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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): VELOCITY CLEARING, LLC, VELOX CLEARING LLC. Every underlying execution venue and clearing context is evaluated below.
CRD #299423
Review Period: 2026Q2
Filing: Adopts clearing firm report
EDDID SECURITIES USA INC. (CRD #299423) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. Dash/IMC Financial Markets(299.6%)
2. Cboe BYX Exchange, Inc.(299.2%)
3. Intelligentcross(149.7%)
Top routed order shares
Disclosed PFOF / Rebates
Clears via VELOCITY CLEARING, LLC, VELOX CLEARING LLC • 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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
EDDID SECURITIES USA INC.
CRD Number: 299423 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:20:33 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| QNTX(Clearing: VELOCITY CLEARING, LLC) | 126588 | Direct | V1 | 4409c901b4abf903b4f0db0b62c231ef146b8ec31646254b53877f5aa0cfc163 | Download XML ↗ |
| Velox Clearing, LLC(Clearing: VELOX CLEARING LLC) | 290215 | VLOX | V1 | 7bf4395a6af32e9d0cd9dd55909bca562db81074aa10f369eed3ec8494c9810a | 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.
| Month | Section | Execution Venue | 605 Reporter | Route % | Market % | Mkt Limit % | Non-Mkt % | PFOF Mkt (¢/100) | PFOF Limit (¢/100) |
|---|---|---|---|---|---|---|---|---|---|
| 202604 | options | Dash Financial (DFIN) | Unmapped | 12.4% | 33.1% | 23.8% | 10.6% | 3.00 ¢ | 3.00 ¢ |
| 202604 | options | Jane Street Capital, LLC. (JNST) | JNST | 7.3% | 13.6% | 20.6% | 6.6% | 3.00 ¢ | 3.00 ¢ |
| 202604 | options | Global Execution Brokers (GEBB) | Unmapped | 5.5% | 10.2% | 16.8% | 4.9% | 3.00 ¢ | 3.00 ¢ |
| 202604 | options | Citadel Securities (CDRG) | CDRG | 5.4% | 10.3% | 16.8% | 4.8% | 3.00 ¢ | 3.00 ¢ |
| 202604 | options | WOLVERINE EXECUTION SERVICES, (WEXX) | Unmapped | 5.2% | 9.5% | 14.0% | 4.7% | 3.00 ¢ | 3.00 ¢ |
| 202604 | options | Matrix Executions, LLC (RSKY) | Unmapped | 1.8% | 3.4% | 5.0% | 1.6% | 3.00 ¢ | 3.00 ¢ |
| 202605 | options | Dash Financial (DFIN) | Unmapped | 14.9% | 29.4% | 16.6% | 12.0% | 3.00 ¢ | 3.00 ¢ |
| 202605 | options | Jane Street Capital, LLC. (JNST) | JNST | 8.1% | 11.9% | 9.7% | 6.6% | 3.00 ¢ | 3.00 ¢ |
| 202605 | options | WOLVERINE EXECUTION SERVICES, (WEXX) | Unmapped | 6.0% | 9.4% | 7.2% | 5.0% | 3.00 ¢ | 3.00 ¢ |
| 202605 | options | Citadel Securities (CDRG) | CDRG | 6.0% | 8.4% | 7.0% | 5.1% | 3.00 ¢ | 3.00 ¢ |
| 202605 | options | Global Execution Brokers (GEBB) | Unmapped | 5.9% | 8.2% | 7.0% | 5.0% | 3.00 ¢ | 3.00 ¢ |
| 202605 | options | Matrix Executions, LLC (RSKY) | Unmapped | 2.0% | 3.2% | 2.2% | 1.7% | 3.00 ¢ | 3.00 ¢ |
| 202606 | options | Dash Financial (DFIN) | Unmapped | 13.6% | 25.2% | 14.8% | 11.1% | 3.00 ¢ | 3.00 ¢ |
| 202606 | options | Jane Street Capital, LLC. (JNST) | JNST | 8.3% | 12.7% | 10.9% | 6.5% | 3.00 ¢ | 3.00 ¢ |
| 202606 | options | Citadel Securities (CDRG) | CDRG | 6.3% | 9.7% | 8.3% | 4.9% | 3.00 ¢ | 3.00 ¢ |
| 202606 | options | Global Execution Brokers (GEBB) | Unmapped | 6.3% | 9.4% | 8.6% | 4.8% | 3.00 ¢ | 3.00 ¢ |
| 202606 | options | WOLVERINE EXECUTION SERVICES, (WEXX) | Unmapped | 6.2% | 9.3% | 8.0% | 5.0% | 3.00 ¢ | 3.00 ¢ |
| 202606 | options | Matrix Executions, LLC (RSKY) | Unmapped | 2.1% | 3.4% | 2.7% | 1.6% | 3.00 ¢ | 3.00 ¢ |
