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2026Q2 2026Q1

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 #312531 Review Period: 2026Q2 Filing: Direct 606 filer

TICKRS CLEARING (CRD #312531) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: TICKRS CLEARING (CRD #312531) 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. CODA MARKETS (CODA)(245.0%)

2. DASH EQUITIES (DASH)(239.4%)

3. DASH OPTIONS - CBOE(102.3%)

Top routed order shares

Disclosed PFOF / Rebates

$0.00

Non-directed retail equity flow

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

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

TICKRS CLEARING

CRD Number: 312531 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:30:32 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
Tickrs Clearing	312531	Direct	V1	061b92a2b7a781dd5ddb35ba26d475298eaf68fd85ffec5ce20a43a6d3f2a6ef	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.

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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 OPTIONS - CBOE	Unmapped	36.4%	1.5%	30.1%	68.3%	-159.71 ¢	-159.71 ¢
202604	options	DASH OPTIONS - GMNI	Unmapped	16.0%	1.5%	29.4%	69.2%	-3189.84 ¢	-3189.84 ¢
202604	options	DASH OPTIONS - ARCA	Unmapped	15.7%	0.1%	2.5%	97.4%	-4290.01 ¢	-4290.01 ¢
202604	options	DASH OPTIONS - EDGX	Unmapped	7.8%	0.9%	17.4%	81.7%	-3635.86 ¢	-3635.86 ¢
202604	options	DASH OPTIONS - CBOEEH	Unmapped	6.7%	1.5%	29.7%	68.8%	0.00 ¢	0.00 ¢
202604	options	DASH OPTIONS - ISE	Unmapped	3.9%	1.3%	25.4%	73.3%	-3675.65 ¢	-3675.65 ¢
202604	options	DASH OPTIONS - AMEX	Unmapped	2.7%	0.4%	7.1%	92.6%	-3582.22 ¢	-3582.22 ¢
202604	options	DASH OPTIONS - BOX	Unmapped	2.7%	1.4%	26.7%	72.0%	-3884.22 ¢	-3884.22 ¢
202604	options	DASH OPTIONS - MEMX	Unmapped	1.8%	0.2%	4.7%	95.0%	-3942.46 ¢	-3942.46 ¢
202604	options	DASH OPTIONS - SPHR	Unmapped	1.6%	1.6%	30.5%	68.0%	-3651.83 ¢	-3651.83 ¢
202604	options	DASH OPTIONS - BX	Unmapped	1.3%	0.1%	2.8%	97.0%	-3166.82 ¢	-3166.82 ¢
202604	options	DASH OPTIONS - MCRY	Unmapped	0.7%	0.5%	8.9%	90.7%	-3460.85 ¢	-3460.85 ¢
202604	options	DASH OPTIONS - MIAX	Unmapped	0.7%	0.8%	15.5%	83.7%	-3859.36 ¢	-3859.36 ¢
202604	options	DASH OPTIONS - C2	Unmapped	0.6%	0.4%	8.2%	91.3%	-2893.44 ¢	-2893.44 ¢
202604	options	DASH OPTIONS - MPRL	Unmapped	0.5%	1.0%	19.6%	79.4%	-4365.74 ¢	-4365.74 ¢
202604	options	DASH OPTIONS - BATS	Unmapped	0.4%	1.6%	30.5%	68.0%	-4459.28 ¢	-4459.28 ¢
202604	options	DASH OPTIONS - PHLX	Unmapped	0.2%	1.0%	19.1%	79.9%	-1956.88 ¢	-1956.88 ¢
202604	options	DASH OPTIONS - NOM	Unmapped	0.2%	1.4%	27.6%	71.0%	-3733.40 ¢	-3733.40 ¢
202604	options	DASH OPTIONS - EMLD	Unmapped	0.2%	1.5%	28.6%	70.0%	-4251.42 ¢	-4251.42 ¢
