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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): PERSHING LLC, HSBC Securities. Every underlying execution venue and clearing context is evaluated below.
CRD #19585
Review Period: 2026Q2
Filing: Adopts clearing firm report
HSBC SECURITIES (USA) INC. (CRD #19585) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. CITADEL SECURITIES LLC(247.8%)
2. Interactive Brokers LLC(243.4%)
3. The Nasdaq Stock Market LLC(172.8%)
Top routed order shares
Disclosed PFOF / Rebates
Clears via PERSHING LLC, HSBC Securities • 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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
HSBC SECURITIES (USA) INC.
CRD Number: 19585 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:19:57 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| PERSHING LLC(Clearing: PERSHING LLC) | 7560 | Direct | V1 | 213e5d7e139e5f1a88e48cd4d42a7ae63a6671471877e7a9135f7d8df4fcafc1 | Download XML ↗ |
| HSBC Securities | 19585 | HSBC | V1 | 0ce9a0b24855c4812bcb019d9bc8481a1e059a494d1d646632eb4ba97170a2a3 | 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.
| Month | Section | Execution Venue | 605 Reporter | Route % | Market % | Mkt Limit % | Non-Mkt % | PFOF Mkt (¢/100) | PFOF Limit (¢/100) |
|---|---|---|---|---|---|---|---|---|---|
| 202604 | options | Interactive Brokers LLC | Unmapped | 79.4% | 100.0% | 67.1% | 92.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Cboe EDGX Exchange, Inc. | Unmapped | 5.7% | 0.0% | 5.8% | 0.0% | 0.00 ¢ | 20.22 ¢ |
| 202604 | options | The NASDAQ Options Market LLC | Unmapped | 5.3% | 0.0% | 8.2% | 4.1% | 0.00 ¢ | -40.53 ¢ |
| 202604 | options | MIAX PEARL, LLC | Unmapped | 4.3% | 0.0% | 6.5% | 3.4% | 0.00 ¢ | -37.84 ¢ |
| 202604 | options | Nasdaq Texas, LLC | Unmapped | 3.3% | 0.0% | 8.2% | 0.1% | 0.00 ¢ | -36.90 ¢ |
| 202604 | options | Nasdaq GEMX, LLC | Unmapped | 2.0% | 0.0% | 4.2% | 0.4% | 0.00 ¢ | -24.35 ¢ |
| 202604 | other_stocks | The Nasdaq Stock Market LLC | Unmapped | 22.4% | 14.2% | 12.9% | 26.7% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | NYSE Arca, Inc. | Unmapped | 12.7% | 21.0% | 9.5% | 14.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 9.8% | 29.2% | 4.6% | 12.0% | -10.00 ¢ | 4.99 ¢ |
| 202604 | other_stocks | Cboe BZX Exchange, Inc. | Unmapped | 7.2% | 2.2% | 4.6% | 8.5% | 0.00 ¢ | 12.32 ¢ |
| 202604 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 7.0% | 0.0% | 5.8% | 7.7% | 0.00 ¢ | -30.00 ¢ |
| 202604 | other_stocks | UBS Securities, LLC ATS | Unmapped | 6.8% | 0.0% | 17.6% | 1.9% | 0.00 ¢ | -10.00 ¢ |
| 202604 | other_stocks | Investors Exchange (IEXG) | Unmapped | 5.9% | 0.0% | 4.5% | 6.6% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Cboe BYX Exchange, Inc. | Unmapped | 5.9% | 0.0% | 2.6% | 7.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Cboe EDGA Exchange, Inc. | Unmapped | 4.1% | 0.0% | 1.5% | 5.3% | 0.00 ¢ | -30.00 ¢ |
| 202604 | other_stocks | NYSE American LLC | Unmapped | 4.1% | 1.8% | 1.8% | 5.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | The Nasdaq Stock Market LLC | Unmapped | 33.4% | 24.1% | 15.6% | 41.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 15.2% | 64.0% | 4.8% | 16.1% | -10.00 ¢ | 0.60 ¢ |
