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2026Q2 2026Q1

CRD #277027 Review Period: 2026Q2 Filing: Direct 606 filer

TASTYTRADE, INC. (CRD #277027) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: TASTYTRADE, INC. (CRD #277027) 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. CITADEL SECURITIES LLC(334.6%)

2. Hudson River Trading (HRT)(168.5%)

3. G1 Execution Services, LLC(117.4%)

Top routed order shares

Disclosed PFOF / Rebates

$17,989,621.45

Avg 32.24 ¢

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

TASTYTRADE, INC.

CRD Number: 277027 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:21:00 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Tastytrade Inc	277027	TWTT	V1	b30f1f7aa1ef3ede7abdc498df97e0ef67b1dc9f057548436ab2e992b01bc7f6	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)
202604	options	Dash/IMC Financial Markets	Unmapped	32.1%	41.1%	40.6%	41.6%	60.05 ¢	60.19 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	27.7%	25.7%	25.7%	26.4%	59.57 ¢	61.64 ¢
202604	options	Wolverine Execution Services	Unmapped	18.2%	6.1%	7.1%	5.8%	60.52 ¢	59.89 ¢
202604	options	Jane Street Capital	JNST	14.3%	17.0%	16.6%	16.1%	59.45 ¢	58.58 ¢
202604	options	Global Execution Brokers LP	Unmapped	7.7%	10.0%	9.9%	10.1%	59.41 ¢	61.16 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	41.6%	34.7%	40.2%	38.7%	14.72 ¢	14.80 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	29.2%	32.1%	30.0%	31.9%	14.64 ¢	14.94 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	18.7%	19.7%	18.7%	19.8%	14.64 ¢	14.94 ¢
202604	other_stocks	Jane Street Capital	JNST	5.3%	4.4%	4.7%	5.0%	14.80 ¢	14.91 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	5.0%	3.7%	6.4%	4.6%	14.77 ¢	14.96 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	39.8%	32.1%	41.9%	38.5%	15.00 ¢	14.32 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	28.3%	29.6%	27.2%	31.2%	15.00 ¢	15.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	20.4%	18.2%	16.8%	20.1%	14.84 ¢	14.83 ¢
202604	sp500	Virtu Americas, LLC	NITE	5.7%	3.4%	9.6%	5.5%	15.00 ¢	15.00 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	32.1%	41.3%	40.7%	41.6%	63.06 ¢	61.11 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	27.9%	23.0%	22.8%	23.4%	62.81 ¢	62.29 ¢
202605	options	Wolverine Execution Services	Unmapped	18.8%	6.0%	7.1%	5.8%	62.88 ¢	61.42 ¢
202605	options	Jane Street Capital	JNST	14.5%	17.9%	17.7%	17.1%	63.08 ¢	59.63 ¢
202605	options	Global Execution Brokers LP	Unmapped	6.6%	11.8%	11.7%	12.1%	63.55 ¢	61.11 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	39.5%	34.8%	40.3%	38.3%	13.97 ¢	14.72 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	31.5%	32.3%	30.8%	32.8%	13.83 ¢	14.92 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	20.0%	19.9%	19.5%	20.2%	14.27 ¢	14.93 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	5.2%	4.2%	6.5%	5.0%	14.48 ¢	14.96 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	39.8%	30.9%	41.1%	39.6%	15.00 ¢	14.13 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	28.6%	28.9%	26.5%	30.6%	15.00 ¢	15.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	20.3%	17.8%	17.5%	19.7%	14.92 ¢	14.79 ¢
202605	sp500	Virtu Americas, LLC	NITE	6.5%	3.9%	12.2%	6.5%	15.00 ¢	15.00 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	32.3%	39.1%	38.8%	39.7%	61.04 ¢	60.06 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	27.8%	23.0%	22.8%	23.4%	61.38 ¢	61.06 ¢
202606	options	Wolverine Execution Services	Unmapped	18.3%	7.8%	8.9%	7.6%	61.35 ¢	59.75 ¢
202606	options	Jane Street Capital	JNST	14.7%	18.0%	17.6%	17.2%	61.05 ¢	59.09 ¢
202606	options	Global Execution Brokers LP	Unmapped	6.8%	12.2%	11.8%	12.2%	62.04 ¢	59.86 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	45.3%	36.7%	45.6%	43.1%	14.70 ¢	14.83 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	27.8%	31.5%	28.3%	30.5%	14.61 ¢	14.47 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	18.8%	19.0%	17.7%	19.1%	14.52 ¢	14.94 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	6.6%	4.7%	7.3%	6.3%	14.69 ¢	14.52 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	45.1%	31.4%	43.8%	44.6%	15.00 ¢	14.12 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	23.1%	26.6%	25.9%	26.8%	15.00 ¢	15.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	19.3%	16.7%	16.5%	18.4%	14.84 ¢	14.67 ¢
202606	sp500	Virtu Americas, LLC	NITE	8.8%	4.0%	12.9%	9.2%	15.00 ¢	14.97 ¢

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.

