EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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2026Q22026Q1
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 #19982 Review Period: 2026Q2 Filing: Direct 606 filer

GFI SECURITIES LLC (CRD #19982) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
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Primary Routed Venues (606)
1. Direct Edge ECN LLC(37.8%)
2. Chicago Board Options Exchange(36.1%)
3. XISE(25.5%)
Top routed order shares
Disclosed PFOF / Rebates
$63,500.60
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

GFI SECURITIES LLC

CRD Number: 19982 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:17:03 GMT
Methodology: exq-2
Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing FirmCRDVariant / ContextVersionSHA-256 DigestSource Document
GFIS19982DirectV1dff6910cb4096554c8c119154beda0a160af35944d1ecc0f317d144202645a52 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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MonthSectionExecution Venue605 ReporterRoute %Market %Mkt Limit %Non-Mkt %PFOF Mkt (¢/100)PFOF Limit (¢/100)
202604optionsDirect Edge ECN LLC (EDGX)EDGK12.6%0.0%6.9%9.5%0.00 ¢11.66 ¢
202604optionsChicago Board Options Exchange (CBOE)Unmapped11.7%0.0%3.0%0.0%0.00 ¢0.00 ¢
202604optionsXISE (XISE)Unmapped6.7%0.0%0.7%2.8%0.00 ¢0.00 ¢
202604optionsMiami Options Exchange (MIAX)Unmapped6.5%0.0%2.1%0.0%0.00 ¢0.00 ¢
202604optionsMIAX Sapphire (SPHR)Unmapped5.5%0.0%1.4%0.0%0.00 ¢0.00 ¢
202604optionsPhiladelphia Stock Exchange (PHLX)Unmapped4.3%0.0%0.5%0.0%0.00 ¢0.00 ¢
202604optionsISE Mercury Options (MCRY)Unmapped3.8%0.0%2.1%0.0%0.00 ¢0.00 ¢
202604optionsMIAX Emerald, LLC. (EMLD)Unmapped2.6%0.0%5.6%0.0%0.00 ¢0.00 ¢
202604optionsMEMX Execution Services LLC (MEMX)Unmapped2.2%0.0%3.0%54.4%0.00 ¢47.15 ¢
202604optionsMATRIX EXECUTIONS, LLC (REDG)Unmapped1.6%6.3%0.0%6.7%0.00 ¢0.00 ¢
202604optionsNasdaq Execution Services, LLC (NSDQ)Unmapped1.4%0.0%33.3%1.4%0.00 ¢0.00 ¢
202604optionsPacific Exchange (XPSE)Unmapped1.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsCBOE Exchange (XCBO)Unmapped1.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsBOX Exchange (XBOX)Unmapped1.1%0.0%1.7%0.0%0.00 ¢0.00 ¢
202604optionsCBOE TRADING, INC. (BATS)BATS1.1%0.0%21.4%0.2%0.00 ¢105.00 ¢
202604optionsNYSE Mkt Llc (XASE)AXASE1.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsMiami Intl Exchange (XMIO)Unmapped0.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq ISE (XISX)Unmapped0.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsArchipelago Trading Services, (ARCA)Unmapped0.7%0.0%5.4%0.5%0.00 ¢75.00 ¢
202604optionsAmerican Stock Exchange (AMEX)Unmapped0.7%0.0%3.1%0.0%0.00 ¢0.00 ¢
202604optionsNASDAQ Execution Services LLC (NQBX)Unmapped0.6%0.0%2.3%12.3%0.00 ¢110.00 ¢
202604optionsMIAX Pearl, LLC (MPRL)Unmapped0.3%0.0%3.8%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq PHLX (XPHO)Unmapped0.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq GEMX, LLC (GMNI)Unmapped0.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsMEMX Options (MXOP)Unmapped0.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsGEMX (GEMX)Unmapped0.1%0.0%1.2%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq Options (XNDQ)Unmapped0.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsXISE (XISE)Unmapped13.0%0.0%6.1%0.0%0.00 ¢0.00 ¢
202605optionsChicago Board Options Exchange (CBOE)Unmapped12.3%0.0%0.7%0.0%0.00 ¢0.00 ¢
202605optionsDirect Edge ECN LLC (EDGX)EDGK12.2%0.0%5.3%7.2%0.00 ¢15.86 ¢
202605optionsMiami Options Exchange (MIAX)Unmapped8.8%0.0%1.6%0.0%0.00 ¢0.00 ¢
202605optionsMIAX Sapphire (SPHR)Unmapped6.8%0.0%0.8%0.0%0.00 ¢0.00 ¢
202605optionsISE Mercury Options (MCRY)Unmapped5.7%0.0%3.7%0.0%0.00 ¢0.00 ¢
202605optionsNasdaq Execution Services, LLC (NSDQ)Unmapped4.3%0.0%65.9%0.0%0.00 ¢0.00 ¢
202605optionsPhiladelphia Stock Exchange (PHLX)Unmapped2.9%0.0%0.4%0.0%0.00 ¢0.00 ¢
202605optionsMEMX Execution Services LLC (MEMX)Unmapped1.9%0.0%2.0%60.1%0.00 ¢49.44 ¢
202605optionsMIAX Emerald, LLC. (EMLD)Unmapped1.3%0.0%0.8%1.4%0.00 ¢0.00 ¢
202605optionsAmerican Stock Exchange (AMEX)Unmapped0.5%0.0%0.8%0.0%0.00 ¢0.00 ¢
202605optionsBOX Exchange (XBOX)Unmapped0.5%0.0%1.7%0.0%0.00 ¢0.00 ¢
202605optionsC2 Options Exchange, Inc. (C2OX)Unmapped0.4%0.0%1.4%0.9%0.00 ¢0.00 ¢
202605optionsArchipelago Trading Services, (ARCA)Unmapped0.4%0.0%1.2%0.0%0.00 ¢0.00 ¢
202605optionsNASDAQ Execution Services LLC (NQBX)Unmapped0.3%0.0%2.3%3.4%0.00 ¢110.00 ¢
202605optionsCBOE TRADING, INC. (BATS)BATS0.2%0.0%1.8%0.2%0.00 ¢0.00 ¢
202605optionsGEMX (GEMX)Unmapped0.1%0.0%2.1%0.0%0.00 ¢0.00 ¢
202605optionsMIAX Pearl, LLC (MPRL)Unmapped0.1%0.0%1.2%0.0%0.00 ¢0.00 ¢
202606optionsDirect Edge ECN LLC (EDGX)EDGK13.0%0.0%15.9%12.6%0.00 ¢16.74 ¢
202606optionsChicago Board Options Exchange (CBOE)Unmapped12.1%0.0%2.8%0.0%0.00 ¢0.00 ¢
202606optionsMiami Options Exchange (MIAX)Unmapped8.1%0.0%1.1%0.0%0.00 ¢0.00 ¢
202606optionsXISE (XISE)Unmapped5.8%0.0%1.9%0.4%0.00 ¢0.00 ¢
202606optionsPhiladelphia Stock Exchange (PHLX)Unmapped5.5%0.0%1.7%0.0%0.00 ¢0.00 ¢
202606optionsISE Mercury Options (MCRY)Unmapped4.9%0.0%1.7%0.0%0.00 ¢0.00 ¢
202606optionsMIAX Sapphire (SPHR)Unmapped4.8%0.0%2.8%0.0%0.00 ¢0.00 ¢
202606optionsMEMX Execution Services LLC (MEMX)Unmapped3.1%0.0%9.0%47.7%0.00 ¢64.05 ¢
202606optionsMIAX Emerald, LLC. (EMLD)Unmapped2.7%0.0%2.6%1.3%0.00 ¢0.00 ¢
202606optionsMATRIX EXECUTIONS, LLC (REDG)Unmapped2.1%1.8%0.2%14.4%0.00 ¢0.00 ¢
202606optionsBOX Exchange (XBOX)Unmapped1.4%0.0%9.2%0.2%0.00 ¢0.00 ¢
202606optionsC2 Options Exchange, Inc. (C2OX)Unmapped1.3%0.0%7.1%0.3%0.00 ¢0.00 ¢
202606optionsArchipelago Trading Services, (ARCA)Unmapped0.9%0.0%5.3%0.0%0.00 ¢0.00 ¢
202606optionsCBOE TRADING, INC. (BATS)BATS0.6%0.0%7.9%1.6%0.00 ¢105.00 ¢
202606optionsNASDAQ Execution Services LLC (NQBX)Unmapped0.6%0.0%7.3%5.8%0.00 ¢110.00 ¢
202606optionsMIAX Pearl, LLC (MPRL)Unmapped0.3%0.0%6.4%2.6%0.00 ¢0.00 ¢
202606optionsNasdaq Execution Services, LLC (NSDQ)Unmapped0.3%0.0%10.1%0.2%0.00 ¢0.00 ¢
202606optionsGEMX (GEMX)Unmapped0.1%0.0%2.4%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.