| 202604 | sp500 | UBS Securities, LLC ATS | Unmapped | 9.2% | 0.0% | 26.4% | 3.1% | 0.00 ¢ | -10.00 ¢ |
| 202604 | sp500 | NYSE Arca, Inc. | Unmapped | 8.0% | 0.0% | 7.9% | 8.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Cboe EDGX Exchange, Inc. | Unmapped | 5.5% | 0.0% | 4.9% | 6.2% | 0.00 ¢ | -30.00 ¢ |
| 202604 | sp500 | Cboe BZX Exchange, Inc. | Unmapped | 5.2% | 0.0% | 4.5% | 5.8% | 0.00 ¢ | 13.60 ¢ |
| 202604 | sp500 | Investors Exchange (IEXG) | Unmapped | 4.5% | 0.0% | 3.5% | 5.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 2.8% | 0.0% | 1.1% | 3.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Cboe EDGA Exchange, Inc. | Unmapped | 2.6% | 0.0% | 1.0% | 3.5% | 0.00 ¢ | -30.00 ¢ |
| 202604 | sp500 | J.P. Morgan Securities LLC | Unmapped | 2.4% | 0.0% | 6.5% | 1.0% | 0.00 ¢ | -12.13 ¢ |
| 202605 | options | Interactive Brokers LLC | Unmapped | 82.0% | 100.0% | 79.0% | 93.4% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Cboe EDGX Exchange, Inc. | Unmapped | 4.5% | 0.0% | 4.0% | 0.3% | 0.00 ¢ | 18.93 ¢ |
| 202605 | options | MIAX Emerald, LLC | Unmapped | 4.0% | 0.0% | 1.3% | 0.1% | 0.00 ¢ | -0.30 ¢ |
| 202605 | options | The NASDAQ Options Market LLC | Unmapped | 3.6% | 0.0% | 4.5% | 3.6% | 0.00 ¢ | -51.75 ¢ |
| 202605 | options | Nasdaq Texas, LLC | Unmapped | 2.3% | 0.0% | 5.3% | 0.2% | 0.00 ¢ | -37.79 ¢ |
| 202605 | options | Nasdaq GEMX, LLC | Unmapped | 1.9% | 0.0% | 2.3% | 1.9% | 0.00 ¢ | -43.86 ¢ |
| 202605 | options | MIAX PEARL, LLC | Unmapped | 1.7% | 0.0% | 3.6% | 0.5% | 0.00 ¢ | -32.15 ¢ |
| 202605 | other_stocks | The Nasdaq Stock Market LLC | Unmapped | 22.2% | 11.6% | 12.8% | 26.5% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | NYSE Arca, Inc. | Unmapped | 12.1% | 24.1% | 9.3% | 13.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 10.4% | 37.8% | 4.7% | 12.8% | -10.00 ¢ | 1.91 ¢ |
| 202605 | other_stocks | Cboe BZX Exchange, Inc. | Unmapped | 8.4% | 4.5% | 4.6% | 10.2% | 0.00 ¢ | 8.97 ¢ |
| 202605 | other_stocks | UBS Securities, LLC ATS | Unmapped | 7.4% | 0.0% | 19.3% | 2.0% | 0.00 ¢ | -10.00 ¢ |
| 202605 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 6.8% | 0.0% | 5.2% | 7.5% | 0.00 ¢ | -29.99 ¢ |
| 202605 | other_stocks | Cboe BYX Exchange, Inc. | Unmapped | 5.8% | 0.0% | 3.0% | 7.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Investors Exchange (IEXG) | Unmapped | 5.8% | 0.0% | 4.7% | 6.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | NYSE American LLC | Unmapped | 3.9% | 1.2% | 1.9% | 4.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Cboe EDGA Exchange, Inc. | Unmapped | 3.9% | 0.0% | 1.6% | 5.0% | 0.00 ¢ | -30.00 ¢ |
| 202605 | sp500 | The Nasdaq Stock Market LLC | Unmapped | 35.5% | 22.6% | 15.6% | 43.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 12.9% | 68.4% | 4.3% | 15.7% | -10.00 ¢ | 0.65 ¢ |
| 202605 | sp500 | UBS Securities, LLC ATS | Unmapped | 10.0% | 0.0% | 27.9% | 3.2% | 0.00 ¢ | -10.00 ¢ |
| 202605 | sp500 | NYSE Arca, Inc. | Unmapped | 7.9% | 0.0% | 8.0% | 7.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Cboe EDGX Exchange, Inc. | Unmapped | 5.5% | 0.0% | 4.8% | 5.9% | 0.00 ¢ | -29.94 ¢ |
| 202605 | sp500 | Cboe BZX Exchange, Inc. | Unmapped | 5.4% | 0.0% | 4.4% | 5.8% | 0.00 ¢ | 8.08 ¢ |
