EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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2026Q22026Q1
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): CURVATURE SECURITIES LLC, VELOX CLEARING LLC. Every underlying execution venue and clearing context is evaluated below.

CRD #317903 Review Period: 2026Q2 Filing: Adopts clearing firm report

AC SUNSHINE SECURITIES LLC (CRD #317903) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
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Primary Routed Venues (606)
1. Dash/IMC Financial Markets(299.6%)
2. Cboe BYX Exchange, Inc.(299.2%)
3. Instinet SOR(280.3%)
Top routed order shares
Disclosed PFOF / Rebates
Clears via CURVATURE SECURITIES 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.

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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

AC SUNSHINE SECURITIES LLC

CRD Number: 317903 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:41 GMT
Methodology: exq-2
Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing FirmCRDVariant / ContextVersionSHA-256 DigestSource Document
Curvature Securities LLC(Clearing: CURVATURE SECURITIES LLC)169708DirectV128e57122c4556b75ce42e4872cf838b6e25512a5d75c8a0554efe8ca5838f498 Download XML ↗
Velox Clearing, LLC(Clearing: VELOX CLEARING LLC)290215VLOXV17bf4395a6af32e9d0cd9dd55909bca562db81074aa10f369eed3ec8494c9810a 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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MonthSectionExecution Venue605 ReporterRoute %Market %Mkt Limit %Non-Mkt %PFOF Mkt (¢/100)PFOF Limit (¢/100)
202604other_stocksInstinet SORUnmapped37.6%29.0%0.0%78.1%0.00 ¢0.00 ¢
202604other_stocksInstinet AlgoUnmapped5.1%38.7%0.0%9.9%0.00 ¢0.00 ¢
202604other_stocksVirtu AlgoUnmapped4.7%29.0%0.0%9.2%0.00 ¢0.00 ¢
202604other_stocksCitadel AlgoUnmapped1.2%0.0%0.0%2.5%0.00 ¢0.00 ¢
202604other_stocksINCAUnmapped0.2%0.0%100.0%0.2%0.00 ¢0.00 ¢
202604other_stocksGLPX/ACS AlgosUnmapped0.1%3.2%0.0%0.1%0.00 ¢0.00 ¢
202604other_stocksCPEMUnmapped0.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604sp500Instinet SORUnmapped100.0%100.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksInstinet SORUnmapped21.3%62.9%0.0%58.0%0.00 ¢0.00 ¢
202605other_stocksInstinet AlgoUnmapped10.5%28.6%0.0%28.7%0.00 ¢0.00 ¢
202605other_stocksVirtu AlgoUnmapped4.0%8.6%0.0%11.0%0.00 ¢0.00 ¢
202605other_stocksCitadel AlgoUnmapped0.4%0.0%0.0%1.3%0.00 ¢0.00 ¢
202605other_stocksDASH Opt AlgoUnmapped0.2%0.0%0.0%0.6%0.00 ¢0.00 ¢
202605other_stocksINCAUnmapped0.2%0.0%100.0%0.5%0.00 ¢0.00 ¢
202605sp500Instinet SORUnmapped100.0%100.0%0.0%100.0%0.00 ¢0.00 ¢
202606other_stocksInstinet SORUnmapped21.4%36.8%0.0%46.9%0.00 ¢0.00 ¢
202606other_stocksInstinet AlgoUnmapped12.9%52.6%0.0%26.6%0.00 ¢0.00 ¢
202606other_stocksVirtu AlgoUnmapped7.8%2.6%0.0%17.7%0.00 ¢0.00 ¢
202606other_stocksCitadel AlgoUnmapped3.7%7.9%0.0%7.9%0.00 ¢0.00 ¢
202606other_stocksINCAUnmapped0.4%0.0%100.0%0.6%0.00 ¢0.00 ¢
202606other_stocksGLPX/ACS AlgosUnmapped0.1%0.0%0.0%0.3%0.00 ¢0.00 ¢
202606other_stocksCODAUnmapped0.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsDash/IMC Financial MarketsUnmapped99.9%100.0%99.8%100.0%37.17 ¢39.23 ¢
202604other_stocksCboe BYX Exchange, Inc.Unmapped36.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksIntelligentcrossUnmapped15.7%0.0%71.5%0.0%0.00 ¢3.71 ¢
202604other_stocksCitadel SecuritiesCDRG6.7%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksVirtu VEQUnmapped6.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksJump TradingUnmapped5.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksLevel ATSUnmapped4.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksNYSE Arca, Inc.Unmapped4.1%0.0%17.4%37.2%0.00 ¢-33.84 ¢
202604other_stocksHudson River Trading (HRT)HRTF4.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksJane Street CapitalJNST3.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksSageTrader, LLCUnmapped2.9%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604other_stocksComhar Capital Markets, LLC - Us EquitiesUnmapped2.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604sp500Cboe BYX Exchange, Inc.Unmapped63.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604sp500IntelligentcrossUnmapped24.1%0.0%93.6%0.0%0.00 ¢-9.38 ¢
202604sp500Jump TradingUnmapped3.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsDash/IMC Financial MarketsUnmapped99.8%100.0%99.5%99.9%38.92 ¢40.47 ¢
202605other_stocksCboe BYX Exchange, Inc.Unmapped40.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksIntelligentcrossUnmapped22.0%0.0%71.0%0.0%0.00 ¢3.45 ¢
202605other_stocksCitadel SecuritiesCDRG5.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksVirtu VEQUnmapped4.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksNYSE Arca, Inc.Unmapped4.1%0.0%19.0%63.5%0.00 ¢-32.67 ¢
202605other_stocksJump TradingUnmapped3.9%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksHudson River Trading (HRT)HRTF3.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksLevel ATSUnmapped2.9%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksJane Street CapitalJNST2.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605other_stocksSageTrader, LLCUnmapped2.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605sp500Cboe BYX Exchange, Inc.Unmapped56.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605sp500IntelligentcrossUnmapped31.6%0.0%92.6%0.0%0.00 ¢-12.04 ¢
202605sp500Jump TradingUnmapped3.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsDash/IMC Financial MarketsUnmapped99.9%100.0%99.8%100.0%38.60 ¢39.82 ¢
202606other_stocksCboe BYX Exchange, Inc.Unmapped44.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksIntelligentcrossUnmapped24.1%0.0%76.4%0.0%0.00 ¢3.50 ¢
202606other_stocksNYSE Arca, Inc.Unmapped4.3%0.0%18.7%58.8%0.00 ¢-35.90 ¢
202606other_stocksVirtu VEQUnmapped3.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksCitadel SecuritiesCDRG3.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksHudson River Trading (HRT)HRTF2.7%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksJump TradingUnmapped2.7%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksJane Street CapitalJNST2.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksLevel ATSUnmapped2.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606other_stocksComhar Capital Markets, LLC - Us EquitiesUnmapped2.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606sp500Cboe BYX Exchange, Inc.Unmapped58.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606sp500IntelligentcrossUnmapped32.2%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.

