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2026Q2 2026Q1

CRD #149777 Review Period: 2026Q2 Filing: Direct 606 filer

MORGAN STANLEY (CRD #149777) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: MORGAN STANLEY (CRD #149777) 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(203.2%)

2. Morgan Stanley & Co., LLC(127.9%)

3. Dash/IMC Financial Markets(107.4%)

Top routed order shares

Disclosed PFOF / Rebates

$98,763,870.74

Avg 22.58 ¢

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

MORGAN STANLEY

CRD Number: 149777 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:39 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Morgan Stanley Smith Barney LLC	149777	MSWM	V1	db83c8591b639f51d3ba820bb6ce50e5cf581c4456e28f74fcbed7ef6b230116	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	Dash/IMC Financial Markets	Unmapped	36.2%	28.5%	29.3%	28.9%	41.13 ¢	41.23 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	24.0%	13.5%	14.7%	13.3%	25.25 ¢	27.36 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	19.2%	21.9%	21.0%	21.7%	38.55 ¢	40.76 ¢
202604	options	Global Execution Brokers LP	Unmapped	11.8%	20.6%	19.3%	20.1%	37.40 ¢	40.10 ¢
202604	options	Jane Street Capital	JNST	8.8%	15.5%	15.7%	15.9%	41.17 ¢	41.59 ¢
202604	options	Morgan Stanley & Co., LLC	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	options	Goldman, Sachs & Co.	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	27.1%	22.7%	33.9%	28.6%	17.67 ¢	16.97 ¢
202604	other_stocks	Morgan Stanley & Co., LLC	Unmapped	17.0%	31.8%	0.6%	7.4%	-0.03 ¢	-0.15 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	16.3%	10.3%	14.6%	24.6%	17.97 ¢	17.10 ¢
202604	other_stocks	Jane Street Capital	JNST	12.5%	5.0%	12.1%	21.2%	14.75 ¢	9.12 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	11.8%	10.3%	16.4%	11.3%	15.83 ¢	14.50 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	11.1%	17.1%	19.0%	1.0%	17.39 ¢	17.17 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	2.1%	2.3%	2.4%	1.7%	16.30 ¢	16.18 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	1.5%	0.6%	0.9%	2.7%	19.99 ¢	20.00 ¢
202604	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	0.3%	0.0%	0.0%	0.7%	0.00 ¢	-7.65 ¢
202604	other_stocks	MEMX LLC	Unmapped	0.3%	0.0%	0.0%	0.7%	0.00 ¢	-8.09 ¢
202604	sp500	Morgan Stanley & Co., LLC	Unmapped	26.9%	40.6%	1.9%	12.0%	-0.05 ¢	-0.11 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	24.1%	19.7%	33.7%	27.4%	18.75 ¢	19.72 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	13.7%	8.5%	15.4%	23.8%	19.30 ¢	19.98 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	11.2%	14.7%	19.0%	0.8%	18.48 ¢	19.70 ¢
202604	sp500	Jane Street Capital	JNST	10.3%	5.1%	11.6%	20.1%	14.44 ¢	8.63 ¢
202604	sp500	Virtu Americas, LLC	NITE	10.2%	8.8%	14.9%	10.4%	15.97 ¢	17.11 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	1.9%	2.1%	2.4%	1.5%	16.85 ¢	17.55 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	1.2%	0.5%	1.0%	2.6%	20.00 ¢	20.00 ¢
202604	sp500	Cboe EDGX Exchange, Inc.	Unmapped	0.2%	0.0%	0.0%	0.7%	0.00 ¢	-11.86 ¢
202604	sp500	MEMX LLC	Unmapped	0.2%	0.0%	0.0%	0.7%	0.00 ¢	-4.53 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	36.7%	28.6%	29.4%	28.9%	41.33 ¢	41.51 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	24.1%	13.1%	14.3%	12.9%	27.07 ¢	29.31 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	19.2%	22.1%	21.0%	21.9%	39.20 ¢	41.13 ¢
202605	options	Global Execution Brokers LP	Unmapped	11.4%	20.6%	19.5%	20.3%	38.34 ¢	40.48 ¢
202605	options	Jane Street Capital	JNST	8.5%	15.6%	15.7%	15.9%	41.38 ¢	41.96 ¢
202605	options	Morgan Stanley & Co., LLC	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	25.9%	23.9%	33.5%	24.7%	18.07 ¢	16.88 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	16.4%	10.4%	14.1%	24.5%	18.01 ¢	17.01 ¢