| 202605 | sp500 | Investors Exchange (IEXG) | Unmapped | 4.2% | 0.0% | 3.0% | 4.8% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 2.7% | 0.0% | 1.2% | 3.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | J.P. Morgan Securities LLC | Unmapped | 2.5% | 0.0% | 6.6% | 0.9% | 0.00 ¢ | -12.13 ¢ |
| 202605 | sp500 | Cboe EDGA Exchange, Inc. | Unmapped | 2.4% | 0.0% | 1.0% | 3.0% | 0.00 ¢ | -30.00 ¢ |
| 202606 | options | Interactive Brokers LLC | Unmapped | 82.0% | 100.0% | 75.3% | 91.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | The NASDAQ Options Market LLC | Unmapped | 4.6% | 0.0% | 5.3% | 4.9% | 0.00 ¢ | -46.17 ¢ |
| 202606 | options | MIAX Emerald, LLC | Unmapped | 3.2% | 0.0% | 2.3% | 0.9% | 0.00 ¢ | -29.62 ¢ |
| 202606 | options | Cboe EDGX Exchange, Inc. | Unmapped | 3.1% | 0.0% | 4.2% | 0.2% | 0.00 ¢ | 17.65 ¢ |
| 202606 | options | Nasdaq Texas, LLC | Unmapped | 2.8% | 0.0% | 6.0% | 0.3% | 0.00 ¢ | -31.93 ¢ |
| 202606 | options | MIAX PEARL, LLC | Unmapped | 2.2% | 0.0% | 4.1% | 0.9% | 0.00 ¢ | -42.82 ¢ |
| 202606 | options | Nasdaq GEMX, LLC | Unmapped | 2.0% | 0.0% | 2.9% | 1.5% | 0.00 ¢ | -26.24 ¢ |
| 202606 | other_stocks | The Nasdaq Stock Market LLC | Unmapped | 23.4% | 13.7% | 11.1% | 28.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | NYSE Arca, Inc. | Unmapped | 12.0% | 17.6% | 9.5% | 13.1% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 9.4% | 33.8% | 4.2% | 11.5% | -10.00 ¢ | 3.68 ¢ |
| 202606 | other_stocks | Cboe BZX Exchange, Inc. | Unmapped | 8.9% | 2.0% | 4.3% | 11.1% | 0.00 ¢ | 13.30 ¢ |
| 202606 | other_stocks | UBS Securities, LLC ATS | Unmapped | 8.0% | 0.0% | 20.6% | 2.5% | 0.00 ¢ | -10.00 ¢ |
| 202606 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 6.3% | 0.0% | 4.8% | 7.0% | 0.00 ¢ | -30.00 ¢ |
| 202606 | other_stocks | Cboe BYX Exchange, Inc. | Unmapped | 5.6% | 0.0% | 3.0% | 6.8% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Investors Exchange (IEXG) | Unmapped | 5.4% | 0.0% | 4.2% | 5.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | NYSE American LLC | Unmapped | 3.7% | 1.4% | 2.0% | 4.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Cboe EDGA Exchange, Inc. | Unmapped | 3.5% | 0.0% | 1.3% | 4.5% | 0.00 ¢ | -30.00 ¢ |
| 202606 | sp500 | The Nasdaq Stock Market LLC | Unmapped | 36.0% | 18.4% | 14.7% | 45.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 13.3% | 71.5% | 4.6% | 15.7% | -10.00 ¢ | 0.26 ¢ |
| 202606 | sp500 | UBS Securities, LLC ATS | Unmapped | 10.6% | 0.0% | 30.1% | 3.6% | 0.00 ¢ | -10.00 ¢ |
| 202606 | sp500 | NYSE Arca, Inc. | Unmapped | 7.6% | 0.0% | 8.0% | 7.7% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Cboe EDGX Exchange, Inc. | Unmapped | 5.1% | 0.0% | 4.3% | 5.6% | 0.00 ¢ | -30.00 ¢ |
| 202606 | sp500 | Cboe BZX Exchange, Inc. | Unmapped | 4.5% | 0.1% | 3.8% | 5.0% | 0.00 ¢ | 11.85 ¢ |
| 202606 | sp500 | Investors Exchange (IEXG) | Unmapped | 4.0% | 0.0% | 3.0% | 4.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 2.6% | 0.0% | 1.2% | 3.1% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | J.P. Morgan Securities LLC | Unmapped | 2.5% | 0.0% | 6.5% | 0.9% | 0.00 ¢ | -12.13 ¢ |
| 202606 | sp500 | Instinct X | Unmapped | 2.2% | 0.0% | 5.9% | 0.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | CITADEL SECURITIES LLC (CDRG) | CDRG | 34.4% | 0.0% | 36.4% | 33.0% | 0.00 ¢ | 44.68 ¢ |
