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

CRD #149758 Review Period: 2026Q2 Filing: Adopts clearing firm report

COHEN & COMPANY SECURITIES, LLC (CRD #149758) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: COHEN & COMPANY SECURITIES, LLC (CRD #149758) 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. CITADEL SECURITIES LLC(247.8%)

2. JANE STREET CAPITAL, LLC(111.6%)

3. G1 EXECUTION SERVICES, LLC(92.4%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via PERSHING 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.

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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

COHEN & COMPANY SECURITIES, LLC

CRD Number: 149758 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:48 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
PERSHING LLC(Clearing: PERSHING LLC)	7560	Direct	V1	213e5d7e139e5f1a88e48cd4d42a7ae63a6671471877e7a9135f7d8df4fcafc1	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	options	CITADEL SECURITIES LLC (CDRG)	CDRG	34.4%	0.0%	36.4%	33.0%	0.00 ¢	44.68 ¢
202604	options	DASH FINANCIAL OPTION ATS (DASH)	Unmapped	11.5%	14.3%	11.4%	12.2%	0.00 ¢	37.84 ¢
202604	options	DASH FINANCIAL TECH LLC (DFIN)	Unmapped	1.6%	71.4%	0.0%	0.1%	0.00 ¢	5.33 ¢
202604	options	JNOP (JNOP)	Unmapped	5.0%	0.0%	5.5%	5.0%	0.00 ¢	35.70 ¢
202604	options	GLOBAL EXECUTION BROKERS, LP. (SUSQ)	Unmapped	29.9%	14.3%	29.5%	31.4%	55.00 ¢	47.37 ¢
202604	options	WOLVERINE EXECUTION SERV, LLC (WEXX)	Unmapped	17.7%	0.0%	17.3%	18.3%	0.00 ¢	43.14 ¢
202604	other_stocks	CITADEL SECURITIES LLC (CDRG)	CDRG	22.7%	22.7%	23.7%	25.0%	9.98 ¢	10.00 ¢
202604	other_stocks	G1 EXECUTION SERVICES, LLC (ETMM)	ETMM	16.8%	16.8%	19.2%	18.4%	9.99 ¢	8.37 ¢
202604	other_stocks	GTS SECURITIES LLC. (GTSM)	GTSM	1.3%	1.3%	0.0%	0.4%	10.00 ¢	0.00 ¢
202604	other_stocks	HRT FINANCIAL LP (HRTF)	HRTF	9.6%	9.6%	5.3%	9.8%	10.00 ¢	10.00 ¢
202604	other_stocks	ICRS (ICRS)	Unmapped	0.7%	0.7%	0.0%	0.0%	10.00 ¢	0.00 ¢
202604	other_stocks	STONEX FINANCIAL INC. (INTL)	INTL	4.2%	4.2%	3.7%	5.3%	9.94 ¢	10.00 ¢
202604	other_stocks	JANE STREET CAPITAL, LLC (JNST)	JNST	19.4%	19.4%	19.2%	20.7%	9.94 ¢	10.00 ¢
202604	other_stocks	VIRTU AMERICAS LLC (NITE)	NITE	11.8%	11.8%	11.4%	11.3%	9.98 ¢	10.00 ¢
202604	other_stocks	TWO SIGMA SECURITIES (SOHO)	SOHO	6.8%	6.8%	10.6%	5.0%	10.00 ¢	10.00 ¢
202604	other_stocks	UBS SECURITIES (UBSS)	UBSS	6.8%	6.8%	6.9%	4.1%	9.98 ¢	10.00 ¢
202604	sp500	CITADEL SECURITIES LLC (CDRG)	CDRG	25.6%	25.6%	26.9%	21.1%	10.00 ¢	10.00 ¢
202604	sp500	G1 EXECUTION SERVICES, LLC (ETMM)	ETMM	13.6%	13.6%	19.2%	14.7%	10.00 ¢	10.00 ¢
