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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 #161014
Review Period: 2026Q2
Filing: Direct 606 filer
MAREX CAPITAL MARKETS INC. (CRD #161014) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. NYSE ARCA OPTIONS(909.4%)
2. CBOE GLOBAL MARKETS INC.(259.0%)
3. MIAMI INTERNATIONAL SECURITIES EXCHANGE(137.8%)
Top routed order shares
Disclosed PFOF / Rebates
$0.00
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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
MAREX CAPITAL MARKETS INC.
CRD Number: 161014 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 19:30:23 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 |
|---|---|---|---|---|---|
| Marex-CCMB | 161014 | CCMB | V1 | b307ee146324e08e3f0fdbee3643287c017e28766409084ad7501a3293a09032 | Download XML ↗ |
| Marex-CNFR | 161014 | CNFR | V1 | cceb16bc23d1a0012dd6f8b0fe7f40ff8bf995aaa918407a6d3650d93ed26934 | Download XML ↗ |
| Marex-EDFC | 161014 | EDFC | V1 | 193d8c9662377ede3ee31484899f2732badbfedbe03e1eb90ecc112a259a7f12 | Download XML ↗ |
| Marex-EDFP | 161014 | EDFP | V1 | 540fa475c699a0380b0212a330e0c7b3fbe857647d4f7db93aa2f265d2d3309c | Download XML ↗ |
| Marex-MPSG | 161014 | MPSG | V1 | 59a59ec4f5db45ee53bc341fdfabf19868106d71f1d4dea14f4b60df49acad9c | Download XML ↗ |
| Marex-NPNT | 161014 | NPNT | V1 | d2d028742dc870ca857483bf94d0c5de4d3ad875d149abaad1eb7b0a40dd1d24 | Download XML ↗ |
| Marex-NPTP | 161014 | NPTP | V1 | 2c6d100710a751350b101bfc3bebf689292ef247331f907cd1984e0ac3f9542a | Download XML ↗ |
| Marex-CNFR | 161014 | CNTXT_CNFR | V7 | cceb16bc23d1a0012dd6f8b0fe7f40ff8bf995aaa918407a6d3650d93ed26934 | 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.
| Month | Section | Execution Venue | 605 Reporter | Route % | Market % | Mkt Limit % | Non-Mkt % | PFOF Mkt (¢/100) | PFOF Limit (¢/100) |
|---|---|---|---|---|---|---|---|---|---|
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 65.4% | 0.0% | 0.0% | 90.6% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 6.8% | 0.0% | 34.3% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 6.5% | 0.0% | 25.7% | 1.8% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 3.5% | 0.0% | 17.9% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 3.4% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 3.2% | 0.0% | 0.0% | 4.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 3.1% | 0.0% | 13.2% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 69.5% | 0.0% | 0.0% | 90.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 6.3% | 0.0% | 37.6% | 0.1% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 5.0% | 0.0% | 23.1% | 1.4% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 4.4% | 0.0% | 0.0% | 5.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 3.3% | 0.0% | 20.3% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 2.9% | 0.0% | 0.0% | 3.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 65.2% | 0.0% | 0.0% | 87.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 7.5% | 0.0% | 29.8% | 3.0% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 5.7% | 0.0% | 32.0% | 0.1% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 4.7% | 0.0% | 0.0% | 5.7% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 3.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 3.4% | 0.0% | 0.0% | 4.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 35.4% | 0.0% | 0.0% | 79.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 13.5% | 0.0% | 36.8% | 5.3% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 9.9% | 0.0% | 0.0% | 12.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 8.8% | 0.0% | 11.0% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 6.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 6.3% | 0.0% | 21.9% | 0.4% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 5.6% | 0.0% | 20.0% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 3.6% | 0.0% | 5.8% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 1.8% | 0.0% | 0.0% | 2.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 66.1% | 0.0% | 0.0% | 90.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.3% | 0.0% | 34.6% | 5.0% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 6.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 5.7% | 0.0% | 24.8% | 3.3% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 4.6% | 0.0% | 7.4% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 53.2% | 0.0% | 0.0% | 88.4% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 11.2% | 0.0% | 33.3% | 4.1% | 0.00 ¢ | -0.49 ¢ |
