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2026Q2 2026Q1

CRD #148743 Review Period: 2026Q1 Filing: Direct 606 filer

SPIDERROCK EXS, LLC (CRD #148743) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: SPIDERROCK EXS, LLC (CRD #148743) 2026Q1 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. NYSE ARCA(223.4%)

2. NYSE ARCA OPTIONS(155.0%)

3. NASDAQ OMX PSX(125.1%)

Top routed order shares

Disclosed PFOF / Rebates

$3,126,048.82

Avg 76.90 ¢

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

SPIDERROCK EXS, LLC

CRD Number: 148743 • Quarter: 2026Q1 • Generated: Wed, 14 Oct 2026 20:21:20 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Spiderrock EXS, LLC	148743	Direct	V1	3f7bac3c9c10e1430cff2cb231b8995dae9cced5ff9baa96a944235f9ca96c1b	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)
202601	options	CBOE GLOBAL MARKETS INC. (XCBO)	Unmapped	2.4%	0.0%	1.4%	2.3%	0.00 ¢	27.88 ¢
202601	options	NYSE AMEX OPTIONS (AMXO)	Unmapped	0.9%	0.0%	0.8%	1.0%	0.00 ¢	77.50 ¢
202601	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	47.3%	0.0%	48.9%	43.0%	0.00 ¢	16.13 ¢
202601	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	3.7%	0.0%	3.0%	6.8%	0.00 ¢	50.82 ¢
202601	options	CBOE C2 OPTIONS EXCHANGE (C2OX)	Unmapped	3.7%	0.0%	2.9%	7.4%	0.00 ¢	28.69 ¢
202601	options	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	0.5%	0.0%	0.6%	0.5%	0.00 ¢	30.74 ¢
202601	options	MIAX EMERALD, LLC (EMLD)	Unmapped	2.4%	0.0%	1.7%	5.4%	0.00 ¢	48.01 ¢
202601	options	ISE GEMINI EXCHANGE (GMNI)	Unmapped	1.1%	0.0%	0.7%	2.6%	0.00 ¢	46.71 ¢
202601	options	ISE MERCURY, LLC (MCRY)	Unmapped	0.4%	0.0%	0.4%	0.5%	0.00 ¢	17.15 ¢
202601	options	MIAX PEARL, LLC (MPRL)	Unmapped	1.6%	0.0%	1.1%	3.7%	0.00 ¢	49.29 ¢
202601	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	0.5%	0.0%	0.5%	0.4%	0.00 ¢	12.95 ¢
202601	options	NASDAQ OMX BX OPTIONS (XBXO)	Unmapped	1.9%	0.0%	1.8%	2.4%	0.00 ¢	45.48 ¢
202601	options	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	1.6%	0.0%	1.4%	2.7%	0.00 ¢	38.09 ¢
202601	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	0.5%	0.0%	0.4%	1.1%	0.00 ¢	37.52 ¢
202601	options	NASDAQ OPTIONS MARKET (XNDQ)	Unmapped	28.6%	0.0%	32.1%	15.3%	0.00 ¢	46.15 ¢
202601	options	NASDAQ OMX PHLX (XPHL)	Unmapped	0.6%	0.0%	0.5%	1.1%	0.00 ¢	39.13 ¢
202601	options	MEMX LLC OPTIONS (MXOP)	Unmapped	2.1%	0.0%	1.8%	3.7%	0.00 ¢	43.23 ¢
202601	options	MIAX SAPPHIRE, LLC (SPHR)	Unmapped	0.1%	0.0%	0.1%	0.1%	0.00 ¢	52.91 ¢
202601	other_stocks	NYSE ARCA (ARCX)	PARCAX	28.2%	0.0%	28.2%	28.2%	0.00 ¢	0.00 ¢
202601	other_stocks	CBOE BZX U.S. EQUITIES EXCHANGE (BATS)	BATS	2.9%	0.0%	3.0%	2.6%	0.00 ¢	0.00 ¢
202601	other_stocks	CBOE BYX U.S. EQUITIES EXCHANGE (BATY)	BYXX	0.1%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	CBOE EDGA U.S. EQUITIES EXCHANGE (EDGA)	EDGJ	0.6%	0.0%	0.8%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	CBOE EDGX U.S. EQUITIES EXCHANGE (EDGX)	EDGK	2.8%	0.0%	2.8%	2.6%	0.00 ¢	0.00 ¢
