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CRD #2498
Review Period: 2026Q2
Filing: Direct 606 filer
R. F. LAFFERTY & CO., INC. (CRD #2498) — 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 (CDRG)(125.8%)
2. Jane Street Capital, LLC (JNST)(101.2%)
3. G1 Execution Services, LLC (ETMM)(98.8%)
Top routed order shares
Disclosed PFOF / Rebates
$38,510.00
Avg 18.37 ¢
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
R. F. LAFFERTY & CO., INC.
CRD Number: 2498 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:18:33 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| R.F. Lafferty & Co., Inc. | 2498 | Direct | V1 | 53656a6959f16e46be8bd39c518d6fc4098c6c88685a13a70410a594f5f7a044 | 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 | Citadel Securities LLC (CITL) | Unmapped | 28.6% | 36.2% | 29.3% | 33.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Susquehanna International Group, LLP (SUSQ) | Unmapped | 24.7% | 26.0% | 29.3% | 30.6% | 18.90 ¢ | 23.65 ¢ |
| 202604 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 16.9% | 0.0% | 1.7% | 0.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Wolverine Execution Svc. (WEXX) | Unmapped | 14.6% | 8.7% | 17.7% | 18.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | DASH Financial Option ATS (DASH) | Unmapped | 9.4% | 17.3% | 11.6% | 10.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | options | Jane Street Options, LLC (JSOL) | Unmapped | 5.8% | 11.8% | 10.5% | 6.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | RBC Capital Markets Corp (RBCD) | Unmapped | 23.7% | 8.6% | 38.9% | 34.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Citadel Securities (CDRG) | Unmapped | 15.8% | 19.2% | 11.7% | 14.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Jane Street Capital, LLC (JNST) | Unmapped | 14.5% | 17.0% | 11.0% | 12.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | G1 Execution Services, LLC (ETMM) | Unmapped | 11.5% | 14.4% | 7.6% | 10.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Virtu Americas, LLC (NITE) | Unmapped | 9.7% | 11.7% | 8.8% | 7.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | UBS Securities LLC (UBSS) | Unmapped | 7.1% | 8.4% | 6.2% | 6.5% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | HRT FINANCIAL LP (HRTF) | Unmapped | 5.8% | 7.1% | 6.0% | 3.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Two Sigma Securities (SOHO) | Unmapped | 5.0% | 6.5% | 4.0% | 3.8% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | StoneX Financial Inc (INTL) | Unmapped | 3.8% | 5.5% | 3.1% | 2.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | NASDAQ Execution Services, LLC (INET) | Unmapped | 2.0% | 0.7% | 1.4% | 4.2% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Clearpool Execution Services, LLC (CPEX) | Unmapped | 0.5% | 0.7% | 0.5% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Citation Finacial Group (CITA) | Unmapped | 0.2% | 0.0% | 0.5% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | R. F. Lafferty & Co., Inc. (LAFC) | Unmapped | 0.2% | 0.2% | 0.0% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | GTS Securities LLC (GTSM) | Unmapped | 0.1% | 0.2% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Citadel Securities (CDRG) | Unmapped | 23.5% | 23.3% | 35.0% | 18.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | G1 Execution Services, LLC (ETMM) | Unmapped | 16.6% | 15.9% | 5.0% | 16.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Jane Street Capital, LLC (JNST) | Unmapped | 15.1% | 15.1% | 15.0% | 16.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Virtu Americas, LLC (NITE) | Unmapped | 12.3% | 11.8% | 22.5% | 11.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | HRT FINANCIAL LP (HRTF) | Unmapped | 11.0% | 12.0% | 10.0% | 11.3% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | StoneX Financial Inc (INTL) | Unmapped | 7.3% | 8.4% | 2.5% | 6.9% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Two Sigma Securities (SOHO) | Unmapped | 6.2% | 6.9% | 5.0% | 5.6% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | UBS Securities LLC (UBSS) | Unmapped | 5.4% | 3.9% | 2.5% | 10.6% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | RBC Capital Markets Corp (RBCD) | Unmapped | 2.2% | 2.0% | 2.5% | 3.1% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | GTS Securities LLC (GTSM) | Unmapped | 0.3% | 0.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | R. F. Lafferty & Co., Inc. (LAFC) | Unmapped | 0.1% | 0.2% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Citadel Securities LLC (CITL) | Unmapped | 30.4% | 38.7% | 34.8% | 32.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Susquehanna International Group, LLP (SUSQ) | Unmapped | 26.9% | 20.4% | 32.3% | 31.9% | 12.64 ¢ | 24.90 ¢ |
