EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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2026Q22026Q1
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): PERSHING LLC, APEX CLEARING CORPORATION, DRIVEWEALTH, LLC. Every underlying execution venue and clearing context is evaluated below.

CRD #138459 Review Period: 2026Q2 Filing: Adopts clearing firm report

NAVY FEDERAL INVESTMENT SERVICES, LLC (CRD #138459) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
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Primary Routed Venues (606)
1. CITADEL SECURITIES LLC(521.8%)
2. Global Execution Brokers LP(150.6%)
3. Virtu Americas, LLC(134.7%)
Top routed order shares
Disclosed PFOF / Rebates
Clears via PERSHING LLC, APEX CLEARING CORPORATION, DRIVEWEALTH, LLC • 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

NAVY FEDERAL INVESTMENT SERVICES, LLC

CRD Number: 138459 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:59 GMT
Methodology: exq-2
Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing FirmCRDVariant / ContextVersionSHA-256 DigestSource Document
PERSHING LLC(Clearing: PERSHING LLC)7560DirectV1213e5d7e139e5f1a88e48cd4d42a7ae63a6671471877e7a9135f7d8df4fcafc1 Download XML ↗
APEX Clearing(Clearing: APEX CLEARING CORPORATION)13071APEXV14f254a91d2c8519b86f0f1f71adb7441170597469632123f939bad901f3b817a Download XML ↗
DriveWealth, LLC(Clearing: DRIVEWEALTH, LLC)165429DRWWV1312e037f0d7b40bcd51fc1ec497ac428ca09fbbf9632d61e85d5c98e08c252e2 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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MonthSectionExecution Venue605 ReporterRoute %Market %Mkt Limit %Non-Mkt %PFOF Mkt (¢/100)PFOF Limit (¢/100)
202604optionsInstinet, LLCUnmapped19.9%16.0%7.3%6.7%0.00 ¢0.00 ¢
202604optionsDash/IMC Financial MarketsUnmapped17.4%18.3%21.5%17.8%26.32 ¢27.93 ¢
202604optionsWolverine Execution Services, LLCUnmapped17.2%5.8%9.7%11.8%31.48 ¢34.17 ¢
202604optionsCITADEL SECURITIES LLCCDRG16.2%16.3%13.3%18.4%27.35 ¢30.33 ¢
202604optionsJane Street CapitalJNST14.6%18.0%18.5%15.2%25.90 ¢28.03 ¢
202604optionsGlobal Execution Brokers LPUnmapped9.2%18.3%20.9%23.1%31.27 ¢37.36 ¢
202604optionsMatrix Executions, LLCUnmapped5.6%7.3%8.7%6.9%0.00 ¢0.00 ¢
202604other_stocksCITADEL SECURITIES LLCCDRG40.3%9.5%48.8%49.6%16.21 ¢17.76 ¢
202604other_stocksVirtu Americas, LLCNITE27.8%60.7%18.4%19.4%17.96 ¢18.00 ¢
202604other_stocksJane Street CapitalJNST21.5%8.4%25.9%24.3%15.82 ¢18.36 ¢
202604other_stocksHudson River Trading (HRT)HRTF3.7%7.6%1.8%2.3%15.68 ¢18.22 ¢