202601	other_stocks	MIAX PEARL EQUITIES (EPRL)	Unmapped	15.1%	0.0%	14.9%	15.5%	0.00 ¢	0.00 ¢
202601	other_stocks	INVESTORS EXCHANGE (IEXG)	IEXG	1.9%	0.0%	2.6%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	MEMX LLC EQUITIES (MEMX)	Unmapped	1.0%	0.0%	1.0%	0.8%	0.00 ¢	0.00 ¢
202601	other_stocks	NYSE MKT LLC (XASE)	AXASE	0.7%	0.0%	0.6%	1.0%	0.00 ¢	0.00 ¢
202601	other_stocks	NYSE NATIONAL, INC. (XCIS)	CXCIS	0.1%	0.0%	0.1%	0.1%	0.00 ¢	0.00 ¢
202601	other_stocks	NASDAQ - ALL MARKETS (XNAS)	Unmapped	9.4%	0.0%	9.7%	8.5%	0.00 ¢	0.00 ¢
202601	other_stocks	NEW YORK STOCK EXCHANGE, INC. (XNYS)	NXNYS	10.4%	0.0%	10.1%	11.2%	0.00 ¢	0.00 ¢
202601	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	26.3%	0.0%	25.4%	28.9%	0.00 ¢	0.00 ¢
202601	other_stocks	NASDAQ OMX BX (XBOS)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	LONG-TERM STOCK EXCHANGE, INC. (LTSE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	NYSE ARCA (ARCX)	PARCAX	30.2%	0.0%	29.8%	31.4%	0.00 ¢	0.00 ¢
202601	sp500	CBOE BZX U.S. EQUITIES EXCHANGE (BATS)	BATS	3.0%	0.0%	3.2%	2.6%	0.00 ¢	0.00 ¢
202601	sp500	CBOE EDGA U.S. EQUITIES EXCHANGE (EDGA)	EDGJ	0.3%	0.0%	0.4%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	CBOE EDGX U.S. EQUITIES EXCHANGE (EDGX)	EDGK	2.8%	0.0%	2.8%	2.6%	0.00 ¢	0.00 ¢
202601	sp500	MIAX PEARL EQUITIES (EPRL)	Unmapped	12.8%	0.0%	12.2%	14.5%	0.00 ¢	0.00 ¢
202601	sp500	INVESTORS EXCHANGE (IEXG)	IEXG	2.1%	0.0%	2.8%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	MEMX LLC EQUITIES (MEMX)	Unmapped	1.0%	0.0%	1.1%	0.8%	0.00 ¢	0.00 ¢
202601	sp500	NYSE MKT LLC (XASE)	AXASE	0.7%	0.0%	0.6%	1.1%	0.00 ¢	0.00 ¢
202601	sp500	NASDAQ - ALL MARKETS (XNAS)	Unmapped	10.6%	0.0%	11.1%	9.4%	0.00 ¢	0.00 ¢
202601	sp500	NEW YORK STOCK EXCHANGE, INC. (XNYS)	NXNYS	7.3%	0.0%	7.5%	6.5%	0.00 ¢	0.00 ¢
202601	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	28.3%	0.0%	27.6%	30.5%	0.00 ¢	0.00 ¢
202601	sp500	NASDAQ OMX BX (XBOS)	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	CBOE BYX U.S. EQUITIES EXCHANGE (BATY)	BYXX	0.1%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	NYSE NATIONAL, INC. (XCIS)	CXCIS	0.1%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	LONG-TERM STOCK EXCHANGE, INC. (LTSE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	options	CBOE GLOBAL MARKETS INC. (XCBO)	Unmapped	1.5%	0.0%	0.9%	1.9%	0.00 ¢	29.86 ¢
202602	options	NYSE AMEX OPTIONS (AMXO)	Unmapped	0.3%	0.0%	0.2%	0.8%	0.00 ¢	33.98 ¢
202602	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	54.1%	0.0%	55.4%	48.7%	0.00 ¢	17.62 ¢
202602	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	1.9%	0.0%	1.4%	4.3%	0.00 ¢	52.95 ¢
202602	options	CBOE C2 OPTIONS EXCHANGE (C2OX)	Unmapped	2.6%	0.0%	1.9%	6.3%	0.00 ¢	28.82 ¢
202602	options	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	0.3%	0.0%	0.2%	0.8%	0.00 ¢	31.71 ¢