202604	other_stocks	CODA MARKETS (CODA)	Unmapped	40.6%	1.2%	30.4%	68.4%	-7.32 ¢	-7.32 ¢
202604	other_stocks	SAGE TRADING (SAGE)	Unmapped	14.0%	4.8%	19.1%	76.2%	-23.91 ¢	-23.91 ¢
202604	other_stocks	DASH EQUITIES (DASH)	Unmapped	38.8%	1.6%	28.8%	69.6%	-6.10 ¢	-6.10 ¢
202604	other_stocks	VELOCITY CLEARING (VTRD)	Unmapped	6.6%	1.6%	28.8%	69.6%	-2.85 ¢	-2.85 ¢
202604	sp500	CODA MARKETS (CODA)	Unmapped	40.6%	3.6%	25.1%	71.3%	-7.32 ¢	-7.32 ¢
202604	sp500	SAGE TRADING (SAGE)	Unmapped	14.0%	2.5%	17.4%	80.1%	-23.91 ¢	-23.91 ¢
202604	sp500	DASH EQUITIES (DASH)	Unmapped	38.8%	3.6%	25.3%	71.1%	-6.10 ¢	-6.10 ¢
202604	sp500	VELOCITY CLEARING (VTRD)	Unmapped	6.6%	3.6%	25.3%	71.1%	-2.85 ¢	-2.85 ¢
202605	options	DASH OPTIONS - CBOE	Unmapped	32.6%	1.8%	31.5%	66.7%	-145.99 ¢	-145.99 ¢
202605	options	DASH OPTIONS - ARCA	Unmapped	21.9%	0.1%	2.4%	97.4%	-4307.71 ¢	-4307.71 ¢
202605	options	DASH OPTIONS - GMNI	Unmapped	14.2%	1.7%	30.4%	67.8%	-3502.27 ¢	-3502.27 ¢
202605	options	DASH OPTIONS - EDGX	Unmapped	7.8%	1.0%	17.1%	81.9%	-3956.79 ¢	-3956.79 ¢
202605	options	DASH OPTIONS - CBOEEH	Unmapped	7.0%	1.8%	31.1%	67.2%	0.00 ¢	0.00 ¢
202605	options	DASH OPTIONS - ISE	Unmapped	4.2%	1.5%	26.1%	72.4%	-3901.59 ¢	-3901.59 ¢
202605	options	DASH OPTIONS - BOX	Unmapped	2.7%	1.4%	23.9%	74.7%	-4258.55 ¢	-4258.55 ¢
202605	options	DASH OPTIONS - AMEX	Unmapped	2.4%	0.5%	9.0%	90.5%	-3849.92 ¢	-3849.92 ¢
202605	options	DASH OPTIONS - MEMX	Unmapped	2.1%	0.4%	7.7%	91.9%	-4549.18 ¢	-4549.18 ¢
202605	options	DASH OPTIONS - SPHR	Unmapped	1.4%	1.8%	31.8%	66.4%	-3997.26 ¢	-3997.26 ¢
202605	options	DASH OPTIONS - BX	Unmapped	0.9%	0.2%	3.9%	95.9%	-3558.76 ¢	-3558.76 ¢
202605	options	DASH OPTIONS - MCRY	Unmapped	0.6%	0.6%	9.9%	89.5%	-3649.63 ¢	-3649.63 ¢
202605	options	DASH OPTIONS - MIAX	Unmapped	0.6%	1.1%	19.6%	79.3%	-3897.96 ¢	-3897.96 ¢
202605	options	DASH OPTIONS - C2	Unmapped	0.5%	0.7%	11.6%	87.8%	-3321.50 ¢	-3321.50 ¢
202605	options	DASH OPTIONS - BATS	Unmapped	0.3%	1.8%	31.8%	66.4%	-4794.14 ¢	-4794.14 ¢
202605	options	DASH OPTIONS - MPRL	Unmapped	0.3%	1.8%	31.2%	67.0%	-4385.26 ¢	-4385.26 ¢
202605	options	DASH OPTIONS - EMLD	Unmapped	0.2%	1.6%	27.5%	71.0%	-4179.80 ¢	-4179.80 ¢
202605	options	DASH OPTIONS - NOM	Unmapped	0.2%	1.6%	27.9%	70.5%	-4367.11 ¢	-4367.11 ¢
202605	options	DASH OPTIONS - PHLX	Unmapped	0.2%	0.9%	16.6%	82.5%	-2618.24 ¢	-2618.24 ¢
202605	other_stocks	CODA MARKETS (CODA)	Unmapped	41.4%	1.7%	33.8%	64.5%	-9.42 ¢	-9.42 ¢
202605	other_stocks	SAGE TRADING (SAGE)	Unmapped	21.4%	1.6%	27.8%	70.6%	-23.98 ¢	-23.98 ¢
202605	other_stocks	DASH EQUITIES (DASH)	Unmapped	37.0%	1.6%	27.8%	70.6%	-8.37 ¢	-8.37 ¢
202605	other_stocks	VELOCITY CLEARING (VTRD)	Unmapped	0.1%	1.6%	27.8%	70.6%	-22.70 ¢	-22.70 ¢