202604sp500Virtu Americas, LLCNITE49.4%80.2%23.6%22.2%17.86 ¢19.87 ¢
202604sp500CITADEL SECURITIES LLCCDRG27.1%5.2%50.4%49.9%20.00 ¢16.64 ¢
202604sp500Jane Street CapitalJNST11.6%4.9%19.2%17.2%20.00 ¢20.00 ¢
202604sp500Hudson River Trading (HRT)HRTF3.6%4.0%1.9%2.6%20.00 ¢20.00 ¢
202605optionsInstinet, LLCUnmapped19.2%12.8%6.1%5.7%0.00 ¢0.00 ¢
202605optionsDash/IMC Financial MarketsUnmapped18.3%16.9%19.5%17.8%28.58 ¢29.37 ¢
202605optionsWolverine Execution Services, LLCUnmapped16.6%7.0%9.7%10.9%32.03 ¢36.22 ¢
202605optionsCITADEL SECURITIES LLCCDRG15.3%15.8%14.9%19.9%29.24 ¢32.16 ¢
202605optionsJane Street CapitalJNST14.9%20.4%19.6%16.4%27.31 ¢29.19 ¢
202605optionsGlobal Execution Brokers LPUnmapped9.6%19.2%19.8%22.5%33.04 ¢39.79 ¢
202605optionsMatrix Executions, LLCUnmapped6.0%7.9%10.3%6.7%0.00 ¢0.00 ¢
202605other_stocksBruce Markets LLCUnmapped25.8%0.0%30.3%26.9%0.00 ¢-14.97 ¢
202605other_stocksBlue Ocean Technologies, LLCUnmapped22.4%0.0%24.2%21.8%0.00 ¢-19.33 ¢
202605other_stocksCITADEL SECURITIES LLCCDRG19.1%10.3%19.1%23.3%15.01 ¢17.73 ¢
202605other_stocksMOON ATSUnmapped14.5%0.0%15.4%14.6%0.00 ¢-10.00 ¢
202605other_stocksVirtu Americas, LLCNITE11.1%65.0%5.5%7.1%16.84 ¢17.88 ¢
202605sp500Bruce Markets LLCUnmapped27.3%0.0%29.8%29.7%0.00 ¢-15.00 ¢
202605sp500MOON ATSUnmapped26.4%0.0%29.7%28.2%0.00 ¢-10.00 ¢
202605sp500Blue Ocean Technologies, LLCUnmapped16.2%0.0%18.1%17.0%0.00 ¢-20.00 ¢
202605sp500Virtu Americas, LLCNITE14.6%83.4%4.8%5.4%17.87 ¢19.85 ¢
202605sp500CITADEL SECURITIES LLCCDRG11.2%5.2%13.6%15.7%20.00 ¢16.34 ¢
202606optionsInstinet, LLCUnmapped20.6%12.9%6.0%5.3%0.00 ¢0.00 ¢
202606optionsDash/IMC Financial MarketsUnmapped17.5%16.9%19.3%18.6%29.06 ¢31.58 ¢
202606optionsJane Street CapitalJNST16.1%21.5%21.2%18.9%29.13 ¢31.09 ¢
202606optionsWolverine Execution Services, LLCUnmapped15.9%6.8%9.0%11.0%34.19 ¢36.57 ¢
202606optionsCITADEL SECURITIES LLCCDRG13.6%14.4%14.6%16.9%31.77 ¢33.46 ¢
202606optionsGlobal Execution Brokers LPUnmapped9.9%19.3%20.3%21.8%31.93 ¢33.46 ¢
202606optionsMatrix Executions, LLCUnmapped6.4%8.2%9.6%7.4%0.00 ¢0.00 ¢
202606other_stocksCITADEL SECURITIES LLCCDRG24.5%10.9%39.1%34.5%16.30 ¢18.39 ¢
202606other_stocksBruce Markets LLCUnmapped19.7%0.0%16.0%17.4%0.00 ¢-8.06 ¢
202606other_stocksBlue Ocean Technologies, LLCUnmapped19.4%0.0%14.4%14.5%0.00 ¢-17.38 ¢
202606other_stocksMOON ATSUnmapped13.6%0.0%8.7%9.0%0.00 ¢0.00 ¢
202606other_stocksVirtu Americas, LLCNITE13.0%67.2%11.5%11.6%17.58 ¢18.31 ¢
202606other_stocksJane Street CapitalJNST7.3%8.2%8.7%10.9%16.04 ¢18.05 ¢