202604	sp500	GTS SECURITIES LLC. (GTSM)	GTSM	0.0%	0.0%	0.0%	0.0%	10.00 ¢	0.00 ¢
202604	sp500	HRT FINANCIAL LP (HRTF)	HRTF	14.0%	14.0%	7.7%	13.8%	10.00 ¢	10.00 ¢
202604	sp500	ICRS (ICRS)	Unmapped	0.7%	0.7%	0.0%	0.0%	10.00 ¢	0.00 ¢
202604	sp500	STONEX FINANCIAL INC. (INTL)	INTL	4.3%	4.3%	0.0%	0.9%	10.00 ¢	0.00 ¢
202604	sp500	JANE STREET CAPITAL, LLC (JNST)	JNST	17.9%	17.9%	19.2%	21.1%	10.00 ¢	10.00 ¢
202604	sp500	VIRTU AMERICAS LLC (NITE)	NITE	10.9%	10.9%	11.5%	11.9%	10.00 ¢	10.00 ¢
202604	sp500	TWO SIGMA SECURITIES (SOHO)	SOHO	5.5%	5.5%	15.4%	3.7%	10.00 ¢	10.00 ¢
202604	sp500	UBS SECURITIES (UBSS)	UBSS	7.4%	7.4%	0.0%	12.8%	10.00 ¢	0.00 ¢
202605	options	CITADEL SECURITIES LLC (CDRG)	CDRG	34.7%	14.3%	35.3%	34.8%	55.00 ¢	44.66 ¢
202605	options	DASH FINANCIAL OPTION ATS (DASH)	Unmapped	11.3%	14.3%	11.4%	11.1%	0.00 ¢	40.51 ¢
202605	options	DASH FINANCIAL TECH LLC (DFIN)	Unmapped	0.7%	57.1%	0.0%	0.1%	0.00 ¢	8.18 ¢
202605	options	JNOP (JNOP)	Unmapped	6.5%	0.0%	6.2%	7.1%	0.00 ¢	38.40 ¢
202605	options	GLOBAL EXECUTION BROKERS, LP. (SUSQ)	Unmapped	30.1%	14.3%	29.4%	31.1%	30.00 ¢	46.83 ¢
202605	options	WOLVERINE EXECUTION SERV, LLC (WEXX)	Unmapped	16.7%	0.0%	17.7%	15.8%	0.00 ¢	43.24 ¢
202605	other_stocks	CITADEL SECURITIES LLC (CDRG)	CDRG	23.1%	23.1%	24.9%	30.2%	9.96 ¢	10.00 ¢
202605	other_stocks	G1 EXECUTION SERVICES, LLC (ETMM)	ETMM	16.4%	16.4%	22.1%	18.4%	9.99 ¢	10.00 ¢
202605	other_stocks	GTS SECURITIES LLC. (GTSM)	GTSM	1.3%	1.3%	1.1%	0.8%	10.00 ¢	10.00 ¢
202605	other_stocks	HRT FINANCIAL LP (HRTF)	HRTF	9.5%	9.5%	11.1%	12.2%	10.00 ¢	10.00 ¢
202605	other_stocks	ICRS (ICRS)	Unmapped	0.8%	0.8%	0.0%	0.0%	10.00 ¢	0.00 ¢
202605	other_stocks	STONEX FINANCIAL INC. (INTL)	INTL	4.2%	4.2%	3.9%	5.1%	10.00 ¢	10.00 ¢
202605	other_stocks	JANE STREET CAPITAL, LLC (JNST)	JNST	19.3%	19.3%	13.8%	13.9%	9.96 ¢	10.00 ¢
202605	other_stocks	VIRTU AMERICAS LLC (NITE)	NITE	11.8%	11.8%	11.6%	10.9%	9.97 ¢	10.00 ¢
202605	other_stocks	TWO SIGMA SECURITIES (SOHO)	SOHO	6.8%	6.8%	7.7%	4.6%	9.99 ¢	10.00 ¢
202605	other_stocks	UBS SECURITIES (UBSS)	UBSS	6.8%	6.8%	3.9%	4.0%	9.96 ¢	10.00 ¢
202605	sp500	CITADEL SECURITIES LLC (CDRG)	CDRG	25.9%	25.9%	43.2%	20.2%	10.00 ¢	10.00 ¢
202605	sp500	G1 EXECUTION SERVICES, LLC (ETMM)	ETMM	13.6%	13.6%	10.8%	13.8%	10.00 ¢	10.00 ¢
202605	sp500	GTS SECURITIES LLC. (GTSM)	GTSM	0.0%	0.0%	0.0%	0.0%	10.00 ¢	0.00 ¢
202605	sp500	HRT FINANCIAL LP (HRTF)	HRTF	13.9%	13.9%	8.1%	11.0%	10.00 ¢	10.00 ¢
202605	sp500	ICRS (ICRS)	Unmapped	0.7%	0.7%	0.0%	0.0%	10.00 ¢	0.00 ¢
202605	sp500	STONEX FINANCIAL INC. (INTL)	INTL	4.3%	4.3%	2.7%	5.5%	10.00 ¢	10.00 ¢