202605	sp500	CODA MARKETS (CODA)	Unmapped	41.4%	3.2%	29.5%	67.4%	-9.42 ¢	-9.42 ¢
202605	sp500	SAGE TRADING (SAGE)	Unmapped	21.4%	1.8%	16.6%	81.7%	-23.98 ¢	-23.98 ¢
202605	sp500	DASH EQUITIES (DASH)	Unmapped	37.0%	2.4%	22.1%	75.6%	-8.37 ¢	-8.37 ¢
202605	sp500	VELOCITY CLEARING (VTRD)	Unmapped	0.1%	2.4%	22.1%	75.6%	-22.70 ¢	-22.70 ¢
202606	options	DASH OPTIONS - CBOE	Unmapped	33.3%	2.1%	32.3%	65.6%	-140.21 ¢	-140.21 ¢
202606	options	DASH OPTIONS - ARCA	Unmapped	20.7%	0.2%	2.5%	97.4%	-4268.29 ¢	-4268.29 ¢
202606	options	DASH OPTIONS - GMNI	Unmapped	14.3%	2.0%	31.2%	66.8%	-3264.24 ¢	-3264.24 ¢
202606	options	DASH OPTIONS - EDGX	Unmapped	7.5%	1.2%	18.7%	80.1%	-3858.40 ¢	-3858.40 ¢
202606	options	DASH OPTIONS - CBOEEH	Unmapped	5.8%	2.1%	31.7%	66.2%	0.00 ¢	0.00 ¢
202606	options	DASH OPTIONS - ISE	Unmapped	5.0%	1.7%	26.5%	71.8%	-4312.61 ¢	-4312.61 ¢
202606	options	DASH OPTIONS - AMEX	Unmapped	3.2%	0.5%	7.5%	92.0%	-3743.34 ¢	-3743.34 ¢
202606	options	DASH OPTIONS - BOX	Unmapped	3.0%	1.5%	23.7%	74.8%	-4143.65 ¢	-4143.65 ¢
202606	options	DASH OPTIONS - MEMX	Unmapped	1.5%	0.4%	6.6%	93.0%	-4288.91 ¢	-4288.91 ¢
202606	options	DASH OPTIONS - SPHR	Unmapped	1.4%	2.1%	32.7%	65.2%	-4087.25 ¢	-4087.25 ¢
202606	options	DASH OPTIONS - BX	Unmapped	1.0%	0.3%	4.0%	95.7%	-3325.59 ¢	-3325.59 ¢
202606	options	DASH OPTIONS - MIAX	Unmapped	0.9%	0.9%	14.1%	84.9%	-3890.20 ¢	-3890.20 ¢
202606	options	DASH OPTIONS - MCRY	Unmapped	0.7%	0.7%	10.7%	88.6%	-3532.56 ¢	-3532.56 ¢
202606	options	DASH OPTIONS - C2	Unmapped	0.5%	1.3%	19.4%	79.3%	-3912.00 ¢	-3912.00 ¢
202606	options	DASH OPTIONS - BATS	Unmapped	0.5%	2.1%	32.7%	65.2%	-4372.38 ¢	-4372.38 ¢
202606	options	DASH OPTIONS - MPRL	Unmapped	0.3%	2.0%	31.2%	66.7%	-4363.91 ¢	-4363.91 ¢
202606	options	DASH OPTIONS - EMLD	Unmapped	0.2%	2.0%	31.1%	66.9%	-4056.72 ¢	-4056.72 ¢
202606	options	DASH OPTIONS - PHLX	Unmapped	0.1%	1.0%	16.1%	82.8%	-2885.48 ¢	-2885.48 ¢
202606	options	DASH OPTIONS - NOM	Unmapped	0.1%	2.0%	30.9%	67.1%	-4173.34 ¢	-4173.34 ¢
202606	other_stocks	CODA MARKETS (CODA)	Unmapped	40.5%	9.3%	31.6%	59.1%	-8.00 ¢	-8.00 ¢
202606	other_stocks	SAGE TRADING (SAGE)	Unmapped	15.3%	0.0%	5.0%	95.0%	-24.25 ¢	-24.25 ¢
202606	other_stocks	DASH EQUITIES (DASH)	Unmapped	43.9%	1.5%	29.1%	69.4%	-7.57 ¢	-7.57 ¢
202606	other_stocks	VELOCITY CLEARING (VTRD)	Unmapped	0.4%	1.5%	29.1%	69.4%	-0.49 ¢	-0.49 ¢
202606	sp500	CODA MARKETS (CODA)	Unmapped	40.5%	3.5%	34.3%	62.2%	-8.00 ¢	-8.00 ¢
202606	sp500	SAGE TRADING (SAGE)	Unmapped	15.3%	1.7%	16.6%	81.7%	-24.25 ¢	-24.25 ¢
202606	sp500	DASH EQUITIES (DASH)	Unmapped	43.9%	2.0%	19.4%	78.6%	-7.57 ¢	-7.57 ¢
202606	sp500	VELOCITY CLEARING (VTRD)	Unmapped	0.4%	2.0%	19.4%	78.6%	-0.49 ¢	-0.49 ¢