202606sp500Bruce Markets LLCUnmapped24.6%0.0%29.1%30.6%0.00 ¢-12.00 ¢
202606sp500MOON ATSUnmapped23.3%0.0%24.5%26.5%0.00 ¢-10.00 ¢
202606sp500Virtu Americas, LLCNITE18.8%84.7%5.7%5.5%17.98 ¢19.85 ¢
202606sp500Blue Ocean Technologies, LLCUnmapped18.7%0.0%17.7%18.3%0.00 ¢-20.00 ¢
202606sp500CITADEL SECURITIES LLCCDRG9.3%5.2%18.0%13.2%19.94 ¢22.48 ¢
202604optionsGlobal Execution Brokers LPUnmapped51.5%45.5%50.0%55.0%40.00 ¢46.67 ¢
202604optionsCITADEL SECURITIES LLCCDRG30.3%36.4%0.0%30.0%40.00 ¢0.00 ¢
202604optionsDash/IMC Financial MarketsUnmapped18.2%18.2%50.0%15.0%40.00 ¢40.00 ¢
202605optionsGlobal Execution Brokers LPUnmapped35.7%37.0%19.2%37.6%40.00 ¢45.33 ¢
202605optionsCITADEL SECURITIES LLCCDRG33.8%25.9%42.3%33.8%40.00 ¢42.96 ¢
202605optionsDash/IMC Financial MarketsUnmapped30.4%37.0%38.5%28.6%58.33 ¢42.93 ¢
202606optionsGlobal Execution Brokers LPUnmapped34.6%36.0%41.0%34.1%40.00 ¢37.37 ¢
202606optionsCITADEL SECURITIES LLCCDRG33.2%32.0%38.5%32.9%60.00 ¢40.56 ¢
202606optionsDash/IMC Financial MarketsUnmapped32.1%32.0%20.5%33.1%40.00 ¢40.00 ¢
202604optionsCITADEL SECURITIES LLC (CDRG)CDRG34.4%0.0%36.4%33.0%0.00 ¢44.68 ¢
202604optionsDASH FINANCIAL OPTION ATS (DASH)Unmapped11.5%14.3%11.4%12.2%0.00 ¢37.84 ¢
202604optionsDASH FINANCIAL TECH LLC (DFIN)Unmapped1.6%71.4%0.0%0.1%0.00 ¢5.33 ¢
202604optionsJNOP (JNOP)Unmapped5.0%0.0%5.5%5.0%0.00 ¢35.70 ¢
202604optionsGLOBAL EXECUTION BROKERS, LP. (SUSQ)Unmapped29.9%14.3%29.5%31.4%55.00 ¢47.37 ¢
202604optionsWOLVERINE EXECUTION SERV, LLC (WEXX)Unmapped17.7%0.0%17.3%18.3%0.00 ¢43.14 ¢
202604other_stocksCITADEL SECURITIES LLC (CDRG)CDRG22.7%22.7%23.7%25.0%9.98 ¢10.00 ¢
202604other_stocksG1 EXECUTION SERVICES, LLC (ETMM)ETMM16.8%16.8%19.2%18.4%9.99 ¢8.37 ¢
202604other_stocksGTS SECURITIES LLC. (GTSM)GTSM1.3%1.3%0.0%0.4%10.00 ¢0.00 ¢
202604other_stocksHRT FINANCIAL LP (HRTF)HRTF9.6%9.6%5.3%9.8%10.00 ¢10.00 ¢
202604other_stocksICRS (ICRS)Unmapped0.7%0.7%0.0%0.0%10.00 ¢0.00 ¢
202604other_stocksSTONEX FINANCIAL INC. (INTL)INTL4.2%4.2%3.7%5.3%9.94 ¢10.00 ¢
202604other_stocksJANE STREET CAPITAL, LLC (JNST)JNST19.4%19.4%19.2%20.7%9.94 ¢10.00 ¢
202604other_stocksVIRTU AMERICAS LLC (NITE)NITE11.8%11.8%11.4%11.3%9.98 ¢10.00 ¢
202604other_stocksTWO SIGMA SECURITIES (SOHO)SOHO6.8%6.8%10.6%5.0%10.00 ¢10.00 ¢
202604other_stocksUBS SECURITIES (UBSS)UBSS6.8%6.8%6.9%4.1%9.98 ¢10.00 ¢
202604sp500CITADEL SECURITIES LLC (CDRG)CDRG25.6%25.6%26.9%21.1%10.00 ¢10.00 ¢
202604sp500G1 EXECUTION SERVICES, LLC (ETMM)ETMM13.6%13.6%19.2%14.7%10.00 ¢10.00 ¢
202604sp500GTS SECURITIES LLC. (GTSM)GTSM0.0%0.0%0.0%0.0%10.00 ¢0.00 ¢
