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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 #154492 Review Period: 2026Q2 Filing: Direct 606 filer

TOURMALINE PARTNERS, LLC (CRD #154492) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: TOURMALINE PARTNERS, LLC (CRD #154492) 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. Miami International Securities Exchange(95.7%)

2. NYSE Arca(59.0%)

3. Chicago Board Options Exchange(54.7%)

Top routed order shares

Disclosed PFOF / Rebates

$5,870.91

Avg 0.25 ¢

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

TOURMALINE PARTNERS, LLC

CRD Number: 154492 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:30:34 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
Tourmaline Partners, LLC	154492	Direct	V1	a329c49f8817574a492163049b14fe48899193c0c2c64289fcd06042eec5f619	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 Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Chicago Board Options Exchange	Unmapped	30.5%	99.6%	0.4%	0.0%	-0.04 ¢	-0.05 ¢
202604	options	Miami International Securities Exchange	Unmapped	30.4%	100.0%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202604	options	NYSE Arca	Unmapped	8.2%	99.5%	0.5%	0.0%	0.25 ¢	0.17 ¢
202604	options	International Securities Exchange	Unmapped	8.1%	100.0%	0.0%	0.0%	-0.04 ¢	0.00 ¢
202604	options	MIAX Sapphire	Unmapped	5.9%	100.0%	0.0%	0.0%	0.05 ¢	0.00 ¢
202604	options	Boston Options Exchange	Unmapped	5.6%	100.0%	0.0%	0.0%	-0.01 ¢	0.00 ¢
202604	options	ICE Mercy	Unmapped	5.0%	100.0%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202604	options	Philadelphia Stock Exchange	Unmapped	1.6%	100.0%	0.0%	0.0%	-0.06 ¢	0.00 ¢
202604	options	Cboe BATS	Unmapped	1.2%	98.1%	1.9%	0.0%	0.28 ¢	0.20 ¢
202604	options	NASD NOM	Unmapped	0.7%	100.0%	0.0%	0.0%	-0.63 ¢	0.00 ¢
202604	options	Members Exchange	Unmapped	0.6%	100.0%	0.0%	0.0%	-0.51 ¢	0.00 ¢
202604	options	NASD BX	Unmapped	0.5%	100.0%	0.0%	0.0%	-0.44 ¢	0.00 ¢
202604	options	Cboe EDGX	Unmapped	0.5%	100.0%	0.0%	0.0%	0.10 ¢	0.00 ¢
202604	options	MIAX Emerald	Unmapped	0.4%	100.0%	0.0%	0.0%	-0.45 ¢	0.00 ¢
202604	options	NYSE Amex	Unmapped	0.4%	100.0%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202604	options	MIAX Pearl	Unmapped	0.2%	100.0%	0.0%	0.0%	-0.66 ¢	0.00 ¢
202604	options	ISE Gemini	Unmapped	0.1%	100.0%	0.0%	0.0%	-0.47 ¢	0.00 ¢
202604	options	Cboe C2	Unmapped	0.0%	100.0%	0.0%	0.0%	-0.45 ¢	0.00 ¢
202605	options	Miami International Securities Exchange	Unmapped	31.1%	97.8%	2.2%	0.0%	-0.05 ¢	-0.05 ¢
202605	options	NYSE Arca	Unmapped	17.9%	97.6%	2.4%	0.0%	0.41 ¢	0.79 ¢
202605	options	Chicago Board Options Exchange	Unmapped	15.7%	95.3%	4.7%	0.0%	-0.03 ¢	-0.08 ¢
