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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): RAYMOND JAMES & ASSOCIATES, INC.. Every underlying execution venue and clearing context is evaluated below.

CRD #25700 Review Period: 2026Q2 Filing: Adopts clearing firm report

LEVEL FOUR FINANCIAL, LLC (CRD #25700) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: LEVEL FOUR FINANCIAL, LLC (CRD #25700) 2026Q2 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. Jane Street Capital LLC(93.6%)

2. Citadel Securities(89.1%)

3. Virtu Americas LLC(85.5%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via RAYMOND JAMES & ASSOCIATES, INC. • 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

LEVEL FOUR FINANCIAL, LLC

CRD Number: 25700 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:51 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
raja(Clearing: RAYMOND JAMES & ASSOCIATES, INC.)	705	EQUITIES	V1	d8ab7b4d825b934179b17c4d3a8511b65873774d1a28471bb1b4c28afe4b2af9	Download XML ↗
Raymond James(Clearing: RAYMOND JAMES & ASSOCIATES, INC.)	705	RAJA / OPTIONS	V1	c7cce64bf0d71b7fa8689273a0d61fd4442a883ee71aef3967a9d1c40fa42255	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 Limit (¢/100)
202604	other_stocks	Jane Street Capital LLC (JNST)	JNST	16.4%	16.5%	14.3%	15.2%	0.00 ¢
202604	other_stocks	Citadel Securities (CDRG)	CDRG	16.3%	16.2%	17.5%	18.9%	0.00 ¢
202604	other_stocks	HRT Financial LP (HRTF)	HRTF	15.8%	16.3%	10.2%	9.1%	0.00 ¢
202604	other_stocks	Virtu Americas LLC (NITE)	NITE	15.7%	15.8%	17.4%	16.4%	0.00 ¢
202604	other_stocks	StoneX Financial Inc. (INTL)	INTL	12.4%	12.4%	11.8%	10.3%	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	10.3%	10.1%	10.0%	6.7%	0.00 ¢
202604	other_stocks	Two Sigma Securities (SOHO)	SOHO	3.2%	2.8%	6.8%	7.9%	0.00 ¢
202604	sp500	Jane Street Capital LLC (JNST)	JNST	14.8%	14.3%	15.1%	16.4%	0.00 ¢
202604	sp500	Virtu Americas LLC (NITE)	NITE	13.4%	12.8%	12.7%	15.4%	0.00 ¢
202604	sp500	Citadel Securities (CDRG)	CDRG	12.9%	12.3%	13.7%	16.2%	0.00 ¢
202604	sp500	StoneX Financial Inc. (INTL)	INTL	10.9%	10.4%	11.3%	12.9%	0.00 ¢
202604	sp500	G1 Execution Services, LLC (ETMM)	ETMM	10.8%	10.5%	9.2%	6.3%	0.00 ¢
202604	sp500	HRT Financial LP (HRTF)	HRTF	8.9%	8.5%	8.1%	7.0%	0.00 ¢
202604	sp500	Two Sigma Securities (SOHO)	SOHO	7.9%	7.5%	8.9%	8.6%	0.00 ¢
202604	sp500	GTS Securities LLC (GTSM)	GTSM	7.5%	7.1%	8.3%	7.6%	0.00 ¢
202604	sp500	UBS Securities LLC (UBSS)	UBSS	6.9%	6.6%	8.8%	6.8%	0.00 ¢
202605	other_stocks	Jane Street Capital LLC (JNST)	JNST	16.4%	16.7%	15.9%	16.3%	0.00 ¢
202605	other_stocks	Citadel Securities (CDRG)	CDRG	16.1%	16.3%	16.6%	17.5%	0.00 ¢
202605	other_stocks	Virtu Americas LLC (NITE)	NITE	15.5%	15.9%	16.9%	15.7%	0.00 ¢
202605	other_stocks	HRT Financial LP (HRTF)	HRTF	14.6%	15.6%	10.2%	9.4%	0.00 ¢
