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Preview Report: 2026Q2 Routing × 2026Q3 Benchmarks
Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q2 (606, latest month in that quarter); execution quality comes from 2026Q3 amended 605 benchmarks. Route shares from one period are applied to benchmarks from another.
CRD #28684
Review Period: 2026Q2
Filing: Direct 606 filer
GBM INTERNATIONAL, INC. (CRD #28684) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 16 COMPETING-MARKET EXCEPTIONS REQUIRING RULE 5310.09 COMMITTEE DISPOSITION
Primary Routed Venues (606)
1. GSEC(412.0%)
2. Pershing LLC(328.8%)
3. Virtu Financial(37.5%)
Top routed order shares
Disclosed PFOF / Rebates
$0.00
Non-directed retail equity flow
Competing-Market Exceptions
16 of 39
Scored cells with >1.0 bps shortfall
Data Coverage
1 mo • 1 build
Months: 202608
Sample Benchmark Proof
Worst Disparity Cell: sp500_proxy • nonmarketable_limit • $5k–$10k (ODD)
Virtu Financial's reported 605 statistics in the $5k–$10k sp500_proxy nonmarketable_limit tier (ODD) trailed the mix-adjusted peer benchmark by 38.01 bps.
| Role | Market Center | Routing Share (606) | PFOF Rate (¢/100) | NPI (bps) | Peer Bench (bps) | Fill Rate | 5310.09 Status |
|---|---|---|---|---|---|---|---|
| Routed Venue | Virtu Financial (VIRT) | 3.3% | — | 1.5 bps | 39.5 bps | 7.1% | -38.0 bps Shortfall |
| Benchmark | Mix-Adjusted Peer Average | — | — | 39.5 bps | 39.5 bps | — | Market Average |
Rule 5310.09 Exceptions Preview (16 Total)
All scored order size and routing buckets where venue net price improvement trailed mix-adjusted peers by > 1.0 bps.
| Month | Routed Venue | Class & Tier | Route % | PFOF (¢/100) | NPI (bps) | Peer Bench (bps) | Shortfall | Action |
|---|---|---|---|---|---|---|---|---|
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $5k–$10k • sp500_proxy (ODD)
| 3.3% | — | 1.5 bps | 39.5 bps | -38.0 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $50k–$200k • sp500_proxy (ROUND)
| 3.3% | — | 0.9 bps | 35.0 bps | -34.0 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $1k–$5k • sp500_proxy (ODD)
| 3.3% | — | 1.6 bps | 34.8 bps | -33.2 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $250–$999 • other (ODD)
| 11.8% | — | 5.8 bps | 32.2 bps | -26.4 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $250–$999 • sp500_proxy (ODD)
| 3.3% | — | 2.0 bps | 27.7 bps | -25.7 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit <$250 • sp500_proxy (ODD)
| 3.3% | — | 5.8 bps | 31.2 bps | -25.4 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $20k–$50k • sp500_proxy (ROUND)
| 3.3% | — | 1.3 bps | 25.7 bps | -24.4 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit ≥$200k • other (ROUND)
| 11.8% | — | 1.4 bps | 24.4 bps | -23.0 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit ≥$200k • sp500_proxy (ROUND)
| 3.3% | — | 0.5 bps | 18.5 bps | -18.0 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $10k–$20k • sp500_proxy (ODD)
| 3.3% | — | 1.7 bps | 19.6 bps | -17.9 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $50k–$200k • other (ROUND)
| 11.8% | — | 2.9 bps | 14.9 bps | -12.0 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $10k–$20k • other (ODD)
| 11.8% | — | 2.9 bps | 12.0 bps | -9.1 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $1k–$5k • other (ODD)
| 11.8% | — | 4.5 bps | 12.1 bps | -7.6 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $20k–$50k • other (ODD)
| 11.8% | — | 2.0 bps | 9.1 bps | -7.1 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $5k–$10k • other (ODD)
| 11.8% | — | 4.2 bps | 11.2 bps | -7.0 bps | Dispose → |
| 202608 | Virtu Financial (VIRT) | nonmarketable_limit $20k–$50k • sp500_proxy (ODD)
| 3.3% | — | 0.9 bps | 3.1 bps | -2.3 bps | Dispose → |
FINRA Rule 5310.09 Review Packet
GBM INTERNATIONAL, INC.
