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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 #317194 Review Period: 2026Q2 Filing: Direct 606 filer

ATOMIC VAULTS SECURITIES, LLC (CRD #317194) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: ATOMIC VAULTS SECURITIES, LLC (CRD #317194) 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(599.1%)

2. JANE(69.6%)

3. BOATS(66.0%)

Top routed order shares

Disclosed PFOF / Rebates

$5,267,607.45

Avg 27.81 ¢

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

ATOMIC VAULTS SECURITIES, LLC

CRD Number: 317194 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:30:17 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
Atomic Vaults Securities, LLC	317194	Direct	V1	9977c120f735acb6147cfe92013aff4edd666fbf8fa8ade4a97f2a14d7c6f74c	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	Unmapped	13.4%	1.5%	56.5%	41.8%	31.64 ¢	34.04 ¢
202604	options	JANE	Unmapped	0.2%	0.3%	57.9%	41.8%	64.38 ¢	25.62 ¢
202604	options	CITADEL	Unmapped	67.1%	0.5%	55.7%	43.8%	28.13 ¢	36.83 ¢
202604	options	WEX	Unmapped	19.3%	0.5%	61.5%	38.0%	37.61 ¢	30.59 ¢
202604	other_stocks	JANE	Unmapped	2.6%	0.8%	76.5%	22.7%	4.58 ¢	5.61 ¢
202604	other_stocks	CITADEL	Unmapped	82.0%	1.6%	54.9%	43.5%	5.79 ¢	6.31 ¢
202604	other_stocks	DASH	Unmapped	1.0%	0.1%	52.6%	47.3%	0.00 ¢	-5.00 ¢
202604	other_stocks	BOATS	Unmapped	10.4%	0.0%	52.9%	47.1%	0.00 ¢	-20.00 ¢
202604	other_stocks	TRFX	Unmapped	2.7%	24.6%	39.2%	36.2%	0.00 ¢	0.00 ¢
202604	other_stocks	OTCM	Unmapped	0.2%	0.0%	46.2%	53.8%	0.00 ¢	-5.00 ¢
202604	sp500	JANE	Unmapped	2.1%	1.2%	75.7%	23.1%	32.39 ¢	24.04 ¢
202604	sp500	CITADEL	Unmapped	78.3%	1.7%	52.9%	45.4%	45.38 ¢	48.04 ¢
202604	sp500	BOATS	Unmapped	9.9%	0.0%	48.9%	51.1%	0.00 ¢	-20.00 ¢
202604	sp500	DASH	Unmapped	0.8%	0.1%	49.8%	50.1%	0.00 ¢	-5.00 ¢
202604	sp500	TRFX	Unmapped	5.0%	24.7%	33.7%	41.6%	0.00 ¢	0.00 ¢
202605	options	DASH	Unmapped	20.7%	1.2%	56.2%	42.5%	20.05 ¢	31.68 ¢