202605	other_stocks	StoneX Financial Inc. (INTL)	INTL	12.4%	12.6%	10.8%	10.3%	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	10.3%	10.4%	9.0%	6.2%	0.00 ¢
202605	other_stocks	Two Sigma Securities (SOHO)	SOHO	3.8%	3.2%	7.6%	8.0%	0.00 ¢
202605	other_stocks	Goldman Sachs - Co. LLC (GSUS)	Unmapped	3.8%	3.7%	3.6%	1.6%	0.00 ¢
202605	sp500	Jane Street Capital LLC (JNST)	JNST	15.0%	15.1%	15.3%	15.1%	0.00 ¢
202605	sp500	Citadel Securities (CDRG)	CDRG	13.1%	13.1%	14.6%	16.8%	0.00 ¢
202605	sp500	Virtu Americas LLC (NITE)	NITE	13.1%	13.0%	13.4%	15.2%	0.00 ¢
202605	sp500	StoneX Financial Inc. (INTL)	INTL	11.0%	10.8%	12.8%	12.7%	0.00 ¢
202605	sp500	G1 Execution Services, LLC (ETMM)	ETMM	10.9%	10.9%	9.2%	6.6%	0.00 ¢
202605	sp500	HRT Financial LP (HRTF)	HRTF	8.9%	8.9%	7.8%	6.6%	0.00 ¢
202605	sp500	Two Sigma Securities (SOHO)	SOHO	8.0%	7.9%	8.5%	9.4%	0.00 ¢
202605	sp500	GTS Securities LLC (GTSM)	GTSM	8.0%	8.0%	7.0%	8.5%	0.00 ¢
202605	sp500	UBS Securities LLC (UBSS)	UBSS	7.0%	7.0%	7.6%	6.3%	0.00 ¢
202606	other_stocks	Citadel Securities (CDRG)	CDRG	17.1%	17.2%	18.6%	19.2%	0.00 ¢
202606	other_stocks	Jane Street Capital LLC (JNST)	JNST	16.4%	16.4%	16.2%	17.0%	0.00 ¢
202606	other_stocks	Virtu Americas LLC (NITE)	NITE	15.3%	15.5%	16.2%	16.6%	0.00 ¢
202606	other_stocks	HRT Financial LP (HRTF)	HRTF	14.1%	14.9%	10.4%	7.7%	0.00 ¢
202606	other_stocks	StoneX Financial Inc. (INTL)	INTL	11.9%	12.0%	10.7%	9.0%	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC (ETMM)	ETMM	9.6%	9.5%	8.1%	5.3%	0.00 ¢
202606	other_stocks	Goldman Sachs - Co. LLC (GSUS)	Unmapped	4.2%	4.1%	5.1%	2.2%	0.00 ¢
202606	other_stocks	Two Sigma Securities (SOHO)	SOHO	3.5%	2.9%	5.9%	6.9%	0.00 ¢
202606	sp500	Jane Street Capital LLC (JNST)	JNST	14.6%	14.0%	14.1%	16.1%	0.00 ¢
202606	sp500	Citadel Securities (CDRG)	CDRG	13.6%	13.0%	14.8%	16.6%	0.00 ¢
202606	sp500	Virtu Americas LLC (NITE)	NITE	12.5%	12.2%	13.9%	14.6%	0.00 ¢
202606	sp500	StoneX Financial Inc. (INTL)	INTL	10.8%	10.4%	12.3%	12.3%	0.00 ¢
202606	sp500	G1 Execution Services, LLC (ETMM)	ETMM	10.3%	10.1%	8.2%	5.8%	0.00 ¢
202606	sp500	HRT Financial LP (HRTF)	HRTF	8.7%	8.4%	8.2%	8.0%	0.00 ¢
202606	sp500	Two Sigma Securities (SOHO)	SOHO	8.0%	7.6%	8.9%	9.2%	0.00 ¢
202606	sp500	GTS Securities LLC (GTSM)	GTSM	8.0%	7.6%	9.2%	8.3%	0.00 ¢
202606	sp500	UBS Securities LLC (UBSS)	UBSS	6.9%	6.7%	6.5%	6.0%	0.00 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	17.7%	30.8%	23.4%	18.9%	0.00 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	17.3%	28.7%	20.9%	16.6%	0.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	17.3%	29.6%	18.8%	22.4%	0.00 ¢
202604	options	Global Execution Brokers LP	Unmapped	6.6%	10.7%	19.6%	5.8%	0.00 ¢
202604	options	NYSE ARCA OPTIONS	Unmapped	6.0%	0.0%	0.0%	3.9%	-49.00 ¢
202604	options	Miami International Securities Exchange, LLC	Unmapped	3.1%	0.0%	0.4%	3.5%	-3.00 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	3.0%	0.0%	1.5%	0.9%	-11.80 ¢