202605	other_stocks	Morgan Stanley & Co., LLC	Unmapped	15.6%	28.3%	0.7%	7.6%	-0.06 ¢	-0.27 ¢
202605	other_stocks	Jane Street Capital	JNST	12.5%	5.0%	11.8%	21.2%	15.01 ¢	9.06 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	12.3%	19.3%	20.6%	1.0%	17.73 ¢	17.14 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	11.7%	9.4%	15.0%	12.7%	16.16 ¢	14.45 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	2.7%	3.0%	3.1%	2.3%	16.92 ¢	16.02 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	2.3%	0.7%	1.1%	4.5%	20.00 ¢	20.00 ¢
202605	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	0.3%	0.0%	0.0%	0.7%	0.00 ¢	-14.80 ¢
202605	other_stocks	MEMX LLC	Unmapped	0.3%	0.0%	0.0%	0.7%	0.00 ¢	-4.69 ¢
202605	sp500	Morgan Stanley & Co., LLC	Unmapped	26.1%	38.1%	2.4%	14.7%	-0.09 ¢	-0.12 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	23.1%	20.6%	33.0%	22.9%	18.90 ¢	19.85 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	13.8%	8.6%	14.6%	23.4%	19.11 ¢	19.99 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	12.0%	16.4%	20.1%	0.8%	18.47 ¢	19.70 ¢
202605	sp500	Jane Street Capital	JNST	10.3%	5.0%	11.6%	19.3%	14.23 ¢	8.54 ¢
202605	sp500	Virtu Americas, LLC	NITE	9.9%	8.1%	13.8%	11.2%	15.55 ¢	16.49 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	2.5%	2.6%	3.1%	2.0%	17.41 ¢	17.28 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	1.9%	0.5%	1.2%	4.3%	20.00 ¢	20.00 ¢
202605	sp500	Cboe EDGX Exchange, Inc.	Unmapped	0.2%	0.0%	0.0%	0.7%	0.00 ¢	-7.66 ¢
202605	sp500	MEMX LLC	Unmapped	0.2%	0.0%	0.0%	0.7%	0.00 ¢	-7.75 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	34.6%	27.7%	28.6%	28.2%	41.21 ¢	41.17 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	23.7%	14.2%	15.3%	13.6%	26.00 ¢	28.80 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	18.1%	20.3%	19.4%	20.4%	39.00 ¢	40.88 ¢
202606	options	Global Execution Brokers LP	Unmapped	13.7%	21.6%	20.7%	21.4%	38.61 ¢	39.89 ¢
202606	options	Jane Street Capital	JNST	9.9%	16.2%	16.0%	16.4%	41.67 ¢	41.79 ¢
202606	options	Morgan Stanley & Co., LLC	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	options	Goldman, Sachs & Co.	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	24.8%	24.9%	33.7%	21.0%	17.31 ¢	15.45 ¢
202606	other_stocks	Morgan Stanley & Co., LLC	Unmapped	15.3%	27.5%	0.7%	7.6%	-0.06 ¢	-0.17 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	15.0%	9.5%	12.6%	22.6%	17.45 ¢	15.51 ¢
202606	other_stocks	Jane Street Capital	JNST	12.8%	5.3%	12.5%	21.6%	14.34 ¢	7.37 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	12.7%	9.3%	15.4%	15.1%	15.35 ¢	12.71 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	12.1%	19.3%	19.9%	1.0%	17.53 ¢	16.62 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	3.8%	1.2%	1.9%	7.3%	20.00 ¢	20.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	2.8%	3.1%	3.2%	2.4%	16.66 ¢	15.27 ¢
202606	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	0.3%	0.0%	0.0%	0.7%	0.00 ¢	-8.09 ¢
202606	other_stocks	MEMX LLC	Unmapped	0.3%	0.0%	0.0%	0.7%	0.00 ¢	-0.64 ¢
202606	sp500	Morgan Stanley & Co., LLC	Unmapped	27.0%	38.2%	1.6%	16.6%	-0.10 ¢	-0.59 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	21.7%	20.7%	33.0%	18.8%	18.64 ¢	19.78 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	12.5%	7.9%	13.4%	21.1%	19.16 ¢	19.98 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	11.9%	16.3%	20.4%	0.8%	18.53 ¢	19.81 ¢
202606	sp500	Virtu Americas, LLC	NITE	10.4%	7.8%	14.2%	13.3%	14.83 ¢	16.55 ¢
202606	sp500	Jane Street Capital	JNST	10.2%	5.0%	11.7%	19.2%	13.76 ¢	8.60 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	2.9%	0.9%	2.0%	6.6%	20.00 ¢	20.00 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	2.5%	2.6%	3.1%	2.0%	17.11 ¢	18.43 ¢
202606	sp500	Cboe EDGX Exchange, Inc.	Unmapped	0.2%	0.0%	0.0%	0.7%	0.00 ¢	-21.19 ¢
202606	sp500	MEMX LLC	Unmapped	0.2%	0.0%	0.0%	0.7%	0.00 ¢	-4.62 ¢

