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2026Q2 2026Q1

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): INTERACTIVE BROKERS LLC, GARW, GRWD. Every underlying execution venue and clearing context is evaluated below.

CRD #138033 Review Period: 2026Q1 Filing: Adopts clearing firm report

GAR WOOD SECURITIES, LLC (CRD #138033) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: GAR WOOD SECURITIES, LLC (CRD #138033) 2026Q1 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. VIRTU Americas LLC(600.0%)

2. Paulson Investment Company, In(200.0%)

3. Nasdaq Stock Market(175.0%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via INTERACTIVE BROKERS LLC, GARW, GRWD • 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.

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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

GAR WOOD SECURITIES, LLC

CRD Number: 138033 • Quarter: 2026Q1 • Generated: Wed, 14 Oct 2026 20:21:51 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Interactive Brokers(Clearing: INTERACTIVE BROKERS LLC)	36418	Direct	V1	a6d567a013252f38792461afa3e6536865994c31d2ace8ec314309b9a1fc0113	Download XML ↗
GARW	138033	GARW	V1	7b4e75b0449334b0df0417c3e49b36fedf472d83d2e560a0fb631d71721638fb	Download XML ↗
GRWD	138033	GRWD	V1	2d65c377994fa23cda8eae433dc5170c28b1fce1ea9acd38898dbf1cf1cfa17e	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)
202601	other_stocks	Paulson Investment Company, In (PAUL)	PAUL	100.0%	0.0%	100.0%	0.0%	0.00 ¢	-4.00 ¢
202603	other_stocks	Paulson Investment Company, In (PAUL)	PAUL	100.0%	0.0%	100.0%	0.0%	0.00 ¢	-4.00 ¢
202601	options	NYSE ARCA Options (ARCO)	Unmapped	46.3%	0.0%	0.0%	47.7%	0.00 ¢	0.00 ¢
202601	options	MIAX Sapphire (SPHR)	Unmapped	12.1%	13.8%	43.1%	8.8%	-0.07 ¢	-0.17 ¢
202601	options	CBOE Exchange (XCBO)	Unmapped	6.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	options	BOX Exchange (XBOX)	Unmapped	5.6%	6.9%	3.5%	2.1%	-1.38 ¢	-0.67 ¢
202601	options	Cboe EDGX Options (EDGO)	Unmapped	4.8%	6.9%	6.9%	3.0%	-0.07 ¢	-0.80 ¢
202601	options	Miami Intl Exchange (XMIO)	Unmapped	3.7%	3.5%	5.2%	0.4%	-0.07 ¢	-0.07 ¢
202601	options	C2 Options Exchange, Inc. (C2OX)	Unmapped	3.1%	27.6%	22.4%	4.0%	-2.50 ¢	-2.34 ¢
202601	options	ISE Mercury Options (MCRY)	Unmapped	3.1%	27.6%	13.8%	0.4%	-0.07 ¢	-0.06 ¢
