← Back to Execution Reports
Print to PDF: browser Print (Ctrl+P / Cmd+P)
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 #17454
Review Period: 2026Q2
Filing: Direct 606 filer
BNY MELLON CAPITAL MARKETS, LLC (CRD #17454) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. Pershing LLC (PERX)(512.3%)
2. BofA Securities,Inc. (MLCO)(230.9%)
3. Citigroup Global Markets Inc (SBSH)(142.4%)
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
BNY MELLON CAPITAL MARKETS, LLC
CRD Number: 17454 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 19:30:07 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 |
|---|---|---|---|---|---|
| BNY Mellon Capital Markets, LLC | 17454 | Direct | V1 | 7fab225c3a233d9b19bb1854df57063150ef8ab67fd234967952a78a83d2c533 | Download XML ↗ |
| BNY Mellon Capital Markets, LLC (BKES) | 17454 | BKES | V1 | 3fd281c10c473f6fd754d15899e64a545eb4404ab7caadce8652051612443980 | 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 | other_stocks | BofA Securities,Inc. (MLCO) | Unmapped | 100.0% | 100.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | BofA Securities,Inc. (MLCO) | Unmapped | 48.1% | 50.5% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Instinet (INCA) | Unmapped | 21.7% | 18.8% | 100.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Goldman Sachs & Co (GSCO) | Unmapped | 14.2% | 14.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | VIRTU AMERICAS LLC (VALR) | Unmapped | 6.6% | 5.9% | 0.0% | 100.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Citigroup Global Markets Inc (SBSH) | Unmapped | 5.7% | 5.9% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | JP Morgan Securities (JPMS) | Unmapped | 2.8% | 3.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Raymond James & Associates, Inc. (RAJA) | Unmapped | 0.9% | 1.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Instinet (INCA) | Unmapped | 54.9% | 54.9% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Goldman Sachs & Co (GSCO) | Unmapped | 17.1% | 17.1% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | BofA Securities,Inc. (MLCO) | Unmapped | 13.4% | 13.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Citigroup Global Markets Inc (SBSH) | Unmapped | 6.1% | 6.1% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | JP Morgan Securities (JPMS) | Unmapped | 3.7% | 3.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | RBC Capital Markets, LLC (RBCM) | Unmapped | 3.7% | 3.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | VIRTU AMERICAS LLC (VALR) | Unmapped | 1.2% | 1.2% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Citigroup Global Markets Inc (SBSH) | Unmapped | 62.9% | 91.8% | 79.4% | 14.6% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | BofA Securities,Inc. (MLCO) | Unmapped | 37.1% | 8.2% | 20.6% | 85.4% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Citigroup Global Markets Inc (SBSH) | Unmapped | 67.7% | 100.0% | 50.0% | 40.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | BofA Securities,Inc. (MLCO) | Unmapped | 32.3% | 0.0% | 50.0% | 60.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Citadel Securities LLC (CITL) | Unmapped | 29.6% | 33.3% | 11.1% | 39.6% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Jane Street Options, LLC (JSOL) | Unmapped | 25.5% | 22.2% | 44.4% | 32.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Susquehanna International Group, LLP (SUSQ) | Unmapped | 16.3% | 27.8% | 22.2% | 13.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | DASH Financial Technologies LLC (DFIN) | Unmapped | 15.3% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Wolverine Execution Svc. (WEXX) | Unmapped | 13.3% | 16.7% | 22.2% | 15.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Pershing LLC (PERX) | Unmapped | 100.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Pershing LLC (PERX) | Unmapped | 100.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | DASH Financial Technologies LLC (DFIN) | Unmapped | 27.3% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Susquehanna International Group, LLP (SUSQ) | Unmapped | 20.4% | 25.0% | 11.1% | 33.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Jane Street Options, LLC (JSOL) | Unmapped | 18.2% | 29.2% | 44.4% | 18.5% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Citadel Securities LLC (CITL) | Unmapped | 17.1% | 12.5% | 22.2% | 29.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Wolverine Execution Svc. (WEXX) | Unmapped | 17.1% | 33.3% | 22.2% | 18.5% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Pershing LLC (PERX) | Unmapped | 100.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Pershing LLC (PERX) | Unmapped | 100.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Citadel Securities LLC (CITL) | Unmapped | 33.7% | 33.3% | 33.3% | 51.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Susquehanna International Group, LLP (SUSQ) | Unmapped | 24.4% | 25.0% | 8.3% | 14.8% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | DASH Financial Technologies LLC (DFIN) | Unmapped | 17.4% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Jane Street Options, LLC (JSOL) | Unmapped | 16.3% | 16.7% | 41.7% | 25.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Wolverine Execution Svc. (WEXX) | Unmapped | 8.1% | 25.0% | 16.7% | 7.4% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Pershing LLC (PERX) | Unmapped | 83.3% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Citadel Securities (CDRG) | Unmapped | 16.7% | 100.0% | 100.0% | 100.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Goldman Sachs & Co (GSCO) | Unmapped | 55.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Pershing LLC (PERX) | Unmapped | 29.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Citadel Securities (CDRG) | Unmapped | 15.9% | 100.0% | 100.0% | 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.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 202608 | Goldman Sachs & Co (GSCO) | market | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Goldman Sachs & Co (GSCO) | marketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Goldman Sachs & Co (GSCO) | nonmarketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Pershing LLC (PERX) | market | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Pershing LLC (PERX) | marketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Pershing LLC (PERX) | nonmarketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citadel Securities (CDRG) | market | 100.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citadel Securities (CDRG) | marketable_limit | 100.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citadel Securities (CDRG) | nonmarketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Pershing LLC (PERX) | market | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Pershing LLC (PERX) | marketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Pershing LLC (PERX) | nonmarketable_limit | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citadel Securities (CDRG) | market | 100.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citadel Securities (CDRG) | marketable_limit | 100.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citadel Securities (CDRG) | nonmarketable_limit | 100.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citigroup Global Markets Inc (SBSH) | market | 100.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citigroup Global Markets Inc (SBSH) | marketable_limit | 50.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citigroup Global Markets Inc (SBSH) | nonmarketable_limit | 40.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | BofA Securities,Inc. (MLCO) | market | 0.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | BofA Securities,Inc. (MLCO) | marketable_limit | 50.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | BofA Securities,Inc. (MLCO) | nonmarketable_limit | 60.0% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citigroup Global Markets Inc (SBSH) | market | 91.8% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citigroup Global Markets Inc (SBSH) | marketable_limit | 79.4% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | Citigroup Global Markets Inc (SBSH) | nonmarketable_limit | 14.6% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | BofA Securities,Inc. (MLCO) | market | 8.2% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | BofA Securities,Inc. (MLCO) | marketable_limit | 20.6% | 0.00 ¢ | — | — | — | — | — | No conflict |
| 202608 | BofA Securities,Inc. (MLCO) | nonmarketable_limit | 85.4% | 0.00 ¢ | — | — | — | — | — | 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.