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
202608	CODA MARKETS (CODA)	market	3.5%	-8.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS (CODA)	marketable_limit	34.3%	-8.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS (CODA)	nonmarketable_limit	62.2%	-8.00 ¢	—	—	—	—	—	No conflict
202608	SAGE TRADING (SAGE)	market	1.7%	-24.25 ¢	—	—	—	—	—	No conflict
202608	SAGE TRADING (SAGE)	marketable_limit	16.6%	-24.25 ¢	—	—	—	—	—	No conflict
202608	SAGE TRADING (SAGE)	nonmarketable_limit	81.7%	-24.25 ¢	—	—	—	—	—	No conflict
202608	DASH EQUITIES (DASH)	market	2.0%	-7.57 ¢	—	—	—	—	—	No conflict
202608	DASH EQUITIES (DASH)	marketable_limit	19.4%	-7.57 ¢	—	—	—	—	—	No conflict
202608	DASH EQUITIES (DASH)	nonmarketable_limit	78.6%	-7.57 ¢	—	—	—	—	—	No conflict
202608	VELOCITY CLEARING (VTRD)	market	2.0%	-0.49 ¢	—	—	—	—	—	No conflict
202608	VELOCITY CLEARING (VTRD)	marketable_limit	19.4%	-0.49 ¢	—	—	—	—	—	No conflict
202608	VELOCITY CLEARING (VTRD)	nonmarketable_limit	78.6%	-0.49 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS (CODA)	market	9.3%	-8.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS (CODA)	marketable_limit	31.6%	-8.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS (CODA)	nonmarketable_limit	59.1%	-8.00 ¢	—	—	—	—	—	No conflict
202608	SAGE TRADING (SAGE)	market	0.0%	-24.25 ¢	—	—	—	—	—	No conflict
202608	SAGE TRADING (SAGE)	marketable_limit	5.0%	-24.25 ¢	—	—	—	—	—	No conflict
202608	SAGE TRADING (SAGE)	nonmarketable_limit	95.0%	-24.25 ¢	—	—	—	—	—	No conflict
202608	DASH EQUITIES (DASH)	market	1.5%	-7.57 ¢	—	—	—	—	—	No conflict
202608	DASH EQUITIES (DASH)	marketable_limit	29.1%	-7.57 ¢	—	—	—	—	—	No conflict
202608	DASH EQUITIES (DASH)	nonmarketable_limit	69.4%	-7.57 ¢	—	—	—	—	—	No conflict
202608	VELOCITY CLEARING (VTRD)	market	1.5%	-0.49 ¢	—	—	—	—	—	No conflict
202608	VELOCITY CLEARING (VTRD)	marketable_limit	29.1%	-0.49 ¢	—	—	—	—	—	No conflict
202608	VELOCITY CLEARING (VTRD)	nonmarketable_limit	69.4%	-0.49 ¢	—	—	—	—	—	No conflict

