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.
Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): INTERACTIVE BROKERS LLC. Under FINRA Rule 5310.09(c), introducing broker-dealers must independently examine execution quality and compare clearing firm routing against competing market centers.
TC2000 BROKERAGE, INC. (CRD #155523) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report
Executive Best Execution & Order Routing Analysis
TC2000 BROKERAGE, INC. (CRD #155523) operates as an introducing broker-dealer adopting the SEC Rule 606 order routing disclosures of INTERACTIVE BROKERS 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 2026Q2, non-directed customer order flow was routed primarily to Nasdaq Stock Market (32.2%), Chicago Board Options Exchange (16.1%), CBOE EDGX Exchange (15.1%).
During 2026Q2, the firm reported $72,208,689.00 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 18.12 ¢ and marketable limit orders averaged -5.46 ¢. 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 184 material differences across the 144 Amended Rule 605 order size and security buckets where TC2000 BROKERAGE, INC.'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) |
|---|---|---|---|
| Nasdaq Stock Market | 32.2% | $16,438,293.00 | -21.89 ¢ |
| Chicago Board Options Exchange | 16.1% | $0.00 | 8.65 ¢ |
| CBOE EDGX Exchange (EDGK) | 15.1% | $0.00 | -23.76 ¢ |
| NYSE Arca Options | 13.8% | $3,770,328.00 | -49.60 ¢ |
| CBOE C2 Exchange | 11.0% | $1,585,408.00 | 27.13 ¢ |
| New York Stock Exchange (NXNYS) | 10.7% | $4,270,672.00 | -21.20 ¢ |
| NYSE Arca (PARCAX) | 10.0% | $2,760,606.00 | -21.53 ¢ |
| MIAX Sapphire | 9.9% | $9,300,803.00 | 19.80 ¢ |
| Nasdaq PHLX | 9.7% | $10,866,379.00 | 118.13 ¢ |
| IBKR ATS (IATS) | 9.5% | $0.00 | 0.00 ¢ |
| Nasdaq ISE | 8.2% | $5,643,331.00 | 35.30 ¢ |
| Cboe BZX Options Exchange (BATS) | 7.2% | $3,737,211.00 | -50.39 ¢ |
| Blue Ocean ATS, LLC | 5.0% | $0.00 | -12.42 ¢ |
| BOX Exchange | 3.9% | $7,161,964.00 | 25.64 ¢ |
| MIAX Emerald Exchange | 3.7% | $1,888,657.00 | -5.29 ¢ |
| Nasdaq MRX | 3.2% | $7,664,831.00 | 30.06 ¢ |
| Nasdaq Options Market | 2.9% | $0.00 | -48.23 ¢ |
| INTERACTIVE BROKERS CORP (IBCO) | 2.6% | $0.00 | 0.00 ¢ |
| MEMX LLC OPTIONS | 2.5% | $554,550.00 | 32.48 ¢ |
| NYSE American Options | 2.5% | $437,438.00 | 83.44 ¢ |
| HRT Execution Services LLC (HRTF) | 2.1% | $1,336,004.00 | 22.45 ¢ |
| Citadel Securities "LITE" (CDED) | 1.5% | $1,373,520.00 | 56.22 ¢ |
| CBOE BYX Exchange (BYXX) | 1.3% | $0.00 | 0.52 ¢ |
| Jump Trading Midpoint | 1.0% | $0.00 | 0.00 ¢ |
| CBOE BZX Exchange (BATS) | 1.0% | $0.00 | -27.14 ¢ |
| NYSE American (AXASE) | 0.9% | $0.00 | -13.84 ¢ |
| Jane Street Capital LLC "PRO" (JSJX) | 0.9% | $0.00 | 0.00 ¢ |
| LeveL ATS (EBXL) | 0.9% | $0.00 | 0.00 ¢ |
| Jane Street Capital LLC "LITE" (JNST) | 0.8% | $559,889.00 | 33.09 ¢ |
S&P 500 Proxy × Market • $1k–$5k (ROUND)
Full execution metrics for routed flow against the mix-adjusted peer benchmark and competing market centers. (107,746 covered orders in tier)
| Role | Market Center | Routing Share (606) | PFOF Rate (¢/100) | NPI (bps) | Peer Bench (bps) | Fill Rate | Shortfall vs Bench |
|---|---|---|---|---|---|---|---|
| Routed Venue | HRT Execution Services LLC (HRTF) | 2.1% | 28.56 ¢ | 2.1 bps | 2.0 bps | 98.8% | 0.2 bps |
| Routed Venue | Jane Street Capital LLC "LITE" (JNST) | 0.8% | 33.43 ¢ | 1.5 bps | 2.0 bps | 79.0% | -0.5 bps |
| Routed Venue | Jane Street Capital LLC "PRO" (JSJX) | 0.9% | — | 2.2 bps | — | 18.5% | — |
| Benchmark | Mix-Adjusted Peer Benchmark | — | — | 2.0 bps | 2.0 bps | 93.0% | — |
Flagged Competing-Market Differences (65 Locked Buckets)
Scored execution buckets requiring committee evaluation and supervisory disposition under FINRA Rule 5310.09.
Complete Your FINRA Rule 5310.09 Best Execution Review
Unlock all 144 order size and security tiers, reveal competing market center metrics, record supervisory dispositions, and export signed committee minutes.