202604sp500HRT FINANCIAL LP (HRTF)HRTF14.0%14.0%7.7%13.8%10.00 ¢10.00 ¢
202604sp500ICRS (ICRS)Unmapped0.7%0.7%0.0%0.0%10.00 ¢0.00 ¢
202604sp500STONEX FINANCIAL INC. (INTL)INTL4.3%4.3%0.0%0.9%10.00 ¢0.00 ¢
202604sp500JANE STREET CAPITAL, LLC (JNST)JNST17.9%17.9%19.2%21.1%10.00 ¢10.00 ¢
202604sp500VIRTU AMERICAS LLC (NITE)NITE10.9%10.9%11.5%11.9%10.00 ¢10.00 ¢
202604sp500TWO SIGMA SECURITIES (SOHO)SOHO5.5%5.5%15.4%3.7%10.00 ¢10.00 ¢
202604sp500UBS SECURITIES (UBSS)UBSS7.4%7.4%0.0%12.8%10.00 ¢0.00 ¢
202605optionsCITADEL SECURITIES LLC (CDRG)CDRG34.7%14.3%35.3%34.8%55.00 ¢44.66 ¢
202605optionsDASH FINANCIAL OPTION ATS (DASH)Unmapped11.3%14.3%11.4%11.1%0.00 ¢40.51 ¢
202605optionsDASH FINANCIAL TECH LLC (DFIN)Unmapped0.7%57.1%0.0%0.1%0.00 ¢8.18 ¢
202605optionsJNOP (JNOP)Unmapped6.5%0.0%6.2%7.1%0.00 ¢38.40 ¢
202605optionsGLOBAL EXECUTION BROKERS, LP. (SUSQ)Unmapped30.1%14.3%29.4%31.1%30.00 ¢46.83 ¢
202605optionsWOLVERINE EXECUTION SERV, LLC (WEXX)Unmapped16.7%0.0%17.7%15.8%0.00 ¢43.24 ¢
202605other_stocksCITADEL SECURITIES LLC (CDRG)CDRG23.1%23.1%24.9%30.2%9.96 ¢10.00 ¢
202605other_stocksG1 EXECUTION SERVICES, LLC (ETMM)ETMM16.4%16.4%22.1%18.4%9.99 ¢10.00 ¢
202605other_stocksGTS SECURITIES LLC. (GTSM)GTSM1.3%1.3%1.1%0.8%10.00 ¢10.00 ¢
202605other_stocksHRT FINANCIAL LP (HRTF)HRTF9.5%9.5%11.1%12.2%10.00 ¢10.00 ¢
202605other_stocksICRS (ICRS)Unmapped0.8%0.8%0.0%0.0%10.00 ¢0.00 ¢
202605other_stocksSTONEX FINANCIAL INC. (INTL)INTL4.2%4.2%3.9%5.1%10.00 ¢10.00 ¢
202605other_stocksJANE STREET CAPITAL, LLC (JNST)JNST19.3%19.3%13.8%13.9%9.96 ¢10.00 ¢
202605other_stocksVIRTU AMERICAS LLC (NITE)NITE11.8%11.8%11.6%10.9%9.97 ¢10.00 ¢
202605other_stocksTWO SIGMA SECURITIES (SOHO)SOHO6.8%6.8%7.7%4.6%9.99 ¢10.00 ¢
202605other_stocksUBS SECURITIES (UBSS)UBSS6.8%6.8%3.9%4.0%9.96 ¢10.00 ¢
202605sp500CITADEL SECURITIES LLC (CDRG)CDRG25.9%25.9%43.2%20.2%10.00 ¢10.00 ¢
202605sp500G1 EXECUTION SERVICES, LLC (ETMM)ETMM13.6%13.6%10.8%13.8%10.00 ¢10.00 ¢
202605sp500GTS SECURITIES LLC. (GTSM)GTSM0.0%0.0%0.0%0.0%10.00 ¢0.00 ¢
202605sp500HRT FINANCIAL LP (HRTF)HRTF13.9%13.9%8.1%11.0%10.00 ¢10.00 ¢
202605sp500ICRS (ICRS)Unmapped0.7%0.7%0.0%0.0%10.00 ¢0.00 ¢
202605sp500STONEX FINANCIAL INC. (INTL)INTL4.3%4.3%2.7%5.5%10.00 ¢10.00 ¢
202605sp500JANE STREET CAPITAL, LLC (JNST)JNST17.8%17.8%10.8%23.9%10.00 ¢10.00 ¢
202605sp500VIRTU AMERICAS LLC (NITE)NITE10.8%10.8%13.5%17.4%10.00 ¢10.00 ¢
202605sp500TWO SIGMA SECURITIES (SOHO)SOHO5.5%5.5%2.7%4.6%10.00 ¢10.00 ¢
202605sp500UBS SECURITIES (UBSS)UBSS7.4%7.4%8.1%3.7%10.00 ¢10.00 ¢