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	CODA MARKETS (CODA)	route_share	—	76.95 ¢	40.83 ¢	-36.12 ¢
sp500	CODA MARKETS (CODA)	pfof_rate	market	-0.07 ¢	-8.24 ¢	-8.17 ¢
sp500	CODA MARKETS (CODA)	pfof_rate	marketable_limit	-0.07 ¢	-8.24 ¢	-8.17 ¢
sp500	CODA MARKETS (CODA)	pfof_rate	non_marketable_limit	-0.07 ¢	-8.24 ¢	-8.17 ¢
sp500	CODA MARKETS (CODA)	pfof_rate	other	-0.07 ¢	-8.24 ¢	-8.17 ¢
sp500	DASH EQUITIES (DASH)	added	—	—	39.90 ¢	—
sp500	SAGE TRADING (SAGE)	added	—	—	16.88 ¢	—
sp500	VELOCITY CLEARING (VTRD)	added	—	—	2.38 ¢	—
other_stocks	CODA MARKETS (CODA)	route_share	—	76.95 ¢	40.83 ¢	-36.12 ¢
other_stocks	CODA MARKETS (CODA)	pfof_rate	market	-0.07 ¢	-8.24 ¢	-8.17 ¢
other_stocks	CODA MARKETS (CODA)	pfof_rate	marketable_limit	-0.07 ¢	-8.24 ¢	-8.17 ¢
other_stocks	CODA MARKETS (CODA)	pfof_rate	non_marketable_limit	-0.07 ¢	-8.24 ¢	-8.17 ¢
other_stocks	CODA MARKETS (CODA)	pfof_rate	other	-0.07 ¢	-8.24 ¢	-8.17 ¢
other_stocks	DASH EQUITIES (DASH)	route_share	—	5.87 ¢	39.90 ¢	34.03 ¢
other_stocks	DASH EQUITIES (DASH)	pfof_rate	market	-2.44 ¢	-7.35 ¢	-4.90 ¢
other_stocks	DASH EQUITIES (DASH)	pfof_rate	marketable_limit	-2.44 ¢	-7.35 ¢	-4.90 ¢
other_stocks	DASH EQUITIES (DASH)	pfof_rate	non_marketable_limit	-2.44 ¢	-7.35 ¢	-4.90 ¢
other_stocks	DASH EQUITIES (DASH)	pfof_rate	other	-2.44 ¢	-7.35 ¢	-4.90 ¢
other_stocks	SAGE TRADING (SAGE)	route_share	—	3.95 ¢	16.88 ¢	12.93 ¢
other_stocks	SAGE TRADING (SAGE)	pfof_rate	market	-23.97 ¢	-24.05 ¢	-0.07 ¢
other_stocks	SAGE TRADING (SAGE)	pfof_rate	marketable_limit	-23.97 ¢	-24.05 ¢	-0.07 ¢
other_stocks	SAGE TRADING (SAGE)	pfof_rate	non_marketable_limit	-23.97 ¢	-24.05 ¢	-0.07 ¢
other_stocks	SAGE TRADING (SAGE)	pfof_rate	other	-23.97 ¢	-24.05 ¢	-0.07 ¢
other_stocks	VELOCITY CLEARING (VTRD)	route_share	—	13.23 ¢	2.38 ¢	-10.85 ¢
other_stocks	VELOCITY CLEARING (VTRD)	pfof_rate	market	-2.63 ¢	-8.68 ¢	-6.05 ¢
other_stocks	VELOCITY CLEARING (VTRD)	pfof_rate	marketable_limit	-2.63 ¢	-8.68 ¢	-6.05 ¢
other_stocks	VELOCITY CLEARING (VTRD)	pfof_rate	non_marketable_limit	-2.63 ¢	-8.68 ¢	-6.05 ¢
other_stocks	VELOCITY CLEARING (VTRD)	pfof_rate	other	-2.63 ¢	-8.68 ¢	-6.05 ¢