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Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	14.27 ¢	14.19 ¢	-0.09 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	13.96 ¢	13.99 ¢	0.03 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	14.70 ¢	14.66 ¢	-0.04 ¢
sp500	G1 Execution Services, LLC	route_share	—	5.38 ¢	19.98 ¢	14.60 ¢
sp500	G1 Execution Services, LLC	pfof_rate	market	14.77 ¢	14.86 ¢	0.09 ¢
sp500	G1 Execution Services, LLC	pfof_rate	marketable_limit	14.51 ¢	14.77 ¢	0.25 ¢
sp500	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	14.92 ¢	14.89 ¢	-0.04 ¢
sp500	G1 Execution Services, LLC	pfof_rate	other	14.97 ¢	14.99 ¢	0.02 ¢
sp500	Jane Street Capital	dropped	—	13.77 ¢	—	—
sp500	Virtu Americas, LLC	pfof_rate	other	12.36 ¢	11.54 ¢	-0.82 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	14.74 ¢	14.46 ¢	-0.28 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	13.66 ¢	13.23 ¢	-0.43 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	14.40 ¢	14.46 ¢	0.06 ¢
other_stocks	G1 Execution Services, LLC	route_share	—	4.78 ¢	19.16 ¢	14.38 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	market	13.54 ¢	14.48 ¢	0.93 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	14.26 ¢	14.68 ¢	0.42 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	other	14.83 ¢	14.80 ¢	-0.03 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	market	14.78 ¢	14.36 ¢	-0.42 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	marketable_limit	14.93 ¢	14.78 ¢	-0.16 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	14.69 ¢	14.67 ¢	-0.02 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	other	14.94 ¢	14.98 ¢	0.04 ¢
other_stocks	Jane Street Capital	route_share	—	13.93 ¢	1.77 ¢	-12.16 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	14.24 ¢	14.14 ¢	-0.10 ¢
other_stocks	Jane Street Capital	pfof_rate	other	14.27 ¢	14.56 ¢	0.28 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	14.88 ¢	14.82 ¢	-0.07 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	13.94 ¢	14.50 ¢	0.57 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	11.96 ¢	11.36 ¢	-0.60 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	61.20 ¢	61.25 ¢	0.06 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	60.77 ¢	61.66 ¢	0.90 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	56.07 ¢	58.29 ¢	2.22 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	26.49 ¢	27.80 ¢	1.30 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	61.00 ¢	61.38 ¢	0.38 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	59.38 ¢	60.46 ¢	1.07 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	57.53 ¢	58.88 ¢	1.34 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	28.82 ¢	26.27 ¢	-2.56 ¢
options	Global Execution Brokers LP	pfof_rate	market	58.60 ¢	61.66 ¢	3.06 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	57.56 ¢	60.71 ¢	3.14 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	53.97 ¢	58.39 ¢	4.42 ¢
options	Global Execution Brokers LP	pfof_rate	other	17.84 ¢	23.26 ¢	5.42 ¢
options	Jane Street Capital	pfof_rate	market	60.32 ¢	61.19 ¢	0.88 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	57.12 ¢	59.10 ¢	1.98 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	57.58 ¢	58.61 ¢	1.03 ¢
options	Jane Street Capital	pfof_rate	other	22.20 ¢	22.06 ¢	-0.15 ¢
options	Wolverine Execution Services	pfof_rate	market	60.73 ¢	61.58 ¢	0.85 ¢
options	Wolverine Execution Services	pfof_rate	marketable_limit	58.80 ¢	60.36 ¢	1.56 ¢
options	Wolverine Execution Services	pfof_rate	non_marketable_limit	57.39 ¢	58.85 ¢	1.46 ¢
options	Wolverine Execution Services	pfof_rate	other	20.48 ¢	19.00 ¢	-1.48 ¢

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

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.