202606optionsCITADEL SECURITIES LLC (CDRG)CDRG32.4%0.0%35.2%30.8%0.00 ¢43.67 ¢
202606optionsDASH FINANCIAL OPTION ATS (DASH)Unmapped12.1%0.0%11.5%13.1%0.00 ¢36.68 ¢
202606optionsDASH FINANCIAL TECH LLC (DFIN)Unmapped1.7%100.0%0.0%0.1%0.00 ¢6.44 ¢
202606optionsJNOP (JNOP)Unmapped7.3%0.0%6.4%8.4%0.00 ¢35.42 ¢
202606optionsGLOBAL EXECUTION BROKERS, LP. (SUSQ)Unmapped27.9%0.0%30.2%26.8%0.00 ¢45.91 ¢
202606optionsWOLVERINE EXECUTION SERV, LLC (WEXX)Unmapped18.6%0.0%16.8%20.8%0.00 ¢42.60 ¢
202606other_stocksCITADEL SECURITIES LLC (CDRG)CDRG23.1%23.1%22.2%27.3%9.98 ¢10.00 ¢
202606other_stocksG1 EXECUTION SERVICES, LLC (ETMM)ETMM17.2%17.2%14.6%22.3%9.98 ¢10.00 ¢
202606other_stocksGTS SECURITIES LLC. (GTSM)GTSM1.4%1.4%3.5%0.2%10.00 ¢10.00 ¢
202606other_stocksHRT FINANCIAL LP (HRTF)HRTF9.1%9.1%9.7%8.2%9.95 ¢10.00 ¢
202606other_stocksICRS (ICRS)Unmapped0.6%0.6%0.0%0.0%9.94 ¢0.00 ¢
202606other_stocksSTONEX FINANCIAL INC. (INTL)INTL4.1%4.1%3.5%4.8%9.96 ¢10.00 ¢
202606other_stocksJANE STREET CAPITAL, LLC (JNST)JNST19.5%19.5%19.4%17.5%9.96 ¢10.00 ¢
202606other_stocksVIRTU AMERICAS LLC (NITE)NITE12.1%12.1%9.7%9.1%9.91 ¢10.00 ¢
202606other_stocksTWO SIGMA SECURITIES (SOHO)SOHO7.0%7.0%8.3%6.3%9.97 ¢10.00 ¢
202606other_stocksUBS SECURITIES (UBSS)UBSS6.0%6.0%9.0%4.3%9.92 ¢10.00 ¢
202606sp500CITADEL SECURITIES LLC (CDRG)CDRG25.9%25.9%16.7%17.2%10.00 ¢10.00 ¢
202606sp500G1 EXECUTION SERVICES, LLC (ETMM)ETMM14.7%14.7%19.1%20.5%10.00 ¢10.00 ¢
202606sp500GTS SECURITIES LLC. (GTSM)GTSM0.0%0.0%0.0%0.0%10.00 ¢0.00 ¢
202606sp500HRT FINANCIAL LP (HRTF)HRTF13.6%13.6%9.5%10.7%10.00 ¢10.00 ¢
202606sp500ICRS (ICRS)Unmapped0.5%0.5%0.0%0.0%10.00 ¢0.00 ¢
202606sp500STONEX FINANCIAL INC. (INTL)INTL4.4%4.4%4.8%4.9%10.00 ¢10.00 ¢
202606sp500JANE STREET CAPITAL, LLC (JNST)JNST17.8%17.8%16.7%22.1%10.00 ¢10.00 ¢
202606sp500VIRTU AMERICAS LLC (NITE)NITE11.0%11.0%19.1%9.0%10.00 ¢10.00 ¢
202606sp500TWO SIGMA SECURITIES (SOHO)SOHO5.6%5.6%7.1%11.5%10.00 ¢10.00 ¢
202606sp500UBS SECURITIES (UBSS)UBSS6.4%6.4%7.1%4.1%10.00 ¢10.00 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

Download CSV ↓
MonthVenueClassNotional × LotFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <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.

Download CSV ↓
MonthClassNotional × LotMetricFirm CompositeBest CompetingBest VenueMedian CompetingMapped 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.

Download CSV ↓
MonthVenueOrder ClassRoute %606 Net PFOF (¢/100)NPI (bps)Peer Bench (bps)Delta (bps)Ref PriceDelta (¢/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.