202601	options	Cboe BZX Options Exchange (BATO)	Unmapped	0.4%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	options	Nasdaq Options (XNDQ)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	options	NYSE American Options (AMXO)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	options	MIAX Emerald, LLC. (EMLD)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	options	MIAX Pearl, LLC (MPRL)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	options	MEMX Options (MXOP)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	VIRTU Americas LLC (NITE)	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	-1.72 ¢
202601	sp500	VIRTU Americas LLC (NITE)	NITE	100.0%	0.0%	100.0%	100.0%	0.00 ¢	-1.29 ¢
202602	options	NYSE ARCA Options (ARCO)	Unmapped	53.6%	0.0%	0.0%	60.8%	0.00 ¢	0.00 ¢
202602	options	MIAX Sapphire (SPHR)	Unmapped	7.6%	30.2%	23.9%	0.9%	-0.07 ¢	-0.07 ¢
202602	options	CBOE Exchange (XCBO)	Unmapped	5.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	options	BOX Exchange (XBOX)	Unmapped	5.5%	4.7%	28.3%	1.5%	-0.05 ¢	-0.08 ¢
202602	options	Cboe EDGX Options (EDGO)	Unmapped	4.7%	7.0%	4.3%	2.7%	-0.50 ¢	-1.49 ¢
202602	options	C2 Options Exchange, Inc. (C2OX)	Unmapped	4.2%	16.3%	34.8%	3.9%	-2.50 ¢	-2.42 ¢
202602	options	ISE Mercury Options (MCRY)	Unmapped	3.7%	9.3%	0.0%	3.3%	-0.05 ¢	0.00 ¢
202602	options	Miami Intl Exchange (XMIO)	Unmapped	3.3%	7.0%	8.7%	0.9%	-0.07 ¢	-0.07 ¢
202602	options	MEMX Options (MXOP)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	options	Nasdaq ISE (XISX)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	options	Nasdaq PHLX (XPHO)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	VIRTU Americas LLC (NITE)	NITE	100.0%	100.0%	100.0%	100.0%	-2.02 ¢	-2.15 ¢
202602	sp500	VIRTU Americas LLC (NITE)	NITE	100.0%	100.0%	100.0%	100.0%	0.00 ¢	-1.87 ¢
202603	options	NYSE ARCA Options (ARCO)	Unmapped	46.6%	1.5%	0.0%	54.8%	-0.05 ¢	0.00 ¢
202603	options	MIAX Sapphire (SPHR)	Unmapped	10.8%	21.5%	43.9%	3.8%	-0.07 ¢	-0.07 ¢
202603	options	CBOE Exchange (XCBO)	Unmapped	8.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	options	C2 Options Exchange, Inc. (C2OX)	Unmapped	5.5%	40.0%	19.3%	5.0%	-2.29 ¢	-2.50 ¢
202603	options	BOX Exchange (XBOX)	Unmapped	4.8%	3.1%	5.3%	2.6%	-0.42 ¢	-0.06 ¢
202603	options	Miami Intl Exchange (XMIO)	Unmapped	3.3%	9.2%	1.8%	0.3%	-0.07 ¢	-0.07 ¢
202603	options	Cboe EDGX Options (EDGO)	Unmapped	3.0%	7.7%	0.0%	0.9%	-0.07 ¢	0.00 ¢
202603	options	ISE Mercury Options (MCRY)	Unmapped	2.5%	7.7%	1.8%	1.5%	-0.05 ¢	-0.05 ¢