| 202605 | options | Wolverine Execution Svc. (WEXX) | Unmapped | 13.6% | 21.2% | 9.4% | 15.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 12.2% | 0.0% | 1.0% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | DASH Financial Option ATS (DASH) | Unmapped | 10.1% | 14.6% | 12.9% | 11.3% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Jane Street Options, LLC (JSOL) | Unmapped | 6.8% | 5.1% | 9.4% | 8.6% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | RBC Capital Markets Corp (RBCD) | Unmapped | 20.0% | 6.0% | 43.7% | 37.8% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Citadel Securities (CDRG) | Unmapped | 17.9% | 20.3% | 11.1% | 15.8% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Jane Street Capital, LLC (JNST) | Unmapped | 15.4% | 18.1% | 9.0% | 12.8% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | G1 Execution Services, LLC (ETMM) | Unmapped | 14.9% | 18.0% | 6.7% | 12.5% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Virtu Americas, LLC (NITE) | Unmapped | 11.4% | 13.2% | 9.3% | 8.5% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | HRT FINANCIAL LP (HRTF) | Unmapped | 5.7% | 7.8% | 3.5% | 3.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | UBS Securities LLC (UBSS) | Unmapped | 4.4% | 6.1% | 1.5% | 2.7% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Two Sigma Securities (SOHO) | Unmapped | 4.2% | 4.9% | 3.5% | 3.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | StoneX Financial Inc (INTL) | Unmapped | 2.9% | 3.8% | 2.9% | 1.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Clearpool Execution Services, LLC (CPEX) | Unmapped | 1.5% | 0.1% | 8.2% | 1.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | NASDAQ Execution Services, LLC (INET) | Unmapped | 1.2% | 1.2% | 0.3% | 1.8% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | GTS Securities LLC (GTSM) | Unmapped | 0.2% | 0.3% | 0.0% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | R. F. Lafferty & Co., Inc. (LAFC) | Unmapped | 0.1% | 0.2% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Global Execution Brokers, LP (GEBB) | Unmapped | 0.0% | 0.0% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Citadel Securities (CDRG) | Unmapped | 24.7% | 24.6% | 21.1% | 27.4% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | G1 Execution Services, LLC (ETMM) | Unmapped | 23.1% | 20.1% | 15.8% | 24.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Jane Street Capital, LLC (JNST) | Unmapped | 21.6% | 18.9% | 31.6% | 19.4% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Virtu Americas, LLC (NITE) | Unmapped | 12.5% | 14.7% | 13.2% | 11.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | HRT FINANCIAL LP (HRTF) | Unmapped | 7.9% | 9.0% | 10.5% | 8.9% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | StoneX Financial Inc (INTL) | Unmapped | 4.1% | 5.0% | 2.6% | 3.8% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Two Sigma Securities (SOHO) | Unmapped | 2.3% | 1.9% | 0.0% | 2.5% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | UBS Securities LLC (UBSS) | Unmapped | 2.0% | 2.6% | 2.6% | 2.1% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | RBC Capital Markets Corp (RBCD) | Unmapped | 1.7% | 3.1% | 2.6% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | INTELLIGENT CROSS LLC (INCR) | Unmapped | 0.1% | 0.2% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Citadel Securities LLC (CITL) | Unmapped | 29.0% | 39.3% | 32.4% | 35.8% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Susquehanna International Group, LLP (SUSQ) | Unmapped | 21.5% | 26.6% | 26.0% | 26.9% | 23.58 ¢ | 23.64 ¢ |
| 202606 | options | Global Execution Brokers, LP (GEBB) | Unmapped | 19.0% | 0.0% | 1.2% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Wolverine Execution Svc. (WEXX) | Unmapped | 14.3% | 11.6% | 17.9% | 17.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | DASH Financial Option ATS (DASH) | Unmapped | 9.1% | 13.3% | 13.9% | 10.6% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Jane Street Options, LLC (JSOL) | Unmapped | 7.0% | 9.3% | 8.7% | 9.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Citadel Securities (CDRG) | Unmapped | 20.3% | 20.2% | 17.1% | 22.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Jane Street Capital, LLC (JNST) | Unmapped | 14.2% | 16.5% | 12.2% | 10.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | G1 Execution Services, LLC (ETMM) | Unmapped | 14.0% | 14.6% | 14.1% | 11.1% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | RBC Capital Markets Corp (RBCD) | Unmapped | 12.4% | 8.9% | 23.0% | 15.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Virtu Americas, LLC (NITE) | Unmapped | 10.1% | 11.6% | 9.4% | 7.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | UBS Securities LLC (UBSS) | Unmapped | 8.0% | 5.6% | 7.3% | 13.