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2026Q2 2026Q1

Adopted Clearing Firm Rule 606 Reports

Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): RBC CAPITAL MARKETS, LLC. Every underlying execution venue and clearing context is evaluated below.

CRD #171350 Review Period: 2026Q2 Filing: Adopts clearing firm report

CRAFT CAPITAL MANAGEMENT LLC (CRD #171350) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: CRAFT CAPITAL MANAGEMENT LLC (CRD #171350) 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. Wolverine Execution Services, LLC(449.2%)

2. CITADEL SECURITIES LLC(384.3%)

3. Virtu Agency(248.3%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via RBC CAPITAL MARKETS, LLC • Subject to 5310.09(c) supervision

Clearing firm adoption

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

0 mo • 0 builds

Amended 605 builds

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

CRAFT CAPITAL MANAGEMENT LLC

CRD Number: 171350 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:29 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
RBC Clearing & Custody(Clearing: RBC CAPITAL MARKETS, LLC)	31194	RBCCLEARINGCUSTODY	V1	e2f8ce6d0ff2387d4a553e58cb32abb4a053354585ecea426900c27b36416398	Download XML ↗
RBC Wealth Management(Clearing: RBC CAPITAL MARKETS, LLC)	31194	RBCWEALTHMANAGEMENT	V1	e2f9308578f1a1ca74f195de5960b91f34ea736157dbf6f6bba77be9c52ade78	Download XML ↗
RBC Capital Markets Corporation(Clearing: RBC CAPITAL MARKETS, LLC)	31194	RBCM	V1	1b2aad613315e733b0879cecd92b9ed1d4a8a2ed4433bcff3cba34d3cd09cb14	Download XML ↗

