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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): NATIONAL FINANCIAL SERVICES LLC, WELLS FARGO CLEARING SERVICES, LLC, AXOS CLEARING LLC. Every underlying execution venue and clearing context is evaluated below.
CRD #2543
Review Period: 2026Q1
Filing: Adopts clearing firm report
B. RILEY WEALTH MANAGEMENT (CRD #2543) — 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(384.9%)
2. Virtu Americas, LLC(345.7%)
3. Wells Fargo Securities(333.3%)
Top routed order shares
Disclosed PFOF / Rebates
Clears via NATIONAL FINANCIAL SERVICES LLC, WELLS FARGO CLEARING SERVICES, LLC, AXOS 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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
B. RILEY WEALTH MANAGEMENT
CRD Number: 2543 •
Quarter: 2026Q1 •
Generated: Wed, 14 Oct 2026 20:20:31 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| NATIONAL FINANCIAL SERVICES LLC(Clearing: NATIONAL FINANCIAL SERVICES LLC) | 13041 | Direct | V1 | 655866126023b2a8aec940c0828842496200374beae1717277524d4f18b094db | Download XML ↗ |
| Wells Fargo Clearing Services, LLC(Clearing: WELLS FARGO CLEARING SERVICES, LLC) | 19616 | WELS | V1 | 0c418d8af57a887d45527b0fd1e8fc00c3f89301c5f09f001ee2f0722f5dac6e | Download XML ↗ |
| LGNT(Clearing: AXOS CLEARING LLC) | 117176 | LGNT | V1 | 028793f9a168129ba2d83e8eb1d0f13048e31b1d4b269771bdc42b5f27c21041 | 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) |
|---|---|---|---|---|---|---|---|---|---|
| 202601 | options | Susquehanna Financial Group, LLP | Unmapped | 50.0% | 48.8% | 48.1% | 50.5% | 25.66 ¢ | 28.22 ¢ |
| 202601 | options | Citadel Execution Services | Unmapped | 49.9% | 51.2% | 51.8% | 49.4% | 28.55 ¢ | 33.04 ¢ |
| 202601 | other_stocks | Virtu Americas, LLC | NITE | 47.5% | 51.8% | 3.4% | 1.8% | 14.96 ¢ | 15.00 ¢ |
| 202601 | other_stocks | CITADEL SECURITIES LLC | CDRG | 30.2% | 30.8% | 24.1% | 22.3% | 13.49 ¢ | 6.42 ¢ |
| 202601 | other_stocks | UBS Securities, LLC | Unmapped | 5.7% | 4.3% | 20.7% | 18.8% | 13.76 ¢ | 10.21 ¢ |
| 202601 | other_stocks | Canaccord Genuity Securities | Unmapped | 5.2% | 3.8% | 20.5% | 18.6% | 13.98 ¢ | 10.58 ¢ |
| 202601 | other_stocks | Two Sigma Securities, LLC | Unmapped | 3.5% | 2.2% | 18.4% | 17.2% | 13.83 ¢ | 10.14 ¢ |
| 202601 | sp500 | Virtu Americas, LLC | NITE | 47.1% | 49.9% | 13.9% | 4.4% | 15.00 ¢ | 15.00 ¢ |
| 202601 | sp500 | CITADEL SECURITIES LLC | CDRG | 31.5% | 32.1% | 23.0% | 16.6% | 15.00 ¢ | 4.27 ¢ |
| 202601 | sp500 | UBS Securities, LLC | Unmapped | 9.3% | 8.5% | 26.5% | 16.2% | 15.00 ¢ | 15.00 ¢ |
| 202601 | sp500 | Canaccord Genuity Securities | Unmapped | 6.8% | 6.1% | 17.0% | 12.1% | 15.00 ¢ | 15.00 ¢ |
| 202602 | options | Susquehanna Financial Group, LLP | Unmapped | 50.1% | 47.2% | 50.2% | 50.6% | 27.95 ¢ | 24.61 ¢ |
| 202602 | options | Citadel Execution Services | Unmapped | 49.7% | 52.8% | 49.1% | 49.3% | 27.24 ¢ | 37.69 ¢ |
| 202602 | other_stocks | Virtu Americas, LLC | NITE | 48.0% | 52.0% | 2.4% | 2.8% | 14.99 ¢ | 15.00 ¢ |
| 202602 | other_stocks | CITADEL SECURITIES LLC | CDRG | 30.4% | 30.9% | 24.8% | 21.2% | 11.99 ¢ | 5.92 ¢ |
| 202602 | other_stocks | UBS Securities, LLC | Unmapped | 5.5% | 3.9% | 22.2% | 22.3% | 12.97 ¢ | 7.45 ¢ |
| 202602 | other_stocks | Canaccord Genuity Securities | Unmapped | 5.0% | 3.6% | 22.3% | 19.2% | 13.43 ¢ | 7.60 ¢ |
| 202602 | other_stocks | GTS SECURITIES LLC | Unmapped | 3.3% | 3.6% | 0.6% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Virtu Americas, LLC | NITE | 51.1% | 53.7% | 18.9% | 5.8% | 15.00 ¢ | 15.00 ¢ |
| 202602 | sp500 | CITADEL SECURITIES LLC | CDRG | 30.7% | 31.1% | 21.1% | 19.5% | 15.00 ¢ | 9.42 ¢ |
| 202602 | sp500 | UBS Securities, LLC | Unmapped | 8.1% | 7.2% | 20.0% | 18.2% | 14.18 ¢ | 14.23 ¢ |
| 202602 | sp500 | Canaccord Genuity Securities | Unmapped | 5.6% | 4.9% | 15.3% | 15.7% | 15.00 ¢ | 15.00 ¢ |
| 202603 | options | Citadel Execution Services | Unmapped | 51.0% | 49.4% | 51.0% | 51.2% | 27.26 ¢ | 35.45 ¢ |
| 202603 | options | Susquehanna Financial Group, LLP | Unmapped | 49.0% | 50.6% | 48.6% | 48.8% | 26.01 ¢ | 26.59 ¢ |
| 202603 | other_stocks | Virtu Americas, LLC | NITE | 49.2% | 53.1% | 2.3% | 2.0% | 14.95 ¢ | 15.00 ¢ |