202605	options	JANE	Unmapped	1.8%	0.7%	56.6%	42.8%	19.74 ¢	32.43 ¢
202605	options	CITADEL	Unmapped	54.5%	0.6%	53.2%	46.1%	37.63 ¢	36.65 ¢
202605	options	WEX	Unmapped	23.0%	0.4%	63.8%	35.8%	36.80 ¢	34.89 ¢
202605	other_stocks	TRFX	Unmapped	3.2%	23.0%	38.4%	38.6%	0.00 ¢	0.00 ¢
202605	other_stocks	JANE	Unmapped	15.3%	1.6%	61.6%	36.8%	3.44 ¢	4.40 ¢
202605	other_stocks	CITADEL	Unmapped	65.9%	1.8%	51.4%	46.8%	7.66 ¢	7.69 ¢
202605	other_stocks	BOATS	Unmapped	12.2%	0.0%	57.0%	43.0%	0.00 ¢	-20.00 ¢
202605	other_stocks	DASH	Unmapped	2.4%	0.1%	55.5%	44.4%	0.00 ¢	-5.00 ¢
202605	other_stocks	OTCM	Unmapped	0.2%	0.0%	54.3%	45.7%	0.00 ¢	-5.00 ¢
202605	sp500	JANE	Unmapped	15.5%	1.3%	56.5%	42.2%	24.46 ¢	38.31 ¢
202605	sp500	CITADEL	Unmapped	63.4%	1.6%	45.3%	53.1%	40.21 ¢	58.45 ¢
202605	sp500	DASH	Unmapped	1.9%	0.0%	46.4%	53.6%	0.00 ¢	-5.00 ¢
202605	sp500	BOATS	Unmapped	11.6%	0.0%	47.7%	52.3%	0.00 ¢	-20.00 ¢
202605	sp500	TRFX	Unmapped	5.0%	24.0%	36.1%	39.9%	0.00 ¢	0.00 ¢
202606	options	JANE	Unmapped	1.4%	1.3%	57.3%	41.4%	27.61 ¢	36.00 ¢
202606	options	DASH	Unmapped	18.0%	3.6%	55.9%	40.3%	45.54 ¢	61.81 ¢
202606	options	CITADEL	Unmapped	62.5%	0.9%	54.7%	44.4%	23.80 ¢	37.79 ¢
202606	options	WEX	Unmapped	18.1%	1.0%	64.6%	34.4%	24.63 ¢	31.49 ¢
202606	other_stocks	JANE	Unmapped	15.7%	2.4%	59.4%	38.2%	3.02 ¢	5.39 ¢
202606	other_stocks	CITADEL	Unmapped	65.2%	3.1%	48.8%	48.0%	4.20 ¢	9.79 ¢
202606	other_stocks	BOATS	Unmapped	11.7%	0.0%	55.5%	44.5%	0.00 ¢	-20.00 ¢
202606	other_stocks	TRFX	Unmapped	3.6%	24.3%	38.2%	37.5%	0.00 ¢	0.00 ¢
202606	other_stocks	DASH	Unmapped	2.1%	0.0%	53.3%	46.7%	0.00 ¢	-5.00 ¢
202606	other_stocks	OTCM	Unmapped	0.1%	0.0%	49.8%	50.2%	0.00 ¢	-5.00 ¢
202606	sp500	JANE	Unmapped	15.0%	1.8%	55.1%	43.2%	32.60 ¢	46.18 ¢
202606	sp500	CITADEL	Unmapped	60.3%	2.2%	44.3%	53.6%	66.28 ¢	73.56 ¢
202606	sp500	DASH	Unmapped	1.6%	0.0%	48.1%	51.9%	0.00 ¢	-5.00 ¢
202606	sp500	TRFX	Unmapped	7.8%	23.4%	34.7%	42.0%	0.00 ¢	0.00 ¢
202606	sp500	BOATS	Unmapped	10.2%	0.0%	50.4%	49.6%	0.00 ¢	-20.00 ¢

