FENNEL (CRD #316281) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
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.
FENNEL
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| FNNL | 316281 | FNNL | V1 | 329eb852f15aa615430f5a2a55dd9a63ef290a9f0d7d0b786c824bf5e92beeb0 | 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) |
|---|---|---|---|---|---|---|---|---|---|
| 202601 | other_stocks | Instinet, LLC | Unmapped | 47.8% | 47.7% | 48.5% | 59.1% | 10.00 ¢ | 10.00 ¢ |
| 202601 | other_stocks | CODA MARKETS INC | Unmapped | 18.4% | 18.5% | 15.0% | 0.3% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Nasdaq OMX | Unmapped | 7.8% | 7.8% | 8.2% | 11.9% | 13.72 ¢ | 12.71 ¢ |
| 202601 | other_stocks | Intelligentcross | Unmapped | 5.1% | 5.1% | 5.2% | 0.6% | 6.00 ¢ | 6.00 ¢ |
| 202601 | other_stocks | CITADEL SECURITIES LLC | CDRG | 4.6% | 4.6% | 3.7% | 0.5% | -0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | NYSE Arca, Inc. | Unmapped | 3.5% | 3.4% | 3.9% | 10.1% | 12.92 ¢ | 20.06 ¢ |
| 202601 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 1.3% | 1.3% | 2.5% | 5.0% | 17.49 ¢ | 27.35 ¢ |
| 202601 | other_stocks | MIAX Pearl Equities | Unmapped | 1.3% | 1.3% | 0.5% | 1.8% | 8.89 ¢ | 15.20 ¢ |
| 202601 | other_stocks | UBS Securities, LLC ATS | Unmapped | 1.2% | 1.3% | 1.4% | 0.5% | 10.00 ¢ | 10.00 ¢ |
| 202601 | other_stocks | Investors Exchange (IEXG) | Unmapped | 1.2% | 1.2% | 2.0% | 1.0% | 6.34 ¢ | 5.66 ¢ |
| 202601 | sp500 | Instinet, LLC | Unmapped | 60.0% | 60.0% | 50.0% | 75.0% | 10.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Nasdaq OMX | Unmapped | 15.6% | 8.6% | 50.0% | 25.0% | 29.67 ¢ | 30.00 ¢ |
| 202601 | sp500 | UBS Securities, LLC ATS | Unmapped | 8.9% | 11.4% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Intelligentcross | Unmapped | 4.4% | 5.7% | 0.0% | 0.0% | 6.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Barclays ATS | Unmapped | 4.4% | 5.7% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | VIRTU MATCHIT ATS | Unmapped | 2.2% | 2.9% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | DOT | Unmapped | 2.2% | 2.9% | 0.0% | 0.0% | 30.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Instinct X | Unmapped | 2.2% | 2.9% | 0.0% | 0.0% | 12.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Instinet, LLC | Unmapped | 59.5% | 59.5% | 57.2% | 57.5% | 10.00 ¢ | 10.00 ¢ |
| 202602 | other_stocks | Nasdaq OMX | Unmapped | 7.6% | 7.6% | 10.5% | 11.4% | 15.38 ¢ | 9.86 ¢ |
| 202602 | other_stocks | CITADEL SECURITIES LLC | CDRG | 5.8% | 5.8% | 3.0% | 0.2% | -0.30 ¢ | -2.84 ¢ |
| 202602 | other_stocks | Intelligentcross | Unmapped | 5.7% | 5.7% | 4.6% | 0.2% | 6.00 ¢ | 6.00 ¢ |
| 202602 | other_stocks | NYSE Arca, Inc. | Unmapped | 3.5% | 3.5% | 6.1% | 17.5% | 9.07 ¢ | 13.92 ¢ |
| 202602 | other_stocks | MEMX LLC | Unmapped | 2.2% | 2.2% | 3.0% | 0.0% | 9.78 ¢ | 13.89 ¢ |
| 202602 | other_stocks | VIRTU MATCHIT ATS | Unmapped | 2.1% | 2.1% | 1.4% | 0.0% | 10.00 ¢ | 10.00 ¢ |
| 202602 | other_stocks | UBS Securities, LLC ATS | Unmapped | 1.7% | 1.7% | 3.0% | 0.4% | 10.00 ¢ | 10.00 ¢ |
| 202602 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 1.6% | 1.6% | 0.9% | 5.3% | 11.74 ¢ | 5.16 ¢ |
| 202602 | other_stocks | Investors Exchange (IEXG) | Unmapped | 1.5% | 1.5% | 1.4% | 0.0% | 4.26 ¢ | 11.75 ¢ |
| 202602 | sp500 | Instinet, LLC | Unmapped | 65.1% | 63.4% | 0.0% | 100.0% | 10.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Nasdaq OMX | Unmapped | 18.6% | 19.5% | 0.0% | 0.0% | 29.72 ¢ | 0.00 ¢ |
