Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): RBC CAPITAL MARKETS, LLC, AXOS CLEARING LLC. Under FINRA Rule 5310.09(c), introducing broker-dealers must independently examine execution quality and compare clearing firm routing against competing market centers.
AEGIS CAPITAL CORP. (CRD #15007) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report
Executive Best Execution & Order Routing Analysis
AEGIS CAPITAL CORP. (CRD #15007) operates as an introducing broker-dealer adopting the SEC Rule 606 order routing disclosures of RBC CAPITAL MARKETS, LLC, AXOS CLEARING LLC. 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 2026Q1, non-directed customer order flow was routed primarily to RBC Capital Markets Corporation (78.7%), Citadel Securities LLC (71.6%), Wolverine Execution Services, LLC (57.5%).
During 2026Q1, the firm reported $981,818.75 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 8.46 ¢ and marketable limit orders averaged 11.06 ¢. 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 0 material differences across the 144 Amended Rule 605 order size and security buckets where AEGIS CAPITAL CORP.'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.
SEC Rule 606 Order Routing Summary
Disclosed non-directed customer order routing shares, total PFOF remuneration, and net rates by execution venue.
| Execution Venue | Route % | Disclosed PFOF (USD) | Net Rate (¢/100 sh) |
|---|---|---|---|
| RBC Capital Markets Corporation | 78.7% | $0.00 | 0.00 ¢ |
| Citadel Securities LLC (CDRG) | 71.6% | $0.00 | -17.11 ¢ |
| Wolverine Execution Services, LLC | 57.5% | $554,495.02 | 29.63 ¢ |
| Citadel Execution Services | 50.2% | $31,917.55 | 31.50 ¢ |
| Susquehanna Financial Group, LLP | 49.7% | $29,301.96 | 26.48 ¢ |
| Citadel Securities (CDRG) | 39.7% | $0.00 | 0.00 ¢ |
| Virtu Agency | 31.8% | $160.75 | -0.38 ¢ |
| Two Sigma (SOHO) | 27.0% | $0.00 | -10.00 ¢ |
| Virtu Americas, LLC (NITE) | 26.0% | $34,086.10 | 7.44 ¢ |
| CITADEL SECURITIES LLC (CDRG) | 24.9% | $256,393.38 | 10.25 ¢ |
| UBS Securities, LLC ATS | 23.6% | $0.00 | 0.00 ¢ |
| Jane Street Capital (JNST) | 16.0% | $0.00 | 0.00 ¢ |
| Hudson River Trading (HRT) (HRTF) | 11.5% | $0.00 | 0.00 ¢ |
| G1 Execution Services, LLC (ETMM) | 11.0% | $0.00 | 0.00 ¢ |
| Two Sigma Securities, LLC | 9.4% | $16,390.81 | 0.95 ¢ |
| UBS Securities, LLC | 8.6% | $39,978.53 | 5.15 ¢ |
| Dash/IMC Financial Markets | 7.4% | $9,766.00 | 0.00 ¢ |
| StoneX Financial, Inc. | 6.7% | $0.00 | 0.00 ¢ |
| MCAP LLC | 5.3% | $36.72 | 0.04 ¢ |
| GTS SECURITIES LLC | 5.0% | $0.00 | 0.00 ¢ |
| Canaccord Genuity Securities | 4.9% | $40,122.19 | 12.08 ¢ |
| GELP | 0.9% | $0.00 | — |
| Wallachbeth | 0.7% | $0.00 | 0.00 ¢ |
| The Nasdaq Stock Market LLC | 0.6% | $3.70 | 9.18 ¢ |
| NEW YORK STOCK EXCHANGE, INC. | 0.6% | $0.33 | 0.05 ¢ |
| NYSE Arca, Inc. | 0.5% | $7.56 | 14.71 ¢ |
| Investors Exchange (IEXG) | 0.4% | $1.80 | 4.79 ¢ |
| Cboe EDGX Exchange, Inc. | 0.4% | $6.90 | 9.97 ¢ |
| Knight Capital Markets | 0.4% | $0.00 | -1.97 ¢ |
| NYSE American LLC | 0.3% | $0.00 | 0.00 ¢ |
| Cboe BZX Exchange, Inc. | 0.2% | $0.94 | 30.00 ¢ |
| Cboe BYX Exchange, Inc. | 0.1% | $0.30 | 30.00 ¢ |
Flagged Competing-Market Differences (0 Locked Buckets)
Scored execution buckets requiring committee evaluation and supervisory disposition under FINRA Rule 5310.09.
No locked exceptions detected in this review period.
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