Print to PDF: browser Print (Ctrl+P / Cmd+P)

Select Quarter:

2026Q2 2026Q1

CRD #287900 Review Period: 2026Q2 Filing: Direct 606 filer

ROBINHOOD SECURITIES, LLC (CRD #287900) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: ROBINHOOD SECURITIES, LLC (CRD #287900) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

Open Review Workspace → Request committee preview

Primary Routed Venues (606)

1. CITADEL SECURITIES LLC(272.5%)

2. Virtu Americas, LLC(214.3%)

3. Jane Street Capital(128.8%)

Top routed order shares

Disclosed PFOF / Rebates

$498,436,716.44

Avg 66.45 ¢

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.

Open in Workspace to Dispose →

No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.

FINRA Rule 5310.09 Review Packet

ROBINHOOD SECURITIES, LLC

CRD Number: 287900 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:44 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Robinhood Securities, LLC	287900	Direct	V1	e17c609fa0399a99d7b6e5498188f27a0fc6733bf53341a985fe88a3e91ba464	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.

Download CSV ↓

Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	CITADEL SECURITIES LLC	CDRG	42.2%	55.6%	47.9%	39.7%	37.19 ¢	42.20 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	29.7%	27.6%	28.3%	29.8%	40.08 ¢	43.01 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	11.4%	5.7%	8.0%	11.2%	35.26 ¢	32.03 ¢
202604	options	Jane Street Capital	JNST	9.0%	7.9%	9.9%	11.2%	41.43 ¢	37.48 ¢
202604	options	Global Execution Brokers LP	Unmapped	7.5%	3.2%	5.8%	8.2%	55.35 ¢	51.73 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	33.7%	27.0%	39.6%	37.9%	24.60 ¢	19.11 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	26.7%	21.3%	32.4%	29.6%	16.91 ¢	13.88 ¢
202604	other_stocks	Jane Street Capital	JNST	19.9%	15.9%	25.3%	22.4%	23.15 ¢	16.01 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	8.1%	14.4%	1.2%	4.2%	21.22 ¢	13.73 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	6.6%	12.2%	1.2%	3.4%	10.86 ¢	11.83 ¢
202604	sp500	Virtu Americas, LLC	NITE	35.6%	28.6%	46.9%	40.9%	96.31 ¢	174.60 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	27.4%	23.2%	34.8%	30.1%	78.09 ¢	126.58 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	13.8%	21.8%	0.7%	7.9%	105.05 ¢	75.08 ¢
202604	sp500	Jane Street Capital	JNST	13.2%	11.1%	17.1%	15.0%	116.52 ¢	199.01 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	5.2%	8.1%	0.3%	3.3%	84.82 ¢	35.54 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	39.8%	56.5%	47.1%	38.0%	39.04 ¢	42.62 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	29.9%	24.7%	27.0%	29.7%	44.31 ¢	47.09 ¢
202605	options	Jane Street Capital	JNST	11.6%	11.1%	12.6%	14.2%	40.66 ¢	40.57 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	9.9%	3.6%	6.0%	8.3%	44.86 ¢	35.88 ¢
202605	options	Global Execution Brokers LP	Unmapped	8.8%	4.0%	7.4%	9.9%	64.64 ¢	58.28 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	37.6%	31.3%	45.4%	41.7%	40.11 ¢	26.90 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	24.3%	20.0%	28.8%	27.0%	21.22 ¢	17.78 ¢
202605	other_stocks	Jane Street Capital	JNST	19.5%	16.1%	24.0%	22.2%	32.07 ¢	20.66 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	7.8%	13.4%	0.9%	4.0%	27.41 ¢	15.57 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	5.7%	10.1%	0.6%	2.9%	13.53 ¢	14.25 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	5.1%	9.1%	0.3%	2.3%	52.06 ¢	28.11 ¢
202605	sp500	Virtu Americas, LLC	NITE	35.5%	28.0%	48.3%	41.6%	140.06 ¢	200.75 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	23.9%	19.8%	30.0%	27.2%	104.87 ¢	145.63 ¢
202605	sp500	Jane Street Capital	JNST	14.7%	12.3%	20.6%	17.0%	162.09 ¢	215.51 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	13.0%	20.3%	0.6%	7.0%	169.78 ¢	125.08 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	8.2%	12.9%	0.4%	4.5%	116.87 ¢	42.81 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	45.6%	61.0%	51.4%	42.4%	34.94 ¢	41.73 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	32.4%	26.8%	29.9%	32.4%	39.25 ¢	43.17 ¢
202606	options	Global Execution Brokers LP	Unmapped	8.8%	3.7%	7.0%	10.2%	58.97 ¢	60.90 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	6.6%	3.4%	5.0%	6.8%	30.94 ¢	30.93 ¢
202606	options	Jane Street Capital	JNST	6.5%	5.1%	6.7%	8.2%	40.34 ¢	42.15 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	38.0%	31.6%	47.1%	41.7%	20.07 ¢	10.84 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	21.8%	17.5%	26.6%	24.7%	16.82 ¢	11.38 ¢
202606	other_stocks	Jane Street Capital	JNST	19.9%	16.3%	24.4%	22.8%	29.29 ¢	13.79 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	7.9%	13.0%	0.8%	4.7%	25.71 ¢	20.75 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	6.5%	11.5%	0.6%	3.3%	3.59 ¢	7.06 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	5.8%	10.1%	0.4%	2.9%	51.15 ¢	34.54 ¢
202606	sp500	Virtu Americas, LLC	NITE	33.9%	25.1%	48.8%	41.5%	187.59 ¢	257.18 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	20.8%	16.4%	28.3%	24.6%	134.22 ¢	159.59 ¢
202606	sp500	Jane Street Capital	JNST	14.5%	11.3%	21.6%	17.4%	206.99 ¢	277.85 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	14.1%	21.7%	0.6%	7.3%	206.99 ¢	161.69 ¢
202606	sp500	Hudson River Trading (HRT)	HRTF	12.1%	18.6%	0.6%	6.5%	135.99 ¢	34.31 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

Download CSV ↓

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.