| 202606 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.6% | 0.0% | 21.3% | 5.3% | 0.00 ¢ | -0.38 ¢ |
| 202606 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 8.5% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 5.4% | 0.0% | 12.0% | 0.3% | 0.00 ¢ | -0.61 ¢ |
| 202606 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 5.2% | 0.0% | 20.7% | 0.3% | 0.00 ¢ | -0.41 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 29.9% | 0.0% | 1.1% | 42.7% | 0.00 ¢ | -8.10 ¢ |
| 202604 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 21.2% | 0.0% | 37.4% | 0.1% | 0.00 ¢ | 6.23 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 19.2% | 0.0% | 33.8% | 0.0% | 0.00 ¢ | 14.29 ¢ |
| 202604 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 12.4% | 0.0% | 22.0% | 0.0% | 0.00 ¢ | 1.08 ¢ |
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 6.5% | 0.0% | 0.0% | 56.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 5.3% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | -55.03 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 23.0% | 0.0% | 7.3% | 14.2% | 0.00 ¢ | -61.57 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 19.6% | 0.0% | 0.0% | 83.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 15.8% | 0.0% | 0.3% | 0.0% | 0.00 ¢ | -51.46 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 13.3% | 0.0% | 36.7% | 0.1% | 0.00 ¢ | 1.32 ¢ |
| 202605 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 10.5% | 0.0% | 28.8% | 0.0% | 0.00 ¢ | 16.37 ¢ |
| 202605 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 7.8% | 0.0% | 21.8% | 0.0% | 0.00 ¢ | -0.08 ¢ |
| 202606 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 27.7% | 0.0% | 0.4% | 0.0% | 0.00 ¢ | -49.56 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 24.4% | 0.0% | 18.1% | 11.9% | 0.00 ¢ | -77.75 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 20.4% | 0.0% | 0.0% | 86.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 7.9% | 0.0% | 33.5% | 0.1% | 0.00 ¢ | 3.11 ¢ |
| 202606 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 6.0% | 0.0% | 25.0% | 0.0% | 0.00 ¢ | 14.77 ¢ |
| 202606 | options | NYSE AMERICAN OPTIONS (AMXO) | Unmapped | 5.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 18.1% | 0.0% | 47.7% | 3.5% | 0.00 ¢ | -19.30 ¢ |
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 17.9% | 0.0% | 0.0% | 32.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 9.8% | 0.0% | 4.5% | 0.0% | 0.00 ¢ | -37.13 ¢ |
| 202604 | options | PHILADELPHIA OPTIONS EXCHANGE (XPHO) | Unmapped | 8.4% | 0.0% | 0.0% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 8.1% | 0.0% | 0.0% | 21.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 7.8% | 0.0% | 6.3% | 0.0% | 0.00 ¢ | 5.51 ¢ |
| 202604 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 6.7% | 0.0% | 0.0% | 20.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | NYSE AMERICAN OPTIONS (AMXO) | Unmapped | 6.5% | 0.0% | 0.0% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | ISE GEMINI EXCHANGE (GMNI) | Unmapped | 5.8% | 0.0% | 1.1% | 17.8% | 0.00 ¢ | -55.94 ¢ |
| 202604 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 5.1% | 0.0% | 20.9% | 0.9% | 0.00 ¢ | 2.75 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 22.8% | 0.0% | 44.8% | 4.9% | 0.00 ¢ | -8.44 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 21.2% | 0.0% | 0.0% | 34.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | ISE GEMINI EXCHANGE (GMNI) | Unmapped | 14.0% | 0.0% | 1.4% | 23.9% | 0.00 ¢ | -24.89 ¢ |
| 202605 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 9.2% | 0.0% | 0.0% | 14.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 9.1% | 0.0% | 0.0% | 15.7% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 5.8% | 0.0% | 3.3% | 0.0% | 0.00 ¢ | -13.49 ¢ |
| 202605 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 4.9% | 0.0% | 29.1% | 2.4% | 0.00 ¢ | -5.36 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 3.5% | 0.0% | 6.1% | 4.0% | 0.00 ¢ | 1.01 ¢ |