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.

Download CSV ↓

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	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	-8.25 ¢	-13.57 ¢	-5.32 ¢
sp500	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	31.48 ¢	31.90 ¢	0.42 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	market	18.57 ¢	18.76 ¢	0.20 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	19.68 ¢	19.78 ¢	0.10 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	28.60 ¢	28.44 ¢	-0.16 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	20.84 ¢	20.19 ¢	-0.65 ¢
sp500	G1 Execution Services, LLC	pfof_rate	market	18.37 ¢	18.49 ¢	0.13 ¢
sp500	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	27.38 ¢	28.16 ¢	0.78 ¢
sp500	G1 Execution Services, LLC	pfof_rate	other	20.64 ¢	20.14 ¢	-0.50 ¢
sp500	GTS SECURITIES LLC	pfof_rate	other	19.98 ¢	18.60 ¢	-1.39 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	market	19.31 ¢	19.19 ¢	-0.13 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	marketable_limit	20.00 ¢	19.99 ¢	-0.01 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	29.90 ¢	29.64 ¢	-0.26 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	other	20.92 ¢	20.42 ¢	-0.49 ¢
sp500	Jane Street Capital	pfof_rate	market	20.01 ¢	14.14 ¢	-5.86 ¢
sp500	Jane Street Capital	pfof_rate	marketable_limit	9.95 ¢	8.59 ¢	-1.36 ¢
sp500	Jane Street Capital	pfof_rate	non_marketable_limit	25.47 ¢	24.10 ¢	-1.37 ¢
sp500	Jane Street Capital	pfof_rate	other	20.46 ¢	17.23 ¢	-3.23 ¢
sp500	MEMX LLC	pfof_rate	marketable_limit	-7.97 ¢	-5.63 ¢	2.34 ¢
sp500	Morgan Stanley & Co., LLC	pfof_rate	market	-0.18 ¢	-0.08 ¢	0.10 ¢
sp500	Morgan Stanley & Co., LLC	pfof_rate	marketable_limit	-0.50 ¢	-0.27 ¢	0.23 ¢
sp500	Morgan Stanley & Co., LLC	pfof_rate	non_marketable_limit	13.50 ¢	13.91 ¢	0.42 ¢
sp500	Morgan Stanley & Co., LLC	pfof_rate	other	-2.69 ¢	-2.85 ¢	-0.15 ¢
sp500	Two Sigma Securities, LLC	pfof_rate	market	15.56 ¢	17.12 ¢	1.57 ¢
sp500	Two Sigma Securities, LLC	pfof_rate	marketable_limit	17.00 ¢	17.75 ¢	0.76 ¢
sp500	Two Sigma Securities, LLC	pfof_rate	non_marketable_limit	27.42 ¢	26.78 ¢	-0.64 ¢
sp500	Two Sigma Securities, LLC	pfof_rate	other	19.42 ¢	18.42 ¢	-1.01 ¢
sp500	Virtu Americas, LLC	pfof_rate	market	15.64 ¢	15.45 ¢	-0.20 ¢
sp500	Virtu Americas, LLC	pfof_rate	marketable_limit	17.07 ¢	16.71 ¢	-0.36 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	18.80 ¢	22.84 ¢	4.04 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	13.42 ¢	10.05 ¢	-3.37 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	-8.69 ¢	-10.18 ¢	-1.49 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	24.50 ¢	22.61 ¢	-1.89 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	17.98 ¢	17.68 ¢	-0.30 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	16.65 ¢	16.43 ¢	-0.22 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	26.46 ¢	25.23 ¢	-1.24 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	20.28 ¢	18.27 ¢	-2.01 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	market	17.73 ¢	17.55 ¢	-0.17 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	marketable_limit	16.79 ¢	16.97 ¢	0.19 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	20.86 ¢	20.83 ¢	-0.03 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	other	17.07 ¢	16.70 ¢	-0.36 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	other	15.86 ¢	13.13 ¢	-2.73 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	market	18.25 ¢	17.81 ¢	-0.44 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	marketable_limit	16.74 ¢	16.54 ¢	-0.19 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	24.60 ¢	22.46 ¢	-2.14 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	other	22.18 ¢	19.47 ¢	-2.71 ¢