Download CSV ↓

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.

Download CSV ↓

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
sp500	CITADEL SECURITIES LLC	pfof_rate	market	70.06 ¢	105.72 ¢	35.66 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	103.95 ¢	143.93 ¢	39.98 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	126.36 ¢	167.04 ¢	40.68 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	98.10 ¢	114.63 ¢	16.53 ¢
sp500	G1 Execution Services, LLC	pfof_rate	market	99.36 ¢	160.61 ¢	61.25 ¢
sp500	G1 Execution Services, LLC	pfof_rate	marketable_limit	69.50 ¢	120.62 ¢	51.11 ¢
sp500	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	112.64 ¢	145.02 ¢	32.38 ¢
sp500	G1 Execution Services, LLC	pfof_rate	other	109.84 ¢	165.12 ¢	55.28 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	market	80.69 ¢	112.56 ¢	31.87 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	marketable_limit	27.79 ¢	37.55 ¢	9.76 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	81.87 ¢	91.75 ¢	9.87 ¢
sp500	Hudson River Trading (HRT)	pfof_rate	other	96.54 ¢	115.52 ¢	18.98 ¢
sp500	Jane Street Capital	pfof_rate	market	112.99 ¢	161.87 ¢	48.88 ¢
sp500	Jane Street Capital	pfof_rate	marketable_limit	201.42 ¢	230.79 ¢	29.37 ¢
sp500	Jane Street Capital	pfof_rate	non_marketable_limit	179.11 ¢	210.66 ¢	31.55 ¢
sp500	Jane Street Capital	pfof_rate	other	164.96 ¢	174.46 ¢	9.49 ¢
sp500	Virtu Americas, LLC	route_share	—	40.75 ¢	34.99 ¢	-5.76 ¢
sp500	Virtu Americas, LLC	pfof_rate	market	92.67 ¢	141.32 ¢	48.65 ¢
sp500	Virtu Americas, LLC	pfof_rate	marketable_limit	159.06 ¢	210.84 ¢	51.79 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	145.72 ¢	200.97 ¢	55.25 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	100.64 ¢	136.63 ¢	35.99 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	18.88 ¢	18.32 ¢	-0.56 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	16.56 ¢	14.35 ¢	-2.21 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	18.64 ¢	15.85 ¢	-2.79 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	32.77 ¢	35.32 ¢	2.55 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	market	16.96 ¢	51.60 ¢	34.64 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	marketable_limit	15.33 ¢	31.32 ¢	15.99 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	27.86 ¢	47.11 ¢	19.25 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	other	36.55 ¢	68.11 ¢	31.57 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	market	11.97 ¢	9.33 ¢	-2.64 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	marketable_limit	11.64 ¢	11.05 ¢	-0.60 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	non_marketable_limit	14.84 ¢	13.19 ¢	-1.65 ¢
other_stocks	Hudson River Trading (HRT)	pfof_rate	other	16.21 ¢	12.96 ¢	-3.25 ¢
other_stocks	Jane Street Capital	pfof_rate	market	23.48 ¢	28.17 ¢	4.69 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	16.42 ¢	16.82 ¢	0.40 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	20.66 ¢	21.96 ¢	1.30 ¢
other_stocks	Jane Street Capital	pfof_rate	other	35.23 ¢	38.06 ¢	2.83 ¢
other_stocks	Two Sigma Securities, LLC	route_share	—	2.11 ¢	7.94 ¢	5.83 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	market	18.76 ¢	24.78 ¢	6.02 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	marketable_limit	13.87 ¢	16.69 ¢	2.82 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	non_marketable_limit	24.24 ¢	41.09 ¢	16.85 ¢
other_stocks	Two Sigma Securities, LLC	pfof_rate	other	26.75 ¢	32.11 ¢	5.36 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	23.49 ¢	28.26 ¢	4.77 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	19.58 ¢	18.95 ¢	-0.63 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	21.86 ¢	22.25 ¢	0.39 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	35.42 ¢	45.34 ¢	9.92 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	36.28 ¢	37.06 ¢	0.78 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	43.34 ¢	42.18 ¢	-1.16 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	56.15 ¢	55.17 ¢	-0.98 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	52.28 ¢	45.40 ¢	-6.88 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	36.46 ¢	41.21 ¢	4.75 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	42.04 ¢	44.42 ¢	2.38 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	61.76 ¢	62.49 ¢	0.73 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	58.20 ¢	57.49 ¢	-0.70 ¢
options	Global Execution Brokers LP	pfof_rate	market	51.46 ¢	59.65 ¢	8.19 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	52.11 ¢	56.97 ¢	4.86 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	75.31 ¢	80.41 ¢	5.11 ¢
options	Global Execution Brokers LP	pfof_rate	other	51.52 ¢	40.74 ¢	-10.78 ¢
options	Jane Street Capital	pfof_rate	market	42.01 ¢	40.81 ¢	-1.20 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	47.67 ¢	40.06 ¢	-7.60 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	68.68 ¢	63.50 ¢	-5.19 ¢
options	Jane Street Capital	pfof_rate	other	37.48 ¢	38.28 ¢	0.80 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	22.02 ¢	37.02 ¢	15.00 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	25.23 ¢	32.95 ¢	7.72 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	34.42 ¢	51.73 ¢	17.31 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	21.82 ¢	39.00 ¢	17.18 ¢

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:

Two Sigma Securities, LLC (name:TWO SIGMA 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.