202603	options	Cboe BZX Options Exchange (BATO)	Unmapped	0.8%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	options	MIAX Emerald, LLC. (EMLD)	Unmapped	0.5%	0.0%	1.8%	0.0%	0.00 ¢	-0.68 ¢
202603	options	Nasdaq OMX (XBXO)	Unmapped	0.2%	1.5%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202603	options	Nasdaq Options (XNDQ)	Unmapped	0.2%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	options	MIAX Pearl, LLC (MPRL)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	options	Nasdaq PHLX (XPHO)	Unmapped	0.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	VIRTU Americas LLC (NITE)	NITE	100.0%	100.0%	100.0%	100.0%	-1.97 ¢	-1.70 ¢
202603	sp500	VIRTU Americas LLC (NITE)	NITE	100.0%	0.0%	100.0%	100.0%	0.00 ¢	-1.50 ¢
202601	options	Chicago Board Options Exchange (XCBO)	Unmapped	20.3%	9.3%	35.7%	15.8%	-46.57 ¢	20.45 ¢
202601	options	NYSE Arca Options (ARCO)	Unmapped	13.9%	3.0%	3.9%	20.2%	-51.63 ¢	-49.90 ¢
202601	options	CBOE C2 Exchange (C2OX)	Unmapped	9.9%	6.1%	1.5%	3.4%	42.98 ¢	-42.10 ¢
202601	options	MIAX Sapphire (MIHI)	Unmapped	8.6%	11.3%	8.1%	8.0%	10.34 ¢	29.52 ¢
202601	options	Nasdaq ISE (XISX)	Unmapped	7.8%	29.0%	6.0%	8.7%	34.26 ¢	-1.59 ¢
202601	options	Cboe BZX Options Exchange (BATS)	BATS	7.3%	0.0%	1.0%	6.9%	—	-50.32 ¢
202601	options	Nasdaq PHLX (XPHL)	Unmapped	6.8%	5.7%	5.7%	9.2%	-5.85 ¢	117.86 ¢
202601	options	Nasdaq GEMX (GMNI)	Unmapped	4.4%	10.6%	1.3%	8.0%	45.86 ¢	-39.56 ¢
202601	options	MIAX Emerald Exchange (EMLD)	Unmapped	3.3%	4.2%	0.5%	0.8%	37.70 ¢	-36.94 ¢
202601	options	MIAX Options Exchange (XMIO)	Unmapped	3.2%	3.9%	1.1%	5.6%	—	80.52 ¢
202601	options	BOX Exchange (XBOX)	Unmapped	2.7%	0.1%	10.0%	1.2%	29.08 ¢	26.22 ¢
202601	options	Nasdaq Options Market (XNDQ)	Unmapped	2.7%	0.0%	1.4%	4.8%	—	-49.61 ¢
202601	other_stocks	Nasdaq Stock Market (XNAS)	Unmapped	24.0%	0.0%	11.2%	29.0%	-0.67 ¢	-22.23 ¢
202601	other_stocks	NYSE Arca (ARCX)	PARCAX	18.4%	0.0%	6.4%	23.1%	—	-23.71 ¢
202601	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	15.6%	0.0%	1.7%	20.5%	—	-24.82 ¢
202601	other_stocks	New York Stock Exchange (XNYS)	NXNYS	10.4%	0.0%	6.5%	11.7%	—	-25.24 ¢
202601	other_stocks	IBKR ATS (IATS)	IATS	7.0%	0.0%	24.4%	0.5%	—	0.00 ¢
202601	other_stocks	Blue Ocean ATS, LLC (OCEA)	Unmapped	5.3%	0.0%	0.8%	7.3%	—	-11.98 ¢
202601	other_stocks	INTERACTIVE BROKERS CORP (IBCO)	IBCO	2.2%	0.0%	8.2%	0.0%	—	0.00 ¢