CRD Number: 28684 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:17:57 GMT
Methodology: exq-2
Status: IN-PROGRESS / PREVIEW
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| GBMT | 28684 | Direct | V1 | 00933b593d79027f554fead44dc42265d702ba13687219c6a00b1f1b89243d1e | Download XML ↗ |
Benchmark Builds Applied
• Month 202608: build 202608-20261001T134852Z (exq-2) • S&P constituent source: public_constituent_list (2026Q3) • NPI row exclusions: 224
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) |
|---|---|---|---|---|---|---|---|---|---|
| 202001 | options | Pershing LLC (PERT) | Unmapped | 75.2% | 9.1% | 0.0% | 100.0% | 0.00 ¢ | 0.00 ¢ |
| 202001 | other_stocks | GSEC (GSEC) | Unmapped | 64.1% | 0.0% | 0.0% | 94.9% | 0.00 ¢ | 0.00 ¢ |
| 202001 | other_stocks | Pershing LLC (PERT) | Unmapped | 23.3% | 98.3% | 100.0% | 5.1% | 0.00 ¢ | 0.00 ¢ |
| 202001 | other_stocks | Virtu Financial (VIRT) | VIRT | 11.8% | 1.7% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202001 | other_stocks | ITG (ITG1) | Unmapped | 0.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202001 | other_stocks | Credit Suisse (Advanced Execut (AES1) | Unmapped | 0.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202001 | sp500 | GSEC (GSEC) | Unmapped | 57.5% | 0.0% | 0.0% | 90.9% | 0.00 ¢ | 0.00 ¢ |
| 202001 | sp500 | Pershing LLC (PERT) | Unmapped | 39.2% | 100.0% | 100.0% | 9.1% | 0.00 ¢ | 0.00 ¢ |
| 202001 | sp500 | Virtu Financial (VIRT) | VIRT | 3.3% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202002 | options | Pershing LLC (PERT) | Unmapped | 48.4% | 6.2% | 0.0% | 100.0% | 0.00 ¢ | 0.00 ¢ |
| 202002 | options | ITG (ITG1) | Unmapped | 4.7% | 9.3% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202002 | other_stocks | GSEC (GSEC) | Unmapped | 89.7% | 0.0% | 0.0% | 92.7% | 0.00 ¢ | 0.00 ¢ |
| 202002 | other_stocks | Pershing LLC (PERT) | Unmapped | 8.1% | 92.7% | 100.0% | 5.9% | 0.00 ¢ | 0.00 ¢ |
| 202002 | other_stocks | Virtu Financial (VIRT) | VIRT | 2.2% | 7.3% | 0.0% | 1.5% | 0.00 ¢ | 0.00 ¢ |
| 202002 | other_stocks | ITG (ITG1) | Unmapped | 0.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202002 | sp500 | GSEC (GSEC) | Unmapped | 60.5% | 0.0% | 0.0% | 77.4% | 0.00 ¢ | 0.00 ¢ |
| 202002 | sp500 | Pershing LLC (PERT) | Unmapped | 30.7% | 96.8% | 100.0% | 16.1% | 0.00 ¢ | 0.00 ¢ |
| 202002 | sp500 | Virtu Financial (VIRT) | VIRT | 8.8% | 3.2% | 0.0% | 6.5% | 0.00 ¢ | 0.00 ¢ |
| 202003 | options | Pershing LLC (PERT) | Unmapped | 55.6% | 12.0% | 0.0% | 100.0% | 0.00 ¢ | 0.00 ¢ |
| 202003 | options | ITG (ITG1) | Unmapped | 1.7% | 4.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202003 | other_stocks | GSEC (GSEC) | Unmapped | 88.1% | 0.0% | 0.0% | 90.0% | 0.00 ¢ | 0.00 ¢ |
| 202003 | other_stocks | Pershing LLC (PERT) | Unmapped | 8.9% | 88.0% | 100.0% | 8.5% | 0.00 ¢ | 0.00 ¢ |