202602	options	MIAX EMERALD, LLC (EMLD)	Unmapped	1.2%	0.0%	0.8%	3.6%	0.00 ¢	45.76 ¢
202602	options	ISE GEMINI EXCHANGE (GMNI)	Unmapped	0.6%	0.0%	0.3%	2.0%	0.00 ¢	47.37 ¢
202602	options	ISE MERCURY, LLC (MCRY)	Unmapped	0.3%	0.0%	0.2%	0.7%	0.00 ¢	20.36 ¢
202602	options	MIAX PEARL, LLC (MPRL)	Unmapped	0.7%	0.0%	0.5%	2.0%	0.00 ¢	49.65 ¢
202602	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	0.2%	0.0%	0.2%	0.4%	0.00 ¢	14.00 ¢
202602	options	NASDAQ OMX BX OPTIONS (XBXO)	Unmapped	0.9%	0.0%	0.7%	2.1%	0.00 ¢	57.50 ¢
202602	options	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	0.6%	0.0%	0.5%	1.7%	0.00 ¢	36.91 ¢
202602	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	0.3%	0.0%	0.2%	0.8%	0.00 ¢	33.99 ¢
202602	options	NASDAQ OPTIONS MARKET (XNDQ)	Unmapped	32.6%	0.0%	35.1%	20.2%	0.00 ¢	44.21 ¢
202602	options	NASDAQ OMX PHLX (XPHL)	Unmapped	0.3%	0.0%	0.2%	0.7%	0.00 ¢	37.25 ¢
202602	options	MEMX LLC OPTIONS (MXOP)	Unmapped	1.5%	0.0%	1.2%	3.0%	0.00 ¢	46.50 ¢
202602	options	MIAX SAPPHIRE, LLC (SPHR)	Unmapped	0.0%	0.0%	0.0%	0.1%	0.00 ¢	51.09 ¢
202602	other_stocks	NYSE ARCA (ARCX)	PARCAX	28.7%	0.0%	28.8%	28.4%	0.00 ¢	0.00 ¢
202602	other_stocks	CBOE BZX U.S. EQUITIES EXCHANGE (BATS)	BATS	2.7%	0.0%	2.8%	2.5%	0.00 ¢	0.00 ¢
202602	other_stocks	CBOE BYX U.S. EQUITIES EXCHANGE (BATY)	BYXX	0.1%	0.0%	0.1%	0.1%	0.00 ¢	0.00 ¢
202602	other_stocks	CBOE EDGA U.S. EQUITIES EXCHANGE (EDGA)	EDGJ	0.3%	0.0%	0.3%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	CBOE EDGX U.S. EQUITIES EXCHANGE (EDGX)	EDGK	2.6%	0.0%	2.6%	2.5%	0.00 ¢	0.00 ¢
202602	other_stocks	MIAX PEARL EQUITIES (EPRL)	Unmapped	16.1%	0.0%	16.0%	16.4%	0.00 ¢	0.00 ¢
202602	other_stocks	INVESTORS EXCHANGE (IEXG)	IEXG	0.9%	0.0%	1.3%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	MEMX LLC EQUITIES (MEMX)	Unmapped	0.9%	0.0%	0.9%	0.8%	0.00 ¢	0.00 ¢
202602	other_stocks	NYSE MKT LLC (XASE)	AXASE	0.6%	0.0%	0.6%	0.9%	0.00 ¢	0.00 ¢
202602	other_stocks	NASDAQ OMX BX (XBOS)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	NYSE NATIONAL, INC. (XCIS)	CXCIS	0.1%	0.0%	0.1%	0.1%	0.00 ¢	0.00 ¢
202602	other_stocks	NASDAQ - ALL MARKETS (XNAS)	Unmapped	9.0%	0.0%	9.1%	8.7%	0.00 ¢	0.00 ¢
202602	other_stocks	NEW YORK STOCK EXCHANGE, INC. (XNYS)	NXNYS	9.6%	0.0%	9.6%	9.8%	0.00 ¢	0.00 ¢
202602	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	28.3%	0.0%	27.9%	29.6%	0.00 ¢	0.00 ¢
202602	other_stocks	LONG-TERM STOCK EXCHANGE, INC. (LTSE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	NYSE ARCA (ARCX)	PARCAX	30.7%	0.0%	30.7%	30.8%	0.00 ¢	0.00 ¢
202602	sp500	CBOE BZX U.S. EQUITIES EXCHANGE (BATS)	BATS	2.9%	0.0%	3.0%	2.6%	0.00 ¢	0.00 ¢
202602	sp500	CBOE BYX U.S. EQUITIES EXCHANGE (BATY)	BYXX	0.0%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	CBOE EDGA U.S. EQUITIES EXCHANGE (EDGA)	EDGJ	0.1%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	CBOE EDGX U.S. EQUITIES EXCHANGE (EDGX)	EDGK	2.7%	0.0%	2.8%	2.5%	0.00 ¢	0.00 ¢