| 202604 | options | DASH FINANCIAL OPTION ATS (DASH) | Unmapped | 11.5% | 14.3% | 11.4% | 12.2% | 0.00 ¢ | 37.84 ¢ |
| 202604 | options | DASH FINANCIAL TECH LLC (DFIN) | Unmapped | 1.6% | 71.4% | 0.0% | 0.1% | 0.00 ¢ | 5.33 ¢ |
| 202604 | options | JNOP (JNOP) | Unmapped | 5.0% | 0.0% | 5.5% | 5.0% | 0.00 ¢ | 35.70 ¢ |
| 202604 | options | GLOBAL EXECUTION BROKERS, LP. (SUSQ) | Unmapped | 29.9% | 14.3% | 29.5% | 31.4% | 55.00 ¢ | 47.37 ¢ |
| 202604 | options | WOLVERINE EXECUTION SERV, LLC (WEXX) | Unmapped | 17.7% | 0.0% | 17.3% | 18.3% | 0.00 ¢ | 43.14 ¢ |
| 202604 | other_stocks | CITADEL SECURITIES LLC (CDRG) | CDRG | 22.7% | 22.7% | 23.7% | 25.0% | 9.98 ¢ | 10.00 ¢ |
| 202604 | other_stocks | G1 EXECUTION SERVICES, LLC (ETMM) | ETMM | 16.8% | 16.8% | 19.2% | 18.4% | 9.99 ¢ | 8.37 ¢ |
| 202604 | other_stocks | GTS SECURITIES LLC. (GTSM) | GTSM | 1.3% | 1.3% | 0.0% | 0.4% | 10.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | HRT FINANCIAL LP (HRTF) | HRTF | 9.6% | 9.6% | 5.3% | 9.8% | 10.00 ¢ | 10.00 ¢ |
| 202604 | other_stocks | ICRS (ICRS) | Unmapped | 0.7% | 0.7% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | STONEX FINANCIAL INC. (INTL) | INTL | 4.2% | 4.2% | 3.7% | 5.3% | 9.94 ¢ | 10.00 ¢ |
| 202604 | other_stocks | JANE STREET CAPITAL, LLC (JNST) | JNST | 19.4% | 19.4% | 19.2% | 20.7% | 9.94 ¢ | 10.00 ¢ |
| 202604 | other_stocks | VIRTU AMERICAS LLC (NITE) | NITE | 11.8% | 11.8% | 11.4% | 11.3% | 9.98 ¢ | 10.00 ¢ |
| 202604 | other_stocks | TWO SIGMA SECURITIES (SOHO) | SOHO | 6.8% | 6.8% | 10.6% | 5.0% | 10.00 ¢ | 10.00 ¢ |
| 202604 | other_stocks | UBS SECURITIES (UBSS) | UBSS | 6.8% | 6.8% | 6.9% | 4.1% | 9.98 ¢ | 10.00 ¢ |
| 202604 | sp500 | CITADEL SECURITIES LLC (CDRG) | CDRG | 25.6% | 25.6% | 26.9% | 21.1% | 10.00 ¢ | 10.00 ¢ |
| 202604 | sp500 | G1 EXECUTION SERVICES, LLC (ETMM) | ETMM | 13.6% | 13.6% | 19.2% | 14.7% | 10.00 ¢ | 10.00 ¢ |
| 202604 | sp500 | GTS SECURITIES LLC. (GTSM) | GTSM | 0.0% | 0.0% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | HRT FINANCIAL LP (HRTF) | HRTF | 14.0% | 14.0% | 7.7% | 13.8% | 10.00 ¢ | 10.00 ¢ |
| 202604 | sp500 | ICRS (ICRS) | Unmapped | 0.7% | 0.7% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | STONEX FINANCIAL INC. (INTL) | INTL | 4.3% | 4.3% | 0.0% | 0.9% | 10.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | JANE STREET CAPITAL, LLC (JNST) | JNST | 17.9% | 17.9% | 19.2% | 21.1% | 10.00 ¢ | 10.00 ¢ |
| 202604 | sp500 | VIRTU AMERICAS LLC (NITE) | NITE | 10.9% | 10.9% | 11.5% | 11.9% | 10.00 ¢ | 10.00 ¢ |
| 202604 | sp500 | TWO SIGMA SECURITIES (SOHO) | SOHO | 5.5% | 5.5% | 15.4% | 3.7% | 10.00 ¢ | 10.00 ¢ |
| 202604 | sp500 | UBS SECURITIES (UBSS) | UBSS | 7.4% | 7.4% | 0.0% | 12.8% | 10.00 ¢ | 0.00 ¢ |
| 202605 | options | CITADEL SECURITIES LLC (CDRG) | CDRG | 34.7% | 14.3% | 35.3% | 34.8% | 55.00 ¢ | 44.66 ¢ |
| 202605 | options | DASH FINANCIAL OPTION ATS (DASH) | Unmapped | 11.3% | 14.3% | 11.4% | 11.1% | 0.00 ¢ | 40.51 ¢ |
| 202605 | options | DASH FINANCIAL TECH LLC (DFIN) | Unmapped | 0.7% | 57.1% | 0.0% | 0.1% | 0.00 ¢ | 8.18 ¢ |
| 202605 | options | JNOP (JNOP) | Unmapped | 6.5% | 0.0% | 6.2% | 7.1% | 0.00 ¢ | 38.40 ¢ |
| 202605 | options | GLOBAL EXECUTION BROKERS, LP. (SUSQ) | Unmapped | 30.1% | 14.3% | 29.4% | 31.1% | 30.00 ¢ | 46.83 ¢ |