| Section | Venue | Type of Change | Order Class | Prior Value | Current Value | Net Shift |
|---|---|---|---|---|---|---|
| sp500 | Citadel Securities (CDRG) | added | — | — | 5.31 ¢ | — |
| sp500 | Goldman Sachs & Co (GSCO) | added | — | — | 18.36 ¢ | — |
| sp500 | Morgan Stanley (MSCO) | dropped | — | 9.14 ¢ | — | — |
| sp500 | Pershing LLC (PERX) | route_share | — | 90.86 ¢ | 76.33 ¢ | -14.53 ¢ |
| other_stocks | Citadel Securities (CDRG) | added | — | — | 5.56 ¢ | — |
| other_stocks | Morgan Stanley (MSCO) | dropped | — | 10.90 ¢ | — | — |
| other_stocks | Pershing LLC (PERX) | route_share | — | 64.78 ¢ | 94.44 ¢ | 29.66 ¢ |
| other_stocks | The Nasdaq Stock Market LLC (NSDQ) | dropped | — | 20.27 ¢ | — | — |
| other_stocks | Virtu Americas, LLC (NITE) | dropped | — | 4.05 ¢ | — | — |
| options | Citadel Securities LLC (CITL) | route_share | — | 32.11 ¢ | 26.79 ¢ | -5.32 ¢ |
| options | Jane Street Options, LLC (JSOL) | route_share | — | 8.64 ¢ | 19.99 ¢ | 11.35 ¢ |
| sp500 | BofA Securities,Inc. (MLCO) | route_share | — | 50.00 ¢ | 22.84 ¢ | -27.16 ¢ |
| sp500 | Citigroup Global Markets Inc (SBSH) | added | — | — | 36.92 ¢ | — |
| sp500 | Goldman Sachs & Co (GSCO) | route_share | — | 50.00 ¢ | 8.54 ¢ | -41.47 ¢ |
| sp500 | Instinet (INCA) | added | — | — | 27.44 ¢ | — |
| sp500 | JP Morgan Securities (JPMS) | added | — | — | 1.83 ¢ | — |
| sp500 | RBC Capital Markets, LLC (RBCM) | added | — | — | 1.83 ¢ | — |
| sp500 | VIRTU AMERICAS LLC (VALR) | added | — | — | 0.61 ¢ | — |
| other_stocks | BofA Securities,Inc. (MLCO) | route_share | — | 6.08 ¢ | 61.74 ¢ | 55.66 ¢ |
| other_stocks | Citigroup Global Markets Inc (SBSH) | added | — | — | 22.85 ¢ | — |
| other_stocks | JP Morgan Securities (JPMS) | added | — | — | 0.94 ¢ | — |
| other_stocks | Raymond James & Associates, Inc. (RAJA) | added | — | — | 0.31 ¢ | — |
| other_stocks | RBC Capital Markets, LLC (RBCM) | dropped | — | 0.77 ¢ | — | — |
| other_stocks | VIRTU AMERICAS LLC (VALR) | route_share | — | 80.42 ¢ | 2.20 ¢ | -78.22 ¢ |
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
10
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
BofA Securities,Inc. (MLCO) (name:BOFA SECURITIES INC MLCO), Citadel Securities (CDRG) (name:CITADEL SECURITIES CDRG), Citigroup Global Markets Inc (SBSH) (name:CITIGROUP GLOBAL MARKETS INC SBSH), Goldman Sachs & Co (GSCO) (name:GOLDMAN SACHS CO GSCO), Instinet (INCA) (name:INSTINET INCA), JP Morgan Securities (JPMS) (name:JP MORGAN SECURITIES JPMS), Pershing LLC (PERX) (name:PERSHING LLC PERX), Raymond James & Associates, Inc. (RAJA) (name:RAYMOND JAMES ASSOCIATES INC RAJA), RBC Capital Markets, LLC (RBCM) (name:RBC CAPITAL MARKETS LLC RBCM), VIRTU AMERICAS LLC (VALR) (name:VIRTU AMERICAS LLC VALR)
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.