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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 #169708 Review Period: 2026Q2 Filing: Direct 606 filer

CURVATURE SECURITIES LLC (CRD #169708) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: CURVATURE SECURITIES LLC (CRD #169708) 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. Instinet SOR(280.3%)

2. Instinet Algo(28.5%)

3. Virtu Algo(16.5%)

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.

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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

CURVATURE SECURITIES LLC

CRD Number: 169708 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:29:05 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
Curvature Securities LLC	169708	Direct	V1	28e57122c4556b75ce42e4872cf838b6e25512a5d75c8a0554efe8ca5838f498	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 %
202604	other_stocks	Instinet SOR	Unmapped	37.6%	29.0%	0.0%	78.1%
202604	other_stocks	Instinet Algo	Unmapped	5.1%	38.7%	0.0%	9.9%
202604	other_stocks	Virtu Algo	Unmapped	4.7%	29.0%	0.0%	9.2%
202604	other_stocks	Citadel Algo	Unmapped	1.2%	0.0%	0.0%	2.5%
202604	other_stocks	INCA	Unmapped	0.2%	0.0%	100.0%	0.2%
202604	other_stocks	GLPX/ACS Algos	Unmapped	0.1%	3.2%	0.0%	0.1%
202604	other_stocks	CPEM	Unmapped	0.0%	0.0%	0.0%	0.0%
202604	sp500	Instinet SOR	Unmapped	100.0%	100.0%	0.0%	0.0%
202605	other_stocks	Instinet SOR	Unmapped	21.3%	62.9%	0.0%	58.0%
202605	other_stocks	Instinet Algo	Unmapped	10.5%	28.6%	0.0%	28.7%
202605	other_stocks	Virtu Algo	Unmapped	4.0%	8.6%	0.0%	11.0%
202605	other_stocks	Citadel Algo	Unmapped	0.4%	0.0%	0.0%	1.3%
202605	other_stocks	DASH Opt Algo	Unmapped	0.2%	0.0%	0.0%	0.6%
202605	other_stocks	INCA	Unmapped	0.2%	0.0%	100.0%	0.5%
202605	sp500	Instinet SOR	Unmapped	100.0%	100.0%	0.0%	100.0%
202606	other_stocks	Instinet SOR	Unmapped	21.4%	36.8%	0.0%	46.9%
202606	other_stocks	Instinet Algo	Unmapped	12.9%	52.6%	0.0%	26.6%
202606	other_stocks	Virtu Algo	Unmapped	7.8%	2.6%	0.0%	17.7%
202606	other_stocks	Citadel Algo	Unmapped	3.7%	7.9%	0.0%	7.9%
202606	other_stocks	INCA	Unmapped	0.4%	0.0%	100.0%	0.6%
202606	other_stocks	GLPX/ACS Algos	Unmapped	0.1%	0.0%	0.0%	0.3%
202606	other_stocks	CODA	Unmapped	0.0%	0.0%	0.0%	0.0%

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	Instinet SOR	market	36.8%	—	—	—	—	—	No conflict
202608	Instinet SOR	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Instinet SOR	nonmarketable_limit	46.9%	—	—	—	—	—	No conflict
202608	Instinet Algo	market	52.6%	—	—	—	—	—	No conflict
202608	Instinet Algo	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Instinet Algo	nonmarketable_limit	26.6%	—	—	—	—	—	No conflict
202608	Virtu Algo	market	2.6%	—	—	—	—	—	No conflict
202608	Virtu Algo	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Virtu Algo	nonmarketable_limit	17.7%	—	—	—	—	—	No conflict
202608	Citadel Algo	market	7.9%	—	—	—	—	—	No conflict
202608	Citadel Algo	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	Citadel Algo	nonmarketable_limit	7.9%	—	—	—	—	—	No conflict
202608	INCA	market	0.0%	—	—	—	—	—	No conflict
202608	INCA	marketable_limit	100.0%	—	—	—	—	—	No conflict
202608	INCA	nonmarketable_limit	0.6%	—	—	—	—	—	No conflict
202608	GLPX/ACS Algos	market	0.0%	—	—	—	—	—	No conflict
202608	GLPX/ACS Algos	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	GLPX/ACS Algos	nonmarketable_limit	0.3%	—	—	—	—	—	No conflict
202608	CODA	market	0.0%	—	—	—	—	—	No conflict
202608	CODA	marketable_limit	0.0%	—	—	—	—	—	No conflict
202608	CODA	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	DASH Opt Algo	dropped	—	11.11 ¢	—	—
sp500	Instinet SOR	route_share	—	88.89 ¢	100.00 ¢	11.11 ¢
other_stocks	DASH Eqt Algo	dropped	—	0.03 ¢	—	—
other_stocks	DASH Opt Algo	added	—	—	0.07 ¢	—
other_stocks	INET SMART-CURV-CRVI	dropped	—	0.04 ¢	—	—
other_stocks	Instinet SOR	route_share	—	20.22 ¢	26.76 ¢	6.54 ¢
other_stocks	QMSR LT-CURV	dropped	—	0.06 ¢	—	—

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:

Citadel Algo (name:CITADEL ALGO), CODA (name:CODA), CPEM (name:CPEM), DASH Opt Algo (name:DASH OPT ALGO), GLPX/ACS Algos (name:GLPX/ACS ALGOS), INCA (name:INCA), Instinet Algo (name:INSTINET ALGO), Instinet SOR (name:INSTINET SOR), Virtu Algo (name:VIRTU ALGO)

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.