| 202003 | other_stocks | Virtu Financial (VIRT) | VIRT | 3.0% | 11.7% | 0.0% | 1.4% | 0.00 ¢ | 0.00 ¢ |
| 202003 | sp500 | GSEC (GSEC) | Unmapped | 52.1% | 0.7% | 0.0% | 58.6% | 0.00 ¢ | 0.00 ¢ |
| 202003 | sp500 | Pershing LLC (PERT) | Unmapped | 39.4% | 93.0% | 100.0% | 35.1% | 0.00 ¢ | 0.00 ¢ |
| 202003 | sp500 | Virtu Financial (VIRT) | VIRT | 8.4% | 6.3% | 0.0% | 6.3% | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 202608 | VIRT | marketable_limit | <$250 • ODD | 49.8% | 47.2% | 2.6 bps | -4.4 bps | 4% | 40th | $0.0311 | 100.0% |
| 202608 | VIRT | marketable_limit | <$250 • ROUND | 33.4% | 59.6% | 4.7 bps | -79.0 bps | 8% | 40th | $0.0125 | 100.0% |
| 202608 | VIRT | marketable_limit | $250–$999 • ODD | 36.9% | 63.8% | 1.4 bps | -12.6 bps | 6% | 33rd | $0.0503 | 100.0% |
| 202608 | VIRT | marketable_limit | $250–$999 • ROUND | 28.6% | 53.3% | 2.6 bps | -28.2 bps | 26% | 42nd | $0.0133 | 100.0% |
| 202608 | VIRT | marketable_limit | $1k–$5k • ODD | 34.8% | 65.8% | 0.7 bps | -2.7 bps | 9% | 24th | $0.0712 | 100.0% |
| 202608 | VIRT | marketable_limit | $1k–$5k • ROUND | 15.3% | 55.2% | 1.3 bps | -23.2 bps | 19% | 37th | $0.0145 | 100.0% |
| 202608 | VIRT | marketable_limit | $5k–$10k • ODD | 28.5% | 59.6% | 0.4 bps | -10.5 bps | 3% | 24th | $0.1403 | 100.0% |
| 202608 | VIRT | marketable_limit | $5k–$10k • ROUND | 15.3% | 50.6% | 0.8 bps | -12.4 bps | 9% | 35th | $0.0165 | 100.0% |
| 202608 | VIRT | marketable_limit | $10k–$20k • ODD | 25.0% | 55.6% | 0.4 bps | — | 0% | 23rd | $0.2678 | 100.0% |
| 202608 | VIRT | marketable_limit | $10k–$20k • ROUND | 15.6% | 48.3% | 0.6 bps | -8.5 bps | 19% | 33rd | $0.0178 | 100.0% |
| 202608 | VIRT | marketable_limit | $20k–$50k • ODD | 23.3% | 41.7% | 0.2 bps | — | 0% | 17th | $0.3943 | 100.0% |
| 202608 | VIRT | marketable_limit | $20k–$50k • ROUND | 13.6% | 48.5% | 0.4 bps | -6.0 bps | 19% | 34th | $0.0195 | 100.0% |
| 202608 | VIRT | marketable_limit | $50k–$200k • ROUND | 7.8% | 63.7% | 0.2 bps | -7.6 bps | 12% | 32nd | $0.0201 | 100.0% |
| 202608 | VIRT | marketable_limit | ≥$200k • ROUND | 3.2% | 64.2% | 0.0 bps | -3.0 bps | 10% | 58th | $0.0190 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | <$250 • ODD | 2.5% | 100.0% | 11.2 bps | 9.8 bps | 4% | 15th | $0.1182 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | <$250 • ROUND | 0.7% | 100.0% | 40.2 bps | — | 0% | 33rd | $0.0073 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $250–$999 • ODD | 2.6% | 100.0% | 5.8 bps | 32.2 bps | 8% | 8th | $0.2916 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $250–$999 • ROUND | 1.3% | 100.0% | 55.8 bps | — | 0% | 67th | $0.0273 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $1k–$5k • ODD | 3.6% | 100.0% | 4.5 bps | 12.1 bps | 7% | 6th | $0.2348 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $1k–$5k • ROUND | 0.7% | 100.0% | 22.4 bps | — | 1% | 44th | $0.0626 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $5k–$10k • ODD | 5.1% | 100.0% | 4.2 bps | 11.2 bps | 2% | 12th | $0.4295 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $5k–$10k • ROUND | 1.2% | 100.0% | 11.0 bps | — | 1% | 33rd | $0.0216 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $10k–$20k • ODD | 5.2% | 100.0% | 2.9 bps | 12.0 bps | 8% | 4th | $0.7142 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $10k–$20k • ROUND | 0.8% | 100.0% | 5.5 bps | — | 13% | 13th | $0.0544 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $20k–$50k • ODD | 5.0% | 100.0% | 2.0 bps | 9.1 bps | 18% | 2nd | $1.0588 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $20k–$50k • ROUND | 0.4% | 100.0% | 3.3 bps | — | 17% | 7th | $0.1071 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $50k–$200k • ROUND | 0.4% | 100.0% | 2.9 bps | 14.9 bps | 0% | 8th | $0.1199 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | ≥$200k • ROUND | 0.1% | 100.0% | 1.4 bps | 24.4 bps | 3% | 3rd | $0.1591 | 100.0% |
| 202608 | VIRT | marketable_limit | <$250 • ODD | 25.5% | 82.6% | 1.1 bps | -29.1 bps | 19% | 40th | $0.1567 | 100.0% |
| 202608 | VIRT | marketable_limit | $250–$999 • ODD | 36.6% | 80.0% | 0.4 bps | -3.7 bps | 37% | 25th | $0.2388 | 100.0% |
| 202608 | VIRT | marketable_limit | $250–$999 • ROUND | — | — | — | — | — | — | — | — |
| 202608 | VIRT | marketable_limit | $1k–$5k • ODD | 27.6% | 44.4% | 0.3 bps | -6.9 bps | 23% | 19th | $0.1797 | 100.0% |
| 202608 | VIRT | marketable_limit | $1k–$5k • ROUND | 44.8% | 53.8% | 0.3 bps | — | 0% | 37th | $0.0123 | 100.0% |
| 202608 | VIRT | marketable_limit | $5k–$10k • ODD | 12.5% | 27.0% | 0.1 bps | -1.5 bps | 21% | 14th | $0.2611 | 100.0% |
| 202608 | VIRT | marketable_limit | $5k–$10k • ROUND | 30.8% | 31.0% | 0.3 bps | — | 0% | 39th | $0.0132 | 100.0% |
| 202608 | VIRT | marketable_limit | $10k–$20k • ODD | 16.6% | 30.0% | 0.1 bps | -2.3 bps | 37% | 14th | $0.2965 | 100.0% |
| 202608 | VIRT | marketable_limit | $10k–$20k • ROUND | 21.6% | 32.8% | 0.3 bps | -27.1 bps | 5% | 30th | $0.0549 | 100.0% |
| 202608 | VIRT | marketable_limit | $20k–$50k • ODD | 30.2% | 36.1% | 0.1 bps | -4.4 bps | 9% | 13th | $0.4625 | 100.0% |
| 202608 | VIRT | marketable_limit | $20k–$50k • ROUND | 15.3% | 32.5% | 0.1 bps | -2.8 bps | 13% | 20th | $0.0804 | 100.0% |
| 202608 | VIRT | marketable_limit | $50k–$200k • ODD | — | — | — | — | — | — | — | — |
| 202608 | VIRT | marketable_limit | $50k–$200k • ROUND | 6.1% | 23.8% | 0.0 bps | -1.3 bps | 31% | 11th | $0.0998 | 100.0% |