| 202603 | other_stocks | CITADEL SECURITIES LLC | CDRG | 30.4% | 30.9% | 23.9% | 20.1% | 13.07 ¢ | 7.32 ¢ |
| 202603 | other_stocks | UBS Securities, LLC | Unmapped | 4.5% | 3.2% | 19.0% | 17.2% | 14.03 ¢ | 8.93 ¢ |
| 202603 | other_stocks | Canaccord Genuity Securities | Unmapped | 4.3% | 3.0% | 18.9% | 16.6% | 13.49 ¢ | 10.04 ¢ |
| 202603 | other_stocks | GTS SECURITIES LLC | Unmapped | 3.6% | 4.0% | 0.6% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Virtu Americas, LLC | NITE | 51.4% | 53.7% | 13.3% | 7.2% | 15.00 ¢ | 15.00 ¢ |
| 202603 | sp500 | CITADEL SECURITIES LLC | CDRG | 31.2% | 31.5% | 24.3% | 21.0% | 15.00 ¢ | 8.19 ¢ |
| 202603 | sp500 | UBS Securities, LLC | Unmapped | 7.7% | 6.9% | 17.0% | 18.9% | 15.00 ¢ | 15.00 ¢ |
| 202603 | sp500 | Canaccord Genuity Securities | Unmapped | 5.6% | 5.0% | 14.4% | 16.3% | 15.00 ¢ | 15.00 ¢ |
| 202601 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 21.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | GLOBAL EXECUTION BROKERS, LP (GEBB) | Unmapped | 20.9% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 20.9% | 50.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Citadel Securities LLC (CDRG) | CDRG | 20.9% | 0.0% | 0.0% | 3.5% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | NYSE Arca Options (ARCA) | Unmapped | 6.7% | 0.0% | 0.0% | 24.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Cboe Options Exchange (CBOE) | Unmapped | 6.1% | 0.0% | 0.0% | 24.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | National Financial Services LLC (XSTM) | XSTM | 24.9% | 27.0% | 1.8% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 15.0% | 16.3% | 0.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | VIRTU Americas, LLC (NITE) | NITE | 14.8% | 13.5% | 34.7% | 15.5% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 14.1% | 12.7% | 37.3% | 15.7% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 10.7% | 11.6% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | HRT FINANCIAL LP (HRTF) | HRTF | 10.3% | 11.2% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | UBS Securities, LLC (UBSS) | UBSS | 2.1% | 2.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Two Sigma Securities, LLC (SOHO) | SOHO | 2.1% | 2.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.1% | 2.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | NASDAQ Stock Market (NSDQ) | Unmapped | 0.6% | 0.1% | 22.9% | 0.0% | -14.51 ¢ | -6.41 ¢ |
| 202601 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 17.3% | 18.9% | 0.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | VIRTU Americas, LLC (NITE) | NITE | 15.5% | 15.9% | 14.8% | 2.9% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 14.9% | 14.9% | 17.4% | 3.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | National Financial Services LLC (XSTM) | XSTM | 14.6% | 15.0% | 10.5% | 10.8% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 12.4% | 13.6% | 0.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | HRT FINANCIAL LP (HRTF) | HRTF | 11.9% | 13.0% | 0.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | UBS Securities, LLC (UBSS) | UBSS | 2.5% | 2.8% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Two Sigma Securities, LLC (SOHO) | SOHO | 2.5% | 2.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.4% | 2.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Intelligent Cross LLC (INCR) | Unmapped | 0.7% | 0.0% | 7.0% | 12.1% | 0.00 ¢ | -8.00 ¢ |
| 202602 | options | GLOBAL EXECUTION BROKERS, LP (GEBB) | Unmapped | 20.1% | 0.0% | 0.0% | 13.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 20.1% | 0.0% | 0.0% | 7.9% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 20.0% | 0.0% | 0.0% | 23.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Citadel Securities LLC (CDRG) | CDRG | 19.9% | 0.0% | 0.0% | 13.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | NYSE Arca Options (ARCA) | Unmapped | 7.5% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Cboe Options Exchange (CBOE) | Unmapped | 7.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | National Financial Services LLC (XSTM) | XSTM | 26.1% | 28.0% | 4.9% | 3.6% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 15.2% | 13.6% | 38.0% | 18.