| 202606 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 17.5% | 0.0% | 0.0% | 25.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 16.5% | 0.0% | 0.0% | 26.6% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 16.4% | 0.0% | 0.0% | 22.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 15.7% | 0.0% | 53.1% | 1.5% | 0.00 ¢ | -7.86 ¢ |
| 202606 | options | ISE GEMINI EXCHANGE (GMNI) | Unmapped | 12.9% | 0.0% | 2.1% | 20.0% | 0.00 ¢ | -48.05 ¢ |
| 202606 | options | NYSE AMERICAN OPTIONS (AMXO) | Unmapped | 4.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 4.3% | 0.0% | 23.9% | 2.8% | 0.00 ¢ | -3.39 ¢ |
| 202606 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 3.1% | 0.0% | 6.3% | 0.0% | 0.00 ¢ | 7.50 ¢ |
| 202604 | options | PHILADELPHIA OPTIONS EXCHANGE (XPHO) | Unmapped | 27.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 20.3% | 0.0% | 24.9% | 3.2% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 18.8% | 0.0% | 1.9% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 17.8% | 0.0% | 13.1% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 9.3% | 0.0% | 0.0% | 86.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | PHILADELPHIA OPTIONS EXCHANGE (XPHO) | Unmapped | 24.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 19.0% | 0.0% | 1.7% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 18.3% | 0.0% | 25.5% | 7.2% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 15.4% | 0.0% | 15.4% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 10.0% | 0.0% | 0.0% | 78.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 4.5% | 0.0% | 26.6% | 3.8% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | PHILADELPHIA OPTIONS EXCHANGE (XPHO) | Unmapped | 30.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 21.2% | 0.0% | 28.1% | 0.3% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 20.3% | 0.0% | 0.5% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 16.5% | 0.0% | 13.9% | 0.1% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 5.7% | 0.0% | 0.0% | 77.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 92.4% | 0.0% | 0.0% | 98.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 91.5% | 0.0% | 0.0% | 98.6% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 89.0% | 0.0% | 0.0% | 98.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 2.4% | 0.0% | 38.9% | 1.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 35.4% | 0.0% | 0.0% | 79.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 13.5% | 0.0% | 36.8% | 5.3% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | CBOE BZX OPTIONS EXCHANGE (BATO) | Unmapped | 9.9% | 0.0% | 0.0% | 12.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 8.8% | 0.0% | 11.0% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 6.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 6.3% | 0.0% | 21.9% | 0.4% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 5.6% | 0.0% | 20.0% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 3.6% | 0.0% | 5.8% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202604 | options | NASDAQ OPTIONS MARKET (XNDQ) | Unmapped | 1.8% | 0.0% | 0.0% | 2.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 66.1% | 0.0% | 0.0% | 90.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.3% | 0.0% | 34.6% | 5.0% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 6.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 5.7% | 0.0% | 24.8% | 3.3% | 0.00 ¢ | -1.00 ¢ |
| 202605 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 4.6% | 0.0% | 7.4% | 0.0% | 0.00 ¢ | -1.00 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 53.2% | 0.0% | 0.0% | 88.4% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC. (XCBO) | Unmapped | 11.2% | 0.0% | 33.3% | 4.1% | 0.00 ¢ | -0.49 ¢ |
| 202606 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.6% | 0.0% | 21.3% | 5.3% | 0.00 ¢ | -0.38 ¢ |
| 202606 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 8.5% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 5.4% | 0.0% | 12.0% | 0.3% | 0.00 ¢ | -0.61 ¢ |
| 202606 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 5.2% | 0.0% | 20.7% | 0.3% | 0.00 ¢ | -0.41 ¢ |
2. Venue Scorecards (Amended Rule 605)
Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.
| 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.
| 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.
| 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.
