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2026Q2 2026Q1

CRD #18476 Review Period: 2026Q2 Filing: Direct 606 filer

TD SECURITIES (USA) LLC (CRD #18476) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: TD SECURITIES (USA) LLC (CRD #18476) 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. TD Arranged Services LLC(531.1%)

2. WOLVERINE EXECUTION SERVICES, LLC(194.5%)

3. New York Stock Exchange(55.1%)

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

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

TD SECURITIES (USA) LLC

CRD Number: 18476 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:52 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
TD SECURITIES USA LLC	18476	Direct	V1	5df5edab9295b398695854ce577ce1bf89d61bdd74faa94a611f03ca270f7051	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 %
202604	options	WOLVERINE EXECUTION SERVICES, LLC (WEXX)	Unmapped	61.8%	0.0%	0.0%	0.0%
202604	options	MIAX SAPPHIRE, LLC (SPHR)	Unmapped	6.2%	0.0%	0.0%	0.0%
202604	options	MIAX EMERALD, LLC (EMLD)	Unmapped	3.8%	0.0%	0.0%	0.0%
202604	options	INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX)	Unmapped	3.7%	0.0%	0.0%	0.0%
202604	options	MEMX LLC OPTIONS (MXOP)	Unmapped	3.5%	0.0%	0.0%	0.0%
202604	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	2.8%	0.0%	0.0%	0.0%
202604	options	CBOE C2 OPTIONS EXCHANGE (C2OX)	Unmapped	2.6%	0.0%	0.0%	0.0%
202604	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	2.6%	0.0%	0.0%	0.0%
202604	options	PHILADELPHIA OPTIONS EXCHANGE (XPHO)	Unmapped	2.4%	0.0%	0.0%	0.0%
202604	options	NASDAQ OMX BX OPTIONS (XBXO)	Unmapped	2.3%	0.0%	0.0%	0.0%
202604	other_stocks	TD Arranged Services LLC (ATMD)	Unmapped	87.1%	0.0%	0.0%	0.0%
202604	other_stocks	NYSE Arca Equities (ARCA)	Unmapped	8.6%	0.0%	0.0%	0.0%
202604	sp500	TD Arranged Services LLC (ATMD)	Unmapped	99.8%	0.0%	0.0%	0.0%
202605	options	WOLVERINE EXECUTION SERVICES, LLC (WEXX)	Unmapped	66.2%	0.0%	0.0%	0.0%
202605	options	MIAX EMERALD, LLC (EMLD)	Unmapped	3.9%	0.0%	0.0%	0.0%
202605	options	INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX)	Unmapped	3.6%	0.0%	0.0%	0.0%
202605	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	3.3%	0.0%	0.0%	0.0%
202605	options	CBOE C2 OPTIONS EXCHANGE (C2OX)	Unmapped	3.3%	0.0%	0.0%	0.0%
202605	options	MEMX LLC OPTIONS (MXOP)	Unmapped	3.0%	0.0%	0.0%	0.0%
202605	options	NASDAQ OMX BX OPTIONS (XBXO)	Unmapped	2.5%	0.0%	0.0%	0.0%
202605	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	2.4%	0.0%	0.0%	0.0%
202605	options	PHILADELPHIA OPTIONS EXCHANGE (XPHO)	Unmapped	2.2%	0.0%	0.0%	0.0%
202605	other_stocks	TD Arranged Services LLC (ATMD)	Unmapped	100.0%	0.0%	0.0%	0.0%
202605	sp500	TD Arranged Services LLC (ATMD)	Unmapped	99.9%	0.0%	0.0%	0.0%
202606	options	WOLVERINE EXECUTION SERVICES, LLC (WEXX)	Unmapped	66.5%	0.0%	0.0%	0.0%
202606	options	MIAX EMERALD, LLC (EMLD)	Unmapped	5.0%	0.0%	0.0%	0.0%
202606	options	PHILADELPHIA OPTIONS EXCHANGE (XPHO)	Unmapped	3.1%	0.0%	0.0%	0.0%
