	9.9%	9.9%	9.1%	7.7%	0.00 ¢	0.00 ¢
202604	options	Interactive Brokers LLC (IBKR)	Unmapped	0.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	CrossStream ATS (XSTM)	XSTM	40.7%	43.0%	51.3%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Citadel Securities LLC (CDRG)	CDRG	12.3%	12.7%	10.5%	0.5%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC (NITE)	NITE	11.5%	12.0%	6.6%	3.5%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital, LLC (JNST)	JNST	10.9%	11.7%	2.6%	1.0%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	10.5%	11.1%	9.2%	1.0%	0.00 ¢	0.00 ¢
202604	other_stocks	HRT Financial LP (HRTF)	HRTF	4.4%	4.6%	5.3%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Goldman, Sachs & Co. LLC (GSCO)	GSCO	1.8%	2.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Nasdaq Stock Market (NSDQ)	Unmapped	1.4%	0.0%	0.0%	26.7%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC (UBSS)	UBSS	1.2%	1.2%	0.0%	0.5%	0.00 ¢	0.00 ¢
202604	other_stocks	Cboe BZX U.S. Equities Exchange (BATS)	BATS	0.9%	0.0%	0.0%	18.3%	0.00 ¢	0.00 ¢
202604	sp500	CrossStream ATS (XSTM)	XSTM	26.4%	28.9%	37.5%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC (NITE)	NITE	17.2%	17.6%	12.5%	5.4%	0.00 ¢	0.00 ¢
202604	sp500	Citadel Securities LLC (CDRG)	CDRG	13.6%	13.8%	25.0%	7.2%	0.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC (ETMM)	ETMM	12.9%	14.1%	0.0%	1.2%	0.00 ¢	0.00 ¢
202604	sp500	Jane Street Capital, LLC (JNST)	JNST	12.6%	13.7%	12.5%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	HRT Financial LP (HRTF)	HRTF	5.3%	5.5%	12.5%	3.6%	0.00 ¢	0.00 ¢
202604	sp500	Nasdaq Stock Market (NSDQ)	Unmapped	3.5%	0.0%	0.0%	45.8%	0.00 ¢	0.00 ¢
202604	sp500	Goldman, Sachs & Co. LLC (GSCO)	GSCO	2.4%	2.6%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	New York Stock Exchange (NYSE)	Unmapped	1.8%	0.0%	0.0%	23.5%	0.00 ¢	0.00 ¢
202604	sp500	UBS Securities, LLC (UBSS)	UBSS	1.7%	1.7%	0.0%	1.2%	0.00 ¢	0.00 ¢
202605	options	Citadel Securities LLC (CDRG)	CDRG	32.3%	36.8%	42.9%	28.7%	0.00 ¢	0.00 ¢
202605	options	Dash Financial Technologies LLC (DASH)	Unmapped	23.2%	22.1%	23.8%	24.6%	0.00 ¢	0.00 ¢
202605	options	Jane Street Capital, LLC (JNST)	JNST	15.0%	17.9%	14.3%	13.9%	0.00 ¢	0.00 ¢
202605	options	Global Execution Brokers, LP (GEBB)	Unmapped	14.2%	18.9%	9.5%	11.5%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services LLC (WEXX)	Unmapped	13.8%	4.2%	4.8%	20.5%	0.00 ¢	0.00 ¢
202605	options	Interactive Brokers LLC (IBKR)	Unmapped	1.2%	0.0%	0.0%	0.8%	0.00 ¢	0.00 ¢
202605	options	Unknown	Unmapped	0.4%	0.0%	4.8%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	CrossStream ATS (XSTM)	XSTM	40.2%	43.1%	50.8%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Citadel Securities LLC (CDRG)	CDRG	16.0%	16.1%	16.4%	7.1%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC (NITE)	NITE	13.5%	13.0%	9.8%	5.2%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	12.1%	12.8%	4.9%	4.4%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital, LLC (JNST)	JNST	5.6%	6.0%	1.6%	1.2%	0.00 ¢	0.00 ¢
202605	other_stocks	HRT Financial LP (HRTF)	HRTF	4.4%	4.5%	8.2%	3.6%	0.00 ¢	0.00 ¢
202605	other_stocks	Goldman, Sachs & Co. LLC (GSCO)	GSCO	1.9%	2.0%	1.6%	1.6%	0.00 ¢	0.00 ¢
202605	other_stocks	Two Sigma Securities, LLC (SOHO)	SOHO	1.4%	1.4%	0.0%	0.4%	0.00 ¢	0.00 ¢
202605	other_stocks	New York Stock Exchange (NYSE)	Unmapped	1.0%	0.0%	0.0%	19.8%	0.00 ¢	0.00 ¢