| Section | Venue | Type of Change | Order Class | Prior Value | Current Value | Net Shift |
|---|---|---|---|---|---|---|
| options | NYSE AMEX OPTIONS | dropped | — | 0.42 ¢ | — | — |
| options | NYSE ARCA OPTIONS | dropped | — | 64.19 ¢ | — | — |
| options | NYSE ARCA OPTIONS | added | — | — | 66.69 ¢ | — |
| options | NYSE ARCA | dropped | — | 0.13 ¢ | — | — |
| options | CBOE BZX OPTIONS EXCHANGE | added | — | — | 3.04 ¢ | — |
| options | CBOE BZX U.S. EQUITIES EXCHANGE | dropped | — | 3.59 ¢ | — | — |
| options | CBOE BYX U.S. EQUITIES EXCHANGE | dropped | — | 0.00 ¢ | — | — |
| options | BNPP CORTEX ATS | dropped | — | 0.00 ¢ | — | — |
| options | CBOE C2 OPTIONS EXCHANGE | dropped | — | 0.31 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | dropped | — | 6.30 ¢ | — | — |
| options | CITADEL SECURITIES | dropped | — | 0.72 ¢ | — | — |
| options | CBOE EDGA U.S. EQUITIES EXCHANGE | dropped | — | 0.00 ¢ | — | — |
| options | CBOE EDGX OPTIONS EXCHANGE | added | — | — | 1.04 ¢ | — |
| options | CBOE EDGX U.S. EQUITIES EXCHANGE | dropped | — | 3.18 ¢ | — | — |
| options | MIAX EMERALD, LLC | dropped | — | 0.19 ¢ | — | — |
| options | MIAX PEARL EQUITIES | dropped | — | 0.24 ¢ | — | — |
| options | ISE GEMINI EXCHANGE | dropped | — | 0.21 ¢ | — | — |
| options | HUDSON RIVER TRADING (HRT) | dropped | — | 0.19 ¢ | — | — |
| options | INSTINET CBX (US) | dropped | — | 0.00 ¢ | — | — |
| options | INVESTORS EXCHANGE | dropped | — | 0.02 ¢ | — | — |
| options | INTELLIGENTCROSS | dropped | — | 0.00 ¢ | — | — |
| options | POSIT | dropped | — | 0.00 ¢ | — | — |
| options | JUMP LIQUIDITY - US EQUITY PLATFORM | dropped | — | 0.18 ¢ | — | — |
| options | JPMX | dropped | — | 0.00 ¢ | — | — |
| options | JANE STREET JX | dropped | — | 0.13 ¢ | — | — |
| options | KNIGHT LINK | dropped | — | 0.73 ¢ | — | — |
| options | LEVEL ATS | dropped | — | 0.09 ¢ | — | — |
| options | LONG-TERM STOCK EXCHANGE, INC. | dropped | — | 0.00 ¢ | — | — |
| options | ISE MERCURY, LLC | dropped | — | 2.18 ¢ | — | — |
| options | MEMX LLC EQUITIES | dropped | — | 0.01 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | dropped | — | 5.90 ¢ | — | — |
| options | MEMX LLC OPTIONS | dropped | — | 0.33 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | dropped | — | 2.10 ¢ | — | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | dropped | — | 0.33 ¢ | — | — |
| options | SAGETRADER | dropped | — | 0.17 ¢ | — | — |
| options | GOLDMAN SACH MTF | dropped | — | 0.00 ¢ | — | — |
| options | TWO SIGMA SECURITIES, LLC | dropped | — | 0.01 ¢ | — | — |
| options | MIAX SAPPHIRE, LLC | pfof_rate | other | -27.33 ¢ | -1.00 ¢ | 26.33 ¢ |
| options | TOWER RESEARCH CAPITAL TRCX | dropped | — | 0.29 ¢ | — | — |
| options | UBS ATS | dropped | — | 0.01 ¢ | — | — |
| options | NASDAQ OMX BX | dropped | — | 0.01 ¢ | — | — |
| options | BOX OPTIONS EXCHANGE | pfof_rate | marketable_limit | -27.33 ¢ | -1.00 ¢ | 26.33 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | non_marketable_limit | -26.33 ¢ | -0.50 ¢ | 25.83 ¢ |
| options | NASDAQ OMX BX OPTIONS | dropped | — | 0.72 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | added | — | — | 6.28 ¢ | — |
| options | NYSE CHICAGO, INC. | dropped | — | 0.01 ¢ | — | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | dropped | — | 0.47 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | added | — | — | 6.37 ¢ | — |
| options | NASDAQ - ALL MARKETS | dropped | — | 0.10 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | added | — | — | 3.15 ¢ | — |