202605	options	Boston Options Exchange	Unmapped	10.9%	95.8%	4.2%	0.0%	0.01 ¢	0.17 ¢
202605	options	International Securities Exchange	Unmapped	10.0%	96.8%	3.2%	0.0%	-0.04 ¢	-0.05 ¢
202605	options	ICE Mercy	Unmapped	3.3%	99.2%	0.8%	0.0%	-0.03 ¢	-0.05 ¢
202605	options	NASD NOM	Unmapped	2.3%	89.5%	10.5%	0.0%	-0.58 ¢	-0.90 ¢
202605	options	Cboe EDGX	Unmapped	2.0%	95.9%	4.1%	0.0%	0.54 ¢	-0.04 ¢
202605	options	Cboe BATS	Unmapped	1.9%	72.7%	27.3%	0.0%	0.52 ¢	0.91 ¢
202605	options	MIAX Sapphire	Unmapped	1.5%	92.0%	8.0%	0.0%	0.43 ¢	0.87 ¢
202605	options	Cboe C2	Unmapped	0.8%	80.0%	20.0%	0.0%	-0.46 ¢	-0.90 ¢
202605	options	Members Exchange	Unmapped	0.8%	87.5%	12.5%	0.0%	-0.52 ¢	-0.90 ¢
202605	options	NASD BX	Unmapped	0.5%	93.2%	6.8%	0.0%	-0.42 ¢	-0.84 ¢
202605	options	ISE Gemini	Unmapped	0.4%	66.7%	33.3%	0.0%	-0.35 ¢	-0.90 ¢
202605	options	MIAX Pearl	Unmapped	0.3%	71.4%	28.6%	0.0%	-0.70 ¢	-0.90 ¢
202605	options	Philadelphia Stock Exchange	Unmapped	0.3%	98.9%	1.1%	0.0%	-0.38 ¢	-0.28 ¢
202605	options	MIAX Emerald	Unmapped	0.2%	75.0%	25.0%	0.0%	-0.06 ¢	-0.90 ¢
202605	options	NYSE Amex	Unmapped	0.2%	82.3%	17.6%	0.0%	-0.05 ¢	-0.05 ¢
202606	options	Miami International Securities Exchange	Unmapped	34.2%	98.2%	1.8%	0.0%	-0.05 ¢	-0.07 ¢
202606	options	NYSE Arca	Unmapped	33.0%	97.6%	2.4%	0.0%	0.42 ¢	0.80 ¢
202606	options	Boston Options Exchange	Unmapped	9.5%	100.0%	0.0%	0.0%	0.02 ¢	0.00 ¢
202606	options	Chicago Board Options Exchange	Unmapped	8.5%	92.5%	7.5%	0.0%	0.08 ¢	-0.05 ¢
202606	options	International Securities Exchange	Unmapped	5.1%	100.0%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202606	options	ICE Mercy	Unmapped	4.3%	100.0%	0.0%	0.0%	-0.04 ¢	0.00 ¢
202606	options	Philadelphia Stock Exchange	Unmapped	2.1%	100.0%	0.0%	0.0%	-0.07 ¢	0.00 ¢
202606	options	MIAX Sapphire	Unmapped	1.0%	100.0%	0.0%	0.0%	0.35 ¢	0.00 ¢
202606	options	Cboe BATS	Unmapped	0.8%	36.4%	63.6%	0.0%	-0.23 ¢	1.00 ¢
202606	options	Cboe EDGX	Unmapped	0.3%	100.0%	0.0%	0.0%	0.04 ¢	0.00 ¢
202606	options	NASD BX	Unmapped	0.3%	100.0%	0.0%	0.0%	-0.41 ¢	0.00 ¢
202606	options	MIAX Emerald	Unmapped	0.3%	100.0%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202606	options	ISE Gemini	Unmapped	0.2%	100.0%	0.0%	0.0%	-0.17 ¢	0.00 ¢
202606	options	NYSE Amex	Unmapped	0.1%	100.0%	0.0%	0.0%	-0.05 ¢	0.00 ¢
202606	options	Members Exchange	Unmapped	0.1%	100.0%	0.0%	0.0%	-0.56 ¢	0.00 ¢
202606	options	Cboe C2	Unmapped	0.1%	100.0%	0.0%	0.0%	-0.48 ¢	0.00 ¢
202606	options	NASD NOM	Unmapped	0.1%	100.0%	0.0%	0.0%	-0.54 ¢	0.00 ¢
202606	options	MIAX Pearl	Unmapped	0.0%	100.0%	0.0%	0.0%	-0.53 ¢	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 %	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.