202605	other_stocks	Nasdaq Stock Market (NSDQ)	Unmapped	0.9%	0.0%	1.6%	19.1%	0.00 ¢	0.00 ¢
202605	sp500	Citadel Securities LLC (CDRG)	CDRG	22.0%	23.5%	0.0%	8.7%	0.00 ¢	0.00 ¢
202605	sp500	CrossStream ATS (XSTM)	XSTM	19.2%	21.5%	43.8%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC (NITE)	NITE	18.0%	18.4%	12.5%	6.0%	0.00 ¢	0.00 ¢
202605	sp500	G1 Execution Services, LLC (ETMM)	ETMM	16.2%	17.8%	25.0%	4.4%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital, LLC (JNST)	JNST	7.4%	8.0%	12.5%	3.2%	0.00 ¢	0.00 ¢
202605	sp500	Nasdaq Stock Market (NSDQ)	Unmapped	6.3%	0.0%	0.0%	63.9%	0.00 ¢	0.00 ¢
202605	sp500	HRT Financial LP (HRTF)	HRTF	5.0%	5.5%	0.0%	1.6%	0.00 ¢	0.00 ¢
202605	sp500	Goldman, Sachs & Co. LLC (GSCO)	GSCO	2.1%	2.3%	6.3%	0.8%	0.00 ¢	0.00 ¢
202605	sp500	Two Sigma Securities, LLC (SOHO)	SOHO	2.0%	2.1%	0.0%	1.2%	0.00 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC (UBSS)	UBSS	0.5%	0.6%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	Citadel Securities LLC (CDRG)	CDRG	37.1%	42.4%	0.0%	34.4%	0.00 ¢	0.00 ¢
202606	options	Jane Street Capital, LLC (JNST)	JNST	18.9%	19.7%	50.0%	18.3%	0.00 ¢	0.00 ¢
202606	options	Dash Financial Technologies LLC (DASH)	Unmapped	16.6%	16.7%	50.0%	16.1%	0.00 ¢	0.00 ¢
202606	options	Wolverine Execution Services LLC (WEXX)	Unmapped	15.4%	7.6%	0.0%	20.4%	0.00 ¢	0.00 ¢
202606	options	Global Execution Brokers, LP (GEBB)	Unmapped	12.0%	13.6%	0.0%	10.8%	0.00 ¢	0.00 ¢
202606	other_stocks	CrossStream ATS (XSTM)	XSTM	38.8%	40.3%	48.4%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Citadel Securities LLC (CDRG)	CDRG	19.6%	19.4%	18.7%	22.3%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC (NITE)	NITE	13.6%	13.3%	12.1%	19.4%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	12.3%	12.7%	7.7%	4.4%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital, LLC (JNST)	JNST	5.9%	6.0%	6.6%	2.9%	0.00 ¢	0.00 ¢
202606	other_stocks	HRT Financial LP (HRTF)	HRTF	3.8%	3.9%	2.2%	1.9%	0.00 ¢	0.00 ¢
202606	other_stocks	Goldman, Sachs & Co. LLC (GSCO)	GSCO	2.1%	2.2%	1.1%	0.5%	0.00 ¢	0.00 ¢
202606	other_stocks	Two Sigma Securities, LLC (SOHO)	SOHO	1.2%	1.2%	0.0%	1.5%	0.00 ¢	0.00 ¢
202606	other_stocks	Nasdaq Stock Market (NSDQ)	Unmapped	1.1%	0.0%	0.0%	26.2%	0.00 ¢	0.00 ¢
202606	other_stocks	Cboe EDGX US Equities Exchange (EDGX)	EDGK	0.4%	0.0%	0.0%	9.2%	0.00 ¢	0.00 ¢
202606	sp500	Citadel Securities LLC (CDRG)	CDRG	25.9%	26.2%	13.3%	19.4%	0.00 ¢	0.00 ¢
202606	sp500	CrossStream ATS (XSTM)	XSTM	19.8%	21.3%	53.3%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC (ETMM)	ETMM	16.1%	17.0%	6.7%	7.2%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC (NITE)	NITE	16.0%	16.0%	0.0%	15.0%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital, LLC (JNST)	JNST	8.1%	8.2%	6.7%	7.8%	0.00 ¢	0.00 ¢
202606	sp500	HRT Financial LP (HRTF)	HRTF	6.1%	6.3%	6.7%	3.9%	0.00 ¢	0.00 ¢
202606	sp500	Nasdaq Stock Market (NSDQ)	Unmapped	2.4%	0.0%	6.7%	33.3%	0.00 ¢	0.00 ¢
202606	sp500	Goldman, Sachs & Co. LLC (GSCO)	GSCO	2.1%	2.2%	6.7%	0.6%	0.00 ¢	0.00 ¢
202606	sp500	Two Sigma Securities, LLC (SOHO)	SOHO	1.7%	1.7%	0.0%	1.1%	0.00 ¢	0.00 ¢
