Print to PDF: browser Print (Ctrl+P / Cmd+P)

Select Quarter:

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): AXOS CLEARING LLC. Every underlying execution venue and clearing context is evaluated below.

CRD #144403 Review Period: 2026Q1 Filing: Adopts clearing firm report

PHX FINANCIAL, INC. (CRD #144403) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: PHX FINANCIAL, INC. (CRD #144403) 2026Q1 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

Open Review Workspace → Request committee preview

Primary Routed Venues (606)

1. Virtu Americas, LLC(294.2%)

2. CITADEL SECURITIES LLC(184.5%)

3. Citadel Execution Services(150.6%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via AXOS CLEARING 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.

Open in Workspace to Dispose →

No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.

FINRA Rule 5310.09 Review Packet

PHX FINANCIAL, INC.

CRD Number: 144403 • Quarter: 2026Q1 • Generated: Wed, 14 Oct 2026 20:20:23 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
LGNT(Clearing: AXOS CLEARING LLC)	117176	LGNT	V1	028793f9a168129ba2d83e8eb1d0f13048e31b1d4b269771bdc42b5f27c21041	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.

Download CSV ↓

Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202601	options	Susquehanna Financial Group, LLP	Unmapped	50.0%	48.8%	48.1%	50.5%	25.66 ¢	28.22 ¢
202601	options	Citadel Execution Services	Unmapped	49.9%	51.2%	51.8%	49.4%	28.55 ¢	33.04 ¢
202601	other_stocks	Virtu Americas, LLC	NITE	47.5%	51.8%	3.4%	1.8%	14.96 ¢	15.00 ¢
202601	other_stocks	CITADEL SECURITIES LLC	CDRG	30.2%	30.8%	24.1%	22.3%	13.49 ¢	6.42 ¢
202601	other_stocks	UBS Securities, LLC	Unmapped	5.7%	4.3%	20.7%	18.8%	13.76 ¢	10.21 ¢
202601	other_stocks	Canaccord Genuity Securities	Unmapped	5.2%	3.8%	20.5%	18.6%	13.98 ¢	10.58 ¢
202601	other_stocks	Two Sigma Securities, LLC	Unmapped	3.5%	2.2%	18.4%	17.2%	13.83 ¢	10.14 ¢
202601	sp500	Virtu Americas, LLC	NITE	47.1%	49.9%	13.9%	4.4%	15.00 ¢	15.00 ¢
202601	sp500	CITADEL SECURITIES LLC	CDRG	31.5%	32.1%	23.0%	16.6%	15.00 ¢	4.27 ¢
202601	sp500	UBS Securities, LLC	Unmapped	9.3%	8.5%	26.5%	16.2%	15.00 ¢	15.00 ¢
202601	sp500	Canaccord Genuity Securities	Unmapped	6.8%	6.1%	17.0%	12.1%	15.00 ¢	15.00 ¢
202602	options	Susquehanna Financial Group, LLP	Unmapped	50.1%	47.2%	50.2%	50.6%	27.95 ¢	24.61 ¢
202602	options	Citadel Execution Services	Unmapped	49.7%	52.8%	49.1%	49.3%	27.24 ¢	37.69 ¢
202602	other_stocks	Virtu Americas, LLC	NITE	48.0%	52.0%	2.4%	2.8%	14.99 ¢	15.00 ¢
202602	other_stocks	CITADEL SECURITIES LLC	CDRG	30.4%	30.9%	24.8%	21.2%	11.99 ¢	5.92 ¢
202602	other_stocks	UBS Securities, LLC	Unmapped	5.5%	3.9%	22.2%	22.3%	12.97 ¢	7.45 ¢
202602	other_stocks	Canaccord Genuity Securities	Unmapped	5.0%	3.6%	22.3%	19.2%	13.43 ¢	7.60 ¢
202602	other_stocks	GTS SECURITIES LLC	Unmapped	3.3%	3.6%	0.6%	0.3%	0.00 ¢	0.00 ¢
202602	sp500	Virtu Americas, LLC	NITE	51.1%	53.7%	18.9%	5.8%	15.00 ¢	15.00 ¢
202602	sp500	CITADEL SECURITIES LLC	CDRG	30.7%	31.1%	21.1%	19.5%	15.00 ¢	9.42 ¢
202602	sp500	UBS Securities, LLC	Unmapped	8.1%	7.2%	20.0%	18.2%	14.18 ¢	14.23 ¢
202602	sp500	Canaccord Genuity Securities	Unmapped	5.6%	4.9%	15.3%	15.7%	15.00 ¢	15.00 ¢
202603	options	Citadel Execution Services	Unmapped	51.0%	49.4%	51.0%	51.2%	27.26 ¢	35.45 ¢
202603	options	Susquehanna Financial Group, LLP	Unmapped	49.0%	50.6%	48.6%	48.8%	26.01 ¢	26.59 ¢
202603	other_stocks	Virtu Americas, LLC	NITE	49.2%	53.1%	2.3%	2.0%	14.95 ¢	15.00 ¢
202603	other_stocks	CITADEL SECURITIES LLC	CDRG	30.4%	30.9%	23.9%	20.1%	13.07 ¢	7.32 ¢
202603	other_stocks	UBS Securities, LLC	Unmapped	4.5%	3.2%	19.0%	17.2%	14.03 ¢	8.93 ¢
202603	other_stocks	Canaccord Genuity Securities	Unmapped	4.3%	3.0%	18.9%	16.6%	13.49 ¢	10.04 ¢
202603	other_stocks	GTS SECURITIES LLC	Unmapped	3.6%	4.0%	0.6%	0.3%	0.00 ¢	0.00 ¢
202603	sp500	Virtu Americas, LLC	NITE	51.4%	53.7%	13.3%	7.2%	15.00 ¢	15.00 ¢
202603	sp500	CITADEL SECURITIES LLC	CDRG	31.2%	31.5%	24.3%	21.0%	15.00 ¢	8.19 ¢
202603	sp500	UBS Securities, LLC	Unmapped	7.7%	6.9%	17.0%	18.9%	15.00 ¢	15.00 ¢
202603	sp500	Canaccord Genuity Securities	Unmapped	5.6%	5.0%	14.4%	16.3%	15.00 ¢	15.00 ¢

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 ↓

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.

Download CSV ↓

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.

Download CSV ↓

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.

Download CSV ↓

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:

Canaccord Genuity Securities (name:CANACCORD GENUITY SECURITIES), GTS SECURITIES LLC (name:GTS SECURITIES), 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.