| 202604 | options | Dash/IMC Financial Markets | Unmapped | 99.9% | 100.0% | 99.8% | 100.0% | 37.17 ¢ | 39.23 ¢ |
| 202604 | other_stocks | Cboe BYX Exchange, Inc. | Unmapped | 36.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Intelligentcross | Unmapped | 15.7% | 0.0% | 71.5% | 0.0% | 0.00 ¢ | 3.71 ¢ |
| 202604 | other_stocks | Citadel Securities | CDRG | 6.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Virtu VEQ | Unmapped | 6.4% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Jump Trading | Unmapped | 5.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Level ATS | Unmapped | 4.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | NYSE Arca, Inc. | Unmapped | 4.1% | 0.0% | 17.4% | 37.2% | 0.00 ¢ | -33.84 ¢ |
| 202604 | other_stocks | Hudson River Trading (HRT) | HRTF | 4.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Jane Street Capital | JNST | 3.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | SageTrader, LLC | Unmapped | 2.9% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | other_stocks | Comhar Capital Markets, LLC - Us Equities | Unmapped | 2.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 63.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202604 | sp500 | Intelligentcross | Unmapped | 24.1% | 0.0% | 93.6% | 0.0% | 0.00 ¢ | -9.38 ¢ |
| 202604 | sp500 | Jump Trading | Unmapped | 3.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | options | Dash/IMC Financial Markets | Unmapped | 99.8% | 100.0% | 99.5% | 99.9% | 38.92 ¢ | 40.47 ¢ |
| 202605 | other_stocks | Cboe BYX Exchange, Inc. | Unmapped | 40.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Intelligentcross | Unmapped | 22.0% | 0.0% | 71.0% | 0.0% | 0.00 ¢ | 3.45 ¢ |
| 202605 | other_stocks | Citadel Securities | CDRG | 5.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Virtu VEQ | Unmapped | 4.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | NYSE Arca, Inc. | Unmapped | 4.1% | 0.0% | 19.0% | 63.5% | 0.00 ¢ | -32.67 ¢ |
| 202605 | other_stocks | Jump Trading | Unmapped | 3.9% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Hudson River Trading (HRT) | HRTF | 3.1% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Level ATS | Unmapped | 2.9% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | Jane Street Capital | JNST | 2.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | other_stocks | SageTrader, LLC | Unmapped | 2.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 56.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202605 | sp500 | Intelligentcross | Unmapped | 31.6% | 0.0% | 92.6% | 0.0% | 0.00 ¢ | -12.04 ¢ |
| 202605 | sp500 | Jump Trading | Unmapped | 3.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | options | Dash/IMC Financial Markets | Unmapped | 99.9% | 100.0% | 99.8% | 100.0% | 38.60 ¢ | 39.82 ¢ |
| 202606 | other_stocks | Cboe BYX Exchange, Inc. | Unmapped | 44.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Intelligentcross | Unmapped | 24.1% | 0.0% | 76.4% | 0.0% | 0.00 ¢ | 3.50 ¢ |
| 202606 | other_stocks | NYSE Arca, Inc. | Unmapped | 4.3% | 0.0% | 18.7% | 58.8% | 0.00 ¢ | -35.90 ¢ |