| 202605 | options | WOLVERINE EXECUTION SERV, LLC (WEXX) | Unmapped | 16.7% | 0.0% | 17.7% | 15.8% | 0.00 ¢ | 43.24 ¢ |
| 202605 | other_stocks | CITADEL SECURITIES LLC (CDRG) | CDRG | 23.1% | 23.1% | 24.9% | 30.2% | 9.96 ¢ | 10.00 ¢ |
| 202605 | other_stocks | G1 EXECUTION SERVICES, LLC (ETMM) | ETMM | 16.4% | 16.4% | 22.1% | 18.4% | 9.99 ¢ | 10.00 ¢ |
| 202605 | other_stocks | GTS SECURITIES LLC. (GTSM) | GTSM | 1.3% | 1.3% | 1.1% | 0.8% | 10.00 ¢ | 10.00 ¢ |
| 202605 | other_stocks | HRT FINANCIAL LP (HRTF) | HRTF | 9.5% | 9.5% | 11.1% | 12.2% | 10.00 ¢ | 10.00 ¢ |
| 202605 | other_stocks | ICRS (ICRS) | Unmapped | 0.8% | 0.8% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | STONEX FINANCIAL INC. (INTL) | INTL | 4.2% | 4.2% | 3.9% | 5.1% | 10.00 ¢ | 10.00 ¢ |
| 202605 | other_stocks | JANE STREET CAPITAL, LLC (JNST) | JNST | 19.3% | 19.3% | 13.8% | 13.9% | 9.96 ¢ | 10.00 ¢ |
| 202605 | other_stocks | VIRTU AMERICAS LLC (NITE) | NITE | 11.8% | 11.8% | 11.6% | 10.9% | 9.97 ¢ | 10.00 ¢ |
| 202605 | other_stocks | TWO SIGMA SECURITIES (SOHO) | SOHO | 6.8% | 6.8% | 7.7% | 4.6% | 9.99 ¢ | 10.00 ¢ |
| 202605 | other_stocks | UBS SECURITIES (UBSS) | UBSS | 6.8% | 6.8% | 3.9% | 4.0% | 9.96 ¢ | 10.00 ¢ |
| 202605 | sp500 | CITADEL SECURITIES LLC (CDRG) | CDRG | 25.9% | 25.9% | 43.2% | 20.2% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | G1 EXECUTION SERVICES, LLC (ETMM) | ETMM | 13.6% | 13.6% | 10.8% | 13.8% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | GTS SECURITIES LLC. (GTSM) | GTSM | 0.0% | 0.0% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | HRT FINANCIAL LP (HRTF) | HRTF | 13.9% | 13.9% | 8.1% | 11.0% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | ICRS (ICRS) | Unmapped | 0.7% | 0.7% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | STONEX FINANCIAL INC. (INTL) | INTL | 4.3% | 4.3% | 2.7% | 5.5% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | JANE STREET CAPITAL, LLC (JNST) | JNST | 17.8% | 17.8% | 10.8% | 23.9% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | VIRTU AMERICAS LLC (NITE) | NITE | 10.8% | 10.8% | 13.5% | 17.4% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | TWO SIGMA SECURITIES (SOHO) | SOHO | 5.5% | 5.5% | 2.7% | 4.6% | 10.00 ¢ | 10.00 ¢ |
| 202605 | sp500 | UBS SECURITIES (UBSS) | UBSS | 7.4% | 7.4% | 8.1% | 3.7% | 10.00 ¢ | 10.00 ¢ |
| 202606 | options | CITADEL SECURITIES LLC (CDRG) | CDRG | 32.4% | 0.0% | 35.2% | 30.8% | 0.00 ¢ | 43.67 ¢ |
| 202606 | options | DASH FINANCIAL OPTION ATS (DASH) | Unmapped | 12.1% | 0.0% | 11.5% | 13.1% | 0.00 ¢ | 36.68 ¢ |
| 202606 | options | DASH FINANCIAL TECH LLC (DFIN) | Unmapped | 1.7% | 100.0% | 0.0% | 0.1% | 0.00 ¢ | 6.44 ¢ |
| 202606 | options | JNOP (JNOP) | Unmapped | 7.3% | 0.0% | 6.4% | 8.4% | 0.00 ¢ | 35.42 ¢ |
| 202606 | options | GLOBAL EXECUTION BROKERS, LP. (SUSQ) | Unmapped | 27.9% | 0.0% | 30.2% | 26.8% | 0.00 ¢ | 45.91 ¢ |
| 202606 | options | WOLVERINE EXECUTION SERV, LLC (WEXX) | Unmapped | 18.6% | 0.0% | 16.8% | 20.8% | 0.00 ¢ | 42.60 ¢ |
| 202606 | other_stocks | CITADEL SECURITIES LLC (CDRG) | CDRG | 23.1% | 23.1% | 22.2% | 27.3% | 9.98 ¢ | 10.00 ¢ |
| 202606 | other_stocks | G1 EXECUTION SERVICES, LLC (ETMM) | ETMM | 17.2% | 17.2% | 14.6% | 22.3% | 9.98 ¢ | 10.00 ¢ |
