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2026Q2 2026Q1

Preview Report: 2026Q2 Routing × 2026Q3 Benchmarks

Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q2 (606, latest month in that quarter); execution quality comes from 2026Q3 amended 605 benchmarks. Route shares from one period are applied to benchmarks from another.

CRD #149486 Review Period: 2026Q2 Filing: Direct 606 filer

BTG PACTUAL US CAPITAL, LLC (CRD #149486) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: BTG PACTUAL US CAPITAL, LLC (CRD #149486) 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. Matrix Executions, LLC (RSKY)(226.0%)

2. Citadel Securities (CDRG)(158.2%)

3. Jane Street Capital, LLC (JNST)(101.0%)

Top routed order shares

Disclosed PFOF / Rebates

$0.00

Non-directed retail equity flow

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

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

BTG PACTUAL US CAPITAL, LLC

CRD Number: 149486 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:28:42 GMT

Methodology: exq-2

Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
BTG Pactual US Capital, LLC	149486	Direct	V1	2952ac4a8fcb51cb7f2d0b34dfb4247d0c8257a7e64d32980f2f9f9ab3b48c23	Download XML ↗

Benchmark Builds Applied

• Month 202608: build 202608-20261001T134852Z (exq-2) • S&P constituent source: public_constituent_list (2026Q3) • NPI row exclusions: 224