| 202606 | other_stocks | Virtu VEQ | Unmapped | 3.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Citadel Securities | CDRG | 3.6% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Hudson River Trading (HRT) | HRTF | 2.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Jump Trading | Unmapped | 2.7% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Jane Street Capital | JNST | 2.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Level ATS | Unmapped | 2.2% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | other_stocks | Comhar Capital Markets, LLC - Us Equities | Unmapped | 2.0% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 58.8% | 0.0% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202606 | sp500 | Intelligentcross | Unmapped | 32.2% | 0.0% | 89.2% | 0.0% | 0.00 ¢ | -19.47 ¢ |
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 |
|---|
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 |
|---|---|---|---|---|---|---|
| options | Citadel Securities | route_share | — | 100.00 ¢ | 5.89 ¢ | -94.11 ¢ |
| options | Citadel Securities | pfof_rate | other | 3.00 ¢ | 1.00 ¢ | -2.00 ¢ |
| options | Dash Financial | route_share | — | 100.00 ¢ | 13.66 ¢ | -86.34 ¢ |
| options | Dash Financial | pfof_rate | other | 3.00 ¢ | 1.00 ¢ | -2.00 ¢ |
| options | Global Execution Brokers | route_share | — | 100.00 ¢ | 5.88 ¢ | -94.12 ¢ |
| options | Global Execution Brokers | pfof_rate | other | 3.00 ¢ | 1.00 ¢ | -2.00 ¢ |
| options | Jane Street Capital, LLC. | route_share | — | 100.00 ¢ | 7.88 ¢ | -92.12 ¢ |
| options | Jane Street Capital, LLC. | pfof_rate | other | 3.00 ¢ | 1.00 ¢ | -2.00 ¢ |
| options | Matrix Executions, LLC | route_share | — | 100.00 ¢ | 1.96 ¢ | -98.04 ¢ |
| options | Matrix Executions, LLC | pfof_rate | other | 3.00 ¢ | 0.00 ¢ | -3.00 ¢ |
| options | WOLVERINE EXECUTION SERVICES, | route_share | — | 100.00 ¢ | 5.82 ¢ | -94.18 ¢ |
| options | WOLVERINE EXECUTION SERVICES, | pfof_rate | other | 3.00 ¢ | 1.00 ¢ | -2.00 ¢ |
| sp500 | Cboe BYX Exchange, Inc. | route_share | — | 22.21 ¢ | 59.44 ¢ | 37.23 ¢ |
| sp500 | Cboe BYX Exchange, Inc. | pfof_rate | marketable_limit | -1.25 ¢ | 0.00 ¢ | 1.25 ¢ |
| sp500 | Cboe BYX Exchange, Inc. | pfof_rate | non_marketable_limit | -2.10 ¢ | 0.00 ¢ | 2.10 ¢ |
| sp500 | Cboe BYX Exchange, Inc. | pfof_rate | other | 7.32 ¢ | -24.59 ¢ | -31.91 ¢ |
| sp500 | Cboe EDGX Exchange, Inc. | dropped | — | 3.09 ¢ | — | — |
| sp500 | Citadel Securities | dropped | — | 4.21 ¢ | — | — |
| sp500 | CODA MARKETS INC | dropped | — | 6.27 ¢ | — | — |
| sp500 | Comhar Capital Markets, LLC - Us Equities | dropped | — | 18.55 ¢ | — | — |
| sp500 | Intelligentcross | route_share | — | 5.86 ¢ | 29.29 ¢ | 23.43 ¢ |
| sp500 | Intelligentcross | pfof_rate | marketable_limit | 4.06 ¢ | -13.63 ¢ | -17.69 ¢ |
| sp500 | Intelligentcross | pfof_rate | other | 4.03 ¢ | -23.42 ¢ | -27.45 ¢ |
| sp500 | Jump Trading | pfof_rate | market | -2.98 ¢ | 0.00 ¢ | 2.98 ¢ |
| sp500 | Jump Trading | pfof_rate | marketable_limit | -1.64 ¢ | 0.00 ¢ | 1.64 ¢ |
| sp500 | Jump Trading | pfof_rate | other | 9.01 ¢ | -3.89 ¢ | -12.90 ¢ |
| sp500 | Level ATS | dropped | — | 3.01 ¢ | — | — |
| sp500 | NYSE Arca, Inc. | dropped | — | 15.54 ¢ | — | — |
| sp500 | The Nasdaq Stock Market LLC | dropped | — | 7.33 ¢ | — | — |
| sp500 | Virtu VEQ | dropped | — | 1.14 ¢ | — | — |
| other_stocks | Cboe BYX Exchange, Inc. | route_share | — | 16.61 ¢ | 40.28 ¢ | 23.67 ¢ |
| other_stocks | Cboe BYX Exchange, Inc. | pfof_rate | marketable_limit | 3.37 ¢ | 0.00 ¢ | -3.37 ¢ |
| other_stocks | Cboe BYX Exchange, Inc. | pfof_rate | non_marketable_limit | 6.75 ¢ | 0.00 ¢ | -6.75 ¢ |
| other_stocks | Cboe BYX Exchange, Inc. | pfof_rate | other | 3.53 ¢ | 1.93 ¢ | -1.60 ¢ |