| options | NEW YORK STOCK EXCHANGE, INC. | dropped | — | 0.01 ¢ | — | — |
| options | XTX DIRECT | dropped | — | 0.01 ¢ | — | — |
| options | NYSE AMEX OPTIONS | dropped | — | 0.53 ¢ | — | — |
| options | NYSE ARCA OPTIONS | dropped | — | 40.46 ¢ | — | — |
| options | NYSE ARCA OPTIONS | added | — | — | 51.57 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | added | — | — | 3.30 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | dropped | — | 2.70 ¢ | — | — |
| options | CBOE C2 OPTIONS EXCHANGE | dropped | — | 0.23 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | dropped | — | 10.82 ¢ | — | — |
| options | CBOE EDGX OPTIONS EXCHANGE | added | — | — | 1.20 ¢ | — |
| options | CBOE EDGX OPTIONS EXCHANGE | dropped | — | 5.19 ¢ | — | — |
| options | MIAX EMERALD, LLC | dropped | — | 0.18 ¢ | — | — |
| options | MIAX PEARL, LLC | dropped | — | 0.18 ¢ | — | — |
| options | ISE GEMINI EXCHANGE | dropped | — | 0.06 ¢ | — | — |
| options | ISE MERCURY, LLC | pfof_rate | marketable_limit | -26.63 ¢ | -0.87 ¢ | 25.76 ¢ |
| options | ISE MERCURY, LLC | pfof_rate | non_marketable_limit | 0.00 ¢ | -0.33 ¢ | -0.33 ¢ |
| options | ISE MERCURY, LLC | pfof_rate | other | -27.33 ¢ | -1.00 ¢ | 26.33 ¢ |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | dropped | — | 11.68 ¢ | — | — |
| options | MEMX LLC OPTIONS | dropped | — | 0.44 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | dropped | — | 0.91 ¢ | — | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | dropped | — | 1.27 ¢ | — | — |
| options | MIAX SAPPHIRE, LLC | pfof_rate | other | -27.06 ¢ | -1.00 ¢ | 26.07 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | marketable_limit | -19.19 ¢ | -0.70 ¢ | 18.48 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | non_marketable_limit | -2.00 ¢ | -0.50 ¢ | 1.50 ¢ |
| options | NASDAQ OMX BX OPTIONS | dropped | — | 0.58 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | added | — | — | 7.73 ¢ | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | dropped | — | 1.50 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | added | — | — | 10.14 ¢ | — |
| options | NASDAQ OPTIONS MARKET | added | — | — | 0.60 ¢ | — |
| options | NYSE AMEX OPTIONS | dropped | — | 0.27 ¢ | — | — |
| options | NYSE AMERICAN OPTIONS | added | — | — | 1.87 ¢ | — |
| options | NYSE ARCA OPTIONS | dropped | — | 3.16 ¢ | — | — |
| options | NYSE ARCA OPTIONS | added | — | — | 15.49 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | dropped | — | 0.05 ¢ | — | — |
| options | Bofa Securities, Inc. | dropped | — | 0.00 ¢ | — | — |
| options | CBOE C2 OPTIONS EXCHANGE | dropped | — | 0.01 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | dropped | — | 38.88 ¢ | — | — |
| options | CBOE EDGX OPTIONS EXCHANGE | added | — | — | 11.91 ¢ | — |
| options | CBOE EDGX OPTIONS EXCHANGE | dropped | — | 18.36 ¢ | — | — |
| options | MIAX EMERALD, LLC | dropped | — | 0.00 ¢ | — | — |
| options | MIAX PEARL, LLC | dropped | — | 0.01 ¢ | — | — |
| options | ISE GEMINI EXCHANGE | dropped | — | 0.00 ¢ | — | — |
| options | ISE MERCURY, LLC | dropped | — | 0.36 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | dropped | — | 19.18 ¢ | — | — |
| options | MATRIX EXECUTIONS, LLC | dropped | — | 0.00 ¢ | — | — |
| options | MEMX LLC OPTIONS | dropped | — | 0.02 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | dropped | — | 0.04 ¢ | — | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | dropped | — | 0.92 ¢ | — | — |
