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2026Q2 2026Q1

CRD #316281 Review Period: 2026Q2 Filing: Direct 606 filer

FENNEL (CRD #316281) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: FENNEL (CRD #316281) 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. Instinet, LLC(185.4%)

2. Virtu Americas, LLC(144.3%)

3. CITADEL SECURITIES LLC(82.6%)

Top routed order shares

Disclosed PFOF / Rebates

$108.99

Avg 12.49 ¢

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

FENNEL

CRD Number: 316281 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:16 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
FNNL	316281	FNNL	V1	b4cdde431e5ecfc2fb42bb45ba36ef76240999ae0a4dba5b292d0bcdc62e8175	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	other_stocks	Instinet, LLC	Unmapped	52.6%	52.7%	48.8%	27.7%	10.00 ¢	10.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	13.1%	13.1%	15.2%	15.9%	-0.48 ¢	-2.86 ¢
202604	other_stocks	Nasdaq OMX	Unmapped	5.5%	5.5%	4.5%	6.0%	13.22 ¢	18.32 ¢
202604	other_stocks	CODA MARKETS INC	Unmapped	4.5%	4.5%	4.3%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	3.3%	3.3%	1.7%	9.2%	11.50 ¢	10.19 ¢
202604	other_stocks	Intelligentcross	Unmapped	2.6%	2.6%	3.1%	0.0%	6.00 ¢	6.00 ¢
202604	other_stocks	Jane Street Capital	JNST	2.3%	2.3%	3.8%	12.2%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	2.0%	2.0%	3.7%	12.3%	0.00 ¢	0.00 ¢
202604	other_stocks	UBS Securities, LLC ATS	Unmapped	1.3%	1.3%	1.6%	0.3%	10.00 ¢	10.00 ¢
202604	other_stocks	Hudson River Trading (HRT)	HRTF	1.3%	1.3%	2.8%	8.5%	0.00 ¢	0.00 ¢
202604	sp500	Instinet, LLC	Unmapped	30.0%	30.9%	25.0%	0.0%	10.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	28.3%	25.4%	50.0%	100.0%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	11.7%	10.9%	25.0%	0.0%	-11.00 ¢	-11.00 ¢
202604	sp500	Jane Street Capital	JNST	10.0%	10.9%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Nasdaq OMX	Unmapped	6.7%	7.3%	0.0%	0.0%	30.00 ¢	0.00 ¢
202604	sp500	VIRTU MATCHIT ATS	Unmapped	3.3%	3.6%	0.0%	0.0%	10.00 ¢	0.00 ¢
202604	sp500	Intelligentcross	Unmapped	3.3%	3.6%	0.0%	0.0%	6.00 ¢	0.00 ¢
202604	sp500	Hudson River Trading (HRT)	HRTF	3.3%	3.6%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Goldman Sachs & Co. LLC SIGMA X2	Unmapped	1.7%	1.8%	0.0%	0.0%	10.00 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	1.7%	1.8%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Instinet, LLC	Unmapped	47.3%	47.7%	29.0%	4.6%	10.00 ¢	10.00 ¢
