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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): , VELOX CLEARING LLC. Every underlying execution venue and clearing context is evaluated below.

CRD #21821 Review Period: 2026Q1 Filing: Adopts clearing firm report

CATHAY SECURITIES, INC. (CRD #21821) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: CATHAY SECURITIES, INC. (CRD #21821) 2026Q1 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. Dash/IMC Financial Markets(299.8%)

2. Cboe BYX Exchange, Inc.(116.5%)

3. NYSE Arca, Inc.(93.0%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via VELOX CLEARING 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

CATHAY SECURITIES, INC.

CRD Number: 21821 • Quarter: 2026Q1 • Generated: Wed, 14 Oct 2026 20:21:18 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
	21821	Direct	V1		Download XML ↗
Velox Clearing, LLC(Clearing: VELOX CLEARING LLC)	290215	VLOX	V1	39dbde6b3a08bc04112c374b91099559baa1c68259a8a969c1fff2c4b8374cb6	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)
202601	options	Dash/IMC Financial Markets	Unmapped	100.0%	100.0%	100.0%	100.0%	39.57 ¢	38.60 ¢
202601	other_stocks	NYSE Arca, Inc.	Unmapped	41.2%	6.1%	30.2%	86.7%	-3.00 ¢	-6.62 ¢
202601	other_stocks	Comhar Capital Markets, LLC - Us Equities	Unmapped	14.4%	62.1%	25.7%	6.5%	-2.11 ¢	-1.27 ¢
202601	other_stocks	Cboe BYX Exchange, Inc.	Unmapped	6.7%	0.0%	1.7%	0.5%	0.00 ¢	3.60 ¢
202601	other_stocks	Jump Trading	Unmapped	6.5%	9.1%	12.1%	0.3%	10.16 ¢	1.13 ¢
202601	other_stocks	CODA MARKETS INC	Unmapped	6.3%	20.3%	13.8%	0.7%	-2.99 ¢	-2.18 ¢
202601	other_stocks	Virtu VEQ	Unmapped	4.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	Citadel Securities	CDRG	3.6%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	The Nasdaq Stock Market LLC	Unmapped	2.7%	0.0%	3.8%	2.8%	0.00 ¢	-0.22 ¢
202601	other_stocks	Level ATS	Unmapped	2.2%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	Hudson River Trading (HRT)	HRTF	1.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	Instinet, LLC	Unmapped	1.6%	1.1%	4.6%	0.0%	0.00 ¢	5.25 ¢
202601	sp500	NYSE Arca, Inc.	Unmapped	46.6%	0.5%	17.8%	90.2%	-2.98 ¢	-20.66 ¢
202601	sp500	Comhar Capital Markets, LLC - Us Equities	Unmapped	22.2%	75.9%	49.8%	8.6%	-3.00 ¢	-1.66 ¢
202601	sp500	Cboe BYX Exchange, Inc.	Unmapped	7.2%	0.0%	0.3%	0.3%	0.00 ¢	-0.31 ¢
202601	sp500	CODA MARKETS INC	Unmapped	5.5%	19.8%	15.8%	0.1%	-3.01 ¢	-2.17 ¢
202601	sp500	Jump Trading	Unmapped	3.7%	3.5%	10.0%	0.1%	-2.95 ¢	-0.77 ¢
202601	sp500	Virtu VEQ	Unmapped	3.4%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	Citadel Securities	CDRG	2.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	options	Dash/IMC Financial Markets	Unmapped	99.9%	100.0%	99.6%	100.0%	35.94 ¢	39.23 ¢
202602	other_stocks	Cboe BYX Exchange, Inc.	Unmapped	14.9%	0.0%	1.8%	0.7%	0.00 ¢	5.94 ¢
202602	other_stocks	The Nasdaq Stock Market LLC	Unmapped	14.9%	4.8%	9.4%	46.5%	-4.54 ¢	-6.64 ¢
202602	other_stocks	Comhar Capital Markets, LLC - Us Equities	Unmapped	13.4%	67.4%	23.2%	6.9%	-1.66 ¢	-1.79 ¢
202602	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	12.2%	0.0%	9.0%	40.4%	0.00 ¢	0.09 ¢
202602	other_stocks	Jump Trading	Unmapped	7.1%	10.4%	11.9%	0.6%	2.97 ¢	2.32 ¢
202602	other_stocks	Citadel Securities	CDRG	5.2%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	Virtu VEQ	Unmapped	4.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	Intelligentcross	Unmapped	4.5%	0.0%	16.2%	0.0%	0.00 ¢	4.24 ¢