| options | MIAX SAPPHIRE, LLC | dropped | — | 0.51 ¢ | — | — |
| options | TJM Investments, LLC | dropped | — | 0.00 ¢ | — | — |
| options | BOX OPTIONS EXCHANGE | route_share | — | 16.49 ¢ | 6.77 ¢ | -9.72 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | marketable_limit | -7.30 ¢ | 0.50 ¢ | 7.80 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | non_marketable_limit | 0.33 ¢ | -3.02 ¢ | -3.36 ¢ |
| options | NASDAQ OMX BX OPTIONS | dropped | — | 0.47 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | added | — | — | 25.76 ¢ | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | dropped | — | 1.26 ¢ | — | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | added | — | — | 16.26 ¢ | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | added | — | — | 14.14 ¢ | — |
| options | NYSE AMEX OPTIONS | dropped | — | 2.77 ¢ | — | — |
| options | NYSE AMERICAN OPTIONS | added | — | — | 3.68 ¢ | — |
| options | NYSE ARCA OPTIONS | dropped | — | 16.63 ¢ | — | — |
| options | NYSE ARCA OPTIONS | added | — | — | 18.52 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | added | — | — | 11.61 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | dropped | — | 8.30 ¢ | — | — |
| options | CBOE C2 OPTIONS EXCHANGE | dropped | — | 0.38 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | dropped | — | 21.67 ¢ | — | — |
| options | PENSERRA SECURITIES, LLC | dropped | — | 0.00 ¢ | — | — |
| options | CBOE EDGX OPTIONS EXCHANGE | added | — | — | 3.63 ¢ | — |
| options | CBOE EDGX OPTIONS EXCHANGE | dropped | — | 3.41 ¢ | — | — |
| options | MIAX EMERALD, LLC | dropped | — | 0.42 ¢ | — | — |
| options | MIAX PEARL, LLC | dropped | — | 0.41 ¢ | — | — |
| options | ISE GEMINI EXCHANGE | route_share | — | 2.34 ¢ | 10.90 ¢ | 8.56 ¢ |
| options | ISE GEMINI EXCHANGE | pfof_rate | marketable_limit | -49.13 ¢ | -42.96 ¢ | 6.17 ¢ |
| options | ISE GEMINI EXCHANGE | pfof_rate | non_marketable_limit | 17.17 ¢ | 17.35 ¢ | 0.18 ¢ |
| options | ISE GEMINI EXCHANGE | pfof_rate | other | 17.01 ¢ | 16.27 ¢ | -0.74 ¢ |
| options | ISE MERCURY, LLC | dropped | — | 0.35 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | dropped | — | 3.19 ¢ | — | — |
| options | MEMX LLC OPTIONS | dropped | — | 0.14 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | dropped | — | 9.45 ¢ | — | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | dropped | — | 4.17 ¢ | — | — |
| options | PTR Inc. | dropped | — | 4.30 ¢ | — | — |
| options | MATRIX EXECUTIONS, LLC | dropped | — | 11.53 ¢ | — | — |
| options | MIAX SAPPHIRE, LLC | dropped | — | 0.29 ¢ | — | — |
| options | TJM Investments, LLC | dropped | — | 0.04 ¢ | — | — |
| options | BOX OPTIONS EXCHANGE | pfof_rate | marketable_limit | -8.99 ¢ | -4.38 ¢ | 4.61 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | non_marketable_limit | -3.00 ¢ | -3.04 ¢ | -0.04 ¢ |
| options | BOX OPTIONS EXCHANGE | pfof_rate | other | 41.83 ¢ | -2.55 ¢ | -44.37 ¢ |
| options | NASDAQ OMX BX OPTIONS | dropped | — | 0.14 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | added | — | — | 18.88 ¢ | — |
| options | X-Change Financial Access | dropped | — | 1.13 ¢ | — | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | dropped | — | 6.39 ¢ | — | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | added | — | — | 5.20 ¢ | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | added | — | — | 2.88 ¢ | — |
