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2026Q2 2026Q1

CRD #145276 Review Period: 2026Q2 Filing: Direct 606 filer

ETC BROKERAGE SERVICES, LLC (CRD #145276) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: ETC BROKERAGE SERVICES, LLC (CRD #145276) 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. UBS Securities, LLC(150.3%)

2. Citadel Securities LLC(149.5%)

3. Virtu Americas, LLC(109.1%)

Top routed order shares

Disclosed PFOF / Rebates

$42,718.50

Avg 18.00 ¢

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

ETC BROKERAGE SERVICES, LLC

CRD Number: 145276 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:44 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
ETCB	145276	20260710150021118	V1	836a23cbec01a60dca05c6640bb0709249aaf4fee6314b801637784ea318d34d	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	other_stocks	Citadel Securities LLC (CDRG)	CDRG	26.4%	26.0%	25.6%	30.6%	18.00 ¢	18.00 ¢
202604	other_stocks	UBS Securities, LLC (UBSS)	UBSS	24.4%	24.8%	27.4%	23.5%	18.00 ¢	18.00 ¢
202604	other_stocks	Virtu Americas, LLC (NITE)	NITE	18.9%	17.3%	20.8%	16.7%	18.00 ¢	18.00 ¢
202604	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	14.9%	16.2%	11.9%	17.2%	18.00 ¢	18.00 ¢
202604	other_stocks	Two Sigma Securities, LLC (SOHO)	SOHO	12.6%	15.7%	14.3%	11.9%	18.00 ¢	18.00 ¢
202604	sp500	UBS Securities, LLC (UBSS)	UBSS	24.9%	28.0%	25.0%	20.8%	18.00 ¢	18.00 ¢
202604	sp500	Citadel Securities LLC (CDRG)	CDRG	24.4%	23.7%	14.3%	31.7%	18.00 ¢	18.00 ¢
202604	sp500	Virtu Americas, LLC (NITE)	NITE	17.8%	17.8%	14.3%	21.8%	18.00 ¢	18.00 ¢
202604	sp500	G1 Execution Services, LLC (ETMM)	ETMM	16.0%	13.9%	28.6%	15.8%	18.00 ¢	18.00 ¢
202604	sp500	Two Sigma Securities, LLC (SOHO)	SOHO	14.6%	16.6%	17.9%	9.9%	18.00 ¢	18.00 ¢
202605	other_stocks	UBS Securities, LLC (UBSS)	UBSS	25.2%	24.1%	28.5%	25.3%	18.00 ¢	18.00 ¢
202605	other_stocks	Citadel Securities LLC (CDRG)	CDRG	24.8%	26.4%	23.1%	24.9%	18.00 ¢	18.00 ¢
202605	other_stocks	Virtu Americas, LLC (NITE)	NITE	18.8%	16.8%	19.9%	18.1%	18.00 ¢	18.00 ¢
202605	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	14.6%	16.2%	15.4%	18.7%	18.00 ¢	18.00 ¢
202605	other_stocks	Two Sigma Securities, LLC (SOHO)	SOHO	13.6%	16.5%	13.1%	12.8%	18.00 ¢	18.00 ¢
202605	sp500	UBS Securities, LLC (UBSS)	UBSS	24.7%	22.3%	26.7%	19.3%	18.00 ¢	18.00 ¢
202605	sp500	Citadel Securities LLC (CDRG)	CDRG	23.7%	25.9%	22.2%	26.9%	18.00 ¢	18.00 ¢
202605	sp500	Virtu Americas, LLC (NITE)	NITE	17.1%	15.5%	20.0%	20.0%	18.00 ¢	18.00 ¢
202605	sp500	G1 Execution Services, LLC (ETMM)	ETMM	15.8%	15.0%	11.1%	20.7%	18.00 ¢	18.00 ¢
202605	sp500	Two Sigma Securities, LLC (SOHO)	SOHO	13.6%	21.2%	20.0%	13.1%	18.00 ¢	18.00 ¢
202606	other_stocks	Citadel Securities LLC (CDRG)	CDRG	26.2%	24.2%	28.3%	32.5%	18.00 ¢	18.00 ¢
202606	other_stocks	UBS Securities, LLC (UBSS)	UBSS	24.8%	24.4%	26.6%	23.7%	18.00 ¢	18.00 ¢
202606	other_stocks	Virtu Americas, LLC (NITE)	NITE	18.7%	16.3%	17.4%	14.7%	18.00 ¢	18.00 ¢
202606	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	14.2%	18.3%	12.0%	13.5%	18.00 ¢	18.00 ¢
202606	other_stocks	Two Sigma Securities, LLC (SOHO)	SOHO	13.9%	16.9%	15.8%	15.5%	18.00 ¢	18.00 ¢
202606	sp500	UBS Securities, LLC (UBSS)	UBSS	26.4%	24.4%	25.8%	28.7%	18.00 ¢	18.00 ¢
202606	sp500	Citadel Securities LLC (CDRG)	CDRG	24.1%	28.8%	22.6%	24.1%	18.00 ¢	18.00 ¢
202606	sp500	Virtu Americas, LLC (NITE)	NITE	17.8%	14.9%	6.5%	18.5%	18.00 ¢	18.00 ¢
202606	sp500	G1 Execution Services, LLC (ETMM)	ETMM	15.2%	17.6%	22.6%	17.6%	18.00 ¢	18.00 ¢
202606	sp500	Two Sigma Securities, LLC (SOHO)	SOHO	13.4%	14.2%	22.6%	11.1%	18.00 ¢	18.00 ¢

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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No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2026Q1.

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

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.