202606	sp500	UBS Securities, LLC (UBSS)	UBSS	0.8%	0.7%	0.0%	1.1%	0.00 ¢	0.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	74.3%	62.1%	56.4%	61.4%	29.63 ¢	33.80 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	23.7%	37.9%	40.8%	38.0%	12.91 ¢	23.24 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	2.0%	0.0%	2.8%	0.6%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	20.2%	20.1%	19.0%	23.2%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital	JNST	15.9%	16.1%	15.2%	12.9%	0.00 ¢	0.00 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	12.9%	13.1%	10.0%	7.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	12.4%	12.1%	16.6%	18.6%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	10.7%	10.5%	12.1%	14.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	10.5%	10.6%	9.7%	7.7%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	8.5%	8.5%	6.2%	8.0%	0.00 ¢	0.00 ¢
202604	other_stocks	StoneX Financial, Inc.	Unmapped	7.0%	7.0%	9.7%	6.6%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	1.8%	1.8%	1.5%	1.3%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	21.0%	20.7%	25.5%	30.1%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	15.8%	15.6%	19.1%	22.2%	0.00 ¢	0.00 ¢
202604	sp500	Jane Street Capital	JNST	15.3%	15.5%	11.6%	7.0%	0.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	10.5%	10.4%	12.7%	14.8%	0.00 ¢	0.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	10.4%	10.3%	12.3%	13.3%	0.00 ¢	0.00 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	10.0%	10.2%	7.3%	5.0%	0.00 ¢	0.00 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	9.2%	9.3%	4.3%	3.2%	0.00 ¢	0.00 ¢
202604	sp500	StoneX Financial, Inc.	Unmapped	6.0%	6.1%	6.1%	3.7%	0.00 ¢	0.00 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	1.8%	1.8%	1.3%	0.8%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	75.9%	64.7%	63.2%	63.4%	31.73 ¢	30.58 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	23.4%	35.3%	35.3%	35.6%	16.82 ¢	24.05 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	0.8%	0.0%	1.5%	1.1%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	20.6%	20.4%	20.6%	25.5%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	15.4%	15.6%	14.6%	11.1%	0.00 ¢	0.00 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	13.0%	13.3%	10.2%	7.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	12.4%	12.1%	15.1%	18.8%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	10.8%	10.5%	13.1%	15.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	9.9%	10.1%	8.9%	6.7%	0.00 ¢	0.00 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	8.3%	8.3%	7.0%	7.1%	0.00 ¢	0.00 ¢
202605	other_stocks	StoneX Financial, Inc.	Unmapped	7.0%	7.1%	8.6%	6.5%	0.00 ¢	0.00 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	2.5%	2.6%	2.0%	1.7%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	20.6%	20.2%	22.8%	30.1%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	15.7%	15.4%	18.3%	24.6%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	15.4%	15.8%	13.8%	6.8%	0.00 ¢	0.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	10.5%	10.3%	11.2%	14.5%	0.00 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	10.2%	10.2%	12.4%	11.3%	0.00 ¢	0.00 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	10.0%	10.2%	7.6%	4.3%	0.00 ¢	0.00 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	9.1%	9.2%	4.6%	3.3%	0.00 ¢	0.00 ¢