options	DASH OPTIONS - AMEX	pfof_rate	market	-36.54 ¢	-3725.16 ¢	-3688.62 ¢
options	DASH OPTIONS - AMEX	pfof_rate	marketable_limit	-36.54 ¢	-3725.16 ¢	-3688.62 ¢
options	DASH OPTIONS - AMEX	pfof_rate	non_marketable_limit	-36.54 ¢	-3725.16 ¢	-3688.62 ¢
options	DASH OPTIONS - AMEX	pfof_rate	other	-36.54 ¢	-3725.16 ¢	-3688.62 ¢
options	DASH OPTIONS - ARCA	route_share	—	13.68 ¢	19.43 ¢	5.74 ¢
options	DASH OPTIONS - ARCA	pfof_rate	market	-43.12 ¢	-4288.67 ¢	-4245.55 ¢
options	DASH OPTIONS - ARCA	pfof_rate	marketable_limit	-43.12 ¢	-4288.67 ¢	-4245.55 ¢
options	DASH OPTIONS - ARCA	pfof_rate	non_marketable_limit	-43.12 ¢	-4288.67 ¢	-4245.55 ¢
options	DASH OPTIONS - ARCA	pfof_rate	other	-43.12 ¢	-4288.67 ¢	-4245.55 ¢
options	DASH OPTIONS - BATS	pfof_rate	market	-42.64 ¢	-4541.93 ¢	-4499.29 ¢
options	DASH OPTIONS - BATS	pfof_rate	marketable_limit	-42.64 ¢	-4541.93 ¢	-4499.29 ¢
options	DASH OPTIONS - BATS	pfof_rate	non_marketable_limit	-42.64 ¢	-4541.93 ¢	-4499.29 ¢
options	DASH OPTIONS - BATS	pfof_rate	other	-42.64 ¢	-4541.93 ¢	-4499.29 ¢
options	DASH OPTIONS - BOX	pfof_rate	market	-37.35 ¢	-4095.47 ¢	-4058.12 ¢
options	DASH OPTIONS - BOX	pfof_rate	marketable_limit	-37.35 ¢	-4095.47 ¢	-4058.12 ¢
options	DASH OPTIONS - BOX	pfof_rate	non_marketable_limit	-37.35 ¢	-4095.47 ¢	-4058.12 ¢
options	DASH OPTIONS - BOX	pfof_rate	other	-37.35 ¢	-4095.47 ¢	-4058.12 ¢
options	DASH OPTIONS - BX	pfof_rate	market	-31.77 ¢	-3350.39 ¢	-3318.62 ¢
options	DASH OPTIONS - BX	pfof_rate	marketable_limit	-31.77 ¢	-3350.39 ¢	-3318.62 ¢
options	DASH OPTIONS - BX	pfof_rate	non_marketable_limit	-31.77 ¢	-3350.39 ¢	-3318.62 ¢
options	DASH OPTIONS - BX	pfof_rate	other	-31.77 ¢	-3350.39 ¢	-3318.62 ¢
options	DASH OPTIONS - C2	pfof_rate	market	-36.70 ¢	-3375.65 ¢	-3338.95 ¢
options	DASH OPTIONS - C2	pfof_rate	marketable_limit	-36.70 ¢	-3375.65 ¢	-3338.95 ¢
options	DASH OPTIONS - C2	pfof_rate	non_marketable_limit	-36.70 ¢	-3375.65 ¢	-3338.95 ¢
options	DASH OPTIONS - C2	pfof_rate	other	-36.70 ¢	-3375.65 ¢	-3338.95 ¢
options	DASH OPTIONS - CBOE	route_share	—	40.67 ¢	34.09 ¢	-6.58 ¢
options	DASH OPTIONS - CBOE	pfof_rate	market	-1.38 ¢	-148.63 ¢	-147.26 ¢
options	DASH OPTIONS - CBOE	pfof_rate	marketable_limit	-1.38 ¢	-148.63 ¢	-147.26 ¢