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Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
options	Boston Options Exchange	route_share	—	0.08 ¢	8.69 ¢	8.61 ¢
options	Boston Options Exchange	pfof_rate	market	-0.02 ¢	0.00 ¢	0.03 ¢
options	Boston Options Exchange	pfof_rate	marketable_limit	-0.05 ¢	0.06 ¢	0.11 ¢
options	Cboe BATS	pfof_rate	market	-0.20 ¢	0.19 ¢	0.39 ¢
options	Cboe BATS	pfof_rate	marketable_limit	-0.14 ¢	0.70 ¢	0.84 ¢
options	Cboe C2	pfof_rate	market	0.17 ¢	-0.47 ¢	-0.63 ¢
options	Cboe C2	pfof_rate	marketable_limit	0.30 ¢	-0.30 ¢	-0.60 ¢
options	Cboe EDGX	pfof_rate	market	-0.09 ¢	0.22 ¢	0.32 ¢
options	Cboe EDGX	pfof_rate	marketable_limit	0.01 ¢	-0.01 ¢	-0.03 ¢
options	Chicago Board Options Exchange	route_share	—	0.13 ¢	18.23 ¢	18.10 ¢
options	Chicago Board Options Exchange	pfof_rate	marketable_limit	0.03 ¢	-0.06 ¢	-0.10 ¢
options	ICE Mercy	pfof_rate	market	0.01 ¢	-0.04 ¢	-0.05 ¢
options	ICE Mercy	pfof_rate	marketable_limit	-0.25 ¢	-0.02 ¢	0.23 ¢
options	International Securities Exchange	route_share	—	0.18 ¢	7.71 ¢	7.53 ¢
options	International Securities Exchange	pfof_rate	market	0.02 ¢	-0.04 ¢	-0.06 ¢
options	International Securities Exchange	pfof_rate	marketable_limit	0.02 ¢	-0.02 ¢	-0.03 ¢
options	ISE Gemini	pfof_rate	market	0.07 ¢	-0.33 ¢	-0.40 ¢
options	ISE Gemini	pfof_rate	marketable_limit	0.30 ¢	-0.30 ¢	-0.60 ¢
options	Members Exchange	pfof_rate	market	0.21 ¢	-0.53 ¢	-0.74 ¢
options	Members Exchange	pfof_rate	marketable_limit	0.30 ¢	-0.30 ¢	-0.60 ¢
options	Miami International Securities Exchange	route_share	—	0.25 ¢	31.90 ¢	31.65 ¢
options	Miami International Securities Exchange	pfof_rate	market	0.02 ¢	-0.05 ¢	-0.07 ¢
options	Miami International Securities Exchange	pfof_rate	marketable_limit	-0.01 ¢	-0.04 ¢	-0.03 ¢
options	MIAX Emerald	pfof_rate	market	-0.12 ¢	-0.19 ¢	-0.07 ¢
options	MIAX Emerald	pfof_rate	marketable_limit	0.30 ¢	-0.30 ¢	-0.60 ¢
options	MIAX Pearl	pfof_rate	market	0.23 ¢	-0.63 ¢	-0.86 ¢
options	MIAX Pearl	pfof_rate	marketable_limit	0.30 ¢	-0.30 ¢	-0.60 ¢
options	MIAX Sapphire	pfof_rate	market	0.01 ¢	0.28 ¢	0.27 ¢
options	MIAX Sapphire	pfof_rate	marketable_limit	-0.29 ¢	0.29 ¢	0.58 ¢
options	NASD BX	pfof_rate	market	0.13 ¢	-0.42 ¢	-0.55 ¢
options	NASD BX	pfof_rate	marketable_limit	0.00 ¢	-0.28 ¢	-0.28 ¢
options	NASD NOM	pfof_rate	market	0.19 ¢	-0.58 ¢	-0.77 ¢
options	NASD NOM	pfof_rate	marketable_limit	0.30 ¢	-0.30 ¢	-0.60 ¢
options	NYSE Amex	pfof_rate	market	0.02 ¢	-0.05 ¢	-0.07 ¢
options	NYSE Amex	pfof_rate	marketable_limit	0.02 ¢	-0.02 ¢	-0.03 ¢
options	NYSE Arca	route_share	—	0.12 ¢	19.68 ¢	19.56 ¢
options	NYSE Arca	pfof_rate	market	-0.12 ¢	0.36 ¢	0.48 ¢
options	NYSE Arca	pfof_rate	marketable_limit	-0.23 ¢	0.59 ¢	0.81 ¢
options	Philadelphia Stock Exchange	pfof_rate	market	-0.00 ¢	-0.17 ¢	-0.17 ¢
options	Philadelphia Stock Exchange	pfof_rate	marketable_limit	0.02 ¢	-0.09 ¢	-0.11 ¢

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

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.