202605	other_stocks	CODA MARKETS INC	Unmapped	11.3%	11.4%	8.4%	0.5%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	10.1%	9.9%	19.6%	27.3%	-0.84 ¢	-0.27 ¢
202605	other_stocks	Jane Street Capital	JNST	5.2%	5.1%	12.8%	22.6%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	4.8%	4.7%	11.6%	22.6%	0.00 ¢	0.00 ¢
202605	other_stocks	Nasdaq OMX	Unmapped	3.4%	3.5%	1.3%	0.1%	18.25 ¢	9.57 ¢
202605	other_stocks	Hudson River Trading (HRT)	HRTF	3.0%	2.9%	6.7%	12.3%	0.00 ¢	0.00 ¢
202605	other_stocks	NYSE Arca, Inc.	Unmapped	2.6%	2.6%	0.4%	0.0%	7.20 ¢	1.95 ¢
202605	other_stocks	Intelligentcross	Unmapped	1.8%	1.8%	1.3%	0.0%	6.00 ¢	6.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	1.1%	1.0%	2.0%	4.8%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	45.6%	42.9%	100.0%	66.7%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	17.4%	16.7%	0.0%	33.3%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	15.2%	16.7%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Hudson River Trading (HRT)	HRTF	10.9%	11.9%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	4.3%	4.8%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Cboe EDGX Exchange, Inc.	Unmapped	2.2%	2.4%	0.0%	0.0%	30.00 ¢	0.00 ¢
202605	sp500	StoneX Financial, Inc.	Unmapped	2.2%	2.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Instinet, LLC	Unmapped	2.2%	2.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Instinet, LLC	Unmapped	48.8%	49.1%	37.8%	0.2%	10.00 ¢	10.00 ¢
202606	other_stocks	CODA MARKETS INC	Unmapped	10.9%	11.0%	8.7%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	9.9%	9.8%	15.4%	27.0%	-0.24 ¢	0.00 ¢
202606	other_stocks	Nasdaq OMX	Unmapped	6.3%	6.3%	3.9%	0.0%	14.53 ¢	21.42 ¢
202606	other_stocks	Jane Street Capital	JNST	4.7%	4.6%	8.1%	26.5%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	4.4%	4.3%	7.5%	23.1%	0.00 ¢	0.00 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	2.2%	2.3%	1.5%	0.2%	8.86 ¢	4.68 ¢
202606	other_stocks	Hudson River Trading (HRT)	HRTF	1.9%	1.9%	3.6%	9.9%	0.00 ¢	0.00 ¢
202606	other_stocks	Intelligentcross	Unmapped	1.5%	1.5%	2.0%	0.0%	6.00 ¢	6.00 ¢
202606	other_stocks	MIAX Pearl Equities	Unmapped	0.8%	0.9%	0.3%	0.0%	5.33 ¢	14.17 ¢
202606	sp500	Virtu Americas, LLC	NITE	59.1%	57.1%	0.0%	100.0%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	22.7%	23.8%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	9.1%	9.5%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	Nasdaq OMX	Unmapped	4.5%	4.8%	0.0%	0.0%	29.50 ¢	0.00 ¢
202606	sp500	Instinet, LLC	Unmapped	4.5%	4.8%	0.0%	0.0%	0.00 ¢	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.