| 202606 | other_stocks | GTS SECURITIES LLC. (GTSM) | GTSM | 1.4% | 1.4% | 3.5% | 0.2% | 10.00 ¢ | 10.00 ¢ |
| 202606 | other_stocks | HRT FINANCIAL LP (HRTF) | HRTF | 9.1% | 9.1% | 9.7% | 8.2% | 9.95 ¢ | 10.00 ¢ |
| 202606 | other_stocks | ICRS (ICRS) | Unmapped | 0.6% | 0.6% | 0.0% | 0.0% | 9.94 ¢ | 0.00 ¢ |
| 202606 | other_stocks | STONEX FINANCIAL INC. (INTL) | INTL | 4.1% | 4.1% | 3.5% | 4.8% | 9.96 ¢ | 10.00 ¢ |
| 202606 | other_stocks | JANE STREET CAPITAL, LLC (JNST) | JNST | 19.5% | 19.5% | 19.4% | 17.5% | 9.96 ¢ | 10.00 ¢ |
| 202606 | other_stocks | VIRTU AMERICAS LLC (NITE) | NITE | 12.1% | 12.1% | 9.7% | 9.1% | 9.91 ¢ | 10.00 ¢ |
| 202606 | other_stocks | TWO SIGMA SECURITIES (SOHO) | SOHO | 7.0% | 7.0% | 8.3% | 6.3% | 9.97 ¢ | 10.00 ¢ |
| 202606 | other_stocks | UBS SECURITIES (UBSS) | UBSS | 6.0% | 6.0% | 9.0% | 4.3% | 9.92 ¢ | 10.00 ¢ |
| 202606 | sp500 | CITADEL SECURITIES LLC (CDRG) | CDRG | 25.9% | 25.9% | 16.7% | 17.2% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | G1 EXECUTION SERVICES, LLC (ETMM) | ETMM | 14.7% | 14.7% | 19.1% | 20.5% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | GTS SECURITIES LLC. (GTSM) | GTSM | 0.0% | 0.0% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | HRT FINANCIAL LP (HRTF) | HRTF | 13.6% | 13.6% | 9.5% | 10.7% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | ICRS (ICRS) | Unmapped | 0.5% | 0.5% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | STONEX FINANCIAL INC. (INTL) | INTL | 4.4% | 4.4% | 4.8% | 4.9% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | JANE STREET CAPITAL, LLC (JNST) | JNST | 17.8% | 17.8% | 16.7% | 22.1% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | VIRTU AMERICAS LLC (NITE) | NITE | 11.0% | 11.0% | 19.1% | 9.0% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | TWO SIGMA SECURITIES (SOHO) | SOHO | 5.6% | 5.6% | 7.1% | 11.5% | 10.00 ¢ | 10.00 ¢ |
| 202606 | sp500 | UBS SECURITIES (UBSS) | UBSS | 6.4% | 6.4% | 7.1% | 4.1% | 10.00 ¢ | 10.00 ¢ |
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 |
|---|
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 | HRT FINANCIAL LP | pfof_rate | marketable_limit | 6.67 ¢ | 10.00 ¢ | 3.33 ¢ |
| sp500 | ICRS | pfof_rate | market | 0.00 ¢ | 10.00 ¢ | 10.00 ¢ |
| sp500 | STONEX FINANCIAL INC. | pfof_rate | marketable_limit | 3.33 ¢ | 6.67 ¢ | 3.33 ¢ |
| sp500 | STONEX FINANCIAL INC. | pfof_rate | non_marketable_limit | 20.00 ¢ | 23.33 ¢ | 3.33 ¢ |
| sp500 | JANE STREET CAPITAL, LLC | pfof_rate | other | 3.33 ¢ | 0.00 ¢ | -3.33 ¢ |
| sp500 | VIRTU AMERICAS LLC | pfof_rate | non_marketable_limit | 30.00 ¢ | 23.33 ¢ | -6.67 ¢ |
| sp500 | VIRTU AMERICAS LLC | pfof_rate | other | 3.33 ¢ | 0.00 ¢ | -3.33 ¢ |
| sp500 | TWO SIGMA SECURITIES | pfof_rate | marketable_limit | 3.33 ¢ | 10.00 ¢ | 6.67 ¢ |
| sp500 | UBS SECURITIES | pfof_rate | marketable_limit | 10.00 ¢ | 6.67 ¢ | -3.33 ¢ |
| other_stocks | CITADEL SECURITIES LLC | pfof_rate | market | 9.99 ¢ | 9.97 ¢ | -0.02 ¢ |
| other_stocks | CITADEL SECURITIES LLC | pfof_rate | non_marketable_limit | 29.80 ¢ | 29.34 ¢ | -0.46 ¢ |
| other_stocks | G1 EXECUTION SERVICES, LLC | pfof_rate | marketable_limit | 9.14 ¢ | 9.46 ¢ | 0.32 ¢ |
| other_stocks | G1 EXECUTION SERVICES, LLC | pfof_rate | non_marketable_limit | 30.00 ¢ | 23.33 ¢ | -6.67 ¢ |
| other_stocks | G1 EXECUTION SERVICES, LLC | pfof_rate | other | 6.67 ¢ | 0.00 ¢ | -6.67 ¢ |