202605	sp500	StoneX Financial, Inc.	Unmapped	6.0%	6.2%	6.7%	3.7%	0.00 ¢	0.00 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	2.5%	2.6%	2.6%	1.3%	0.00 ¢	0.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	74.4%	63.3%	63.3%	64.2%	35.08 ¢	29.16 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	25.0%	36.7%	36.7%	35.8%	14.85 ¢	25.30 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	0.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	20.4%	20.2%	19.6%	23.5%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital	JNST	16.3%	16.5%	16.1%	13.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	14.3%	14.7%	10.2%	8.1%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	11.1%	10.6%	14.7%	17.9%	0.00 ¢	0.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	10.2%	10.4%	9.7%	7.5%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	9.6%	9.4%	10.0%	11.4%	0.00 ¢	0.00 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	8.3%	8.3%	7.2%	8.7%	0.00 ¢	0.00 ¢
202606	other_stocks	StoneX Financial, Inc.	Unmapped	7.1%	7.2%	9.3%	7.0%	0.00 ¢	0.00 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	2.7%	2.7%	3.1%	2.9%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	19.5%	19.8%	12.4%	7.2%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	17.3%	16.9%	25.5%	31.4%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	14.8%	14.6%	17.8%	22.7%	0.00 ¢	0.00 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	10.6%	10.8%	7.8%	4.7%	0.00 ¢	0.00 ¢
202606	sp500	UBS Securities, LLC	Unmapped	10.1%	10.0%	10.5%	10.8%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	9.8%	9.7%	11.9%	15.3%	0.00 ¢	0.00 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	9.4%	9.6%	6.3%	3.8%	0.00 ¢	0.00 ¢
202606	sp500	StoneX Financial, Inc.	Unmapped	5.9%	6.0%	5.4%	2.9%	0.00 ¢	0.00 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	2.6%	2.6%	2.4%	1.2%	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.

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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	—	13.62 ¢	20.52 ¢	6.90 ¢
other_stocks	Cboe BZX U.S. Equities Exchange	added	—	—	0.31 ¢	—
other_stocks	Citadel Securities LLC	route_share	—	10.91 ¢	15.96 ¢	5.05 ¢
other_stocks	Cboe EDGX US Equities Exchange	added	—	—	0.12 ¢	—
other_stocks	New York Stock Exchange	added	—	—	0.32 ¢	—
options	Dash Financial Technologies LLC	route_share	—	14.25 ¢	19.75 ¢	5.50 ¢
options	Interactive Brokers LLC	added	—	—	0.62 ¢	—
options	Unknown	added	—	—	0.13 ¢	—
sp500	GTS SECURITIES LLC	added	—	—	2.29 ¢	—
other_stocks	GTS SECURITIES LLC	added	—	—	2.35 ¢	—
options	CITADEL SECURITIES LLC	pfof_rate	market	12.61 ¢	14.86 ¢	2.25 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	26.67 ¢	24.20 ¢	-2.47 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	39.79 ¢	43.75 ¢	3.97 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	40.45 ¢	38.63 ¢	-1.83 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	6.29 ¢	9.60 ¢	3.31 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	29.62 ¢	32.15 ¢	2.52 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	33.31 ¢	31.18 ¢	-2.12 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	34.81 ¢	35.60 ¢	0.79 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	30.74 ¢	28.11 ¢	-2.63 ¢

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:

Nasdaq Stock Market (NSDQ), New York Stock Exchange (NYSE), GTS SECURITIES LLC (name:GTS SECURITIES), StoneX Financial, Inc. (name:STONEX FINANCIAL), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), UBS Securities, LLC (name:UBS 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.