Download CSV ↓
SectionVenueType of ChangeOrder ClassPrior ValueCurrent ValueNet Shift
sp500HRT FINANCIAL LPpfof_ratemarketable_limit6.67 ¢10.00 ¢3.33 ¢
sp500ICRSpfof_ratemarket0.00 ¢10.00 ¢10.00 ¢
sp500STONEX FINANCIAL INC.pfof_ratemarketable_limit3.33 ¢6.67 ¢3.33 ¢
sp500STONEX FINANCIAL INC.pfof_ratenon_marketable_limit20.00 ¢23.33 ¢3.33 ¢
sp500JANE STREET CAPITAL, LLCpfof_rateother3.33 ¢0.00 ¢-3.33 ¢
sp500VIRTU AMERICAS LLCpfof_ratenon_marketable_limit30.00 ¢23.33 ¢-6.67 ¢
sp500VIRTU AMERICAS LLCpfof_rateother3.33 ¢0.00 ¢-3.33 ¢
sp500TWO SIGMA SECURITIESpfof_ratemarketable_limit3.33 ¢10.00 ¢6.67 ¢
sp500UBS SECURITIESpfof_ratemarketable_limit10.00 ¢6.67 ¢-3.33 ¢
other_stocksCITADEL SECURITIES LLCpfof_ratemarket9.99 ¢9.97 ¢-0.02 ¢
other_stocksCITADEL SECURITIES LLCpfof_ratenon_marketable_limit29.80 ¢29.34 ¢-0.46 ¢
other_stocksG1 EXECUTION SERVICES, LLCpfof_ratemarketable_limit9.14 ¢9.46 ¢0.32 ¢
other_stocksG1 EXECUTION SERVICES, LLCpfof_ratenon_marketable_limit30.00 ¢23.33 ¢-6.67 ¢
other_stocksG1 EXECUTION SERVICES, LLCpfof_rateother6.67 ¢0.00 ¢-6.67 ¢
other_stocksGTS SECURITIES LLC.pfof_ratemarketable_limit10.00 ¢6.67 ¢-3.33 ¢
other_stocksHRT FINANCIAL LPpfof_ratemarket10.00 ¢9.98 ¢-0.02 ¢
other_stocksHRT FINANCIAL LPpfof_ratenon_marketable_limit23.33 ¢30.00 ¢6.67 ¢
other_stocksICRSpfof_ratemarket0.00 ¢9.98 ¢9.98 ¢
other_stocksJANE STREET CAPITAL, LLCpfof_ratemarket9.99 ¢9.95 ¢-0.04 ¢
other_stocksJANE STREET CAPITAL, LLCpfof_rateother3.33 ¢0.00 ¢-3.33 ¢
other_stocksVIRTU AMERICAS LLCpfof_ratemarket9.99 ¢9.96 ¢-0.03 ¢
other_stocksVIRTU AMERICAS LLCpfof_ratemarketable_limit9.82 ¢10.00 ¢0.18 ¢
other_stocksVIRTU AMERICAS LLCpfof_rateother3.33 ¢0.00 ¢-3.33 ¢
other_stocksTWO SIGMA SECURITIESpfof_ratemarket9.97 ¢9.99 ¢0.02 ¢
other_stocksUBS SECURITIESpfof_ratemarket9.98 ¢9.95 ¢-0.03 ¢
optionsCITADEL SECURITIES LLCpfof_ratemarket21.04 ¢18.33 ¢-2.71 ¢
optionsCITADEL SECURITIES LLCpfof_ratemarketable_limit43.77 ¢44.34 ¢0.57 ¢
optionsCITADEL SECURITIES LLCpfof_ratenon_marketable_limit39.22 ¢41.90 ¢2.67 ¢
optionsCITADEL SECURITIES LLCpfof_rateother10.67 ¢20.76 ¢10.09 ¢
optionsDASH FINANCIAL OPTION ATSpfof_ratemarket10.00 ¢0.00 ¢-10.00 ¢
optionsDASH FINANCIAL OPTION ATSpfof_ratemarketable_limit38.12 ¢38.34 ¢0.23 ¢
optionsDASH FINANCIAL OPTION ATSpfof_ratenon_marketable_limit32.99 ¢37.74 ¢4.75 ¢
optionsDASH FINANCIAL OPTION ATSpfof_rateother10.67 ¢21.67 ¢11.00 ¢
optionsDASH FINANCIAL TECH LLCpfof_ratemarket12.22 ¢0.00 ¢-12.22 ¢
optionsDASH FINANCIAL TECH LLCpfof_ratemarketable_limit0.00 ¢6.65 ¢6.65 ¢
optionsDASH FINANCIAL TECH LLCpfof_ratenon_marketable_limit11.04 ¢18.18 ¢7.14 ¢
optionsDASH FINANCIAL TECH LLCpfof_rateother10.03 ¢0.00 ¢-10.03 ¢