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	Wolverine Execution Services, LLC	Unmapped	74.3%	62.1%	56.4%	61.4%	29.63 ¢	33.80 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	23.7%	37.9%	40.8%	38.0%	12.91 ¢	23.24 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	2.0%	0.0%	2.8%	0.6%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	20.2%	20.1%	19.0%	23.2%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital	JNST	15.9%	16.1%	15.2%	12.9%	0.00 ¢	0.00 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	12.9%	13.1%	10.0%	7.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	12.4%	12.1%	16.6%	18.6%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	10.7%	10.5%	12.1%	14.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	10.5%	10.6%	9.7%	7.7%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	8.5%	8.5%	6.2%	8.0%	0.00 ¢	0.00 ¢
202604	other_stocks	StoneX Financial, Inc.	Unmapped	7.0%	7.0%	9.7%	6.6%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	1.8%	1.8%	1.5%	1.3%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	21.0%	20.7%	25.5%	30.1%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	15.8%	15.6%	19.1%	22.2%	0.00 ¢	0.00 ¢
202604	sp500	Jane Street Capital	JNST	15.3%	15.5%	11.6%	7.0%	0.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	10.5%	10.4%	12.7%	14.8%	0.00 ¢	0.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	10.4%	10.3%	12.3%	13.3%	0.00 ¢	0.00 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	10.0%	10.2%	7.3%	5.0%	0.00 ¢	0.00 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	9.2%	9.3%	4.3%	3.2%	0.00 ¢	0.00 ¢
202604	sp500	StoneX Financial, Inc.	Unmapped	6.0%	6.1%	6.1%	3.7%	0.00 ¢	0.00 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	1.8%	1.8%	1.3%	0.8%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	75.9%	64.7%	63.2%	63.4%	31.73 ¢	30.58 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	23.4%	35.3%	35.3%	35.6%	16.82 ¢	24.05 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	0.8%	0.0%	1.5%	1.1%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	20.6%	20.4%	20.6%	25.5%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	15.4%	15.6%	14.6%	11.1%	0.00 ¢	0.00 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	13.0%	13.3%	10.2%	7.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	12.4%	12.1%	15.1%	18.8%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	10.8%	10.5%	13.1%	15.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	9.9%	10.1%	8.9%	6.7%	0.00 ¢	0.00 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	8.3%	8.3%	7.0%	7.1%	0.00 ¢	0.00 ¢
202605	other_stocks	StoneX Financial, Inc.	Unmapped	7.0%	7.1%	8.6%	6.5%	0.00 ¢	0.00 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	2.5%	2.6%	2.0%	1.7%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	20.6%	20.2%	22.8%	30.1%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	15.7%	15.4%	18.3%	24.6%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	15.4%	15.8%	13.8%	6.8%	0.00 ¢	0.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	10.5%	10.3%	11.2%	14.5%	0.00 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	10.2%	10.2%	12.4%	11.3%	0.00 ¢	0.00 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	10.0%	10.2%	7.6%	4.3%	0.00 ¢	0.00 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	9.1%	9.2%	4.6%	3.3%	0.00 ¢	0.00 ¢
202605	sp500	StoneX Financial, Inc.	Unmapped	6.0%	6.2%	6.7%	3.7%	0.00 ¢	0.00 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	2.5%	2.6%	2.6%	1.3%	0.00 ¢	0.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	74.4%	63.3%	63.3%	64.2%	35.08 ¢	29.16 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	25.0%	36.7%	36.7%	35.8%	14.85 ¢	25.30 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	0.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	20.4%	20.2%	19.6%	23.5%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital	JNST	16.3%	16.5%	16.1%	13.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	14.3%	14.7%	10.2%	8.1%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	11.1%	10.6%	14.7%	17.9%	0.00 ¢	0.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	10.2%	10.4%	9.7%	7.5%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	9.6%	9.4%	10.0%	11.4%	0.00 ¢	0.00 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	8.3%	8.3%	7.2%	8.7%	0.00 ¢	0.00 ¢