202601	other_stocks	HRT Execution Services LLC (HRTF)	HRTF	1.6%	20.1%	4.0%	0.6%	22.99 ¢	2.21 ¢
202601	other_stocks	Citadel Securities "LITE" (CDED)	CDED	1.5%	42.5%	3.3%	0.7%	40.43 ¢	3.10 ¢
202601	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.1%	0.0%	0.5%	1.4%	—	1.14 ¢
202601	other_stocks	Jane Street Capital LLC "PRO" (JSJX)	JSJX	0.9%	0.0%	3.4%	0.0%	—	0.00 ¢
202601	other_stocks	CBOE BZX Exchange (BATS)	BATS	0.8%	0.0%	1.2%	0.5%	—	-28.29 ¢
202601	other_stocks	LeveL ATS (EBXL)	EBXL	0.8%	0.0%	3.0%	0.0%	—	0.00 ¢
202601	other_stocks	XTX Execution Services LLC (XTXE)	XTXE	0.8%	0.0%	2.4%	0.2%	—	0.00 ¢
202601	sp500	Nasdaq Stock Market (XNAS)	Unmapped	34.1%	0.1%	7.2%	42.8%	-0.48 ¢	-20.12 ¢
202601	sp500	CBOE EDGX Exchange (EDGX)	EDGK	17.2%	0.0%	0.7%	22.4%	—	-26.32 ¢
202601	sp500	New York Stock Exchange (XNYS)	NXNYS	14.5%	0.0%	10.5%	15.4%	—	-19.31 ¢
202601	sp500	IBKR ATS (IATS)	IATS	9.9%	0.0%	38.8%	0.7%	—	0.00 ¢
202601	sp500	Blue Ocean ATS, LLC (OCEA)	Unmapped	6.8%	0.0%	0.8%	8.9%	—	-14.13 ¢
202601	sp500	INTERACTIVE BROKERS CORP (IBCO)	IBCO	3.1%	0.0%	12.9%	0.0%	—	0.00 ¢
202601	sp500	NYSE Arca (ARCX)	PARCAX	3.0%	0.0%	1.6%	3.5%	—	-27.01 ¢
202601	sp500	CBOE BYX Exchange (BATY)	BYXX	1.2%	0.0%	0.1%	1.5%	—	0.56 ¢
202601	sp500	LeveL ATS (EBXL)	EBXL	1.2%	0.0%	4.8%	0.0%	—	0.00 ¢
202602	options	Chicago Board Options Exchange (XCBO)	Unmapped	19.8%	12.2%	37.3%	17.1%	-44.41 ¢	22.34 ¢
202602	options	NYSE Arca Options (ARCO)	Unmapped	14.7%	6.6%	3.2%	21.3%	-52.23 ¢	-50.13 ¢
202602	options	CBOE C2 Exchange (C2OX)	Unmapped	10.3%	4.1%	1.5%	3.8%	41.07 ¢	-41.87 ¢
202602	options	MIAX Sapphire (MIHI)	Unmapped	8.3%	13.0%	8.0%	7.1%	9.99 ¢	29.77 ¢
202602	options	Nasdaq ISE (XISX)	Unmapped	8.2%	45.5%	6.3%	9.2%	45.90 ¢	-7.09 ¢
202602	options	Cboe BZX Options Exchange (BATS)	BATS	7.4%	0.0%	1.0%	6.3%	—	-50.05 ¢
202602	options	Nasdaq PHLX (XPHL)	Unmapped	6.3%	1.5%	4.8%	8.7%	-4.55 ¢	127.53 ¢
202602	options	Nasdaq GEMX (GMNI)	Unmapped	4.2%	11.3%	1.2%	7.7%	40.39 ¢	-39.37 ¢
202602	options	MIAX Emerald Exchange (EMLD)	Unmapped	3.4%	0.4%	0.4%	0.6%	36.82 ¢	-38.53 ¢
202602	options	Nasdaq Options Market (XNDQ)	Unmapped	3.1%	0.0%	1.4%	5.6%	—	-48.54 ¢
202602	options	MIAX Options Exchange (XMIO)	Unmapped	3.0%	0.0%	1.2%	5.3%	—	53.21 ¢
202602	options	BOX Exchange (XBOX)	Unmapped	2.8%	0.1%	10.2%	1.3%	19.20 ¢	25.91 ¢
202602	other_stocks	Nasdaq Stock Market (XNAS)	Unmapped	22.9%	0.0%	9.2%	27.3%	-1.14 ¢	-22.81 ¢