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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	Barclays ATS	dropped	—	2.26 ¢	—	—
sp500	Cboe BYX Exchange, Inc.	dropped	—	0.78 ¢	—	—
sp500	Cboe BZX Exchange, Inc.	dropped	—	0.78 ¢	—	—
sp500	Cboe EDGA Exchange, Inc.	dropped	—	1.45 ¢	—	—
sp500	Cboe EDGX Exchange, Inc.	added	—	—	0.72 ¢	—
sp500	CITADEL SECURITIES LLC	route_share	—	1.45 ¢	16.54 ¢	15.09 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	market	-11.00 ¢	-3.67 ¢	7.33 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	0.00 ¢	-3.67 ¢	-3.67 ¢
sp500	DOT	dropped	—	0.74 ¢	—	—
sp500	G1 Execution Services, LLC	added	—	—	0.56 ¢	—
sp500	GTS SECURITIES LLC	added	—	—	1.45 ¢	—
sp500	Hudson River Trading (HRT)	added	—	—	4.73 ¢	—
sp500	Instinct X	dropped	—	0.74 ¢	—	—
sp500	Instinet, LLC	route_share	—	60.55 ¢	12.24 ¢	-48.31 ¢
sp500	Instinet, LLC	pfof_rate	market	10.00 ¢	3.33 ¢	-6.67 ¢
sp500	Investors Exchange (IEXG)	dropped	—	1.45 ¢	—	—
sp500	Jane Street Capital	added	—	—	12.16 ¢	—
sp500	Nasdaq OMX	route_share	—	15.73 ¢	3.74 ¢	-11.99 ¢
sp500	Nasdaq OMX	pfof_rate	market	29.69 ¢	29.75 ¢	0.06 ¢
sp500	Nasdaq OMX	pfof_rate	marketable_limit	10.00 ¢	0.00 ¢	-10.00 ¢
sp500	Nasdaq OMX	pfof_rate	non_marketable_limit	-10.83 ¢	0.00 ¢	10.83 ¢
sp500	StoneX Financial, Inc.	added	—	—	0.72 ¢	—
sp500	UBS Securities, LLC ATS	dropped	—	6.64 ¢	—	—
sp500	Virtu Americas, LLC	added	—	—	44.36 ¢	—
other_stocks	Cboe EDGA Exchange, Inc.	dropped	—	0.38 ¢	—	—
other_stocks	Cboe EDGX Exchange, Inc.	dropped	—	0.96 ¢	—	—
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	-0.15 ¢	-0.52 ¢	-0.37 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	-1.36 ¢	-1.04 ¢	0.32 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	0.00 ¢	-3.67 ¢	-3.67 ¢
other_stocks	G1 Execution Services, LLC	added	—	—	0.35 ¢	—
other_stocks	Goldman Sachs & Co. LLC SIGMA X2	dropped	—	0.44 ¢	—	—
other_stocks	Hudson River Trading (HRT)	added	—	—	2.07 ¢	—
other_stocks	Instinet, LLC	route_share	—	56.24 ¢	49.56 ¢	-6.68 ¢
other_stocks	Instinet, LLC	pfof_rate	non_marketable_limit	6.67 ¢	0.00 ¢	-6.67 ¢
other_stocks	Intelligentcross	pfof_rate	non_marketable_limit	6.00 ¢	0.00 ¢	-6.00 ¢
other_stocks	Investors Exchange (IEXG)	dropped	—	1.35 ¢	—	—
other_stocks	Jane Street Capital	added	—	—	4.10 ¢	—
other_stocks	MEMX LLC	dropped	—	1.32 ¢	—	—
other_stocks	MIAX Pearl Equities	pfof_rate	market	8.89 ¢	5.33 ¢	-3.57 ¢
other_stocks	MIAX Pearl Equities	pfof_rate	marketable_limit	15.20 ¢	14.17 ¢	-1.03 ¢
other_stocks	MIAX Pearl Equities	pfof_rate	non_marketable_limit	-8.23 ¢	0.00 ¢	8.23 ¢
other_stocks	Nasdaq OMX	pfof_rate	market	12.55 ¢	15.33 ¢	2.79 ¢
other_stocks	Nasdaq OMX	pfof_rate	marketable_limit	10.82 ¢	16.43 ¢	5.61 ¢
other_stocks	Nasdaq OMX	pfof_rate	non_marketable_limit	-4.46 ¢	5.61 ¢	10.07 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	market	9.01 ¢	9.19 ¢	0.17 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	marketable_limit	17.68 ¢	5.61 ¢	-12.08 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	non_marketable_limit	-3.82 ¢	-6.15 ¢	-2.33 ¢
other_stocks	Virtu Americas, LLC	added	—	—	3.75 ¢	—
other_stocks	VIRTU MATCHIT ATS	dropped	—	0.69 ¢	—	—

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:

Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), CODA MARKETS INC (name:CODA MARKETS), Goldman Sachs & Co. LLC SIGMA X2 (name:GOLDMAN SACHS CO LLC SIGMA X2), GTS SECURITIES LLC (name:GTS SECURITIES), Instinet, LLC (name:INSTINET), Intelligentcross (name:INTELLIGENTCROSS), MIAX Pearl Equities (name:MIAX PEARL EQUITIES), Nasdaq OMX (name:NASDAQ OMX), NYSE Arca, Inc. (name:NYSE ARCA), StoneX Financial, Inc. (name:STONEX FINANCIAL), 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.