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 %
202604	options	Matrix Executions, LLC (RSKY)	Unmapped	74.5%	0.0%	0.0%	0.0%
202604	options	Citadel Securities LLC (CITL)	Unmapped	13.6%	38.8%	42.1%	39.4%
202604	options	Susquehanna International Group, LLP (SUSQ)	Unmapped	4.9%	16.4%	10.5%	27.6%
202604	options	Wolverine Execution Svc. (WEXX)	Unmapped	2.8%	11.9%	26.3%	14.2%
202604	options	DASH Financial Option ATS (DASH)	Unmapped	1.9%	17.9%	7.9%	8.0%
202604	options	Jane Street Options, LLC (JSOL)	Unmapped	1.9%	14.9%	13.2%	10.9%
202604	options	TradeMas Inc (TRDM)	Unmapped	0.2%	0.0%	0.0%	0.0%
202604	options	TradeZero America, Inc (ZERO)	Unmapped	0.1%	0.0%	0.0%	0.0%
202604	other_stocks	Citadel Securities (CDRG)	Unmapped	22.8%	21.1%	21.5%	26.0%
202604	other_stocks	G1 Execution Services, LLC (ETMM)	Unmapped	17.9%	19.6%	11.8%	15.2%
202604	other_stocks	Jane Street Capital, LLC (JNST)	Unmapped	16.4%	16.9%	20.4%	14.9%
202604	other_stocks	Virtu Americas, LLC (NITE)	Unmapped	14.3%	11.9%	20.4%	17.9%
202604	other_stocks	HRT FINANCIAL LP (HRTF)	Unmapped	10.6%	11.5%	12.9%	8.6%
202604	other_stocks	StoneX Financial Inc (INTL)	Unmapped	6.0%	6.7%	3.2%	5.0%
202604	other_stocks	Two Sigma Securities (SOHO)	Unmapped	5.6%	4.7%	5.4%	7.6%
202604	other_stocks	UBS Securities LLC (UBSS)	Unmapped	4.6%	5.5%	3.2%	3.3%
202604	other_stocks	GTS Securities LLC (GTSM)	Unmapped	1.9%	2.2%	1.1%	1.5%
202604	sp500	Citadel Securities (CDRG)	Unmapped	29.7%	27.3%	31.3%	36.5%
202604	sp500	Jane Street Capital, LLC (JNST)	Unmapped	16.2%	16.5%	15.6%	15.6%
202604	sp500	Virtu Americas, LLC (NITE)	Unmapped	13.0%	12.7%	18.8%	12.0%
202604	sp500	HRT FINANCIAL LP (HRTF)	Unmapped	11.8%	10.4%	15.6%	15.0%
202604	sp500	G1 Execution Services, LLC (ETMM)	Unmapped	11.7%	12.1%	9.4%	11.4%
202604	sp500	StoneX Financial Inc (INTL)	Unmapped	6.9%	8.5%	0.0%	3.6%
202604	sp500	Two Sigma Securities (SOHO)	Unmapped	6.0%	7.1%	6.3%	3.0%
202604	sp500	UBS Securities LLC (UBSS)	Unmapped	4.1%	4.6%	3.1%	3.0%
202604	sp500	INTELLIGENT CROSS LLC (INCR)	Unmapped	0.6%	0.8%	0.0%	0.0%
202605	options	Matrix Executions, LLC (RSKY)	Unmapped	69.4%	0.0%	0.0%	0.0%
202605	options	Citadel Securities LLC (CITL)	Unmapped	11.8%	34.8%	41.9%	35.2%
202605	options	Susquehanna International Group, LLP (SUSQ)	Unmapped	5.6%	17.4%	25.8%	21.2%
202605	options	Wolverine Execution Svc. (WEXX)	Unmapped	5.3%	18.5%	9.7%	21.2%
202605	options	DASH Financial Option ATS (DASH)	Unmapped	4.5%	17.4%	9.7%	15.5%
202605	options	Jane Street Options, LLC (JSOL)	Unmapped	2.0%	12.0%	12.9%	6.8%
202605	options	BTG Pactual US Capital LLC (PACT)	Unmapped	1.0%	0.0%	0.0%	0.0%
202605	options	TradeMas Inc (TRDM)	Unmapped	0.3%	0.0%	0.0%	0.0%
202605	options	TradeZero America, Inc (ZERO)	Unmapped	0.1%	0.0%	0.0%	0.0%
202605	options	DASH Financial Technologies LLC (DFIN)	Unmapped	0.0%	0.0%	0.0%	0.0%
202605	other_stocks	Citadel Securities (CDRG)	Unmapped	24.6%	23.2%	23.9%	25.6%
202605	other_stocks	Jane Street Capital, LLC (JNST)	Unmapped	19.2%	19.2%	24.5%	18.3%
202605	other_stocks	G1 Execution Services, LLC (ETMM)	Unmapped	18.2%	18.9%	16.8%	17.1%
202605	other_stocks	Virtu Americas, LLC (NITE)	Unmapped	14.2%	13.7%	11.0%	15.8%
202605	other_stocks	HRT FINANCIAL LP (HRTF)	Unmapped	8.7%	9.5%	7.1%	8.5%
