Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): RAYMOND JAMES & ASSOCIATES, INC.. Every underlying execution venue and clearing context is evaluated below.
CAPITOL SECURITIES MANAGEMENT, INC. (CRD #14169) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
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.
CAPITOL SECURITIES MANAGEMENT, INC.
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| Raymond James(Clearing: RAYMOND JAMES & ASSOCIATES, INC.) | 705 | RAJA / OPTIONS | V2 | 788c4ff12d621923419f9232ac114e226fe7c7037a0b450726b3218afa62d432 | 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) |
|---|---|---|---|---|---|---|---|---|---|
| 202601 | options | Dash/IMC Financial Markets | Unmapped | 16.1% | 31.1% | 20.2% | 16.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | CITADEL SECURITIES LLC | CDRG | 16.1% | 29.5% | 19.6% | 13.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Wolverine Execution Services, LLC | Unmapped | 15.2% | 28.5% | 18.1% | 18.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Global Execution Brokers LP | Unmapped | 6.4% | 10.1% | 17.4% | 5.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | NYSE ARCA OPTIONS | Unmapped | 5.6% | 0.0% | 0.4% | 4.7% | 0.00 ¢ | 48.73 ¢ |
| 202601 | options | Nasdaq PHLX LLC | Unmapped | 4.3% | 0.0% | 0.3% | 4.8% | 0.00 ¢ | -4.00 ¢ |
| 202601 | options | Cboe EDGX Exchange, Inc. | Unmapped | 4.1% | 0.0% | 1.2% | 2.8% | 0.00 ¢ | -3.43 ¢ |
| 202601 | options | NYSE American LLC | Unmapped | 4.0% | 0.0% | 0.5% | 5.1% | 0.00 ¢ | -4.00 ¢ |
| 202601 | options | Miami International Securities Exchange, LLC | Unmapped | 3.8% | 0.0% | 0.9% | 3.8% | 0.00 ¢ | -2.88 ¢ |
| 202601 | options | Cboe Exchange, Inc. | Unmapped | 3.5% | 0.0% | 4.0% | 1.1% | 0.00 ¢ | -7.96 ¢ |
| 202601 | options | Nasdaq ISE, LLC | Unmapped | 3.4% | 0.0% | 2.0% | 0.8% | 0.00 ¢ | -53.42 ¢ |
| 202601 | options | MIAX Emerald, LLC | Unmapped | 2.6% | 0.0% | 0.3% | 2.6% | 0.00 ¢ | -21.30 ¢ |
| 202601 | options | BOX Exchange LLC | Unmapped | 2.6% | 0.0% | 3.0% | 4.6% | 0.00 ¢ | 3.23 ¢ |
| 202601 | options | Cboe C2 Exchange, Inc. | Unmapped | 2.4% | 0.0% | 0.4% | 0.8% | 0.00 ¢ | -43.47 ¢ |
| 202602 | options | CITADEL SECURITIES LLC | CDRG | 16.9% | 28.5% | 18.8% | 16.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Dash/IMC Financial Markets | Unmapped | 16.9% | 30.6% | 19.3% | 19.9% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Wolverine Execution Services, LLC | Unmapped | 16.7% | 29.5% | 16.4% | 22.6% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Global Execution Brokers LP | Unmapped | 6.9% | 10.5% | 16.1% | 6.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | NYSE ARCA OPTIONS | Unmapped | 4.2% | 0.0% | 0.6% | 1.4% | 0.00 ¢ | 53.81 ¢ |
| 202602 | options | Cboe EDGX Exchange, Inc. | Unmapped | 3.9% | 0.0% | 2.0% | 2.3% | 0.00 ¢ | -3.54 ¢ |
| 202602 | options | NYSE American LLC | Unmapped | 3.5% | 0.0% | 0.8% | 4.8% | 0.00 ¢ | -4.00 ¢ |
| 202602 | options | Nasdaq ISE, LLC | Unmapped | 3.4% | 0.0% | 1.9% | 0.6% | 0.00 ¢ | -41.03 ¢ |
| 202602 | options | Miami International Securities Exchange, LLC | Unmapped | 3.3% | 0.0% | 1.2% | 3.5% | 0.00 ¢ | -3.67 ¢ |
| 202602 | options | Nasdaq PHLX LLC | Unmapped | 3.1% | 0.0% | 0.5% | 1.4% | 0.00 ¢ | -4.00 ¢ |
| 202602 | options | Cboe Exchange, Inc. | Unmapped | 3.1% | 0.0% | 2.4% | 1.1% | 0.00 ¢ | -16.55 ¢ |
| 202602 | options | MIAX Emerald, LLC | Unmapped | 2.8% | 0.0% | 0.4% | 2.8% | 0.00 ¢ | -59.74 ¢ |
| 202602 | options | Matrix Executions, LLC | Unmapped | 2.7% | 0.9% | 8.6% | 2.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Cboe C2 Exchange, Inc. | Unmapped | 2.5% | 0.0% | 0.4% | 0.1% | 0.00 ¢ | -45.19 ¢ |
| 202602 | options | BOX Exchange LLC | Unmapped | 2.5% | 0.0% | 2.7% | 3.6% | 0.00 ¢ | 4.54 ¢ |
| 202603 | options | Dash/IMC Financial Markets | Unmapped | 16.4% | 31.5% | 19.0% | 17.8% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | CITADEL SECURITIES LLC | CDRG | 15.2% | 28.5% | 17.4% | 14.6% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Wolverine Execution Services, LLC | Unmapped | 15.0% | 28.8% | 16.9% | 19.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Global Execution Brokers LP | Unmapped | 6.3% | 10.6% | 16.4% | 5.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | NYSE ARCA OPTIONS | Unmapped | 5.0% | 0.0% | 0.2% | 2.5% | -53.00 ¢ | 56.76 ¢ |
| 202603 | options | Cboe EDGX Exchange, Inc. | Unmapped | 4.8% | 0.0% | 1.3% | 2.7% | -3.00 ¢ | -3.64 ¢ |
| 202603 | options | Cboe Exchange, Inc. | Unmapped | 3.9% | 0.0% | 3.0% | 2.8% | 0.00 ¢ | -4.66 ¢ |
| 202603 | options | Miami International Securities Exchange, LLC | Unmapped | 3.8% | 0.0% | 1.1% | 3.5% | -4.00 ¢ | -4.00 ¢ |
| 202603 | options | NYSE American LLC | Unmapped | 3.8% | 0.0% | 0.4% | 5.3% | -4.00 ¢ | -4.00 ¢ |
| 202603 | options | Nasdaq ISE, LLC | Unmapped | 3.7% | 0.0% | 0.9% | 1.5% | 0.00 ¢ | -41.76 ¢ |
| 202603 | options | MIAX Emerald, LLC | Unmapped | 3.3% | 0.0% | 0.1% | 3.4% | -54.00 ¢ | -62.27 ¢ |
| 202603 | options | Nasdaq PHLX LLC | Unmapped | 3.1% | 0.0% | 0.2% | 1.2% | 0.00 ¢ | -4.00 ¢ |
| 202603 | options | Cboe C2 Exchange, Inc. | Unmapped | 3.0% | 0.0% | 0.4% | 0.3% | -378.40 ¢ | -68.23 ¢ |
| 202603 | options | Matrix Executions, LLC | Unmapped | 2.2% | 0.4% | 11.7% | 2.4% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | BOX Exchange LLC | Unmapped | 1.8% | 0.0% | 3.2% | 2.7% | -11.36 ¢ | 3.96 ¢ |
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 2025Q4.
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.
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.