| other_stocks | GTS SECURITIES LLC. | pfof_rate | marketable_limit | 10.00 ¢ | 6.67 ¢ | -3.33 ¢ |
| other_stocks | HRT FINANCIAL LP | pfof_rate | market | 10.00 ¢ | 9.98 ¢ | -0.02 ¢ |
| other_stocks | HRT FINANCIAL LP | pfof_rate | non_marketable_limit | 23.33 ¢ | 30.00 ¢ | 6.67 ¢ |
| other_stocks | ICRS | pfof_rate | market | 0.00 ¢ | 9.98 ¢ | 9.98 ¢ |
| other_stocks | JANE STREET CAPITAL, LLC | pfof_rate | market | 9.99 ¢ | 9.95 ¢ | -0.04 ¢ |
| other_stocks | JANE STREET CAPITAL, LLC | pfof_rate | other | 3.33 ¢ | 0.00 ¢ | -3.33 ¢ |
| other_stocks | VIRTU AMERICAS LLC | pfof_rate | market | 9.99 ¢ | 9.96 ¢ | -0.03 ¢ |
| other_stocks | VIRTU AMERICAS LLC | pfof_rate | marketable_limit | 9.82 ¢ | 10.00 ¢ | 0.18 ¢ |
| other_stocks | VIRTU AMERICAS LLC | pfof_rate | other | 3.33 ¢ | 0.00 ¢ | -3.33 ¢ |
| other_stocks | TWO SIGMA SECURITIES | pfof_rate | market | 9.97 ¢ | 9.99 ¢ | 0.02 ¢ |
| other_stocks | UBS SECURITIES | pfof_rate | market | 9.98 ¢ | 9.95 ¢ | -0.03 ¢ |
| options | CITADEL SECURITIES LLC | pfof_rate | market | 21.04 ¢ | 18.33 ¢ | -2.71 ¢ |
| options | CITADEL SECURITIES LLC | pfof_rate | marketable_limit | 43.77 ¢ | 44.34 ¢ | 0.57 ¢ |
| options | CITADEL SECURITIES LLC | pfof_rate | non_marketable_limit | 39.22 ¢ | 41.90 ¢ | 2.67 ¢ |
| options | CITADEL SECURITIES LLC | pfof_rate | other | 10.67 ¢ | 20.76 ¢ | 10.09 ¢ |
| options | DASH FINANCIAL OPTION ATS | pfof_rate | market | 10.00 ¢ | 0.00 ¢ | -10.00 ¢ |
| options | DASH FINANCIAL OPTION ATS | pfof_rate | marketable_limit | 38.12 ¢ | 38.34 ¢ | 0.23 ¢ |
| options | DASH FINANCIAL OPTION ATS | pfof_rate | non_marketable_limit | 32.99 ¢ | 37.74 ¢ | 4.75 ¢ |
| options | DASH FINANCIAL OPTION ATS | pfof_rate | other | 10.67 ¢ | 21.67 ¢ | 11.00 ¢ |
| options | DASH FINANCIAL TECH LLC | pfof_rate | market | 12.22 ¢ | 0.00 ¢ | -12.22 ¢ |
| options | DASH FINANCIAL TECH LLC | pfof_rate | marketable_limit | 0.00 ¢ | 6.65 ¢ | 6.65 ¢ |
| options | DASH FINANCIAL TECH LLC | pfof_rate | non_marketable_limit | 11.04 ¢ | 18.18 ¢ | 7.14 ¢ |
| options | DASH FINANCIAL TECH LLC | pfof_rate | other | 10.03 ¢ | 0.00 ¢ | -10.03 ¢ |
| options | JNOP | pfof_rate | marketable_limit | 42.37 ¢ | 36.50 ¢ | -5.86 ¢ |
| options | JNOP | pfof_rate | non_marketable_limit | 31.87 ¢ | 31.36 ¢ | -0.51 ¢ |
| options | GLOBAL EXECUTION BROKERS, LP. | pfof_rate | market | 12.88 ¢ | 28.33 ¢ | 15.45 ¢ |
| options | GLOBAL EXECUTION BROKERS, LP. | pfof_rate | marketable_limit | 46.20 ¢ | 46.70 ¢ | 0.50 ¢ |
| options | GLOBAL EXECUTION BROKERS, LP. | pfof_rate | non_marketable_limit | 43.00 ¢ | 44.79 ¢ | 1.79 ¢ |
| options | GLOBAL EXECUTION BROKERS, LP. | pfof_rate | other | 10.33 ¢ | 33.86 ¢ | 23.53 ¢ |
| options | WOLVERINE EXECUTION SERV, LLC | pfof_rate | market | 10.00 ¢ | 0.00 ¢ | -10.00 ¢ |
| options | WOLVERINE EXECUTION SERV, LLC | pfof_rate | marketable_limit | 42.73 ¢ | 42.99 ¢ | 0.27 ¢ |
| options | WOLVERINE EXECUTION SERV, LLC | pfof_rate | non_marketable_limit | 36.77 ¢ | 39.80 ¢ | 3.03 ¢ |
| options | WOLVERINE EXECUTION SERV, LLC | pfof_rate | other | 0.00 ¢ | 21.67 ¢ | 21.67 ¢ |
| sp500 | Cboe BZX Exchange, Inc. | pfof_rate | marketable_limit | 7.60 ¢ | 11.18 ¢ | 3.57 ¢ |
| sp500 | Cboe EDGX Exchange, Inc. | pfof_rate | marketable_limit | -29.99 ¢ | -29.98 ¢ | 0.01 ¢ |