202602	other_stocks	NYSE Arca (ARCX)	PARCAX	21.4%	0.0%	6.2%	26.5%	—	-23.20 ¢
202602	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	15.9%	0.0%	1.7%	20.3%	—	-24.82 ¢
202602	other_stocks	New York Stock Exchange (XNYS)	NXNYS	10.1%	0.0%	7.1%	10.8%	—	-25.61 ¢
202602	other_stocks	IBKR ATS (IATS)	IATS	6.4%	0.0%	25.5%	0.3%	—	0.00 ¢
202602	other_stocks	Blue Ocean ATS, LLC (OCEA)	Unmapped	5.3%	0.0%	0.7%	6.9%	—	-12.08 ¢
202602	other_stocks	INTERACTIVE BROKERS CORP (IBCO)	IBCO	2.0%	0.0%	8.5%	0.0%	—	0.00 ¢
202602	other_stocks	HRT Execution Services LLC (HRTF)	HRTF	1.4%	17.5%	3.9%	0.6%	21.74 ¢	2.02 ¢
202602	other_stocks	Citadel Securities "LITE" (CDED)	CDED	1.4%	44.5%	3.0%	0.7%	44.52 ¢	3.96 ¢
202602	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.1%	0.0%	0.6%	1.4%	—	0.54 ¢
202602	other_stocks	CBOE BZX Exchange (BATS)	BATS	1.0%	0.0%	1.4%	0.6%	—	-27.80 ¢
202602	other_stocks	Jane Street Capital LLC "PRO" (JSJX)	JSJX	0.8%	0.0%	3.5%	0.0%	—	0.00 ¢
202602	other_stocks	LeveL ATS (EBXL)	EBXL	0.7%	0.0%	3.1%	0.0%	—	0.00 ¢
202602	sp500	Nasdaq Stock Market (XNAS)	Unmapped	36.8%	0.0%	7.3%	46.2%	-4.49 ¢	-21.53 ¢
202602	sp500	CBOE EDGX Exchange (EDGX)	EDGK	17.2%	0.0%	0.7%	22.4%	—	-26.54 ¢
202602	sp500	New York Stock Exchange (XNYS)	NXNYS	13.0%	0.0%	7.1%	14.5%	—	-22.37 ¢
202602	sp500	IBKR ATS (IATS)	IATS	10.1%	0.0%	40.6%	0.6%	—	0.00 ¢
202602	sp500	Blue Ocean ATS, LLC (OCEA)	Unmapped	5.4%	0.0%	0.7%	7.1%	—	-13.92 ¢
202602	sp500	INTERACTIVE BROKERS CORP (IBCO)	IBCO	3.1%	0.0%	13.0%	0.0%	—	0.00 ¢
202602	sp500	NYSE Arca (ARCX)	PARCAX	2.5%	0.0%	1.9%	2.8%	—	-25.52 ¢
202602	sp500	CBOE BYX Exchange (BATY)	BYXX	1.4%	0.0%	0.1%	1.9%	—	-2.41 ¢
202602	sp500	LeveL ATS (EBXL)	EBXL	1.4%	0.0%	5.7%	0.0%	—	0.00 ¢
202603	options	Chicago Board Options Exchange (XCBO)	Unmapped	19.8%	14.2%	42.0%	18.2%	-44.80 ¢	18.81 ¢
202603	options	NYSE Arca Options (ARCO)	Unmapped	14.4%	6.4%	2.5%	21.1%	-50.06 ¢	-49.96 ¢
202603	options	CBOE C2 Exchange (C2OX)	Unmapped	10.3%	4.9%	1.4%	4.5%	40.96 ¢	-42.11 ¢
202603	options	MIAX Sapphire (MIHI)	Unmapped	8.7%	12.8%	8.0%	8.4%	6.34 ¢	28.32 ¢
202603	options	Nasdaq ISE (XISX)	Unmapped	8.4%	45.8%	4.7%	9.0%	43.45 ¢	-13.12 ¢
202603	options	Cboe BZX Options Exchange (BATS)	BATS	7.3%	0.0%	1.0%	6.1%	—	-50.05 ¢
202603	options	Nasdaq PHLX (XPHL)	Unmapped	6.8%	2.0%	3.6%	8.8%	-4.66 ¢	128.65 ¢
202603	options	MIAX Emerald Exchange (EMLD)	Unmapped	3.7%	0.3%	0.5%	0.6%	42.86 ¢	-34.95 ¢
202603	options	BOX Exchange (XBOX)	Unmapped	3.4%	0.1%	10.4%	1.5%	29.86 ¢	25.07 ¢