| 202602 | sp500 | Intelligentcross | Unmapped | 4.7% | 4.9% | 0.0% | 0.0% | 6.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Cboe BYX Exchange, Inc. | Unmapped | 2.3% | 2.4% | 0.0% | 0.0% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | UBS Securities, LLC ATS | Unmapped | 2.3% | 2.4% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | VIRTU MATCHIT ATS | Unmapped | 2.3% | 2.4% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Barclays ATS | Unmapped | 2.3% | 2.4% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Cboe BZX Exchange, Inc. | Unmapped | 2.3% | 2.4% | 0.0% | 0.0% | 30.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Instinet, LLC | Unmapped | 61.5% | 61.5% | 61.0% | 56.6% | 10.00 ¢ | 10.00 ¢ |
| 202603 | other_stocks | CITADEL SECURITIES LLC | CDRG | 8.5% | 8.6% | 6.2% | 0.6% | -0.15 ¢ | -1.24 ¢ |
| 202603 | other_stocks | Nasdaq OMX | Unmapped | 7.7% | 7.6% | 8.0% | 9.8% | 8.53 ¢ | 9.91 ¢ |
| 202603 | other_stocks | Intelligentcross | Unmapped | 3.1% | 3.1% | 3.6% | 1.4% | 6.00 ¢ | 6.00 ¢ |
| 202603 | other_stocks | NYSE Arca, Inc. | Unmapped | 2.6% | 2.5% | 4.5% | 14.8% | 5.05 ¢ | 19.07 ¢ |
| 202603 | other_stocks | UBS Securities, LLC ATS | Unmapped | 2.4% | 2.4% | 2.4% | 1.2% | 10.00 ¢ | 10.00 ¢ |
| 202603 | other_stocks | MEMX LLC | Unmapped | 1.8% | 1.8% | 1.6% | 0.7% | 5.31 ¢ | 4.92 ¢ |
| 202603 | other_stocks | Investors Exchange (IEXG) | Unmapped | 1.3% | 1.4% | 0.4% | 0.7% | 5.09 ¢ | 7.74 ¢ |
| 202603 | other_stocks | Goldman Sachs & Co. LLC SIGMA X2 | Unmapped | 1.3% | 1.3% | 0.9% | 0.2% | 10.00 ¢ | 10.00 ¢ |
| 202603 | other_stocks | Cboe EDGA Exchange, Inc. | Unmapped | 1.1% | 1.1% | 1.0% | 0.0% | 2.57 ¢ | 4.85 ¢ |
| 202603 | sp500 | Instinet, LLC | Unmapped | 56.5% | 56.5% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Nasdaq OMX | Unmapped | 13.0% | 13.0% | 0.0% | 0.0% | 29.67 ¢ | 0.00 ¢ |
| 202603 | sp500 | UBS Securities, LLC ATS | Unmapped | 8.7% | 8.7% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | CITADEL SECURITIES LLC | CDRG | 4.3% | 4.3% | 0.0% | 0.0% | -11.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Cboe EDGA Exchange, Inc. | Unmapped | 4.3% | 4.3% | 0.0% | 0.0% | 30.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Investors Exchange (IEXG) | Unmapped | 4.3% | 4.3% | 0.0% | 0.0% | 24.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Goldman Sachs & Co. LLC SIGMA X2 | Unmapped | 4.3% | 4.3% | 0.0% | 0.0% | 10.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Intelligentcross | Unmapped | 4.3% | 4.3% | 0.0% | 0.0% | 6.00 ¢ | 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 |
|---|
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 2025Q4.
No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Unmapped Routing Destinations:
Barclays ATS (name:BARCLAYS ATS), Cboe BYX Exchange, Inc. (name:CBOE BYX EXCHANGE), Cboe BZX Exchange, Inc. (name:CBOE BZX EXCHANGE), Cboe EDGA Exchange, Inc. (name:CBOE EDGA EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), CODA MARKETS INC (name:CODA MARKETS), DOT (name:DOT), Goldman Sachs & Co. LLC SIGMA X2 (name:GOLDMAN SACHS CO LLC SIGMA X2), Instinct X (name:INSTINCT X), Instinet, LLC (name:INSTINET), Intelligentcross (name:INTELLIGENTCROSS), Investors Exchange (IEXG) (name:INVESTORS EXCHANGE IEXG), MEMX LLC (name:MEMX), MIAX Pearl Equities (name:MIAX PEARL EQUITIES), Nasdaq OMX (name:NASDAQ OMX), NYSE Arca, Inc. (name:NYSE ARCA), UBS Securities, LLC ATS (name:UBS SECURITIES LLC ATS), VIRTU MATCHIT ATS (name:VIRTU MATCHIT ATS)
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.