optionsJNOPpfof_ratemarketable_limit42.37 ¢36.50 ¢-5.86 ¢
optionsJNOPpfof_ratenon_marketable_limit31.87 ¢31.36 ¢-0.51 ¢
optionsGLOBAL EXECUTION BROKERS, LP.pfof_ratemarket12.88 ¢28.33 ¢15.45 ¢
optionsGLOBAL EXECUTION BROKERS, LP.pfof_ratemarketable_limit46.20 ¢46.70 ¢0.50 ¢
optionsGLOBAL EXECUTION BROKERS, LP.pfof_ratenon_marketable_limit43.00 ¢44.79 ¢1.79 ¢
optionsGLOBAL EXECUTION BROKERS, LP.pfof_rateother10.33 ¢33.86 ¢23.53 ¢
optionsWOLVERINE EXECUTION SERV, LLCpfof_ratemarket10.00 ¢0.00 ¢-10.00 ¢
optionsWOLVERINE EXECUTION SERV, LLCpfof_ratemarketable_limit42.73 ¢42.99 ¢0.27 ¢
optionsWOLVERINE EXECUTION SERV, LLCpfof_ratenon_marketable_limit36.77 ¢39.80 ¢3.03 ¢
optionsWOLVERINE EXECUTION SERV, LLCpfof_rateother0.00 ¢21.67 ¢21.67 ¢
sp500Blue Ocean Technologies, LLCadded——11.63 ¢—
sp500Bruce Markets LLCadded——17.31 ¢—
sp500CITADEL SECURITIES LLCroute_share—27.15 ¢15.88 ¢-11.27 ¢
sp500CITADEL SECURITIES LLCpfof_ratemarket20.00 ¢19.98 ¢-0.02 ¢
sp500CITADEL SECURITIES LLCpfof_ratemarketable_limit18.73 ¢18.49 ¢-0.24 ¢
sp500CITADEL SECURITIES LLCpfof_ratenon_marketable_limit27.90 ¢27.53 ¢-0.37 ¢
sp500CITADEL SECURITIES LLCpfof_rateother23.76 ¢23.57 ¢-0.19 ¢
sp500GTS SECURITIES LLCdropped—1.44 ¢——
sp500Jane Street Capitalroute_share—17.41 ¢3.87 ¢-13.54 ¢
sp500Jane Street Capitalpfof_ratenon_marketable_limit29.78 ¢29.73 ¢-0.05 ¢
sp500Jane Street Capitalpfof_rateother27.12 ¢25.85 ¢-1.27 ¢
sp500MOON ATSadded——16.54 ¢—
sp500Virtu Americas, LLCroute_share—42.02 ¢27.59 ¢-14.43 ¢
sp500Virtu Americas, LLCpfof_ratemarket17.69 ¢17.90 ¢0.21 ¢
sp500Virtu Americas, LLCpfof_ratenon_marketable_limit29.45 ¢29.72 ¢0.27 ¢
sp500Virtu Americas, LLCpfof_rateother15.32 ¢13.30 ¢-2.02 ¢
other_stocksBlue Ocean Technologies, LLCadded——13.94 ¢—
other_stocksBruce Markets LLCadded——15.16 ¢—
other_stocksCITADEL SECURITIES LLCroute_share—36.31 ¢27.97 ¢-8.34 ¢
other_stocksCITADEL SECURITIES LLCpfof_ratemarket16.59 ¢15.84 ¢-0.75 ¢
other_stocksCITADEL SECURITIES LLCpfof_ratemarketable_limit17.43 ¢17.96 ¢0.53 ¢
other_stocksCITADEL SECURITIES LLCpfof_ratenon_marketable_limit25.70 ¢25.53 ¢-0.17 ¢
other_stocksCITADEL SECURITIES LLCpfof_rateother15.65 ¢14.38 ¢-1.27 ¢
other_stocksGTS SECURITIES LLCdropped—3.71 ¢——
other_stocksHudson River Trading (HRT)pfof_ratemarket16.29 ¢15.68 ¢-0.61 ¢
other_stocksHudson River Trading (HRT)pfof_ratemarketable_limit18.32 ¢18.22 ¢-0.09 ¢
other_stocksHudson River Trading (HRT)pfof_ratenon_marketable_limit26.51 ¢25.18 ¢-1.33 ¢
other_stocksHudson River Trading (HRT)pfof_rateother12.89 ¢10.74 ¢-2.16 ¢
other_stocksJane Street Capitalroute_share—24.04 ¢9.60 ¢-14.44 ¢
other_stocksJane Street Capitalpfof_ratemarketable_limit18.02 ¢18.21 ¢0.19 ¢