options	DASH OPTIONS - CBOE	pfof_rate	non_marketable_limit	-1.38 ¢	-148.63 ¢	-147.26 ¢
options	DASH OPTIONS - CBOE	pfof_rate	other	-1.38 ¢	-148.63 ¢	-147.26 ¢
options	DASH OPTIONS - CBOEEH	pfof_rate	market	—	0.00 ¢	—
options	DASH OPTIONS - CBOEEH	pfof_rate	marketable_limit	—	0.00 ¢	—
options	DASH OPTIONS - CBOEEH	pfof_rate	non_marketable_limit	—	0.00 ¢	—
options	DASH OPTIONS - CBOEEH	pfof_rate	other	—	0.00 ¢	—
options	DASH OPTIONS - EDGX	pfof_rate	market	-34.26 ¢	-3817.02 ¢	-3782.76 ¢
options	DASH OPTIONS - EDGX	pfof_rate	marketable_limit	-34.26 ¢	-3817.02 ¢	-3782.76 ¢
options	DASH OPTIONS - EDGX	pfof_rate	non_marketable_limit	-34.26 ¢	-3817.02 ¢	-3782.76 ¢
options	DASH OPTIONS - EDGX	pfof_rate	other	-34.26 ¢	-3817.02 ¢	-3782.76 ¢
options	DASH OPTIONS - EMLD	pfof_rate	market	-41.13 ¢	-4162.64 ¢	-4121.51 ¢
options	DASH OPTIONS - EMLD	pfof_rate	marketable_limit	-41.13 ¢	-4162.64 ¢	-4121.51 ¢
options	DASH OPTIONS - EMLD	pfof_rate	non_marketable_limit	-41.13 ¢	-4162.64 ¢	-4121.51 ¢
options	DASH OPTIONS - EMLD	pfof_rate	other	-41.13 ¢	-4162.64 ¢	-4121.51 ¢
options	DASH OPTIONS - GMNI	pfof_rate	market	-30.78 ¢	-3318.78 ¢	-3288.01 ¢
options	DASH OPTIONS - GMNI	pfof_rate	marketable_limit	-30.78 ¢	-3318.78 ¢	-3288.01 ¢
options	DASH OPTIONS - GMNI	pfof_rate	non_marketable_limit	-30.78 ¢	-3318.78 ¢	-3288.01 ¢
options	DASH OPTIONS - GMNI	pfof_rate	other	-30.78 ¢	-3318.78 ¢	-3288.01 ¢
options	DASH OPTIONS - ISE	pfof_rate	market	-38.55 ¢	-3963.29 ¢	-3924.74 ¢
options	DASH OPTIONS - ISE	pfof_rate	marketable_limit	-38.55 ¢	-3963.29 ¢	-3924.74 ¢
options	DASH OPTIONS - ISE	pfof_rate	non_marketable_limit	-38.55 ¢	-3963.29 ¢	-3924.74 ¢
options	DASH OPTIONS - ISE	pfof_rate	other	-38.55 ¢	-3963.29 ¢	-3924.74 ¢
options	DASH OPTIONS - MCRY	pfof_rate	market	-45.37 ¢	-3547.68 ¢	-3502.31 ¢
options	DASH OPTIONS - MCRY	pfof_rate	marketable_limit	-45.37 ¢	-3547.68 ¢	-3502.31 ¢
options	DASH OPTIONS - MCRY	pfof_rate	non_marketable_limit	-45.37 ¢	-3547.68 ¢	-3502.31 ¢
options	DASH OPTIONS - MCRY	pfof_rate	other	-45.37 ¢	-3547.68 ¢	-3502.31 ¢
options	DASH OPTIONS - MEMX	pfof_rate	market	-44.87 ¢	-4260.18 ¢	-4215.31 ¢