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 14.9% | 16.2% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | VIRTU Americas, LLC (NITE) | NITE | 14.8% | 13.4% | 35.4% | 18.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 11.4% | 12.4% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | HRT FINANCIAL LP (HRTF) | HRTF | 8.6% | 9.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.3% | 2.5% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | UBS Securities, LLC (UBSS) | UBSS | 1.9% | 2.1% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Two Sigma Securities, LLC (SOHO) | SOHO | 1.6% | 1.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | NYSE Arca (ARCA) | Unmapped | 0.5% | 0.0% | 0.1% | 24.1% | -12.00 ¢ | -1.64 ¢ |
| 202602 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 17.6% | 18.8% | 0.1% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 16.6% | 15.9% | 28.8% | 6.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | National Financial Services LLC (XSTM) | XSTM | 16.0% | 16.6% | 7.9% | 8.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | VIRTU Americas, LLC (NITE) | NITE | 15.9% | 15.5% | 25.2% | 6.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 13.4% | 14.4% | 0.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | HRT FINANCIAL LP (HRTF) | HRTF | 10.2% | 10.9% | 0.1% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.6% | 2.8% | 0.0% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | UBS Securities, LLC (UBSS) | UBSS | 2.3% | 2.5% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Two Sigma Securities, LLC (SOHO) | SOHO | 1.8% | 1.9% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | GTS SECURITIES LLC (GTSM) | GTSM | 0.4% | 0.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | NYSE Arca Options (ARCA) | Unmapped | 17.5% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Cboe Options Exchange (CBOE) | Unmapped | 17.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Wolverine Execution Services LLC (WEXX) | Unmapped | 13.4% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Citadel Securities LLC (CDRG) | CDRG | 13.4% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Dash Financial Technologies LLC (DASH) | Unmapped | 13.4% | 0.0% | 0.0% | 25.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | GLOBAL EXECUTION BROKERS, LP (GEBB) | Unmapped | 13.3% | 0.0% | 0.0% | 12.5% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Cboe BZX Options Exchange, Inc. (BATS) | BATS | 9.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | National Financial Services LLC (XSTM) | XSTM | 26.6% | 28.9% | 12.5% | 5.6% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | VIRTU Americas, LLC (NITE) | NITE | 14.4% | 14.9% | 14.7% | 4.8% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Citadel Securities LLC (CDRG) | CDRG | 14.4% | 14.8% | 16.5% | 4.9% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | G1 Execution Services, LLC (ETMM) | ETMM | 13.0% | 14.8% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Jane Street Capital, LLC (JNST) | JNST | 12.2% | 13.9% | 0.3% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | HRT FINANCIAL LP (HRTF) | HRTF | 5.6% | 6.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.2% | 2.5% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | NASDAQ Stock Market (NSDQ) | Unmapped | 1.6% | 0.1% | 0.4% | 33.1% | -14.52 ¢ | -5.29 ¢ |
| 202603 | other_stocks | UBS Securities, LLC (UBSS) | UBSS | 1.4% | 1.6% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Two Sigma Securities, LLC (SOHO) | SOHO | 1.0% | 1.2% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | National Financial Services LLC (XSTM) | XSTM | 16.6% | 17.2% | 12.6% | 7.9% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Citadel Securities LLC (CDRG) | CDRG | 16.5% | 17.3% | 12.9% | 1.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | VIRTU Americas, LLC (NITE) | NITE | 16.4% | 17.5% | 10.8% | 1.1% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | G1 Execution Services, LLC (ETMM) | ETMM | 15.5% | 17.4% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Jane Street Capital, LLC (JNST) | JNST | 14.5% | 16.3% | 0.1% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | HRT FINANCIAL LP (HRTF) | HRTF | 6.7% | 7.5% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Goldman, Sachs & Co. LLC (GSCO) | GSCO | 2.6% | 2.9% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | UBS Securities, LLC (UBSS) | UBSS | 1.7% | 1.9% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Two Sigma Securities, LLC (SOHO) | SOHO | 1.2% | 1.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | NASDAQ Stock Market (NSDQ) | Unmapped | 1.2% | 0.0% | 0.9% | 32.7% | -14.50 ¢ | 0.00 ¢ |