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MonthVenueClassNotional × LotFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <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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MonthClassNotional × LotMetricFirm CompositeBest CompetingBest VenueMedian CompetingMapped 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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MonthVenueOrder ClassRoute %606 Net PFOF (¢/100)NPI (bps)Peer Bench (bps)Delta (bps)Ref PriceDelta (¢/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.

Download CSV ↓
SectionVenueType of ChangeOrder ClassPrior ValueCurrent ValueNet Shift
sp500DASH Opt Algodropped—11.11 ¢——
sp500Instinet SORroute_share—88.89 ¢100.00 ¢11.11 ¢
other_stocksDASH Eqt Algodropped—0.03 ¢——
other_stocksDASH Opt Algoadded——0.07 ¢—
other_stocksINET SMART-CURV-CRVIdropped—0.04 ¢——
other_stocksInstinet SORroute_share—20.22 ¢26.76 ¢6.54 ¢
other_stocksQMSR LT-CURVdropped—0.06 ¢——
sp500Cboe BYX Exchange, Inc.route_share—22.21 ¢59.44 ¢37.23 ¢
sp500Cboe BYX Exchange, Inc.pfof_ratemarketable_limit-1.25 ¢0.00 ¢1.25 ¢
sp500Cboe BYX Exchange, Inc.pfof_ratenon_marketable_limit-2.10 ¢0.00 ¢2.10 ¢
sp500Cboe BYX Exchange, Inc.pfof_rateother7.32 ¢-24.59 ¢-31.91 ¢
sp500Cboe EDGX Exchange, Inc.dropped—3.09 ¢——
sp500Citadel Securitiesdropped—4.21 ¢——
sp500CODA MARKETS INCdropped—6.27 ¢——
sp500Comhar Capital Markets, LLC - Us Equitiesdropped—18.55 ¢——
sp500Intelligentcrossroute_share—5.86 ¢29.29 ¢23.43 ¢
sp500Intelligentcrosspfof_ratemarketable_limit4.06 ¢-13.63 ¢-17.69 ¢
sp500Intelligentcrosspfof_rateother4.03 ¢-23.42 ¢-27.45 ¢
sp500Jump Tradingpfof_ratemarket-2.98 ¢0.00 ¢2.98 ¢
sp500Jump Tradingpfof_ratemarketable_limit-1.64 ¢0.00 ¢1.64 ¢
sp500Jump Tradingpfof_rateother9.01 ¢-3.89 ¢-12.90 ¢
sp500Level ATSdropped—3.01 ¢——
sp500NYSE Arca, Inc.dropped—15.54 ¢——
sp500The Nasdaq Stock Market LLCdropped—7.33 ¢——
sp500Virtu VEQdropped—1.14 ¢——
other_stocksCboe BYX Exchange, Inc.route_share—16.61 ¢40.28 ¢23.67 ¢
other_stocksCboe BYX Exchange, Inc.pfof_ratemarketable_limit3.37 ¢0.00 ¢-3.37 ¢
other_stocksCboe BYX Exchange, Inc.pfof_ratenon_marketable_limit6.75 ¢0.00 ¢-6.75 ¢
other_stocksCboe BYX Exchange, Inc.pfof_rateother3.53 ¢1.93 ¢-1.60 ¢
other_stocksCboe EDGX Exchange, Inc.dropped—4.07 ¢——
other_stocksCitadel Securitiespfof_rateother4.68 ¢6.25 ¢1.57 ¢
other_stocksCODA MARKETS INCdropped—3.14 ¢——
other_stocksComhar Capital Markets, LLC - Us Equitiesroute_share—10.83 ¢1.59 ¢-9.23 ¢
other_stocksComhar Capital Markets, LLC - Us Equitiespfof_ratemarket-2.26 ¢0.00 ¢2.26 ¢