| other_stocks | Cboe EDGX Exchange, Inc. | dropped | — | 4.07 ¢ | — | — |
| other_stocks | Citadel Securities | pfof_rate | other | 4.68 ¢ | 6.25 ¢ | 1.57 ¢ |
| other_stocks | CODA MARKETS INC | dropped | — | 3.14 ¢ | — | — |
| other_stocks | Comhar Capital Markets, LLC - Us Equities | route_share | — | 10.83 ¢ | 1.59 ¢ | -9.23 ¢ |
| other_stocks | Comhar Capital Markets, LLC - Us Equities | pfof_rate | market | -2.26 ¢ | 0.00 ¢ | 2.26 ¢ |
| other_stocks | Comhar Capital Markets, LLC - Us Equities | pfof_rate | marketable_limit | -2.02 ¢ | 0.00 ¢ | 2.02 ¢ |
| other_stocks | Comhar Capital Markets, LLC - Us Equities | pfof_rate | non_marketable_limit | -2.33 ¢ | 0.00 ¢ | 2.33 ¢ |
| other_stocks | Comhar Capital Markets, LLC - Us Equities | pfof_rate | other | 8.96 ¢ | 8.75 ¢ | -0.21 ¢ |
| other_stocks | Hudson River Trading (HRT) | pfof_rate | other | 5.16 ¢ | 6.28 ¢ | 1.12 ¢ |
| other_stocks | Instinet, LLC | dropped | — | 0.55 ¢ | — | — |
| other_stocks | Intelligentcross | route_share | — | 4.99 ¢ | 20.60 ¢ | 15.62 ¢ |
| other_stocks | Intelligentcross | pfof_rate | marketable_limit | 4.19 ¢ | 3.55 ¢ | -0.63 ¢ |
| other_stocks | Intelligentcross | pfof_rate | other | 2.00 ¢ | -1.64 ¢ | -3.64 ¢ |
| other_stocks | Jane Street Capital | pfof_rate | other | 9.01 ¢ | 8.98 ¢ | -0.04 ¢ |
| other_stocks | Jump Trading | pfof_rate | market | 3.38 ¢ | 0.00 ¢ | -3.38 ¢ |
| other_stocks | Jump Trading | pfof_rate | marketable_limit | 2.12 ¢ | 0.00 ¢ | -2.12 ¢ |
| other_stocks | Jump Trading | pfof_rate | non_marketable_limit | 3.71 ¢ | 0.00 ¢ | -3.71 ¢ |
| other_stocks | Jump Trading | pfof_rate | other | 4.65 ¢ | 7.09 ¢ | 2.44 ¢ |
| other_stocks | Level ATS | pfof_rate | other | 9.09 ¢ | 8.48 ¢ | -0.62 ¢ |
| other_stocks | NYSE Arca, Inc. | route_share | — | 15.48 ¢ | 4.17 ¢ | -11.31 ¢ |
| other_stocks | NYSE Arca, Inc. | pfof_rate | market | -1.00 ¢ | 0.00 ¢ | 1.00 ¢ |
| other_stocks | NYSE Arca, Inc. | pfof_rate | marketable_limit | -13.49 ¢ | -34.13 ¢ | -20.64 ¢ |
| other_stocks | NYSE Arca, Inc. | pfof_rate | non_marketable_limit | -2.83 ¢ | 23.82 ¢ | 26.65 ¢ |
| other_stocks | NYSE Arca, Inc. | pfof_rate | other | -16.17 ¢ | -37.95 ¢ | -21.78 ¢ |
| other_stocks | SageTrader, LLC | pfof_rate | other | 9.00 ¢ | 8.62 ¢ | -0.38 ¢ |
| other_stocks | The Nasdaq Stock Market LLC | dropped | — | 7.59 ¢ | — | — |
| other_stocks | Virtu VEQ | pfof_rate | other | 7.81 ¢ | 8.52 ¢ | 0.72 ¢ |
| options | Dash/IMC Financial Markets | pfof_rate | market | 38.55 ¢ | 38.23 ¢ | -0.33 ¢ |
| options | Dash/IMC Financial Markets | pfof_rate | marketable_limit | 38.96 ¢ | 39.84 ¢ | 0.88 ¢ |
| options | Dash/IMC Financial Markets | pfof_rate | non_marketable_limit | 37.40 ¢ | 42.47 ¢ | 5.07 ¢ |
| options | Dash/IMC Financial Markets | pfof_rate | other | 39.28 ¢ | 40.07 ¢ | 0.79 ¢ |
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Suppressed Cells
0
Cells with < 100 covered ordersUnmapped Venues
8
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
Cboe BYX Exchange, Inc. (name:CBOE BYX EXCHANGE), Comhar Capital Markets, LLC - Us Equities (name:COMHAR CAPITAL MARKETS LLC - US EQUITIES), Intelligentcross (name:INTELLIGENTCROSS), Jump Trading (name:JUMP TRADING), Level ATS (name:LEVEL ATS), NYSE Arca, Inc. (name:NYSE ARCA), SageTrader, LLC (name:SAGETRADER), Virtu VEQ (name:VIRTU VEQ)
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.