202606	other_stocks	StoneX Financial, Inc.	Unmapped	7.1%	7.2%	9.3%	7.0%	0.00 ¢	0.00 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	2.7%	2.7%	3.1%	2.9%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	19.5%	19.8%	12.4%	7.2%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	17.3%	16.9%	25.5%	31.4%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	14.8%	14.6%	17.8%	22.7%	0.00 ¢	0.00 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	10.6%	10.8%	7.8%	4.7%	0.00 ¢	0.00 ¢
202606	sp500	UBS Securities, LLC	Unmapped	10.1%	10.0%	10.5%	10.8%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	9.8%	9.7%	11.9%	15.3%	0.00 ¢	0.00 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	9.4%	9.6%	6.3%	3.8%	0.00 ¢	0.00 ¢
202606	sp500	StoneX Financial, Inc.	Unmapped	5.9%	6.0%	5.4%	2.9%	0.00 ¢	0.00 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	2.6%	2.6%	2.4%	1.2%	0.00 ¢	0.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	74.3%	62.1%	56.4%	61.4%	29.63 ¢	33.80 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	23.7%	37.9%	40.8%	38.0%	12.91 ¢	23.24 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	2.0%	0.0%	2.8%	0.6%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	20.2%	20.1%	19.0%	23.2%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital	JNST	15.9%	16.1%	15.2%	12.9%	0.00 ¢	0.00 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	12.9%	13.1%	10.0%	7.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	12.4%	12.1%	16.6%	18.6%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	10.7%	10.5%	12.1%	14.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	10.5%	10.6%	9.7%	7.7%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	8.5%	8.5%	6.2%	8.0%	0.00 ¢	0.00 ¢
202604	other_stocks	StoneX Financial, Inc.	Unmapped	7.0%	7.0%	9.7%	6.6%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	1.8%	1.8%	1.5%	1.3%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	21.0%	20.7%	25.5%	30.1%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	15.8%	15.6%	19.1%	22.2%	0.00 ¢	0.00 ¢
202604	sp500	Jane Street Capital	JNST	15.3%	15.5%	11.6%	7.0%	0.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	10.5%	10.4%	12.7%	14.8%	0.00 ¢	0.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	10.4%	10.3%	12.3%	13.3%	0.00 ¢	0.00 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	10.0%	10.2%	7.3%	5.0%	0.00 ¢	0.00 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	9.2%	9.3%	4.3%	3.2%	0.00 ¢	0.00 ¢
202604	sp500	StoneX Financial, Inc.	Unmapped	6.0%	6.1%	6.1%	3.7%	0.00 ¢	0.00 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	1.8%	1.8%	1.3%	0.8%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	75.9%	64.7%	63.2%	63.4%	31.73 ¢	30.58 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	23.4%	35.3%	35.3%	35.6%	16.82 ¢	24.05 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	0.8%	0.0%	1.5%	1.1%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	20.6%	20.4%	20.6%	25.5%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	15.4%	15.6%	14.6%	11.1%	0.00 ¢	0.00 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	13.0%	13.3%	10.2%	7.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	12.4%	12.1%	15.1%	18.8%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	10.8%	10.5%	13.1%	15.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	9.9%	10.1%	8.9%	6.7%	0.00 ¢	0.00 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	8.3%	8.3%	7.0%	7.1%	0.00 ¢	0.00 ¢