202602	sp500	MIAX PEARL EQUITIES (EPRL)	Unmapped	14.1%	0.0%	13.4%	16.0%	0.00 ¢	0.00 ¢
202602	sp500	INVESTORS EXCHANGE (IEXG)	IEXG	0.9%	0.0%	1.2%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	MEMX LLC EQUITIES (MEMX)	Unmapped	0.9%	0.0%	0.9%	0.9%	0.00 ¢	0.00 ¢
202602	sp500	NYSE MKT LLC (XASE)	AXASE	0.6%	0.0%	0.5%	0.8%	0.00 ¢	0.00 ¢
202602	sp500	NASDAQ OMX BX (XBOS)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	NYSE NATIONAL, INC. (XCIS)	CXCIS	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	NASDAQ - ALL MARKETS (XNAS)	Unmapped	10.2%	0.0%	10.6%	9.2%	0.00 ¢	0.00 ¢
202602	sp500	NEW YORK STOCK EXCHANGE, INC. (XNYS)	NXNYS	6.8%	0.0%	6.9%	6.7%	0.00 ¢	0.00 ¢
202602	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	29.7%	0.0%	29.4%	30.2%	0.00 ¢	0.00 ¢
202602	sp500	LONG-TERM STOCK EXCHANGE, INC. (LTSE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	options	ISE GEMINI EXCHANGE (GMNI)	Unmapped	0.4%	0.0%	0.2%	1.7%	0.00 ¢	45.58 ¢
202603	options	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	0.6%	0.0%	0.6%	1.3%	83.88 ¢	36.25 ¢
202603	options	NASDAQ OMX PHLX (XPHL)	Unmapped	0.3%	0.0%	0.3%	0.6%	0.00 ¢	35.31 ¢
202603	options	NYSE AMEX OPTIONS (AMXO)	Unmapped	0.2%	0.0%	0.2%	0.7%	0.00 ¢	32.15 ¢
202603	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	53.5%	0.0%	56.5%	51.7%	0.00 ¢	13.17 ¢
202603	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	1.5%	0.0%	1.3%	3.8%	0.00 ¢	55.11 ¢
202603	options	CBOE C2 OPTIONS EXCHANGE (C2OX)	Unmapped	2.5%	0.0%	2.0%	6.2%	0.00 ¢	33.01 ¢
202603	options	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	0.2%	0.0%	0.2%	0.5%	0.00 ¢	30.16 ¢
202603	options	MIAX EMERALD, LLC (EMLD)	Unmapped	0.8%	0.0%	0.6%	2.5%	0.00 ¢	45.56 ¢
202603	options	ISE MERCURY, LLC (MCRY)	Unmapped	0.2%	0.0%	0.1%	0.6%	0.00 ¢	19.29 ¢
202603	options	MIAX PEARL, LLC (MPRL)	Unmapped	0.4%	0.0%	0.3%	1.5%	0.00 ¢	49.08 ¢
202603	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	0.1%	0.0%	0.1%	0.4%	0.00 ¢	12.89 ¢
202603	options	NASDAQ OMX BX OPTIONS (XBXO)	Unmapped	0.8%	0.0%	0.7%	1.7%	0.00 ¢	54.89 ¢
202603	options	CBOE GLOBAL MARKETS INC. (XCBO)	Unmapped	5.4%	0.0%	1.3%	1.8%	69.92 ¢	35.60 ¢
202603	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	0.2%	0.0%	0.1%	0.7%	0.00 ¢	33.35 ¢
202603	options	NASDAQ OPTIONS MARKET (XNDQ)	Unmapped	31.3%	0.0%	34.4%	21.6%	0.00 ¢	47.29 ¢
202603	options	MEMX LLC OPTIONS (MXOP)	Unmapped	1.4%	0.0%	1.2%	2.7%	0.00 ¢	43.84 ¢
202603	options	MIAX SAPPHIRE, LLC (SPHR)	Unmapped	0.0%	0.0%	0.0%	0.1%	0.00 ¢	49.71 ¢
202603	other_stocks	NYSE ARCA (ARCX)	PARCAX	52.1%	0.0%	52.0%	52.6%	0.00 ¢	0.00 ¢
202603	other_stocks	CBOE BZX U.S. EQUITIES EXCHANGE (BATS)	BATS	9.2%	0.0%	9.2%	9.1%	0.00 ¢	0.00 ¢
202603	other_stocks	CBOE EDGA U.S. EQUITIES EXCHANGE (EDGA)	EDGJ	0.2%	0.0%	0.3%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	CBOE EDGX U.S. EQUITIES EXCHANGE (EDGX)	EDGK	9.1%	0.0%	9.0%	9.2%	0.00 ¢	0.00 ¢