202605	sp500	JANE STREET CAPITAL, LLC (JNST)	JNST	17.8%	17.8%	10.8%	23.9%	10.00 ¢	10.00 ¢
202605	sp500	VIRTU AMERICAS LLC (NITE)	NITE	10.8%	10.8%	13.5%	17.4%	10.00 ¢	10.00 ¢
202605	sp500	TWO SIGMA SECURITIES (SOHO)	SOHO	5.5%	5.5%	2.7%	4.6%	10.00 ¢	10.00 ¢
202605	sp500	UBS SECURITIES (UBSS)	UBSS	7.4%	7.4%	8.1%	3.7%	10.00 ¢	10.00 ¢
202606	options	CITADEL SECURITIES LLC (CDRG)	CDRG	32.4%	0.0%	35.2%	30.8%	0.00 ¢	43.67 ¢
202606	options	DASH FINANCIAL OPTION ATS (DASH)	Unmapped	12.1%	0.0%	11.5%	13.1%	0.00 ¢	36.68 ¢
202606	options	DASH FINANCIAL TECH LLC (DFIN)	Unmapped	1.7%	100.0%	0.0%	0.1%	0.00 ¢	6.44 ¢
202606	options	JNOP (JNOP)	Unmapped	7.3%	0.0%	6.4%	8.4%	0.00 ¢	35.42 ¢
202606	options	GLOBAL EXECUTION BROKERS, LP. (SUSQ)	Unmapped	27.9%	0.0%	30.2%	26.8%	0.00 ¢	45.91 ¢
202606	options	WOLVERINE EXECUTION SERV, LLC (WEXX)	Unmapped	18.6%	0.0%	16.8%	20.8%	0.00 ¢	42.60 ¢
202606	other_stocks	CITADEL SECURITIES LLC (CDRG)	CDRG	23.1%	23.1%	22.2%	27.3%	9.98 ¢	10.00 ¢
202606	other_stocks	G1 EXECUTION SERVICES, LLC (ETMM)	ETMM	17.2%	17.2%	14.6%	22.3%	9.98 ¢	10.00 ¢
202606	other_stocks	GTS SECURITIES LLC. (GTSM)	GTSM	1.4%	1.4%	3.5%	0.2%	10.00 ¢	10.00 ¢
202606	other_stocks	HRT FINANCIAL LP (HRTF)	HRTF	9.1%	9.1%	9.7%	8.2%	9.95 ¢	10.00 ¢
202606	other_stocks	ICRS (ICRS)	Unmapped	0.6%	0.6%	0.0%	0.0%	9.94 ¢	0.00 ¢
202606	other_stocks	STONEX FINANCIAL INC. (INTL)	INTL	4.1%	4.1%	3.5%	4.8%	9.96 ¢	10.00 ¢
202606	other_stocks	JANE STREET CAPITAL, LLC (JNST)	JNST	19.5%	19.5%	19.4%	17.5%	9.96 ¢	10.00 ¢
202606	other_stocks	VIRTU AMERICAS LLC (NITE)	NITE	12.1%	12.1%	9.7%	9.1%	9.91 ¢	10.00 ¢
202606	other_stocks	TWO SIGMA SECURITIES (SOHO)	SOHO	7.0%	7.0%	8.3%	6.3%	9.97 ¢	10.00 ¢
202606	other_stocks	UBS SECURITIES (UBSS)	UBSS	6.0%	6.0%	9.0%	4.3%	9.92 ¢	10.00 ¢
202606	sp500	CITADEL SECURITIES LLC (CDRG)	CDRG	25.9%	25.9%	16.7%	17.2%	10.00 ¢	10.00 ¢
202606	sp500	G1 EXECUTION SERVICES, LLC (ETMM)	ETMM	14.7%	14.7%	19.1%	20.5%	10.00 ¢	10.00 ¢
202606	sp500	GTS SECURITIES LLC. (GTSM)	GTSM	0.0%	0.0%	0.0%	0.0%	10.00 ¢	0.00 ¢
202606	sp500	HRT FINANCIAL LP (HRTF)	HRTF	13.6%	13.6%	9.5%	10.7%	10.00 ¢	10.00 ¢
202606	sp500	ICRS (ICRS)	Unmapped	0.5%	0.5%	0.0%	0.0%	10.00 ¢	0.00 ¢
202606	sp500	STONEX FINANCIAL INC. (INTL)	INTL	4.4%	4.4%	4.8%	4.9%	10.00 ¢	10.00 ¢
202606	sp500	JANE STREET CAPITAL, LLC (JNST)	JNST	17.8%	17.8%	16.7%	22.1%	10.00 ¢	10.00 ¢
202606	sp500	VIRTU AMERICAS LLC (NITE)	NITE	11.0%	11.0%	19.1%	9.0%	10.00 ¢	10.00 ¢
202606	sp500	TWO SIGMA SECURITIES (SOHO)	SOHO	5.6%	5.6%	7.1%	11.5%	10.00 ¢	10.00 ¢
202606	sp500	UBS SECURITIES (UBSS)	UBSS	6.4%	6.4%	7.1%	4.1%	10.00 ¢	10.00 ¢