202605	other_stocks	StoneX Financial, Inc.	Unmapped	7.0%	7.1%	8.6%	6.5%	0.00 ¢	0.00 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	2.5%	2.6%	2.0%	1.7%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	20.6%	20.2%	22.8%	30.1%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	15.7%	15.4%	18.3%	24.6%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	15.4%	15.8%	13.8%	6.8%	0.00 ¢	0.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	10.5%	10.3%	11.2%	14.5%	0.00 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	10.2%	10.2%	12.4%	11.3%	0.00 ¢	0.00 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	10.0%	10.2%	7.6%	4.3%	0.00 ¢	0.00 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	9.1%	9.2%	4.6%	3.3%	0.00 ¢	0.00 ¢
202605	sp500	StoneX Financial, Inc.	Unmapped	6.0%	6.2%	6.7%	3.7%	0.00 ¢	0.00 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	2.5%	2.6%	2.6%	1.3%	0.00 ¢	0.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	74.4%	63.3%	63.3%	64.2%	35.08 ¢	29.16 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	25.0%	36.7%	36.7%	35.8%	14.85 ¢	25.30 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	0.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	20.4%	20.2%	19.6%	23.5%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital	JNST	16.3%	16.5%	16.1%	13.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	14.3%	14.7%	10.2%	8.1%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	11.1%	10.6%	14.7%	17.9%	0.00 ¢	0.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	10.2%	10.4%	9.7%	7.5%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	9.6%	9.4%	10.0%	11.4%	0.00 ¢	0.00 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	8.3%	8.3%	7.2%	8.7%	0.00 ¢	0.00 ¢
202606	other_stocks	StoneX Financial, Inc.	Unmapped	7.1%	7.2%	9.3%	7.0%	0.00 ¢	0.00 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	2.7%	2.7%	3.1%	2.9%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	19.5%	19.8%	12.4%	7.2%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	17.3%	16.9%	25.5%	31.4%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	14.8%	14.6%	17.8%	22.7%	0.00 ¢	0.00 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	10.6%	10.8%	7.8%	4.7%	0.00 ¢	0.00 ¢
202606	sp500	UBS Securities, LLC	Unmapped	10.1%	10.0%	10.5%	10.8%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	9.8%	9.7%	11.9%	15.3%	0.00 ¢	0.00 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	9.4%	9.6%	6.3%	3.8%	0.00 ¢	0.00 ¢
202606	sp500	StoneX Financial, Inc.	Unmapped	5.9%	6.0%	5.4%	2.9%	0.00 ¢	0.00 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	2.6%	2.6%	2.4%	1.2%	0.00 ¢	0.00 ¢
202604	options	RBC Capital Markets Corporation	Unmapped	87.1%	100.0%	73.8%	81.5%	0.00 ¢	0.00 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	9.8%	0.0%	26.2%	18.5%	0.00 ¢	0.00 ¢
202604	options	GELP	Unmapped	3.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Agency	Unmapped	30.0%	10.0%	45.0%	36.5%	0.95 ¢	1.20 ¢
202604	other_stocks	Citadel Securities	CDRG	28.0%	8.1%	6.5%	54.6%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC ATS	Unmapped	22.4%	26.7%	45.3%	6.9%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	15.9%	48.7%	0.9%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	MCAP LLC	Unmapped	1.5%	4.6%	0.0%	0.0%	0.02 ¢	0.00 ¢
202604	other_stocks	The Nasdaq Stock Market LLC	Unmapped	0.7%	0.0%	1.0%	0.7%	0.00 ¢	3.07 ¢
202604	other_stocks	Wallachbeth	Unmapped	0.6%	1.9%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	0.3%	0.0%	0.4%	0.4%	0.00 ¢	-19.67 ¢
202604	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	0.2%	0.0%	0.3%	0.2%	0.00 ¢	30.00 ¢
202604	other_stocks	MEMX LLC	Unmapped	0.1%	0.0%	0.4%	0.1%	0.00 ¢	29.00 ¢
202604	sp500	Virtu Agency	Unmapped	84.2%	100.0%	52.6%	78.6%	0.07 ¢	0.00 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	14.0%	0.0%	47.4%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Cboe BYX Exchange, Inc.	Unmapped	0.3%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	NEW YORK STOCK EXCHANGE, INC.	Unmapped	0.3%	0.0%	0.0%	3.6%	0.00 ¢	0.00 ¢
202604	sp500	MEMX LLC	Unmapped	0.1%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	The Nasdaq Stock Market LLC	Unmapped	0.1%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	NYSE Arca, Inc.	Unmapped	0.1%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	Investors Exchange (IEXG)	Unmapped	0.1%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	Cboe EDGA Exchange, Inc.	Unmapped	0.1%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202604	sp500	Cboe EDGX Exchange, Inc.	Unmapped	0.1%	0.0%	0.0%	1.8%	0.00 ¢	0.00 ¢