202603	options	Nasdaq Options Market (XNDQ)	Unmapped	3.0%	0.0%	1.3%	5.6%	—	-48.21 ¢
202603	options	Nasdaq MRX (MCRY)	Unmapped	2.7%	0.0%	12.3%	0.7%	—	32.19 ¢
202603	options	MIAX Options Exchange (XMIO)	Unmapped	2.5%	0.0%	1.1%	4.5%	0.00 ¢	40.83 ¢
202603	other_stocks	Nasdaq Stock Market (XNAS)	Unmapped	22.0%	0.0%	8.7%	26.1%	-0.78 ¢	-22.04 ¢
202603	other_stocks	NYSE Arca (ARCX)	PARCAX	20.9%	0.0%	7.0%	25.3%	—	-21.71 ¢
202603	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	14.6%	0.0%	1.8%	18.5%	—	-22.77 ¢
202603	other_stocks	New York Stock Exchange (XNYS)	NXNYS	9.7%	0.0%	6.4%	10.5%	—	-24.38 ¢
202603	other_stocks	Blue Ocean ATS, LLC (OCEA)	Unmapped	8.0%	0.0%	0.8%	10.5%	—	-11.14 ¢
202603	other_stocks	IBKR ATS (IATS)	IATS	6.2%	0.0%	24.9%	0.5%	—	0.00 ¢
202603	other_stocks	INTERACTIVE BROKERS CORP (IBCO)	IBCO	2.0%	0.0%	8.4%	0.0%	—	0.00 ¢
202603	other_stocks	HRT Execution Services LLC (HRTF)	HRTF	1.7%	22.4%	4.3%	0.8%	27.17 ¢	2.09 ¢
202603	other_stocks	Citadel Securities "LITE" (CDED)	CDED	1.5%	43.4%	3.6%	0.7%	40.27 ¢	3.43 ¢
202603	other_stocks	NYSE American (XASE)	AXASE	1.1%	0.0%	0.4%	1.3%	—	-17.56 ¢
202603	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.1%	0.0%	0.6%	1.2%	—	0.62 ¢
202603	other_stocks	CBOE BZX Exchange (BATS)	BATS	1.0%	0.0%	1.4%	0.7%	—	-27.22 ¢
202603	other_stocks	Jane Street Capital LLC "PRO" (JSJX)	JSJX	0.8%	0.0%	3.5%	0.0%	—	0.00 ¢
202603	sp500	Nasdaq Stock Market (XNAS)	Unmapped	35.3%	0.0%	7.0%	43.7%	-1.24 ¢	-20.19 ¢
202603	sp500	CBOE EDGX Exchange (EDGX)	EDGK	18.4%	0.0%	0.7%	23.6%	—	-26.30 ¢
202603	sp500	New York Stock Exchange (XNYS)	NXNYS	12.9%	0.0%	8.6%	13.6%	—	-19.15 ¢
202603	sp500	IBKR ATS (IATS)	IATS	9.8%	0.0%	41.0%	0.8%	—	0.00 ¢
202603	sp500	Blue Ocean ATS, LLC (OCEA)	Unmapped	6.8%	0.0%	0.8%	8.8%	—	-13.53 ¢
202603	sp500	NYSE Arca (ARCX)	PARCAX	3.0%	0.0%	1.8%	3.4%	—	-25.87 ¢
202603	sp500	INTERACTIVE BROKERS CORP (IBCO)	IBCO	2.7%	0.0%	12.0%	0.0%	—	0.00 ¢
202603	sp500	CBOE BYX Exchange (BATY)	BYXX	1.2%	0.0%	0.1%	1.5%	—	0.05 ¢
202603	sp500	LeveL ATS (EBXL)	EBXL	1.1%	0.0%	5.0%	0.0%	—	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 2025Q4.

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No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.

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 ATS, LLC (OCEA), Nasdaq Stock Market (XNAS)

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.