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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 #15407 Review Period: 2026Q2 Filing: Direct 606 filer

ROTH CAPITAL PARTNERS, LLC (CRD #15407) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: ROTH CAPITAL PARTNERS, LLC (CRD #15407) 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(299.4%)

2. BofA Securities, Inc.(200.0%)

3. BBSS(122.2%)

Top routed order shares

Disclosed PFOF / Rebates

$19,872.63

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

ROTH CAPITAL PARTNERS, LLC

CRD Number: 15407 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:29:49 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
Roth Capital Partners, LLC	15407	ROTH	V1	a2c1cdb4b966f659cd26c23a1bbef6b39a4b08d5f9de1968bc856776935af082	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 %	PFOF Limit (¢/100)
202604	options	Matrix Executions, LLC	Unmapped	99.4%	100.0%	98.5%	99.5%	-33.98 ¢
202604	other_stocks	BofA Securities, Inc.	Unmapped	66.7%	0.0%	0.0%	0.0%	0.00 ¢
202604	other_stocks	BBSS	Unmapped	22.2%	0.0%	0.0%	0.0%	0.00 ¢
202604	other_stocks	Goldman, Sachs & Co.	Unmapped	11.1%	0.0%	0.0%	0.0%	0.00 ¢
202604	sp500	BofA Securities, Inc.	Unmapped	100.0%	0.0%	0.0%	0.0%	0.00 ¢
202605	options	Matrix Executions, LLC	Unmapped	100.0%	100.0%	100.0%	100.0%	-18.90 ¢
202605	other_stocks	BBSS	Unmapped	100.0%	0.0%	0.0%	0.0%	0.00 ¢
202606	options	Matrix Executions, LLC	Unmapped	100.0%	100.0%	100.0%	100.0%	-21.82 ¢
202606	other_stocks	Clearpool Execution Services, LLC	Unmapped	66.7%	0.0%	0.0%	0.0%	0.00 ¢
202606	other_stocks	BofA Securities, Inc.	Unmapped	33.3%	0.0%	0.0%	0.0%	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 %	NPI (bps)	Peer Bench (bps)	Delta (bps)	Ref Price	Delta (¢/100 sh)	Conflict Flag
202608	Clearpool Execution Services, LLC	market	0.0%	—	—	—	—	—	No conflict
202608	Clearpool Execution Services, LLC	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Clearpool Execution Services, LLC	nonmarketable_limit	0.0%	—	—	—	—	—	No conflict
202608	BofA Securities, Inc.	market	0.0%	—	—	—	—	—	No conflict
202608	BofA Securities, Inc.	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	BofA Securities, Inc.	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.

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Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	BofA Securities, Inc.	route_share	—	50.00 ¢	100.00 ¢	50.00 ¢
sp500	BofA Securities, Inc.	pfof_rate	other	0.00 ¢	4.00 ¢	4.00 ¢
sp500	Goldman, Sachs & Co.	dropped	—	50.00 ¢	—	—
other_stocks	BBSS	route_share	—	50.00 ¢	40.74 ¢	-9.26 ¢
other_stocks	BBSS	pfof_rate	other	0.00 ¢	30.00 ¢	30.00 ¢
other_stocks	BofA Securities, Inc.	route_share	—	50.00 ¢	33.33 ¢	-16.67 ¢
other_stocks	BofA Securities, Inc.	pfof_rate	other	0.00 ¢	4.00 ¢	4.00 ¢
other_stocks	Clearpool Execution Services, LLC	added	—	—	22.22 ¢	—
other_stocks	Goldman, Sachs & Co.	added	—	—	3.70 ¢	—
options	Matrix Executions, LLC	pfof_rate	market	-4.85 ¢	0.00 ¢	4.85 ¢
options	Matrix Executions, LLC	pfof_rate	marketable_limit	-24.13 ¢	-24.90 ¢	-0.76 ¢
options	Matrix Executions, LLC	pfof_rate	non_marketable_limit	40.62 ¢	44.89 ¢	4.27 ¢
options	Matrix Executions, LLC	pfof_rate	other	18.93 ¢	16.33 ¢	-2.60 ¢

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:

BBSS (name:BBSS), BofA Securities, Inc. (name:BOFA SECURITIES), Clearpool Execution Services, LLC (name:CLEARPOOL EXECUTION SERVICES), Goldman, Sachs & Co. (name:GOLDMAN SACHS)

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.