other_stocks	Jane Street Capital	pfof_rate	market	18.82 ¢	14.70 ¢	-4.12 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	10.21 ¢	8.52 ¢	-1.70 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	20.05 ¢	17.33 ¢	-2.72 ¢
other_stocks	Jane Street Capital	pfof_rate	other	16.42 ¢	15.05 ¢	-1.37 ¢
other_stocks	MEMX LLC	pfof_rate	marketable_limit	-6.76 ¢	-4.47 ¢	2.29 ¢
other_stocks	MEMX LLC	pfof_rate	non_marketable_limit	28.95 ¢	18.70 ¢	-10.25 ¢
other_stocks	Morgan Stanley & Co., LLC	pfof_rate	marketable_limit	-0.22 ¢	-0.19 ¢	0.03 ¢
other_stocks	Morgan Stanley & Co., LLC	pfof_rate	non_marketable_limit	11.20 ¢	11.90 ¢	0.70 ¢
other_stocks	Morgan Stanley & Co., LLC	pfof_rate	other	-2.65 ¢	-2.69 ¢	-0.04 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	market	16.00 ¢	16.63 ¢	0.63 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	marketable_limit	15.49 ¢	15.82 ¢	0.34 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	non_marketable_limit	20.19 ¢	18.78 ¢	-1.41 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	other	17.53 ¢	16.87 ¢	-0.65 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	16.59 ¢	15.78 ¢	-0.81 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	14.66 ¢	13.89 ¢	-0.77 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	16.02 ¢	16.19 ¢	0.17 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	5.73 ¢	3.51 ¢	-2.22 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	38.58 ¢	38.91 ¢	0.33 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	40.89 ¢	40.92 ¢	0.03 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	39.36 ¢	39.20 ¢	-0.16 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	39.96 ¢	38.63 ¢	-1.33 ¢
options	Citigroup Global Markets Inc. (ICG Markets)	dropped	—	0.00 ¢	—	—
options	Dash/IMC Financial Markets	pfof_rate	market	41.26 ¢	41.23 ¢	-0.03 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	41.27 ¢	41.30 ¢	0.03 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	40.38 ¢	40.60 ¢	0.23 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	37.54 ¢	37.82 ¢	0.28 ¢
options	Global Execution Brokers LP	pfof_rate	market	36.22 ¢	38.12 ¢	1.89 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	39.71 ¢	40.16 ¢	0.45 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	37.98 ¢	38.72 ¢	0.74 ¢
options	Global Execution Brokers LP	pfof_rate	other	25.96 ¢	32.08 ¢	6.12 ¢
options	Goldman, Sachs & Co.	added	—	—	0.00 ¢	—
options	Jane Street Capital	pfof_rate	market	41.35 ¢	41.41 ¢	0.05 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	41.44 ¢	41.78 ¢	0.34 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	41.06 ¢	41.08 ¢	0.03 ¢
options	Jane Street Capital	pfof_rate	other	36.37 ¢	38.67 ¢	2.29 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	25.98 ¢	26.11 ¢	0.13 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	28.22 ¢	28.49 ¢	0.27 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	22.03 ¢	23.26 ¢	1.23 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	5.77 ¢	10.75 ¢	4.98 ¢

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 Exchange, Inc. (name:CBOE EDGX EXCHANGE), GTS SECURITIES LLC (name:GTS SECURITIES), MEMX LLC (name:MEMX), Morgan Stanley & Co., LLC (name:MORGAN STANLEY), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES)

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.