Download CSV ↓
MonthVenueClassNotional × LotFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <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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MonthClassNotional × LotMetricFirm CompositeBest CompetingBest VenueMedian CompetingMapped 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.

Download CSV ↓
MonthVenueOrder ClassRoute %606 Net PFOF (¢/100)NPI (bps)Peer Bench (bps)Delta (bps)Ref PriceDelta (¢/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.

Download CSV ↓
SectionVenueType of ChangeOrder ClassPrior ValueCurrent ValueNet Shift
optionsAmerican Stock Exchangeadded——0.38 ¢—
optionsArchipelago Trading Services,added——0.67 ¢—
optionsCBOE TRADING, INC.added——0.62 ¢—
optionsChicago Board Options Exchangeadded——12.03 ¢—
optionsDirect Edge ECN LLCadded——12.59 ¢—
optionsMIAX Emerald, LLC.pfof_rateother0.00 ¢3.37 ¢3.37 ¢
optionsGEMXadded——0.09 ¢—
optionsISE Mercury Optionspfof_rateother0.00 ¢0.15 ¢0.15 ¢
optionsMEMX Execution Services LLCadded——2.41 ¢—
optionsMiami Options Exchangeadded——7.79 ¢—
optionsNASDAQ Execution Services LLCadded——0.46 ¢—
optionsNasdaq Execution Services, LLCadded——1.99 ¢—
optionsPhiladelphia Stock Exchangeadded——4.23 ¢—
optionsMIAX Sapphireadded——5.70 ¢—
optionsBOX Exchangepfof_rateother0.00 ¢0.10 ¢0.10 ¢
optionsXISEadded——8.51 ¢—
optionsNasdaq Optionsadded——0.00 ¢—

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells
0
Cells with < 100 covered orders
Unmapped Venues
0
606 destinations without 605 match
Challenged / Missing 605
0
Venues missing monthly 605 report

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.