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.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	HRT FINANCIAL LP	pfof_rate	marketable_limit	6.67 ¢	10.00 ¢	3.33 ¢
sp500	ICRS	pfof_rate	market	0.00 ¢	10.00 ¢	10.00 ¢
sp500	STONEX FINANCIAL INC.	pfof_rate	marketable_limit	3.33 ¢	6.67 ¢	3.33 ¢
sp500	STONEX FINANCIAL INC.	pfof_rate	non_marketable_limit	20.00 ¢	23.33 ¢	3.33 ¢
sp500	JANE STREET CAPITAL, LLC	pfof_rate	other	3.33 ¢	0.00 ¢	-3.33 ¢
sp500	VIRTU AMERICAS LLC	pfof_rate	non_marketable_limit	30.00 ¢	23.33 ¢	-6.67 ¢
sp500	VIRTU AMERICAS LLC	pfof_rate	other	3.33 ¢	0.00 ¢	-3.33 ¢
sp500	TWO SIGMA SECURITIES	pfof_rate	marketable_limit	3.33 ¢	10.00 ¢	6.67 ¢
sp500	UBS SECURITIES	pfof_rate	marketable_limit	10.00 ¢	6.67 ¢	-3.33 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	9.99 ¢	9.97 ¢	-0.02 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	29.80 ¢	29.34 ¢	-0.46 ¢
other_stocks	G1 EXECUTION SERVICES, LLC	pfof_rate	marketable_limit	9.14 ¢	9.46 ¢	0.32 ¢
other_stocks	G1 EXECUTION SERVICES, LLC	pfof_rate	non_marketable_limit	30.00 ¢	23.33 ¢	-6.67 ¢
other_stocks	G1 EXECUTION SERVICES, LLC	pfof_rate	other	6.67 ¢	0.00 ¢	-6.67 ¢
other_stocks	GTS SECURITIES LLC.	pfof_rate	marketable_limit	10.00 ¢	6.67 ¢	-3.33 ¢
other_stocks	HRT FINANCIAL LP	pfof_rate	market	10.00 ¢	9.98 ¢	-0.02 ¢
other_stocks	HRT FINANCIAL LP	pfof_rate	non_marketable_limit	23.33 ¢	30.00 ¢	6.67 ¢
other_stocks	ICRS	pfof_rate	market	0.00 ¢	9.98 ¢	9.98 ¢
other_stocks	JANE STREET CAPITAL, LLC	pfof_rate	market	9.99 ¢	9.95 ¢	-0.04 ¢
other_stocks	JANE STREET CAPITAL, LLC	pfof_rate	other	3.33 ¢	0.00 ¢	-3.33 ¢
other_stocks	VIRTU AMERICAS LLC	pfof_rate	market	9.99 ¢	9.96 ¢	-0.03 ¢
other_stocks	VIRTU AMERICAS LLC	pfof_rate	marketable_limit	9.82 ¢	10.00 ¢	0.18 ¢
other_stocks	VIRTU AMERICAS LLC	pfof_rate	other	3.33 ¢	0.00 ¢	-3.33 ¢
other_stocks	TWO SIGMA SECURITIES	pfof_rate	market	9.97 ¢	9.99 ¢	0.02 ¢