| sp500 | Cboe EDGX Exchange, Inc. | pfof_rate | other | 0.00 ¢ | -20.00 ¢ | -20.00 ¢ |
| sp500 | Instinct X | added | — | — | 0.75 ¢ | — |
| sp500 | J.P. Morgan Securities LLC | pfof_rate | other | 0.00 ¢ | -8.09 ¢ | -8.09 ¢ |
| sp500 | NEW YORK STOCK EXCHANGE, INC. | pfof_rate | marketable_limit | 0.08 ¢ | 0.50 ¢ | 0.42 ¢ |
| sp500 | NEW YORK STOCK EXCHANGE, INC. | pfof_rate | non_marketable_limit | -25.61 ¢ | -26.49 ¢ | -0.88 ¢ |
| sp500 | NEW YORK STOCK EXCHANGE, INC. | pfof_rate | other | -9.92 ¢ | -19.77 ¢ | -9.85 ¢ |
| sp500 | NYSE American LLC | dropped | — | 0.74 ¢ | — | — |
| sp500 | UBS Securities, LLC ATS | pfof_rate | other | -3.33 ¢ | -6.67 ¢ | -3.33 ¢ |
| other_stocks | Cboe BZX Exchange, Inc. | pfof_rate | marketable_limit | 6.48 ¢ | 11.53 ¢ | 5.05 ¢ |
| other_stocks | Cboe BZX Exchange, Inc. | pfof_rate | non_marketable_limit | 5.67 ¢ | 11.33 ¢ | 5.67 ¢ |
| other_stocks | Cboe EDGX Exchange, Inc. | pfof_rate | other | -20.00 ¢ | -10.00 ¢ | 10.00 ¢ |
| other_stocks | NEW YORK STOCK EXCHANGE, INC. | pfof_rate | marketable_limit | 4.16 ¢ | 3.53 ¢ | -0.63 ¢ |
| other_stocks | NEW YORK STOCK EXCHANGE, INC. | pfof_rate | non_marketable_limit | -23.93 ¢ | -24.23 ¢ | -0.30 ¢ |
| other_stocks | NEW YORK STOCK EXCHANGE, INC. | pfof_rate | other | -28.67 ¢ | -28.69 ¢ | -0.01 ¢ |
| options | Cboe EDGX Exchange, Inc. | pfof_rate | marketable_limit | 24.32 ¢ | 18.93 ¢ | -5.39 ¢ |
| options | Cboe EDGX Exchange, Inc. | pfof_rate | non_marketable_limit | 24.26 ¢ | 21.06 ¢ | -3.19 ¢ |
| options | Cboe EDGX Exchange, Inc. | pfof_rate | other | 46.15 ¢ | 38.52 ¢ | -7.63 ¢ |
| options | MIAX Emerald, LLC | pfof_rate | marketable_limit | -47.85 ¢ | -14.96 ¢ | 32.89 ¢ |
| options | MIAX Emerald, LLC | pfof_rate | non_marketable_limit | 42.83 ¢ | 43.00 ¢ | 0.17 ¢ |
| options | MIAX Emerald, LLC | pfof_rate | other | 40.47 ¢ | 40.91 ¢ | 0.44 ¢ |
| options | MIAX PEARL, LLC | pfof_rate | marketable_limit | -42.16 ¢ | -37.60 ¢ | 4.55 ¢ |
| options | MIAX PEARL, LLC | pfof_rate | non_marketable_limit | 25.00 ¢ | 54.39 ¢ | 29.39 ¢ |
| options | Nasdaq BX, Inc. | dropped | — | 2.22 ¢ | — | — |
| options | Nasdaq GEMX, LLC | added | — | — | 1.93 ¢ | — |
| options | Nasdaq Texas, LLC | added | — | — | 2.80 ¢ | — |
| options | NYSE American LLC | dropped | — | 4.08 ¢ | — | — |
| options | The NASDAQ Options Market LLC | pfof_rate | marketable_limit | -51.13 ¢ | -46.15 ¢ | 4.98 ¢ |
| options | The NASDAQ Options Market LLC | pfof_rate | non_marketable_limit | 63.02 ¢ | 60.27 ¢ | -2.75 ¢ |
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
13
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
ICRS (ICRS), Cboe BYX Exchange, Inc. (name:CBOE BYX EXCHANGE), Cboe BZX Exchange, Inc. (name:CBOE BZX EXCHANGE), Cboe EDGA Exchange, Inc. (name:CBOE EDGA EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), Instinct X (name:INSTINCT X), Investors Exchange (IEXG) (name:INVESTORS EXCHANGE IEXG), J.P. Morgan Securities LLC (name:J P MORGAN SECURITIES), NEW YORK STOCK EXCHANGE, INC. (name:NEW YORK STOCK EXCHANGE), NYSE American LLC (name:NYSE AMERICAN), NYSE Arca, Inc. (name:NYSE ARCA), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), UBS Securities, LLC ATS (name:UBS SECURITIES LLC ATS)
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.