202605	other_stocks	StoneX Financial Inc (INTL)	Unmapped	5.5%	5.4%	7.1%	5.8%
202605	other_stocks	UBS Securities LLC (UBSS)	Unmapped	4.1%	5.0%	2.6%	2.5%
202605	other_stocks	Two Sigma Securities (SOHO)	Unmapped	4.0%	3.7%	5.2%	4.3%
202605	other_stocks	GTS Securities LLC (GTSM)	Unmapped	1.5%	1.2%	1.9%	2.0%
202605	other_stocks	INTELLIGENT CROSS LLC (INCR)	Unmapped	0.1%	0.2%	0.0%	0.0%
202605	sp500	Citadel Securities (CDRG)	Unmapped	27.8%	27.2%	23.3%	32.2%
202605	sp500	Jane Street Capital, LLC (JNST)	Unmapped	17.0%	17.4%	20.0%	15.1%
202605	sp500	G1 Execution Services, LLC (ETMM)	Unmapped	15.5%	17.2%	10.0%	11.0%
202605	sp500	HRT FINANCIAL LP (HRTF)	Unmapped	13.0%	11.7%	3.3%	17.1%
202605	sp500	Virtu Americas, LLC (NITE)	Unmapped	11.9%	12.2%	20.0%	9.6%
202605	sp500	StoneX Financial Inc (INTL)	Unmapped	5.4%	5.2%	13.3%	4.8%
202605	sp500	UBS Securities LLC (UBSS)	Unmapped	4.9%	4.5%	3.3%	6.8%
202605	sp500	Two Sigma Securities (SOHO)	Unmapped	4.3%	4.5%	6.7%	3.4%
202605	sp500	INTELLIGENT CROSS LLC (INCR)	Unmapped	0.1%	0.2%	0.0%	0.0%
202606	options	Matrix Executions, LLC (RSKY)	Unmapped	82.1%	0.0%	0.0%	0.0%
202606	options	Citadel Securities LLC (CITL)	Unmapped	5.6%	36.8%	31.6%	33.0%
202606	options	Susquehanna International Group, LLP (SUSQ)	Unmapped	3.9%	11.8%	15.8%	22.5%
202606	options	Wolverine Execution Svc. (WEXX)	Unmapped	3.2%	19.1%	13.2%	18.7%
202606	options	DASH Financial Option ATS (DASH)	Unmapped	2.3%	19.1%	26.3%	12.1%
202606	options	Jane Street Options, LLC (JSOL)	Unmapped	1.9%	13.2%	13.2%	13.7%
202606	options	TradeZero America, Inc (ZERO)	Unmapped	0.5%	0.0%	0.0%	0.0%
202606	options	TradeMas Inc (TRDM)	Unmapped	0.4%	0.0%	0.0%	0.0%
202606	options	X-CHANGE FINANCIAL ACCESS, LLC (XFAN)	Unmapped	0.2%	0.0%	0.0%	0.0%
202606	other_stocks	Citadel Securities (CDRG)	Unmapped	25.7%	24.3%	31.5%	27.7%
202606	other_stocks	Jane Street Capital, LLC (JNST)	Unmapped	18.4%	19.3%	12.3%	17.2%
202606	other_stocks	G1 Execution Services, LLC (ETMM)	Unmapped	18.4%	20.0%	19.2%	15.0%
202606	other_stocks	Virtu Americas, LLC (NITE)	Unmapped	13.8%	9.2%	13.7%	21.9%
202606	other_stocks	HRT FINANCIAL LP (HRTF)	Unmapped	8.8%	9.1%	9.6%	8.4%
202606	other_stocks	Two Sigma Securities (SOHO)	Unmapped	4.8%	5.4%	5.5%	3.9%
202606	other_stocks	StoneX Financial Inc (INTL)	Unmapped	4.4%	5.6%	2.0%	3.2%
202606	other_stocks	UBS Securities LLC (UBSS)	Unmapped	4.3%	5.6%	4.8%	1.5%
202606	other_stocks	GTS Securities LLC (GTSM)	Unmapped	1.3%	1.3%	1.4%	1.3%
202606	other_stocks	INTELLIGENT CROSS LLC (INCR)	Unmapped	0.1%	0.1%	0.0%	0.0%
202606	sp500	Citadel Securities (CDRG)	Unmapped	27.6%	27.1%	19.1%	29.1%
202606	sp500	G1 Execution Services, LLC (ETMM)	Unmapped	15.6%	15.4%	23.8%	13.7%
202606	sp500	Jane Street Capital, LLC (JNST)	Unmapped	13.7%	13.2%	9.5%	15.4%
202606	sp500	HRT FINANCIAL LP (HRTF)	Unmapped	12.0%	12.5%	14.3%	11.0%
202606	sp500	Virtu Americas, LLC (NITE)	Unmapped	10.7%	9.8%	9.5%	14.3%
202606	sp500	StoneX Financial Inc (INTL)	Unmapped	9.0%	10.7%	9.5%	5.0%
202606	sp500	Two Sigma Securities (SOHO)	Unmapped	6.3%	6.8%	11.9%	4.4%
202606	sp500	UBS Securities LLC (UBSS)	Unmapped	4.9%	4.2%	2.4%	7.1%
202606	sp500	INTELLIGENT CROSS LLC (INCR)	Unmapped	0.2%	0.3%	0.0%	0.0%

