FIRST SECURITIES NORTHWEST, INC. (CRD #14627) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report

FIRST SECURITIES NORTHWEST, INC. (CRD #14627) operates as an introducing broker-dealer adopting the SEC Rule 606 order routing disclosures of HILLTOP SECURITIES INC.. Under FINRA Rule 5310.09(c), introducing firms that rely on clearing firm routing arrangements remain obligated to independently examine execution quality and compare results against competing market centers. In 2026Q2, non-directed customer order flow was routed primarily to Virtu Americas, LLC (27.7%), Global Execution Brokers LP (26.1%), CITADEL SECURITIES LLC (21.8%).

During 2026Q2, the firm reported $104,626.35 in total net payment for order flow (PFOF) and execution rebates received across its order routing arrangements. Disclosed net payment rates for market orders averaged 12.59 ¢ and marketable limit orders averaged 12.30 ¢. FINRA Rule 5310.09 requires rigorous surveillance of potential conflicts of interest when order routing decisions coincide with financial remuneration from execution venues.

Our mix-adjusted benchmark analysis flagged 49 material differences across the 144 Amended Rule 605 order size and security buckets where FIRST SECURITIES NORTHWEST, INC.'s routed execution trailed competing peer benchmarks by more than 1.0 basis points. Under FINRA Rule 5310.09, broker-dealers must conduct regular and rigorous committee reviews comparing execution quality achieved against competing market centers they do not route to. Each flagged competing-market difference requires documented supervisory disposition and committee review in the firm's permanent compliance records.