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2026Q2 2026Q1

CRD #298769 Review Period: 2026Q2 Filing: Direct 606 filer

FUTU CLEARING INC (CRD #298769) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: FUTU CLEARING INC (CRD #298769) 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(383.9%)

2. Jane Street Capital(179.4%)

3. Virtu Americas, LLC(123.6%)

Top routed order shares

Disclosed PFOF / Rebates

$54,384,150.75

Avg 25.23 ¢

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

FUTU CLEARING INC

CRD Number: 298769 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:58 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
FUTU CLEARING INC.	298769	FUTU	V1	ac1bf0ba4a6cddbb90c8ca9783891b4ce9a28b058ba217f97cf89f4495138840	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	CITADEL SECURITIES LLC	CDRG	22.4%	21.8%	21.9%	22.5%	42.20 ¢	43.91 ¢
202604	options	Global Execution Brokers LP	Unmapped	21.1%	19.1%	20.1%	21.2%	42.29 ¢	42.41 ¢
202604	options	Jane Street Capital	JNST	21.0%	17.7%	19.3%	21.3%	41.90 ¢	43.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	20.5%	22.2%	21.6%	20.4%	40.80 ¢	41.36 ¢
202604	options	Dash Financial Technologies	Unmapped	15.0%	19.3%	17.0%	14.6%	42.28 ¢	42.43 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	55.3%	30.8%	63.8%	55.9%	7.62 ¢	6.62 ¢
202604	other_stocks	Jane Street Capital	JNST	22.7%	30.1%	25.1%	21.3%	7.12 ¢	7.43 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	17.3%	1.0%	7.4%	19.9%	5.74 ¢	8.28 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	51.3%	27.9%	61.7%	52.3%	9.89 ¢	9.08 ¢
202604	sp500	Jane Street Capital	JNST	22.8%	27.8%	24.7%	21.4%	9.95 ¢	9.42 ¢
202604	sp500	Virtu Americas, LLC	NITE	19.1%	0.9%	7.0%	21.7%	10.00 ¢	10.00 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	22.6%	24.7%	23.5%	22.5%	43.20 ¢	45.87 ¢
202605	options	Global Execution Brokers LP	Unmapped	22.3%	17.6%	19.9%	22.6%	43.40 ¢	44.45 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	21.6%	22.7%	22.6%	21.5%	41.55 ¢	43.76 ¢
202605	options	Jane Street Capital	JNST	20.0%	17.3%	18.7%	19.8%	42.91 ¢	45.12 ¢
202605	options	Dash Financial Technologies	Unmapped	13.5%	17.7%	15.3%	13.7%	43.06 ¢	44.33 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	54.9%	27.4%	64.3%	55.1%	8.72 ¢	7.64 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	21.6%	4.8%	10.7%	24.5%	8.71 ¢	9.17 ¢
202605	other_stocks	Jane Street Capital	JNST	18.6%	29.6%	21.2%	17.1%	8.59 ¢	8.45 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	51.5%	24.8%	63.2%	51.9%	9.91 ¢	8.91 ¢
202605	sp500	Virtu Americas, LLC	NITE	22.8%	4.2%	9.9%	25.7%	10.00 ¢	10.00 ¢
202605	sp500	Jane Street Capital	JNST	18.4%	27.2%	20.8%	17.0%	9.98 ¢	9.46 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	22.1%	21.4%	21.6%	22.1%	49.32 ¢	51.34 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	20.9%	21.9%	21.7%	20.8%	47.95 ¢	49.91 ¢
202606	options	Global Execution Brokers LP	Unmapped	20.1%	19.6%	20.3%	20.2%	49.71 ¢	50.96 ¢
202606	options	Jane Street Capital	JNST	19.2%	19.6%	19.6%	18.7%	49.51 ¢	51.46 ¢
202606	options	Dash Financial Technologies	Unmapped	17.7%	17.5%	16.8%	18.2%	49.33 ¢	51.07 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	52.2%	22.7%	59.6%	53.0%	9.03 ¢	7.70 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	20.3%	9.4%	12.5%	22.1%	9.37 ¢	9.29 ¢
202606	other_stocks	Jane Street Capital	JNST	18.3%	26.3%	19.3%	17.3%	9.08 ¢	8.52 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	51.7%	20.5%	60.9%	52.9%	9.82 ¢	8.86 ¢
202606	sp500	Virtu Americas, LLC	NITE	22.4%	8.6%	12.9%	24.4%	10.00 ¢	10.00 ¢
202606	sp500	Jane Street Capital	JNST	18.3%	24.6%	19.7%	17.2%	9.69 ¢	9.40 ¢