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
202608	JANE	market	1.8%	32.60 ¢	—	—	—	—	—	No conflict
202608	JANE	marketable_limit	55.1%	46.18 ¢	—	—	—	—	—	No conflict
202608	JANE	nonmarketable_limit	43.2%	49.23 ¢	—	—	—	—	—	No conflict
202608	CITADEL	market	2.2%	66.28 ¢	—	—	—	—	—	No conflict
202608	CITADEL	marketable_limit	44.3%	73.56 ¢	—	—	—	—	—	No conflict
202608	CITADEL	nonmarketable_limit	53.6%	82.86 ¢	—	—	—	—	—	No conflict
202608	DASH	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	DASH	marketable_limit	48.1%	-5.00 ¢	—	—	—	—	—	No conflict
202608	DASH	nonmarketable_limit	51.9%	-5.00 ¢	—	—	—	—	—	No conflict
202608	TRFX	market	23.4%	0.00 ¢	—	—	—	—	—	No conflict
202608	TRFX	marketable_limit	34.7%	0.00 ¢	—	—	—	—	—	No conflict
202608	TRFX	nonmarketable_limit	42.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	BOATS	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	BOATS	marketable_limit	50.4%	-20.00 ¢	—	—	—	—	—	No conflict
202608	BOATS	nonmarketable_limit	49.6%	6.00 ¢	—	—	—	—	—	No conflict
202608	JANE	market	2.4%	3.02 ¢	—	—	—	—	—	No conflict
202608	JANE	marketable_limit	59.4%	5.39 ¢	—	—	—	—	—	No conflict
202608	JANE	nonmarketable_limit	38.2%	4.62 ¢	—	—	—	—	—	No conflict
202608	CITADEL	market	3.1%	4.20 ¢	—	—	—	—	—	No conflict
202608	CITADEL	marketable_limit	48.8%	9.79 ¢	—	—	—	—	—	No conflict
202608	CITADEL	nonmarketable_limit	48.0%	8.06 ¢	—	—	—	—	—	No conflict
202608	BOATS	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	BOATS	marketable_limit	55.5%	-20.00 ¢	—	—	—	—	—	No conflict
202608	BOATS	nonmarketable_limit	44.5%	6.00 ¢	—	—	—	—	—	No conflict
202608	TRFX	market	24.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	TRFX	marketable_limit	38.2%	0.00 ¢	—	—	—	—	—	No conflict
202608	TRFX	nonmarketable_limit	37.5%	0.00 ¢	—	—	—	—	—	No conflict
202608	DASH	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	DASH	marketable_limit	53.3%	-5.00 ¢	—	—	—	—	—	No conflict
202608	DASH	nonmarketable_limit	46.7%	-5.00 ¢	—	—	—	—	—	No conflict
202608	OTCM	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	OTCM	marketable_limit	49.8%	-5.00 ¢	—	—	—	—	—	No conflict
202608	OTCM	nonmarketable_limit	50.2%	-5.00 ¢	—	—	—	—	—	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	CITADEL	route_share	—	50.61 ¢	67.34 ¢	16.73 ¢
sp500	CITADEL	pfof_rate	market	51.67 ¢	50.62 ¢	-1.05 ¢
sp500	CITADEL	pfof_rate	marketable_limit	45.34 ¢	60.02 ¢	14.68 ¢
sp500	CITADEL	pfof_rate	non_marketable_limit	50.34 ¢	65.43 ¢	15.08 ¢
sp500	JANE	route_share	—	28.03 ¢	10.87 ¢	-17.16 ¢
sp500	JANE	pfof_rate	market	54.04 ¢	29.82 ¢	-24.23 ¢
sp500	JANE	pfof_rate	marketable_limit	50.28 ¢	36.17 ¢	-14.10 ¢
sp500	JANE	pfof_rate	non_marketable_limit	48.45 ¢	37.30 ¢	-11.15 ¢
other_stocks	CITADEL	route_share	—	50.60 ¢	71.01 ¢	20.41 ¢
other_stocks	CITADEL	pfof_rate	market	6.20 ¢	5.88 ¢	-0.32 ¢
other_stocks	CITADEL	pfof_rate	marketable_limit	7.43 ¢	7.93 ¢	0.50 ¢
other_stocks	CITADEL	pfof_rate	non_marketable_limit	4.10 ¢	5.98 ¢	1.88 ¢
other_stocks	JANE	route_share	—	29.91 ¢	11.20 ¢	-18.71 ¢
other_stocks	JANE	pfof_rate	market	6.54 ¢	3.68 ¢	-2.86 ¢
other_stocks	JANE	pfof_rate	marketable_limit	4.09 ¢	5.13 ¢	1.05 ¢
other_stocks	JANE	pfof_rate	non_marketable_limit	3.21 ¢	4.10 ¢	0.89 ¢
options	CITADEL	route_share	—	3.36 ¢	61.36 ¢	58.00 ¢
options	CITADEL	pfof_rate	market	26.12 ¢	29.85 ¢	3.74 ¢
options	CITADEL	pfof_rate	marketable_limit	19.56 ¢	37.09 ¢	17.53 ¢
options	CITADEL	pfof_rate	non_marketable_limit	27.17 ¢	40.27 ¢	13.10 ¢
options	DASH	route_share	—	53.39 ¢	17.38 ¢	-36.01 ¢
options	DASH	pfof_rate	market	32.78 ¢	32.41 ¢	-0.37 ¢
options	DASH	pfof_rate	marketable_limit	33.59 ¢	42.51 ¢	8.92 ¢
options	DASH	pfof_rate	non_marketable_limit	34.40 ¢	46.11 ¢	11.71 ¢
options	JANE	route_share	—	43.04 ¢	1.14 ¢	-41.90 ¢
options	JANE	pfof_rate	market	36.16 ¢	37.24 ¢	1.08 ¢
options	JANE	pfof_rate	marketable_limit	36.32 ¢	31.35 ¢	-4.97 ¢
options	JANE	pfof_rate	non_marketable_limit	45.60 ¢	40.95 ¢	-4.66 ¢
options	WEX	route_share	—	0.21 ¢	20.12 ¢	19.91 ¢
options	WEX	pfof_rate	market	11.76 ¢	33.01 ¢	21.25 ¢
options	WEX	pfof_rate	marketable_limit	11.62 ¢	32.32 ¢	20.71 ¢
options	WEX	pfof_rate	non_marketable_limit	13.96 ¢	47.51 ¢	33.55 ¢

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:

BOATS (name:BOATS), CITADEL (name:CITADEL), DASH (name:DASH), JANE (name:JANE), OTCM (name:OTCM), TRFX (name:TRFX)

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.