| options | NASDAQ OPTIONS MARKET | added | — | — | 10.80 ¢ | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | added | — | — | 2.81 ¢ | — |
| options | NYSE AMEX OPTIONS | dropped | — | 2.56 ¢ | — | — |
| options | NYSE ARCA OPTIONS | dropped | — | 14.08 ¢ | — | — |
| options | NYSE ARCA OPTIONS | added | — | — | 8.33 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | dropped | — | 0.71 ¢ | — | — |
| options | CBOE C2 OPTIONS EXCHANGE | dropped | — | 0.08 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | dropped | — | 17.65 ¢ | — | — |
| options | CBOE EDGX OPTIONS EXCHANGE | added | — | — | 16.56 ¢ | — |
| options | CBOE EDGX OPTIONS EXCHANGE | dropped | — | 15.07 ¢ | — | — |
| options | MIAX EMERALD, LLC | dropped | — | 0.03 ¢ | — | — |
| options | MIAX PEARL, LLC | dropped | — | 0.06 ¢ | — | — |
| options | ISE GEMINI EXCHANGE | dropped | — | 0.04 ¢ | — | — |
| options | ISE MERCURY, LLC | dropped | — | 0.52 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | dropped | — | 2.64 ¢ | — | — |
| options | MEMX LLC OPTIONS | dropped | — | 0.09 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | dropped | — | 0.11 ¢ | — | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | dropped | — | 21.84 ¢ | — | — |
| options | Goldman Sachs Execution & Clearing, L.P. | dropped | — | 6.51 ¢ | — | — |
| options | MIAX SAPPHIRE, LLC | dropped | — | 0.27 ¢ | — | — |
| options | BOX OPTIONS EXCHANGE | dropped | — | 0.90 ¢ | — | — |
| options | NASDAQ OMX BX OPTIONS | dropped | — | 0.12 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | added | — | — | 19.95 ¢ | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | dropped | — | 16.73 ¢ | — | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | added | — | — | 19.37 ¢ | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | added | — | — | 1.49 ¢ | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | added | — | — | 27.52 ¢ | — |
| options | NYSE AMEX OPTIONS | dropped | — | 0.13 ¢ | — | — |
| options | NYSE ARCA OPTIONS | dropped | — | 88.59 ¢ | — | — |
| options | NYSE ARCA OPTIONS | added | — | — | 90.97 ¢ | — |
| options | CBOE BZX OPTIONS EXCHANGE | dropped | — | 0.50 ¢ | — | — |
| options | CBOE C2 OPTIONS EXCHANGE | dropped | — | 0.03 ¢ | — | — |
| options | CBOE GLOBAL MARKETS INC. | dropped | — | 2.56 ¢ | — | — |
| options | CBOE EDGX OPTIONS EXCHANGE | dropped | — | 1.49 ¢ | — | — |
| options | MIAX EMERALD, LLC | dropped | — | 0.01 ¢ | — | — |
| options | MIAX PEARL, LLC | dropped | — | 0.03 ¢ | — | — |
| options | ISE GEMINI EXCHANGE | dropped | — | 0.02 ¢ | — | — |
| options | ISE MERCURY, LLC | dropped | — | 0.34 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | dropped | — | 1.40 ¢ | — | — |
| options | MEMX LLC OPTIONS | dropped | — | 0.05 ¢ | — | — |
| options | NASDAQ OPTIONS MARKET | dropped | — | 0.22 ¢ | — | — |
| options | PHILADELPHIA OPTIONS EXCHANGE | dropped | — | 2.11 ¢ | — | — |
| options | MIAX SAPPHIRE, LLC | dropped | — | 0.34 ¢ | — | — |
| options | BOX OPTIONS EXCHANGE | dropped | — | 0.45 ¢ | — | — |
| options | NASDAQ OMX BX OPTIONS | dropped | — | 0.07 ¢ | — | — |
| options | INTERNATIONAL SECURITIES EXCHANGE, LLC | dropped | — | 1.66 ¢ | — | — |
| options | MIAMI INTERNATIONAL SECURITIES EXCHANGE | added | — | — | 0.79 ¢ | — |
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Suppressed Cells
0
Cells with < 100 covered ordersUnmapped Venues
0
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportStanding 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.