202604	options	Cboe EDGX Exchange, Inc.	Unmapped	2.9%	0.0%	0.3%	0.7%	-4.97 ¢
202604	options	MIAX Emerald, LLC	Unmapped	2.7%	0.0%	0.0%	3.4%	0.00 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	2.7%	0.0%	0.0%	0.9%	0.00 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	2.6%	0.0%	1.0%	0.8%	-45.18 ¢
202604	options	NYSE American LLC	Unmapped	2.6%	0.0%	0.0%	3.5%	0.00 ¢
202604	options	BOX Exchange LLC	Unmapped	2.5%	0.0%	2.2%	2.9%	1.99 ¢
202604	options	Cboe C2 Exchange, Inc.	Unmapped	2.1%	0.0%	0.0%	0.2%	0.00 ¢
202604	options	Nasdaq MRX, LLC	Unmapped	1.6%	0.0%	2.0%	0.8%	23.44 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	19.9%	30.1%	24.3%	20.1%	0.00 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	19.4%	29.6%	19.4%	16.7%	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	18.8%	29.0%	20.2%	20.8%	0.00 ¢
202605	options	Global Execution Brokers LP	Unmapped	6.7%	11.1%	19.5%	5.7%	0.00 ¢
202605	options	NYSE ARCA OPTIONS	Unmapped	4.4%	0.0%	0.0%	2.5%	-49.00 ¢
202605	options	Miami International Securities Exchange, LLC	Unmapped	2.4%	0.0%	0.8%	3.7%	-3.00 ¢
202605	options	Nasdaq PHLX LLC	Unmapped	2.4%	0.0%	0.0%	1.1%	0.00 ¢
202605	options	Nasdaq ISE, LLC	Unmapped	2.3%	0.0%	0.8%	0.8%	-73.34 ¢
202605	options	NYSE American LLC	Unmapped	2.3%	0.0%	0.0%	3.8%	0.00 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	2.3%	0.0%	1.8%	0.7%	-8.84 ¢
202605	options	Cboe EDGX Exchange, Inc.	Unmapped	2.1%	0.0%	0.3%	0.4%	-2.00 ¢
202605	options	BOX Exchange LLC	Unmapped	2.0%	0.0%	2.0%	3.2%	17.20 ¢
202605	options	MIAX PEARL, LLC	Unmapped	2.0%	0.0%	0.0%	4.5%	-48.00 ¢
202605	options	MIAX Emerald, LLC	Unmapped	1.9%	0.0%	0.0%	3.5%	0.00 ¢
202605	options	Cboe BZX Exchange, Inc.	Unmapped	1.7%	0.0%	0.0%	0.8%	0.00 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	19.2%	30.5%	25.5%	21.6%	0.00 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	18.8%	29.7%	22.9%	17.3%	0.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	18.6%	28.9%	17.5%	23.0%	0.00 ¢
202606	options	Global Execution Brokers LP	Unmapped	6.5%	10.8%	19.2%	6.2%	0.00 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	4.8%	0.0%	0.0%	3.5%	0.00 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	3.4%	0.0%	0.9%	1.0%	-79.13 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	2.9%	0.0%	0.7%	1.0%	-5.30 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	2.9%	0.0%	0.0%	0.9%	0.00 ¢
202606	options	Miami International Securities Exchange, LLC	Unmapped	2.6%	0.0%	0.0%	2.9%	0.00 ¢
202606	options	Cboe EDGX Exchange, Inc.	Unmapped	2.6%	0.0%	0.0%	0.4%	1.00 ¢
202606	options	NYSE American LLC	Unmapped	2.4%	0.0%	0.0%	2.9%	0.00 ¢
202606	options	MIAX Emerald, LLC	Unmapped	2.1%	0.0%	0.0%	3.0%	0.00 ¢
202606	options	BOX Exchange LLC	Unmapped	1.9%	0.0%	2.0%	2.2%	11.97 ¢
202606	options	Cboe BZX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	1.1%	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.