202606	options	MEMX LLC OPTIONS (MXOP)	Unmapped	3.0%	0.0%	0.0%	0.0%
202606	options	INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX)	Unmapped	2.9%	0.0%	0.0%	0.0%
202606	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	2.4%	0.0%	0.0%	0.0%
202606	options	CBOE C2 OPTIONS EXCHANGE (C2OX)	Unmapped	2.3%	0.0%	0.0%	0.0%
202606	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	2.0%	0.0%	0.0%	0.0%
202606	options	MIAX SAPPHIRE, LLC (SPHR)	Unmapped	1.9%	0.0%	0.0%	0.0%
202606	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	1.8%	0.0%	0.0%	0.0%
202606	other_stocks	TD Arranged Services LLC (ATMD)	Unmapped	58.4%	0.0%	0.0%	0.0%
202606	other_stocks	New York Stock Exchange (NYSE)	Unmapped	41.0%	0.0%	0.0%	0.0%
202606	sp500	TD Arranged Services LLC (ATMD)	Unmapped	85.9%	0.0%	0.0%	0.0%
202606	sp500	New York Stock Exchange (NYSE)	Unmapped	14.1%	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 %	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	TD Arranged Services LLC	added	—	—	95.18 ¢	—
sp500	New York Stock Exchange	added	—	—	4.70 ¢	—
other_stocks	NYSE Arca Equities	added	—	—	2.86 ¢	—
other_stocks	TD Arranged Services LLC	added	—	—	81.85 ¢	—
other_stocks	New York Stock Exchange	added	—	—	13.67 ¢	—
options	American Stock Exchange	dropped	—	0.04 ¢	—	—
options	NYSE AMERICAN OPTIONS	dropped	—	8.30 ¢	—	—
options	Archipelago Trading Services, Inc.	dropped	—	0.05 ¢	—	—
options	NYSE ARCA OPTIONS	route_share	—	8.42 ¢	0.60 ¢	-7.83 ¢
options	CBOE BZX U.S. EQUITIES EXCHANGE	dropped	—	0.06 ¢	—	—
options	CBOE C2 OPTIONS EXCHANGE	route_share	—	10.27 ¢	2.78 ¢	-7.49 ¢
options	CBOE FX NDFS	dropped	—	0.10 ¢	—	—
options	CBOE EDGX OPTIONS EXCHANGE	dropped	—	8.81 ¢	—	—
options	CBOE EDGX U.S. EQUITIES EXCHANGE	dropped	—	0.02 ¢	—	—
options	MIAX EMERALD, LLC	route_share	—	9.39 ¢	4.22 ¢	-5.17 ¢
options	ISE GEMINI EXCHANGE	dropped	—	1.03 ¢	—	—
options	International Securities Exchange	dropped	—	0.08 ¢	—	—
options	ISE MERCURY, LLC	dropped	—	0.13 ¢	—	—
options	MEMX LLC EQUITIES	dropped	—	0.06 ¢	—	—
options	MIAX PEARL, LLC	dropped	—	0.48 ¢	—	—
options	NASDAQ Execution Services LLC	dropped	—	0.05 ¢	—	—
options	Nasdaq Execution Services, LLC.	dropped	—	0.01 ¢	—	—
options	Philadelphia Stock Exchange	dropped	—	0.08 ¢	—	—
options	WOLVERINE EXECUTION SERVICES, LLC	route_share	—	4.19 ¢	64.83 ¢	60.64 ¢
options	BOX OPTIONS EXCHANGE	route_share	—	8.95 ¢	2.44 ¢	-6.51 ¢
options	CBOE GLOBAL MARKETS INC.	dropped	—	8.59 ¢	—	—
options	INTERNATIONAL SECURITIES EXCHANGE, LLC	route_share	—	9.30 ¢	3.38 ¢	-5.91 ¢
options	MIAMI INTERNATIONAL SECURITIES EXCHANGE	route_share	—	8.39 ¢	0.68 ¢	-7.71 ¢
options	NASDAQ OPTIONS MARKET	dropped	—	0.22 ¢	—	—
options	PHILADELPHIA OPTIONS EXCHANGE	route_share	—	8.36 ¢	2.56 ¢	-5.80 ¢

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:

NYSE Arca Equities (ARCA), TD Arranged Services LLC (ATMD), New York Stock Exchange (NYSE)

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.