202603	other_stocks	MIAX PEARL EQUITIES (EPRL)	Unmapped	3.0%	0.0%	3.0%	2.8%	0.00 ¢	0.00 ¢
202603	other_stocks	INVESTORS EXCHANGE (IEXG)	IEXG	1.0%	0.0%	1.3%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	MEMX LLC EQUITIES (MEMX)	Unmapped	0.3%	0.0%	0.3%	0.2%	0.00 ¢	0.00 ¢
202603	other_stocks	NYSE MKT LLC (XASE)	AXASE	0.2%	0.0%	0.2%	0.3%	0.00 ¢	0.00 ¢
202603	other_stocks	NASDAQ OMX BX (XBOS)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	NASDAQ - ALL MARKETS (XNAS)	Unmapped	15.3%	0.0%	15.2%	15.6%	0.00 ¢	0.00 ¢
202603	other_stocks	NEW YORK STOCK EXCHANGE, INC. (XNYS)	NXNYS	3.2%	0.0%	3.0%	3.6%	0.00 ¢	0.00 ¢
202603	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	6.4%	0.0%	6.3%	6.6%	0.00 ¢	0.00 ¢
202603	other_stocks	CBOE BYX U.S. EQUITIES EXCHANGE (BATY)	BYXX	0.0%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	NYSE NATIONAL, INC. (XCIS)	CXCIS	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	LONG-TERM STOCK EXCHANGE, INC. (LTSE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	NYSE ARCA (ARCX)	PARCAX	53.5%	0.0%	52.9%	55.0%	0.00 ¢	0.00 ¢
202603	sp500	CBOE BZX U.S. EQUITIES EXCHANGE (BATS)	BATS	9.0%	0.0%	9.0%	9.1%	0.00 ¢	0.00 ¢
202603	sp500	CBOE BYX U.S. EQUITIES EXCHANGE (BATY)	BYXX	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	CBOE EDGX U.S. EQUITIES EXCHANGE (EDGX)	EDGK	8.9%	0.0%	8.8%	9.1%	0.00 ¢	0.00 ¢
202603	sp500	MIAX PEARL EQUITIES (EPRL)	Unmapped	2.5%	0.0%	2.5%	2.7%	0.00 ¢	0.00 ¢
202603	sp500	INVESTORS EXCHANGE (IEXG)	IEXG	0.8%	0.0%	1.1%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	MEMX LLC EQUITIES (MEMX)	Unmapped	0.2%	0.0%	0.3%	0.2%	0.00 ¢	0.00 ¢
202603	sp500	NYSE MKT LLC (XASE)	AXASE	0.2%	0.0%	0.2%	0.3%	0.00 ¢	0.00 ¢
202603	sp500	NASDAQ - ALL MARKETS (XNAS)	Unmapped	16.9%	0.0%	17.1%	16.4%	0.00 ¢	0.00 ¢
202603	sp500	NEW YORK STOCK EXCHANGE, INC. (XNYS)	NXNYS	1.7%	0.0%	1.9%	1.4%	0.00 ¢	0.00 ¢
202603	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	6.1%	0.0%	6.2%	5.9%	0.00 ¢	0.00 ¢
202603	sp500	NYSE NATIONAL, INC. (XCIS)	CXCIS	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	CBOE EDGA U.S. EQUITIES EXCHANGE (EDGA)	EDGJ	0.1%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	NASDAQ OMX BX (XBOS)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	LONG-TERM STOCK EXCHANGE, INC. (LTSE)	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢

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 2025Q4.

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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:

CBOE EDGX OPTIONS EXCHANGE (EDGO), MIAX PEARL EQUITIES (EPRL), LONG-TERM STOCK EXCHANGE, INC. (LTSE), MEMX LLC EQUITIES (MEMX), NASDAQ OMX BX (XBOS), INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES (XISE), NASDAQ - ALL MARKETS (XNAS), NASDAQ OMX PSX (XPSX)

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.