other_stocks	UBS SECURITIES	pfof_rate	market	9.98 ¢	9.95 ¢	-0.03 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	21.04 ¢	18.33 ¢	-2.71 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	43.77 ¢	44.34 ¢	0.57 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	39.22 ¢	41.90 ¢	2.67 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	10.67 ¢	20.76 ¢	10.09 ¢
options	DASH FINANCIAL OPTION ATS	pfof_rate	market	10.00 ¢	0.00 ¢	-10.00 ¢
options	DASH FINANCIAL OPTION ATS	pfof_rate	marketable_limit	38.12 ¢	38.34 ¢	0.23 ¢
options	DASH FINANCIAL OPTION ATS	pfof_rate	non_marketable_limit	32.99 ¢	37.74 ¢	4.75 ¢
options	DASH FINANCIAL OPTION ATS	pfof_rate	other	10.67 ¢	21.67 ¢	11.00 ¢
options	DASH FINANCIAL TECH LLC	pfof_rate	market	12.22 ¢	0.00 ¢	-12.22 ¢
options	DASH FINANCIAL TECH LLC	pfof_rate	marketable_limit	0.00 ¢	6.65 ¢	6.65 ¢
options	DASH FINANCIAL TECH LLC	pfof_rate	non_marketable_limit	11.04 ¢	18.18 ¢	7.14 ¢
options	DASH FINANCIAL TECH LLC	pfof_rate	other	10.03 ¢	0.00 ¢	-10.03 ¢
options	JNOP	pfof_rate	marketable_limit	42.37 ¢	36.50 ¢	-5.86 ¢
options	JNOP	pfof_rate	non_marketable_limit	31.87 ¢	31.36 ¢	-0.51 ¢
options	GLOBAL EXECUTION BROKERS, LP.	pfof_rate	market	12.88 ¢	28.33 ¢	15.45 ¢
options	GLOBAL EXECUTION BROKERS, LP.	pfof_rate	marketable_limit	46.20 ¢	46.70 ¢	0.50 ¢
options	GLOBAL EXECUTION BROKERS, LP.	pfof_rate	non_marketable_limit	43.00 ¢	44.79 ¢	1.79 ¢
options	GLOBAL EXECUTION BROKERS, LP.	pfof_rate	other	10.33 ¢	33.86 ¢	23.53 ¢
options	WOLVERINE EXECUTION SERV, LLC	pfof_rate	market	10.00 ¢	0.00 ¢	-10.00 ¢
options	WOLVERINE EXECUTION SERV, LLC	pfof_rate	marketable_limit	42.73 ¢	42.99 ¢	0.27 ¢
options	WOLVERINE EXECUTION SERV, LLC	pfof_rate	non_marketable_limit	36.77 ¢	39.80 ¢	3.03 ¢
options	WOLVERINE EXECUTION SERV, LLC	pfof_rate	other	0.00 ¢	21.67 ¢	21.67 ¢

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:

ICRS (ICRS)

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.