A cell is one routed market center in one of the 144 Amended Rule 605 buckets; it counts once however many factors trail.
ROBINHOOD FINANCIAL, LLC (CRD #165998) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report
Executive Best Execution & Order Routing Analysis
ROBINHOOD FINANCIAL, LLC (CRD #165998) files direct SEC Rule 606 quarterly order routing disclosures as an independent executing broker-dealer. In 2026Q3, the firm's non-directed customer order flow was routed across key market centers, led by Virtu Americas, LLC (33.4%), Dash/IMC Financial Markets (32.7%), CITADEL SECURITIES LLC (32.4%). Under FINRA Rule 5310, the broker-dealer must evaluate whether routing choices maximize customer price improvement relative to non-routed market destinations.
During 2026Q3, the firm reported $434,592,966.65 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 60.41 ¢ and marketable limit orders averaged 60.92 ¢. 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 335 of 523 scored routed venue × bucket cells (one routed market center in one of the 144 Amended Rule 605 order size and security buckets) where ROBINHOOD FINANCIAL, LLC's routed execution trailed competing peer benchmarks on at least one factor. 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) |
|---|---|---|---|
| Virtu Americas, LLC (NITE) | 33.4% | $29,555,908.82 | 95.14 ¢ |
| Dash/IMC Financial Markets | 32.7% | $104,841,607.51 | 31.52 ¢ |
| CITADEL SECURITIES LLC (CDRG) | 32.4% | $188,109,406.06 | 48.73 ¢ |
| Jane Street Capital (JNST) | 12.6% | $51,005,391.64 | 82.59 ¢ |
| Hudson River Trading (HRT) (HRTF) | 11.8% | $9,083,630.66 | 66.13 ¢ |
| G1 Execution Services, LLC (ETMM) | 10.0% | $4,900,651.45 | 135.68 ¢ |
| Global Execution Brokers LP | 8.8% | $27,393,183.45 | 47.86 ¢ |
| Wolverine Execution Services, LLC | 6.6% | $14,635,501.03 | 22.95 ¢ |
| Two Sigma Securities, LLC (SOHW) | 6.4% | $5,067,686.03 | 18.13 ¢ |
S&P 500 (proxy) × Market • $1k–$5k (Round Lot)
Full execution metrics for routed flow against the mix-adjusted peer benchmark and competing market centers. (448,347 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 | CITADEL SECURITIES LLC (CDRG) | 24.8% | 109.28 ¢ | 1.9 bps | 2.0 bps | 100.0% | -0.0 bps |
| Routed Venue | G1 Execution Services, LLC (ETMM) | 14.3% | 174.16 ¢ | 1.9 bps | 2.0 bps | 100.0% | -0.2 bps |
| Routed Venue | Hudson River Trading (HRT) (HRTF) | 11.3% | 129.12 ¢ | 2.1 bps | 2.0 bps | 98.8% | 0.2 bps |
| Routed Venue | Jane Street Capital (JNST) | 13.6% | 173.30 ¢ | 1.5 bps | 2.0 bps | 79.0% | -0.4 bps |
| Routed Venue | Virtu Americas, LLC (NITE) | 31.2% | 157.67 ¢ | 1.8 bps | 2.0 bps | 92.3% | -0.2 bps |
| Routed Venue | Two Sigma Securities, LLC (SOHW) | 6.8% | 19.36 ¢ | 1.8 bps | 2.0 bps | 100.0% | -0.3 bps |
| Benchmark | Mix-Adjusted Peer Benchmark | — | — | 2.0 bps | 2.0 bps | 94.7% | — |
| Competing Venue | Competing venue A | — | — | 3.5 bps | 2.0 bps | — | — |
| Competing Venue | Competing venue B | — | — | 1.8 bps | 2.0 bps | — | — |
Flagged Competing-Market Differences (62 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
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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.