other_stocksComhar Capital Markets, LLC - Us Equitiespfof_ratemarketable_limit-2.02 ¢0.00 ¢2.02 ¢
other_stocksComhar Capital Markets, LLC - Us Equitiespfof_ratenon_marketable_limit-2.33 ¢0.00 ¢2.33 ¢
other_stocksComhar Capital Markets, LLC - Us Equitiespfof_rateother8.96 ¢8.75 ¢-0.21 ¢
other_stocksHudson River Trading (HRT)pfof_rateother5.16 ¢6.28 ¢1.12 ¢
other_stocksInstinet, LLCdropped—0.55 ¢——
other_stocksIntelligentcrossroute_share—4.99 ¢20.60 ¢15.62 ¢
other_stocksIntelligentcrosspfof_ratemarketable_limit4.19 ¢3.55 ¢-0.63 ¢
other_stocksIntelligentcrosspfof_rateother2.00 ¢-1.64 ¢-3.64 ¢
other_stocksJane Street Capitalpfof_rateother9.01 ¢8.98 ¢-0.04 ¢
other_stocksJump Tradingpfof_ratemarket3.38 ¢0.00 ¢-3.38 ¢
other_stocksJump Tradingpfof_ratemarketable_limit2.12 ¢0.00 ¢-2.12 ¢
other_stocksJump Tradingpfof_ratenon_marketable_limit3.71 ¢0.00 ¢-3.71 ¢
other_stocksJump Tradingpfof_rateother4.65 ¢7.09 ¢2.44 ¢
other_stocksLevel ATSpfof_rateother9.09 ¢8.48 ¢-0.62 ¢
other_stocksNYSE Arca, Inc.route_share—15.48 ¢4.17 ¢-11.31 ¢
other_stocksNYSE Arca, Inc.pfof_ratemarket-1.00 ¢0.00 ¢1.00 ¢
other_stocksNYSE Arca, Inc.pfof_ratemarketable_limit-13.49 ¢-34.13 ¢-20.64 ¢
other_stocksNYSE Arca, Inc.pfof_ratenon_marketable_limit-2.83 ¢23.82 ¢26.65 ¢
other_stocksNYSE Arca, Inc.pfof_rateother-16.17 ¢-37.95 ¢-21.78 ¢
other_stocksSageTrader, LLCpfof_rateother9.00 ¢8.62 ¢-0.38 ¢
other_stocksThe Nasdaq Stock Market LLCdropped—7.59 ¢——
other_stocksVirtu VEQpfof_rateother7.81 ¢8.52 ¢0.72 ¢
optionsDash/IMC Financial Marketspfof_ratemarket38.55 ¢38.23 ¢-0.33 ¢
optionsDash/IMC Financial Marketspfof_ratemarketable_limit38.96 ¢39.84 ¢0.88 ¢
optionsDash/IMC Financial Marketspfof_ratenon_marketable_limit37.40 ¢42.47 ¢5.07 ¢
optionsDash/IMC Financial Marketspfof_rateother39.28 ¢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 orders
Unmapped Venues
17
606 destinations without 605 match
Challenged / Missing 605
0
Venues missing monthly 605 report

Unmapped Routing Destinations:

Cboe BYX Exchange, Inc. (name:CBOE BYX EXCHANGE), Citadel Algo (name:CITADEL ALGO), CODA (name:CODA), Comhar Capital Markets, LLC - Us Equities (name:COMHAR CAPITAL MARKETS LLC - US EQUITIES), CPEM (name:CPEM), DASH Opt Algo (name:DASH OPT ALGO), GLPX/ACS Algos (name:GLPX/ACS ALGOS), INCA (name:INCA), Instinet Algo (name:INSTINET ALGO), Instinet SOR (name:INSTINET SOR), Intelligentcross (name:INTELLIGENTCROSS), Jump Trading (name:JUMP TRADING), Level ATS (name:LEVEL ATS), NYSE Arca, Inc. (name:NYSE ARCA), SageTrader, LLC (name:SAGETRADER), Virtu Algo (name:VIRTU ALGO), 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.