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | HRT FINANCIAL LP (HRTF) | Unmapped | 5.9% | 7.3% | 3.8% | 4.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | StoneX Financial Inc (INTL) | Unmapped | 5.3% | 6.4% | 5.2% | 3.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Two Sigma Securities (SOHO) | Unmapped | 5.0% | 5.9% | 5.4% | 3.8% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | NASDAQ Execution Services, LLC (INET) | Unmapped | 2.9% | 2.4% | 2.1% | 4.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Clearpool Execution Services, LLC (CPEX) | Unmapped | 1.1% | 0.1% | 0.5% | 3.4% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | R. F. Lafferty & Co., Inc. (LAFC) | Unmapped | 0.5% | 0.3% | 0.0% | 1.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | GTS Securities LLC (GTSM) | Unmapped | 0.2% | 0.3% | 0.0% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Citadel Securities (CDRG) | Unmapped | 23.5% | 24.0% | 30.6% | 19.8% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Jane Street Capital, LLC (JNST) | Unmapped | 20.4% | 20.2% | 19.4% | 14.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | G1 Execution Services, LLC (ETMM) | Unmapped | 18.7% | 16.6% | 19.4% | 18.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Virtu Americas, LLC (NITE) | Unmapped | 10.7% | 9.1% | 9.7% | 10.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | HRT FINANCIAL LP (HRTF) | Unmapped | 7.8% | 9.8% | 6.5% | 9.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | UBS Securities LLC (UBSS) | Unmapped | 6.3% | 3.6% | 8.1% | 13.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Two Sigma Securities (SOHO) | Unmapped | 6.1% | 7.2% | 3.2% | 5.8% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | StoneX Financial Inc (INTL) | Unmapped | 3.3% | 5.9% | 1.6% | 1.9% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | RBC Capital Markets Corp (RBCD) | Unmapped | 1.4% | 2.9% | 0.0% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | NASDAQ Execution Services, LLC (INET) | Unmapped | 1.0% | 0.4% | 1.6% | 2.5% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Clearpool Execution Services, LLC (CPEX) | Unmapped | 0.7% | 0.0% | 0.0% | 2.2% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | GTS Securities LLC (GTSM) | Unmapped | 0.2% | 0.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | R. F. Lafferty & Co., Inc. (LAFC) | Unmapped | 0.1% | 0.0% | 0.0% | 0.3% | 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 |
|---|
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 | G1 Execution Services, LLC (ETMM) | route_share | — | 12.72 ¢ | 19.46 ¢ | 6.73 ¢ |
| sp500 | GTS Securities LLC (GTSM) | added | — | — | 0.14 ¢ | — |
| sp500 | UBS Securities LLC (UBSS) | route_share | — | 10.73 ¢ | 4.57 ¢ | -6.16 ¢ |
| other_stocks | Citation Finacial Group (CITA) | added | — | — | 0.07 ¢ | — |
| other_stocks | Global Execution Brokers, LP (GEBB) | added | — | — | 0.01 ¢ | — |
| other_stocks | INTELLIGENT CROSS LLC (INCR) | dropped | — | 0.03 ¢ | — | — |
| options | Susquehanna International Group, LLP (SUSQ) | pfof_rate | market | 21.90 ¢ | 18.37 ¢ | -3.52 ¢ |
| options | Susquehanna International Group, LLP (SUSQ) | pfof_rate | marketable_limit | 23.49 ¢ | 24.06 ¢ | 0.58 ¢ |
| options | Susquehanna International Group, LLP (SUSQ) | pfof_rate | non_marketable_limit | 23.48 ¢ | 23.80 ¢ | 0.32 ¢ |
| options | Susquehanna International Group, LLP (SUSQ) | pfof_rate | other | 24.91 ¢ | 24.67 ¢ | -0.24 ¢ |
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
16
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
Citadel Securities (CDRG) (name:CITADEL SECURITIES CDRG), Citation Finacial Group (CITA) (name:CITATION FINACIAL GROUP CITA), Clearpool Execution Services, LLC (CPEX) (name:CLEARPOOL EXECUTION SERVICES LLC CPEX), G1 Execution Services, LLC (ETMM) (name:G1 EXECUTION SERVICES LLC ETMM), Global Execution Brokers, LP (GEBB) (name:GLOBAL EXECUTION BROKERS LP GEBB), GTS Securities LLC (GTSM) (name:GTS SECURITIES LLC GTSM), HRT FINANCIAL LP (HRTF) (name:HRT FINANCIAL LP HRTF), INTELLIGENT CROSS LLC (INCR) (name:INTELLIGENT CROSS LLC INCR), Jane Street Capital, LLC (JNST) (name:JANE STREET CAPITAL LLC JNST), NASDAQ Execution Services, LLC (INET) (name:NASDAQ EXECUTION SERVICES LLC INET), R. F. Lafferty & Co., Inc. (LAFC) (name:R F LAFFERTY CO INC LAFC), RBC Capital Markets Corp (RBCD) (name:RBC CAPITAL MARKETS CORP RBCD), StoneX Financial Inc (INTL) (name:STONEX FINANCIAL INC INTL), Two Sigma Securities (SOHO) (name:TWO SIGMA SECURITIES SOHO), UBS Securities LLC (UBSS) (name:UBS SECURITIES LLC UBSS), Virtu Americas, LLC (NITE) (name:VIRTU AMERICAS LLC NITE)
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.