| 202601 | options | CITADEL SECURITIES LLC | CDRG | 38.4% | 38.5% | 38.7% | 38.3% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Global Execution Brokers LP | Unmapped | 32.0% | 31.9% | 32.9% | 32.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Wolverine Execution Services, LLC | Unmapped | 29.6% | 29.5% | 28.4% | 29.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | options | Interactive Brokers LLC | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Wells Fargo Securities | Unmapped | 55.8% | 84.4% | 65.0% | 17.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | CITADEL SECURITIES LLC | CDRG | 10.8% | 5.8% | 11.9% | 15.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Virtu Americas, LLC | NITE | 10.3% | 3.0% | 9.0% | 20.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Two Sigma Securities, LLC | Unmapped | 7.3% | 0.5% | 3.5% | 18.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | UBS Securities, LLC | Unmapped | 6.8% | 0.5% | 4.6% | 15.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | G1 Execution Services, LLC | ETMM | 5.3% | 0.5% | 2.0% | 12.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Wells Fargo Clearing Services, LLC | Unmapped | 1.5% | 2.4% | 0.6% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Jane Street Capital | JNST | 1.3% | 1.9% | 1.4% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | GTS SECURITIES LLC | Unmapped | 0.8% | 0.9% | 1.9% | 0.7% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | MCAP LLC | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Wells Fargo Securities | Unmapped | 64.9% | 88.5% | 64.8% | 16.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | CITADEL SECURITIES LLC | CDRG | 8.8% | 4.5% | 9.3% | 15.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Virtu Americas, LLC | NITE | 7.8% | 2.3% | 7.6% | 19.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Two Sigma Securities, LLC | Unmapped | 5.9% | 0.4% | 3.1% | 18.8% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | UBS Securities, LLC | Unmapped | 5.5% | 0.3% | 9.2% | 16.1% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | G1 Execution Services, LLC | ETMM | 4.3% | 0.3% | 3.8% | 13.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Wells Fargo Clearing Services, LLC | Unmapped | 1.9% | 2.5% | 1.4% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Jane Street Capital | JNST | 0.8% | 1.1% | 0.6% | 0.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | CITADEL SECURITIES LLC | CDRG | 38.9% | 38.9% | 38.9% | 38.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Global Execution Brokers LP | Unmapped | 31.1% | 30.9% | 31.8% | 31.1% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Wolverine Execution Services, LLC | Unmapped | 30.0% | 30.1% | 29.4% | 30.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | options | Interactive Brokers LLC | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Wells Fargo Securities | Unmapped | 47.9% | 73.1% | 60.1% | 14.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | CITADEL SECURITIES LLC | CDRG | 18.5% | 16.0% | 15.2% | 20.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Virtu Americas, LLC | NITE | 9.9% | 3.3% | 8.5% | 17.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | UBS Securities, LLC | Unmapped | 7.5% | 0.5% | 4.3% | 16.9% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Two Sigma Securities, LLC | Unmapped | 7.4% | 0.7% | 4.1% | 17.6% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | G1 Execution Services, LLC | ETMM | 5.0% | 0.6% | 3.9% | 11.4% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Jane Street Capital | JNST | 1.6% | 2.4% | 1.5% | 0.5% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Wells Fargo Clearing Services, LLC | Unmapped | 1.4% | 2.4% | 0.5% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | GTS SECURITIES LLC | Unmapped | 0.8% | 1.0% | 1.8% | 0.