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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 2026Q1.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
options	BOX Exchange LLC	pfof_rate	market	-3.79 ¢	0.00 ¢	3.79 ¢
options	BOX Exchange LLC	pfof_rate	marketable_limit	3.91 ¢	10.39 ¢	6.48 ¢
options	BOX Exchange LLC	pfof_rate	non_marketable_limit	-3.11 ¢	-1.26 ¢	1.85 ¢
options	BOX Exchange LLC	pfof_rate	other	48.74 ¢	36.96 ¢	-11.78 ¢
options	Cboe BZX Exchange, Inc.	added	—	—	1.09 ¢	—
options	Cboe C2 Exchange, Inc.	pfof_rate	market	-126.13 ¢	0.00 ¢	126.13 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	marketable_limit	-52.30 ¢	0.00 ¢	52.30 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	non_marketable_limit	25.55 ¢	42.00 ¢	16.45 ¢
options	Cboe C2 Exchange, Inc.	pfof_rate	other	-19.18 ¢	-43.43 ¢	-24.25 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	market	-1.00 ¢	0.00 ¢	1.00 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	-3.53 ¢	-1.99 ¢	1.54 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	-3.18 ¢	-1.94 ¢	1.24 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	other	6.29 ¢	8.72 ¢	2.43 ¢
options	Cboe Exchange, Inc.	pfof_rate	marketable_limit	-9.72 ¢	-8.65 ¢	1.07 ¢
options	Cboe Exchange, Inc.	pfof_rate	non_marketable_limit	-3.05 ¢	-0.42 ¢	2.63 ¢
options	Cboe Exchange, Inc.	pfof_rate	other	-4.44 ¢	-6.02 ¢	-1.59 ¢
options	Matrix Executions, LLC	dropped	—	1.64 ¢	—	—
options	Miami International Securities Exchange, LLC	pfof_rate	market	-1.33 ¢	0.00 ¢	1.33 ¢
options	Miami International Securities Exchange, LLC	pfof_rate	marketable_limit	-3.52 ¢	-2.00 ¢	1.52 ¢
options	Miami International Securities Exchange, LLC	pfof_rate	non_marketable_limit	-3.62 ¢	-3.30 ¢	0.32 ¢
options	Miami International Securities Exchange, LLC	pfof_rate	other	-7.50 ¢	-2.39 ¢	5.11 ¢
options	MIAX Emerald, LLC	pfof_rate	market	-18.00 ¢	0.00 ¢	18.00 ¢
options	MIAX Emerald, LLC	pfof_rate	marketable_limit	-47.77 ¢	0.00 ¢	47.77 ¢
options	MIAX Emerald, LLC	pfof_rate	non_marketable_limit	49.47 ¢	50.91 ¢	1.45 ¢
options	MIAX Emerald, LLC	pfof_rate	other	-23.95 ¢	-30.43 ¢	-6.48 ¢
options	MIAX PEARL, LLC	added	—	—	0.65 ¢	—
options	Nasdaq ISE, LLC	pfof_rate	marketable_limit	-45.40 ¢	-65.88 ¢	-20.48 ¢
options	Nasdaq ISE, LLC	pfof_rate	non_marketable_limit	7.23 ¢	10.87 ¢	3.64 ¢
options	Nasdaq ISE, LLC	pfof_rate	other	2.36 ¢	1.87 ¢	-0.49 ¢
options	Nasdaq MRX, LLC	added	—	—	0.54 ¢	—
options	Nasdaq PHLX LLC	pfof_rate	marketable_limit	-4.00 ¢	0.00 ¢	4.00 ¢
options	Nasdaq PHLX LLC	pfof_rate	non_marketable_limit	-9.64 ¢	-3.18 ¢	6.46 ¢
options	Nasdaq PHLX LLC	pfof_rate	other	-5.98 ¢	-4.94 ¢	1.04 ¢
options	NYSE American LLC	pfof_rate	market	-1.33 ¢	0.00 ¢	1.33 ¢
options	NYSE American LLC	pfof_rate	marketable_limit	-4.00 ¢	0.00 ¢	4.00 ¢
options	NYSE American LLC	pfof_rate	non_marketable_limit	-3.89 ¢	-3.15 ¢	0.73 ¢
options	NYSE American LLC	pfof_rate	other	-11.03 ¢	-5.82 ¢	5.21 ¢
options	NYSE ARCA OPTIONS	pfof_rate	market	-17.67 ¢	0.00 ¢	17.67 ¢
options	NYSE ARCA OPTIONS	pfof_rate	marketable_limit	53.10 ¢	-32.67 ¢	-85.77 ¢
options	NYSE ARCA OPTIONS	pfof_rate	non_marketable_limit	33.29 ¢	42.10 ¢	8.81 ¢
options	NYSE ARCA OPTIONS	pfof_rate	other	22.48 ¢	29.67 ¢	7.20 ¢

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:

Goldman Sachs - Co. LLC (GSUS)

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.