202602	other_stocks	Level ATS	Unmapped	3.8%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	Hudson River Trading (HRT)	HRTF	3.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	CODA MARKETS INC	Unmapped	3.1%	15.2%	8.2%	0.5%	-2.97 ¢	-1.69 ¢
202602	other_stocks	NYSE Arca, Inc.	Unmapped	2.2%	0.0%	6.8%	1.7%	0.00 ¢	-6.20 ¢
202602	other_stocks	Jane Street Capital	JNST	2.2%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	Comhar Capital Markets, LLC - Us Equities	Unmapped	24.5%	73.4%	42.7%	10.2%	-3.00 ¢	-1.86 ¢
202602	sp500	The Nasdaq Stock Market LLC	Unmapped	19.1%	0.5%	4.1%	59.8%	-3.06 ¢	-16.25 ¢
202602	sp500	Cboe BYX Exchange, Inc.	Unmapped	17.7%	0.0%	0.3%	0.5%	0.00 ¢	-0.43 ¢
202602	sp500	Cboe EDGX Exchange, Inc.	Unmapped	9.3%	0.0%	2.9%	29.1%	0.00 ¢	-9.56 ¢
202602	sp500	Jump Trading	Unmapped	5.0%	8.6%	10.3%	0.1%	-3.04 ¢	-1.40 ¢
202602	sp500	Intelligentcross	Unmapped	5.0%	0.0%	23.1%	0.0%	0.00 ¢	4.13 ¢
202602	sp500	CODA MARKETS INC	Unmapped	4.7%	17.2%	8.3%	0.1%	-3.01 ¢	-1.62 ¢
202602	sp500	Citadel Securities	CDRG	3.8%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	Level ATS	Unmapped	2.8%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	options	Dash/IMC Financial Markets	Unmapped	99.9%	100.0%	99.9%	100.0%	40.15 ¢	39.05 ¢
202603	other_stocks	Cboe BYX Exchange, Inc.	Unmapped	28.2%	0.0%	0.1%	0.7%	0.00 ¢	0.58 ¢
202603	other_stocks	Intelligentcross	Unmapped	10.5%	0.0%	69.8%	0.0%	0.00 ¢	4.14 ¢
202603	other_stocks	Citadel Securities	CDRG	8.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	Virtu VEQ	Unmapped	7.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	Level ATS	Unmapped	6.5%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	Jump Trading	Unmapped	5.8%	11.5%	0.2%	0.1%	-2.98 ¢	2.92 ¢
202603	other_stocks	Hudson River Trading (HRT)	HRTF	5.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	The Nasdaq Stock Market LLC	Unmapped	5.2%	2.3%	6.1%	50.0%	-3.00 ¢	-19.58 ¢
202603	other_stocks	Comhar Capital Markets, LLC - Us Equities	Unmapped	4.7%	64.6%	1.0%	3.8%	-3.00 ¢	-3.00 ¢
202603	other_stocks	Jane Street Capital	JNST	3.6%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	SageTrader, LLC	Unmapped	3.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	NYSE Arca, Inc.	Unmapped	3.0%	0.0%	18.1%	25.5%	0.00 ¢	-27.66 ¢
202603	sp500	Cboe BYX Exchange, Inc.	Unmapped	41.7%	0.0%	0.0%	0.8%	0.00 ¢	-3.00 ¢
202603	sp500	Intelligentcross	Unmapped	12.6%	0.0%	83.2%	0.0%	0.00 ¢	4.00 ¢
202603	sp500	Comhar Capital Markets, LLC - Us Equities	Unmapped	9.0%	90.5%	1.7%	12.5%	-3.00 ¢	-3.00 ¢
202603	sp500	CODA MARKETS INC	Unmapped	8.6%	7.6%	0.9%	0.0%	-3.01 ¢	-3.00 ¢
202603	sp500	Level ATS	Unmapped	6.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	Citadel Securities	CDRG	6.2%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	Jump Trading	Unmapped	3.1%	1.5%	0.2%	0.0%	-2.95 ¢	-2.74 ¢
202603	sp500	The Nasdaq Stock Market LLC	Unmapped	2.9%	0.2%	0.5%	71.9%	-3.00 ¢	-9.12 ¢

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 2025Q4.

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No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.

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 EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), CODA MARKETS INC (name:CODA MARKETS), Comhar Capital Markets, LLC - Us Equities (name:COMHAR CAPITAL MARKETS LLC - US EQUITIES), Instinet, LLC (name:INSTINET), Intelligentcross (name:INTELLIGENTCROSS), Jump Trading (name:JUMP TRADING), Level ATS (name:LEVEL ATS), NYSE Arca, Inc. (name:NYSE ARCA), SageTrader, LLC (name:SAGETRADER), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), Virtu VEQ (name:VIRTU VEQ)

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.