other_stocksJane Street Capitalpfof_ratenon_marketable_limit25.93 ¢24.39 ¢-1.54 ¢
other_stocksJane Street Capitalpfof_rateother13.46 ¢16.08 ¢2.62 ¢
other_stocksMOON ATSadded——9.37 ¢—
other_stocksVirtu Americas, LLCroute_share—25.84 ¢17.30 ¢-8.53 ¢
other_stocksVirtu Americas, LLCpfof_ratemarket17.48 ¢17.46 ¢-0.03 ¢
other_stocksVirtu Americas, LLCpfof_ratemarketable_limit18.05 ¢18.07 ¢0.02 ¢
other_stocksVirtu Americas, LLCpfof_ratenon_marketable_limit23.72 ¢22.93 ¢-0.79 ¢
other_stocksVirtu Americas, LLCpfof_rateother9.61 ¢5.52 ¢-4.08 ¢
optionsCITADEL SECURITIES LLCpfof_ratemarket27.48 ¢29.45 ¢1.97 ¢
optionsCITADEL SECURITIES LLCpfof_ratemarketable_limit32.07 ¢31.98 ¢-0.09 ¢
optionsCITADEL SECURITIES LLCpfof_ratenon_marketable_limit38.91 ¢39.60 ¢0.69 ¢
optionsCITADEL SECURITIES LLCpfof_rateother57.18 ¢59.40 ¢2.21 ¢
optionsDash/IMC Financial Marketspfof_ratemarket26.52 ¢27.99 ¢1.47 ¢
optionsDash/IMC Financial Marketspfof_ratemarketable_limit31.25 ¢29.63 ¢-1.62 ¢
optionsDash/IMC Financial Marketspfof_ratenon_marketable_limit37.57 ¢37.02 ¢-0.54 ¢
optionsDash/IMC Financial Marketspfof_rateother27.72 ¢34.82 ¢7.10 ¢
optionsGlobal Execution Brokers LPpfof_ratemarket26.35 ¢32.08 ¢5.73 ¢
optionsGlobal Execution Brokers LPpfof_ratemarketable_limit31.41 ¢36.87 ¢5.46 ¢
optionsGlobal Execution Brokers LPpfof_ratenon_marketable_limit38.71 ¢48.73 ¢10.02 ¢
optionsGlobal Execution Brokers LPpfof_rateother26.47 ¢29.15 ¢2.68 ¢
optionsJane Street Capitalpfof_ratemarket26.49 ¢27.45 ¢0.96 ¢
optionsJane Street Capitalpfof_ratemarketable_limit30.73 ¢29.44 ¢-1.30 ¢
optionsJane Street Capitalpfof_ratenon_marketable_limit37.27 ¢37.04 ¢-0.23 ¢
optionsJane Street Capitalpfof_rateother49.70 ¢54.21 ¢4.51 ¢
optionsMatrix Executions, LLCpfof_ratemarket16.69 ¢0.00 ¢-16.69 ¢
optionsMatrix Executions, LLCpfof_ratemarketable_limit29.50 ¢0.00 ¢-29.50 ¢
optionsMatrix Executions, LLCpfof_ratenon_marketable_limit35.04 ¢0.00 ¢-35.04 ¢
optionsMatrix Executions, LLCpfof_rateother46.93 ¢0.00 ¢-46.93 ¢
optionsWolverine Execution Services, LLCpfof_ratemarket32.01 ¢32.57 ¢0.56 ¢
optionsWolverine Execution Services, LLCpfof_ratemarketable_limit35.83 ¢35.65 ¢-0.18 ¢
optionsWolverine Execution Services, LLCpfof_ratenon_marketable_limit39.28 ¢40.03 ¢0.75 ¢
optionsWolverine Execution Services, LLCpfof_rateother55.01 ¢58.44 ¢3.43 ¢

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells
0
Cells with < 100 covered orders
Unmapped Venues
4
606 destinations without 605 match
Challenged / Missing 605
0
Venues missing monthly 605 report

Unmapped Routing Destinations:

ICRS (ICRS), 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.