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 %	NPI (bps)	Peer Bench (bps)	Delta (bps)	Ref Price	Delta (¢/100 sh)	Conflict Flag
202608	Citadel Securities (CDRG)	market	27.1%	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	marketable_limit	19.1%	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	nonmarketable_limit	29.1%	—	—	—	—	—	No conflict
202608	G1 Execution Services, LLC (ETMM)	market	15.4%	—	—	—	—	—	No conflict
202608	G1 Execution Services, LLC (ETMM)	marketable_limit	23.8%	—	—	—	—	—	No conflict
202608	G1 Execution Services, LLC (ETMM)	nonmarketable_limit	13.7%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC (JNST)	market	13.2%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC (JNST)	marketable_limit	9.5%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC (JNST)	nonmarketable_limit	15.4%	—	—	—	—	—	No conflict
202608	HRT FINANCIAL LP (HRTF)	market	12.5%	—	—	—	—	—	No conflict
202608	HRT FINANCIAL LP (HRTF)	marketable_limit	14.3%	—	—	—	—	—	No conflict
202608	HRT FINANCIAL LP (HRTF)	nonmarketable_limit	11.0%	—	—	—	—	—	No conflict
202608	Virtu Americas, LLC (NITE)	market	9.8%	—	—	—	—	—	No conflict
202608	Virtu Americas, LLC (NITE)	marketable_limit	9.5%	—	—	—	—	—	No conflict
202608	Virtu Americas, LLC (NITE)	nonmarketable_limit	14.3%	—	—	—	—	—	No conflict
202608	StoneX Financial Inc (INTL)	market	10.7%	—	—	—	—	—	No conflict
202608	StoneX Financial Inc (INTL)	marketable_limit	9.5%	—	—	—	—	—	No conflict
202608	StoneX Financial Inc (INTL)	nonmarketable_limit	5.0%	—	—	—	—	—	No conflict
202608	Two Sigma Securities (SOHO)	market	6.8%	—	—	—	—	—	No conflict
202608	Two Sigma Securities (SOHO)	marketable_limit	11.9%	—	—	—	—	—	No conflict
202608	Two Sigma Securities (SOHO)	nonmarketable_limit	4.4%	—	—	—	—	—	No conflict
202608	UBS Securities LLC (UBSS)	market	4.2%	—	—	—	—	—	No conflict
202608	UBS Securities LLC (UBSS)	marketable_limit	2.4%	—	—	—	—	—	No conflict
202608	UBS Securities LLC (UBSS)	nonmarketable_limit	7.1%	—	—	—	—	—	No conflict
202608	INTELLIGENT CROSS LLC (INCR)	market	0.3%	—	—	—	—	—	No conflict
202608	INTELLIGENT CROSS LLC (INCR)	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	INTELLIGENT CROSS LLC (INCR)	nonmarketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	market	24.3%	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	marketable_limit	31.5%	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	nonmarketable_limit	27.7%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC (JNST)	market	19.3%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC (JNST)	marketable_limit	12.3%	—	—	—	—	—	No conflict
202608	Jane Street Capital, LLC (JNST)	nonmarketable_limit	17.2%	—	—	—	—	—	No conflict
202608	G1 Execution Services, LLC (ETMM)	market	20.0%	—	—	—	—	—	No conflict
202608	G1 Execution Services, LLC (ETMM)	marketable_limit	19.2%	—	—	—	—	—	No conflict
202608	G1 Execution Services, LLC (ETMM)	nonmarketable_limit	15.0%	—	—	—	—	—	No conflict
202608	Virtu Americas, LLC (NITE)	market	9.2%	—	—	—	—	—	No conflict
202608	Virtu Americas, LLC (NITE)	marketable_limit	13.7%	—	—	—	—	—	No conflict
202608	Virtu Americas, LLC (NITE)	nonmarketable_limit	21.9%	—	—	—	—	—	No conflict
202608	HRT FINANCIAL LP (HRTF)	market	9.1%	—	—	—	—	—	No conflict
202608	HRT FINANCIAL LP (HRTF)	marketable_limit	9.6%	—	—	—	—	—	No conflict
202608	HRT FINANCIAL LP (HRTF)	nonmarketable_limit	8.4%	—	—	—	—	—	No conflict
202608	Two Sigma Securities (SOHO)	market	5.4%	—	—	—	—	—	No conflict
202608	Two Sigma Securities (SOHO)	marketable_limit	5.5%	—	—	—	—	—	No conflict
202608	Two Sigma Securities (SOHO)	nonmarketable_limit	3.9%	—	—	—	—	—	No conflict
202608	StoneX Financial Inc (INTL)	market	5.6%	—	—	—	—	—	No conflict
202608	StoneX Financial Inc (INTL)	marketable_limit	2.0%	—	—	—	—	—	No conflict
202608	StoneX Financial Inc (INTL)	nonmarketable_limit	3.2%	—	—	—	—	—	No conflict
202608	UBS Securities LLC (UBSS)	market	5.6%	—	—	—	—	—	No conflict
202608	UBS Securities LLC (UBSS)	marketable_limit	4.8%	—	—	—	—	—	No conflict
202608	UBS Securities LLC (UBSS)	nonmarketable_limit	1.5%	—	—	—	—	—	No conflict
202608	GTS Securities LLC (GTSM)	market	1.3%	—	—	—	—	—	No conflict
202608	GTS Securities LLC (GTSM)	marketable_limit	1.4%	—	—	—	—	—	No conflict
202608	GTS Securities LLC (GTSM)	nonmarketable_limit	1.3%	—	—	—	—	—	No conflict
202608	INTELLIGENT CROSS LLC (INCR)	market	0.1%	—	—	—	—	—	No conflict
202608	INTELLIGENT CROSS LLC (INCR)	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	INTELLIGENT CROSS LLC (INCR)	nonmarketable_limit	0.0%	—	—	—	—	—	No conflict

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.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
options	INTL FCSTONE FINANCIAL INC. (FCST)	dropped	—	0.01 ¢	—	—
options	Matrix Executions, LLC (RSKY)	pfof_rate	other	-7.40 ¢	-18.17 ¢	-10.77 ¢

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:

Citadel Securities (CDRG) (name:CITADEL SECURITIES CDRG), G1 Execution Services, LLC (ETMM) (name:G1 EXECUTION SERVICES LLC ETMM), GTS Securities LLC (GTSM) (name:GTS SECURITIES LLC GTSM), HRT FINANCIAL LP (HRTF) (name:HRT FINANCIAL LP HRTF), INTELLIGENT CROSS LLC (INCR) (name:INTELLIGENT CROSS LLC INCR), Jane Street Capital, LLC (JNST) (name:JANE STREET CAPITAL LLC JNST), StoneX Financial Inc (INTL) (name:STONEX FINANCIAL INC INTL), Two Sigma Securities (SOHO) (name:TWO SIGMA SECURITIES SOHO), UBS Securities LLC (UBSS) (name:UBS SECURITIES LLC UBSS), Virtu Americas, LLC (NITE) (name:VIRTU AMERICAS LLC NITE)

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.