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	Blue Ocean Technologies, LLC	dropped	—	6.96 ¢	—	—
sp500	CITADEL SECURITIES LLC	route_share	—	39.22 ¢	51.48 ¢	12.26 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	market	9.90 ¢	9.87 ¢	-0.03 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	9.13 ¢	8.95 ¢	-0.19 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	25.09 ¢	24.18 ¢	-0.91 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	17.56 ¢	17.48 ¢	-0.08 ¢
sp500	Dash/IMC Financial Markets	dropped	—	4.03 ¢	—	—
sp500	Jane Street Capital	route_share	—	27.95 ¢	19.82 ¢	-8.13 ¢
sp500	Jane Street Capital	pfof_rate	market	9.96 ¢	9.87 ¢	-0.09 ¢
sp500	Jane Street Capital	pfof_rate	marketable_limit	9.40 ¢	9.43 ¢	0.03 ¢
sp500	Jane Street Capital	pfof_rate	non_marketable_limit	29.39 ¢	29.27 ¢	-0.11 ¢
sp500	Jane Street Capital	pfof_rate	other	21.98 ¢	19.91 ¢	-2.07 ¢
sp500	Virtu Americas, LLC	route_share	—	15.26 ¢	21.47 ¢	6.21 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	14.74 ¢	14.03 ¢	-0.71 ¢
other_stocks	Blue Ocean Technologies, LLC	dropped	—	8.67 ¢	—	—
other_stocks	CITADEL SECURITIES LLC	route_share	—	40.52 ¢	54.13 ¢	13.61 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	6.44 ¢	8.46 ¢	2.02 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	6.30 ¢	7.32 ¢	1.02 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	17.28 ¢	20.29 ¢	3.00 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	13.66 ¢	13.33 ¢	-0.33 ¢
other_stocks	Dash/IMC Financial Markets	dropped	—	4.22 ¢	—	—
other_stocks	Jane Street Capital	route_share	—	27.94 ¢	19.89 ¢	-8.05 ¢
other_stocks	Jane Street Capital	pfof_rate	market	6.39 ¢	8.26 ¢	1.88 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	6.97 ¢	8.14 ¢	1.17 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	22.24 ¢	25.67 ¢	3.42 ¢
other_stocks	Jane Street Capital	pfof_rate	other	19.96 ¢	17.59 ¢	-2.38 ¢
other_stocks	Virtu Americas, LLC	route_share	—	14.02 ¢	19.73 ¢	5.71 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	5.51 ¢	7.94 ¢	2.43 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	7.58 ¢	8.91 ¢	1.33 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	26.20 ¢	29.83 ¢	3.63 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	4.67 ¢	5.74 ¢	1.07 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	42.84 ¢	44.90 ¢	2.06 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	44.82 ¢	47.04 ¢	2.22 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	44.34 ¢	45.81 ¢	1.47 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	30.98 ¢	33.96 ¢	2.98 ¢
options	Dash Financial Technologies	added	—	—	15.39 ¢	—
options	Dash/IMC Financial Markets	dropped	—	18.61 ¢	—	—
options	Global Execution Brokers LP	pfof_rate	market	42.32 ¢	45.13 ¢	2.82 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	42.98 ¢	45.94 ¢	2.96 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	44.66 ¢	45.92 ¢	1.26 ¢
options	Global Execution Brokers LP	pfof_rate	other	30.43 ¢	32.31 ¢	1.88 ¢
options	Jane Street Capital	pfof_rate	market	43.07 ¢	44.78 ¢	1.70 ¢
options	Jane Street Capital	pfof_rate	marketable_limit	44.48 ¢	46.53 ¢	2.05 ¢
options	Jane Street Capital	pfof_rate	non_marketable_limit	44.64 ¢	45.91 ¢	1.27 ¢
options	Jane Street Capital	pfof_rate	other	30.58 ¢	32.63 ¢	2.05 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	41.49 ¢	43.43 ¢	1.94 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	43.11 ¢	45.01 ¢	1.90 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	43.67 ¢	45.15 ¢	1.48 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	23.30 ¢	26.86 ¢	3.56 ¢

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.