202605	options	RBC Capital Markets Corporation	Unmapped	89.7%	100.0%	94.9%	79.6%	0.00 ¢	0.00 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	8.0%	0.0%	5.1%	20.4%	0.00 ¢	0.00 ¢
202605	options	GELP	Unmapped	2.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Citadel Securities	CDRG	34.6%	46.9%	19.2%	3.9%	0.00 ¢	0.00 ¢
202605	other_stocks	UBS Securities, LLC ATS	Unmapped	26.1%	40.3%	0.0%	0.9%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Agency	Unmapped	20.2%	3.5%	33.1%	76.2%	1.15 ¢	0.00 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	13.3%	3.5%	43.5%	16.4%	0.00 ¢	0.00 ¢
202605	other_stocks	MCAP LLC	Unmapped	2.7%	4.0%	0.7%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Wallachbeth	Unmapped	1.2%	1.8%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Cboe BYX Exchange, Inc.	Unmapped	0.7%	0.0%	0.0%	0.4%	0.00 ¢	0.00 ¢
202605	other_stocks	The Nasdaq Stock Market LLC	Unmapped	0.3%	0.0%	0.7%	1.3%	0.00 ¢	0.00 ¢
202605	other_stocks	NYSE NATIONAL, INC	Unmapped	0.2%	0.0%	0.3%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Knight Capital Markets	Unmapped	0.2%	0.0%	1.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Agency	Unmapped	66.1%	53.6%	87.5%	100.0%	1.01 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC ATS	Unmapped	33.6%	46.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	NYSE Arca, Inc.	Unmapped	0.4%	0.0%	12.5%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Citadel Securities	CDRG	41.5%	48.8%	74.5%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Agency	Unmapped	40.5%	0.8%	8.0%	99.4%	0.00 ¢	0.09 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	7.7%	23.2%	7.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	UBS Securities, LLC ATS	Unmapped	7.7%	15.9%	10.4%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	MCAP LLC	Unmapped	2.1%	10.4%	0.0%	0.0%	0.09 ¢	0.00 ¢
202606	other_stocks	Wallachbeth	Unmapped	0.1%	0.7%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	The Nasdaq Stock Market LLC	Unmapped	0.1%	0.0%	0.1%	0.1%	0.00 ¢	28.00 ¢
202606	other_stocks	NEW YORK STOCK EXCHANGE, INC.	Unmapped	0.1%	0.0%	0.0%	0.2%	0.00 ¢	0.00 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	0.0%	0.0%	0.0%	0.1%	0.00 ¢	0.00 ¢
202606	other_stocks	NYSE American LLC	Unmapped	0.0%	0.0%	0.0%	0.1%	0.00 ¢	0.00 ¢
202606	sp500	UBS Securities, LLC ATS	Unmapped	59.4%	59.9%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	Citadel Securities	CDRG	32.6%	32.9%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Agency	Unmapped	7.4%	7.2%	50.0%	0.0%	5.25 ¢	0.00 ¢
202606	sp500	Cboe EDGX Exchange, Inc.	Unmapped	0.3%	0.0%	0.0%	100.0%	0.00 ¢	0.00 ¢
202606	sp500	NYSE Arca, Inc.	Unmapped	0.3%	0.0%	50.0%	0.0%	0.00 ¢	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
sp500	GTS SECURITIES LLC	added	—	—	2.29 ¢	—
other_stocks	GTS SECURITIES LLC	added	—	—	2.35 ¢	—
options	CITADEL SECURITIES LLC	pfof_rate	market	12.61 ¢	14.86 ¢	2.25 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	26.67 ¢	24.20 ¢	-2.47 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	39.79 ¢	43.75 ¢	3.97 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	40.45 ¢	38.63 ¢	-1.83 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	6.29 ¢	9.60 ¢	3.31 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	29.62 ¢	32.15 ¢	2.52 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	33.31 ¢	31.18 ¢	-2.12 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	34.81 ¢	35.60 ¢	0.79 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	30.74 ¢	28.11 ¢	-2.63 ¢
sp500	GTS SECURITIES LLC	added	—	—	2.29 ¢	—
other_stocks	GTS SECURITIES LLC	added	—	—	2.35 ¢	—