options	DASH OPTIONS - MEMX	pfof_rate	marketable_limit	-44.87 ¢	-4260.18 ¢	-4215.31 ¢
options	DASH OPTIONS - MEMX	pfof_rate	non_marketable_limit	-44.87 ¢	-4260.18 ¢	-4215.31 ¢
options	DASH OPTIONS - MEMX	pfof_rate	other	-44.87 ¢	-4260.18 ¢	-4215.31 ¢
options	DASH OPTIONS - MIAX	pfof_rate	market	-38.33 ¢	-3882.51 ¢	-3844.18 ¢
options	DASH OPTIONS - MIAX	pfof_rate	marketable_limit	-38.33 ¢	-3882.51 ¢	-3844.18 ¢
options	DASH OPTIONS - MIAX	pfof_rate	non_marketable_limit	-38.33 ¢	-3882.51 ¢	-3844.18 ¢
options	DASH OPTIONS - MIAX	pfof_rate	other	-38.33 ¢	-3882.51 ¢	-3844.18 ¢
options	DASH OPTIONS - MPRL	pfof_rate	market	-45.96 ¢	-4371.64 ¢	-4325.67 ¢
options	DASH OPTIONS - MPRL	pfof_rate	marketable_limit	-45.96 ¢	-4371.64 ¢	-4325.67 ¢
options	DASH OPTIONS - MPRL	pfof_rate	non_marketable_limit	-45.96 ¢	-4371.64 ¢	-4325.67 ¢
options	DASH OPTIONS - MPRL	pfof_rate	other	-45.96 ¢	-4371.64 ¢	-4325.67 ¢
options	DASH OPTIONS - NOM	pfof_rate	market	-39.83 ¢	-4091.29 ¢	-4051.46 ¢
options	DASH OPTIONS - NOM	pfof_rate	marketable_limit	-39.83 ¢	-4091.29 ¢	-4051.46 ¢
options	DASH OPTIONS - NOM	pfof_rate	non_marketable_limit	-39.83 ¢	-4091.29 ¢	-4051.46 ¢
options	DASH OPTIONS - NOM	pfof_rate	other	-39.83 ¢	-4091.29 ¢	-4051.46 ¢
options	DASH OPTIONS - PHLX	pfof_rate	market	-13.67 ¢	-2486.86 ¢	-2473.20 ¢
options	DASH OPTIONS - PHLX	pfof_rate	marketable_limit	-13.67 ¢	-2486.86 ¢	-2473.20 ¢
options	DASH OPTIONS - PHLX	pfof_rate	non_marketable_limit	-13.67 ¢	-2486.86 ¢	-2473.20 ¢
options	DASH OPTIONS - PHLX	pfof_rate	other	-13.67 ¢	-2486.86 ¢	-2473.20 ¢
options	DASH OPTIONS - SPHR	pfof_rate	market	-36.12 ¢	-3912.11 ¢	-3875.99 ¢
options	DASH OPTIONS - SPHR	pfof_rate	marketable_limit	-36.12 ¢	-3912.11 ¢	-3875.99 ¢
options	DASH OPTIONS - SPHR	pfof_rate	non_marketable_limit	-36.12 ¢	-3912.11 ¢	-3875.99 ¢
options	DASH OPTIONS - SPHR	pfof_rate	other	-36.12 ¢	-3912.11 ¢	-3875.99 ¢

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:

CODA MARKETS (CODA) (name:CODA MARKETS CODA), DASH EQUITIES (DASH) (name:DASH EQUITIES DASH), SAGE TRADING (SAGE) (name:SAGE TRADING SAGE), VELOCITY CLEARING (VTRD) (name:VELOCITY CLEARING VTRD)

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.