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | MCAP LLC | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Wells Fargo Securities | Unmapped | 57.8% | 79.9% | 63.6% | 15.6% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | CITADEL SECURITIES LLC | CDRG | 15.6% | 12.6% | 12.2% | 19.7% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Virtu Americas, LLC | NITE | 7.4% | 2.2% | 6.6% | 16.3% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | UBS Securities, LLC | Unmapped | 6.3% | 0.4% | 9.2% | 17.9% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Two Sigma Securities, LLC | Unmapped | 5.9% | 0.3% | 2.3% | 18.2% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | G1 Execution Services, LLC | ETMM | 4.0% | 0.4% | 3.9% | 11.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Wells Fargo Clearing Services, LLC | Unmapped | 1.8% | 2.5% | 1.4% | 0.4% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Jane Street Capital | JNST | 1.2% | 1.7% | 0.8% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | CITADEL SECURITIES LLC | CDRG | 37.0% | 37.4% | 36.5% | 37.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Global Execution Brokers LP | Unmapped | 31.9% | 31.9% | 33.4% | 31.7% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Wolverine Execution Services, LLC | Unmapped | 31.1% | 30.8% | 30.1% | 31.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | options | Interactive Brokers LLC | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Wells Fargo Securities | Unmapped | 48.9% | 76.8% | 57.7% | 14.4% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | CITADEL SECURITIES LLC | CDRG | 17.7% | 13.4% | 16.6% | 21.5% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Virtu Americas, LLC | NITE | 9.0% | 2.5% | 7.8% | 17.5% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | UBS Securities, LLC | Unmapped | 7.3% | 0.4% | 5.2% | 16.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | G1 Execution Services, LLC | ETMM | 6.7% | 0.5% | 4.2% | 15.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Two Sigma Securities, LLC | Unmapped | 6.5% | 0.5% | 4.2% | 14.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Jane Street Capital | JNST | 1.6% | 2.4% | 1.9% | 0.6% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Wells Fargo Clearing Services, LLC | Unmapped | 1.4% | 2.4% | 0.6% | 0.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | GTS SECURITIES LLC | Unmapped | 0.9% | 1.0% | 1.9% | 0.8% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | MCAP LLC | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Wells Fargo Securities | Unmapped | 57.9% | 83.2% | 61.4% | 13.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | CITADEL SECURITIES LLC | CDRG | 14.8% | 10.4% | 12.8% | 20.9% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Virtu Americas, LLC | NITE | 7.0% | 1.7% | 5.8% | 17.0% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | UBS Securities, LLC | Unmapped | 6.4% | 0.3% | 10.5% | 17.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | G1 Execution Services, LLC | ETMM | 5.8% | 0.4% | 4.6% | 16.2% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Two Sigma Securities, LLC | Unmapped | 5.4% | 0.3% | 2.5% | 14.9% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Wells Fargo Clearing Services, LLC | Unmapped | 1.7% | 2.4% | 1.7% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Jane Street Capital | JNST | 0.9% | 1.3% | 0.6% | 0.1% | 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 2025Q4.
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
0
Cells with < 100 covered ordersUnmapped Venues
10
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
NYSE Arca (ARCA), Intelligent Cross LLC (INCR), NASDAQ Stock Market (NSDQ), Canaccord Genuity Securities (name:CANACCORD GENUITY SECURITIES), GTS SECURITIES LLC (name:GTS SECURITIES), MCAP LLC (name:MCAP), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), UBS Securities, LLC (name:UBS SECURITIES), Wells Fargo Clearing Services, LLC (name:WELLS FARGO CLEARING SERVICES), Wells Fargo Securities (name:WELLS FARGO SECURITIES)
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.