| 202608 | VIRT | marketable_limit | ≥$200k • ROUND | 1.5% | 56.9% | -0.0 bps | -0.6 bps | 89% | 35th | $0.0308 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | <$250 • ODD | 5.7% | 100.0% | 5.8 bps | 31.2 bps | 14% | 79th | $0.2947 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $250–$999 • ODD | 6.5% | 100.0% | 2.0 bps | 27.7 bps | 41% | 5th | $0.5214 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $1k–$5k • ODD | 6.3% | 100.0% | 1.6 bps | 34.8 bps | 33% | 2nd | $0.6171 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $1k–$5k • ROUND | 0.8% | 100.0% | 6.6 bps | — | 0% | 83rd | $0.0120 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $5k–$10k • ODD | 7.1% | 100.0% | 1.5 bps | 39.5 bps | 9% | 4th | $0.5233 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $5k–$10k • ROUND | 0.8% | 100.0% | 2.1 bps | — | 0% | 11th | $0.0237 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $10k–$20k • ODD | 8.4% | 100.0% | 1.7 bps | 19.6 bps | 17% | 5th | $0.7202 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $10k–$20k • ROUND | 2.7% | 100.0% | 1.7 bps | — | 0% | 4th | $0.2085 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $20k–$50k • ODD | 11.4% | 100.0% | 0.9 bps | 3.1 bps | 25% | 3rd | $0.7540 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $20k–$50k • ROUND | 2.9% | 100.0% | 1.3 bps | 25.7 bps | 13% | 3rd | $0.4047 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | $50k–$200k • ODD | — | — | — | — | — | — | — | — |
| 202608 | VIRT | nonmarketable_limit | $50k–$200k • ROUND | 1.3% | 100.0% | 0.9 bps | 35.0 bps | 59% | 5th | $0.5377 | 100.0% |
| 202608 | VIRT | nonmarketable_limit | ≥$200k • ROUND | 0.1% | 100.0% | 0.5 bps | 18.5 bps | 86% | 4th | $0.2157 | 100.0% |
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 | GOLDMAN SACHS & CO. LLC | dropped | — | 53.02 ¢ | — | — |
| sp500 | GSEC | added | — | — | 56.70 ¢ | — |
| sp500 | Pershing LLC | added | — | — | 36.43 ¢ | — |
| sp500 | VIRTU AMERICAS LLC | dropped | — | 46.98 ¢ | — | — |
| sp500 | Virtu Financial | added | — | — | 6.87 ¢ | — |
| other_stocks | Credit Suisse (Advanced Execut | added | — | — | 0.08 ¢ | — |
| other_stocks | GOLDMAN SACHS & CO. LLC | dropped | — | 85.34 ¢ | — | — |
| other_stocks | GSEC | added | — | — | 80.62 ¢ | — |
| other_stocks | ITG | added | — | — | 0.24 ¢ | — |
| other_stocks | OTHE | dropped | — | 0.22 ¢ | — | — |
| other_stocks | Pershing LLC | added | — | — | 13.42 ¢ | — |
| other_stocks | VIRTU AMERICAS LLC | dropped | — | 14.45 ¢ | — | — |
| other_stocks | Virtu Financial | added | — | — | 5.63 ¢ | — |
| options | ITG | added | — | — | 2.13 ¢ | — |
| options | OTHE | dropped | — | 5.77 ¢ | — | — |
| options | Pershing LLC | route_share | — | 94.23 ¢ | 59.76 ¢ | -34.47 ¢ |
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Suppressed Cells
3
Cells with < 100 covered ordersUnmapped Venues
4
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
Credit Suisse (Advanced Execut (AES1), GSEC (GSEC), ITG (ITG1), Pershing LLC (PERT)
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.