options	CITADEL SECURITIES LLC	pfof_rate	market	12.61 ¢	14.86 ¢	2.25 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	26.67 ¢	24.20 ¢	-2.47 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	39.79 ¢	43.75 ¢	3.97 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	40.45 ¢	38.63 ¢	-1.83 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	6.29 ¢	9.60 ¢	3.31 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	29.62 ¢	32.15 ¢	2.52 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	33.31 ¢	31.18 ¢	-2.12 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	34.81 ¢	35.60 ¢	0.79 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	30.74 ¢	28.11 ¢	-2.63 ¢
sp500	Cboe BYX Exchange, Inc.	pfof_rate	marketable_limit	30.00 ¢	0.00 ¢	-30.00 ¢
sp500	Cboe BZX Exchange, Inc.	dropped	—	0.13 ¢	—	—
sp500	Cboe EDGA Exchange, Inc.	added	—	—	0.05 ¢	—
sp500	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	30.00 ¢	0.00 ¢	-30.00 ¢
sp500	Citadel Securities	route_share	—	48.12 ¢	10.88 ¢	-37.24 ¢
sp500	GTS SECURITIES LLC	added	—	—	4.68 ¢	—
sp500	Investors Exchange (IEXG)	pfof_rate	marketable_limit	10.00 ¢	0.00 ¢	-10.00 ¢
sp500	MEMX LLC	added	—	—	0.05 ¢	—
sp500	NEW YORK STOCK EXCHANGE, INC.	added	—	—	0.09 ¢	—
sp500	NYSE American LLC	dropped	—	0.11 ¢	—	—
sp500	NYSE Arca, Inc.	pfof_rate	marketable_limit	10.45 ¢	0.00 ¢	-10.45 ¢
sp500	UBS Securities, LLC ATS	route_share	—	21.91 ¢	30.98 ¢	9.07 ¢
sp500	Virtu Agency	route_share	—	28.88 ¢	52.55 ¢	23.67 ¢
sp500	Virtu Agency	pfof_rate	market	0.38 ¢	2.11 ¢	1.73 ¢
sp500	Virtu Agency	pfof_rate	marketable_limit	-1.70 ¢	0.00 ¢	1.70 ¢
sp500	Virtu Agency	pfof_rate	non_marketable_limit	0.00 ¢	0.88 ¢	0.88 ¢
other_stocks	Canaccord Genuity Securities	dropped	—	0.62 ¢	—	—
other_stocks	Cboe BYX Exchange, Inc.	added	—	—	0.22 ¢	—
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	7.92 ¢	30.00 ¢	22.08 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	0.00 ¢	30.00 ¢	30.00 ¢
other_stocks	GTS SECURITIES LLC	route_share	—	6.00 ¢	12.31 ¢	6.31 ¢
other_stocks	Investors Exchange (IEXG)	dropped	—	0.34 ¢	—	—
other_stocks	Knight Capital Markets	pfof_rate	market	-1.97 ¢	0.00 ¢	1.97 ¢
other_stocks	MCAP LLC	pfof_rate	non_marketable_limit	1.74 ¢	0.00 ¢	-1.74 ¢
other_stocks	MEMX LLC	added	—	—	0.05 ¢	—
other_stocks	NEW YORK STOCK EXCHANGE, INC.	pfof_rate	marketable_limit	0.05 ¢	0.00 ¢	-0.05 ¢
other_stocks	NEW YORK STOCK EXCHANGE, INC.	pfof_rate	other	10.00 ¢	0.00 ¢	-10.00 ¢
other_stocks	NYSE American LLC	added	—	—	0.01 ¢	—
other_stocks	NYSE Arca, Inc.	pfof_rate	marketable_limit	10.64 ¢	-9.84 ¢	-20.48 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	non_marketable_limit	2.63 ¢	0.00 ¢	-2.63 ¢
other_stocks	NYSE NATIONAL, INC	added	—	—	0.06 ¢	—
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	market	4.29 ¢	0.00 ¢	-4.29 ¢
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	marketable_limit	10.30 ¢	10.36 ¢	0.05 ¢
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	non_marketable_limit	-11.54 ¢	3.33 ¢	14.87 ¢
other_stocks	Virtu Agency	pfof_rate	market	1.76 ¢	0.70 ¢	-1.06 ¢
other_stocks	Virtu Agency	pfof_rate	marketable_limit	0.11 ¢	0.43 ¢	0.32 ¢
other_stocks	Virtu Agency	pfof_rate	non_marketable_limit	0.07 ¢	0.29 ¢	0.21 ¢
options	Dash/IMC Financial Markets	route_share	—	20.40 ¢	8.89 ¢	-11.51 ¢
options	RBC Capital Markets Corporation	route_share	—	78.67 ¢	88.42 ¢	9.75 ¢

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:

Cboe BYX Exchange, Inc. (name:CBOE BYX EXCHANGE), Cboe EDGA Exchange, Inc. (name:CBOE EDGA EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), GTS SECURITIES LLC (name:GTS SECURITIES), Investors Exchange (IEXG) (name:INVESTORS EXCHANGE IEXG), Knight Capital Markets (name:KNIGHT CAPITAL MARKETS), MCAP LLC (name:MCAP), MEMX LLC (name:MEMX), NEW YORK STOCK EXCHANGE, INC. (name:NEW YORK STOCK EXCHANGE), NYSE American LLC (name:NYSE AMERICAN), NYSE Arca, Inc. (name:NYSE ARCA), NYSE NATIONAL, INC (name:NYSE NATIONAL), StoneX Financial, Inc. (name:STONEX FINANCIAL), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), UBS Securities, LLC (name:UBS SECURITIES), UBS Securities, LLC ATS (name:UBS SECURITIES LLC ATS), Virtu Agency (name:VIRTU AGENCY), Wallachbeth (name:WALLACHBETH)

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.