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2026Q2 2026Q1

CRD #361 Review Period: 2026Q2 Filing: Direct 606 filer

GOLDMAN SACHS & CO. LLC (CRD #361) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: GOLDMAN SACHS & CO. LLC (CRD #361) 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. New York Stock Exchange LLC.(160.7%)

2. NYSE Arca, Inc .(142.9%)

3. The Nasdaq Stock Market LLC.(133.5%)

Top routed order shares

Disclosed PFOF / Rebates

$674,788.88

Avg 28.21 ¢

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

GOLDMAN SACHS & CO. LLC

CRD Number: 361 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:17:59 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Goldman Sachs & Co. LLC	361	Direct	V1	28c619f12a4b820c1daf66007cc8aa67a863dcd4ad0bf2ce8c685789a00e28ea	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	options	Members Exchange (MXOP)	Unmapped	56.0%	0.0%	7.0%	60.2%	0.00 ¢	-12.37 ¢
202604	options	NYSE Arca, Inc . (ARCO)	Unmapped	28.6%	11.8%	3.2%	30.5%	-3.05 ¢	-34.33 ¢
202604	options	CBOE Options Exchange (XCBO)	Unmapped	4.5%	11.0%	47.1%	1.5%	6.73 ¢	-42.40 ¢
202604	options	CBOE C2 Options Exchange, Inc. (C2OX)	Unmapped	2.6%	0.0%	0.6%	2.7%	0.00 ¢	-46.45 ¢
202604	options	MIAX PEARL LLC (MPRL)	Unmapped	2.4%	0.0%	1.2%	2.5%	0.00 ¢	-47.20 ¢
202604	options	BOX Options Exchange (XBOX)	Unmapped	0.9%	23.7%	3.0%	0.1%	47.40 ¢	-3.32 ¢
202604	options	NASDAQ Options Market LLC (XNDQ)	Unmapped	0.8%	0.0%	12.0%	0.4%	0.00 ¢	-50.34 ¢
202604	options	CBOE BZX Options Exchange (BATO)	Unmapped	0.8%	0.0%	3.1%	0.7%	0.00 ¢	-47.49 ¢
202604	options	CBOE EDGO Exchange (EDGO)	Unmapped	0.6%	9.9%	1.0%	0.1%	48.96 ¢	0.32 ¢
202604	options	Nasdaq ISE, LLC. (XISX)	Unmapped	0.5%	14.6%	1.8%	0.1%	3.79 ¢	-43.04 ¢
202604	other_stocks	NYSE Arca, Inc. (ARCX)	PARCAX	38.1%	31.2%	5.9%	56.0%	-15.00 ¢	-28.19 ¢
202604	other_stocks	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	16.1%	33.3%	15.9%	15.3%	-3.21 ¢	-25.89 ¢
202604	other_stocks	New York Stock Exchange LLC. (XNYS)	NXNYS	14.8%	28.5%	3.0%	20.6%	-2.55 ¢	-26.75 ¢
202604	other_stocks	GSCO (GSCO)	GSCO	11.3%	0.0%	33.7%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	CBOE BZX Exchange (BATS)	BATS	9.8%	7.0%	25.1%	1.6%	-13.00 ¢	-29.94 ¢
202604	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	4.1%	0.0%	0.4%	6.3%	0.00 ¢	-29.97 ¢
202604	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.9%	0.0%	5.6%	0.0%	0.00 ¢	1.33 ¢
202604	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	1.0%	0.0%	2.8%	0.0%	0.00 ¢	-29.95 ¢
202604	other_stocks	CBOE EDGA Exchange (EDGA)	EDGJ	0.7%	0.0%	1.8%	0.0%	0.00 ¢	-29.66 ¢
202604	other_stocks	Members Exchange (MEMX)	Unmapped	0.6%	0.0%	1.8%	0.0%	0.00 ¢	-29.05 ¢
202604	sp500	New York Stock Exchange LLC. (XNYS)	NXNYS	42.9%	52.8%	3.6%	59.7%	-2.55 ¢	-24.27 ¢
202604	sp500	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	24.0%	47.2%	11.1%	28.0%	-2.66 ¢	-24.76 ¢
202604	sp500	GSCO (GSCO)	GSCO	18.5%	0.0%	66.0%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	8.1%	0.0%	0.5%	11.8%	0.00 ¢	-29.99 ¢
202604	sp500	CBOE BZX Exchange (BATS)	BATS	2.6%	0.0%	6.8%	0.3%	0.00 ¢	-30.00 ¢
202604	sp500	NYSE Arca, Inc. (ARCX)	PARCAX	1.1%	0.0%	3.5%	0.1%	0.00 ¢	-30.00 ¢
202604	sp500	CBOE EDGX Exchange (EDGX)	EDGK	0.6%	0.0%	1.9%	0.0%	0.00 ¢	-30.00 ¢
202604	sp500	Investors Exchange LLC. (IEXG)	IEXG	0.5%	0.0%	1.6%	0.0%	0.00 ¢	-12.02 ¢
202604	sp500	CBOE BYX Exchange (BATY)	BYXX	0.4%	0.0%	1.0%	0.0%	0.00 ¢	1.85 ¢
202604	sp500	UBSA (UBSA)	UBSA	0.3%	0.0%	1.0%	0.0%	0.00 ¢	-10.00 ¢
202605	options	NYSE Arca, Inc . (ARCO)	Unmapped	48.2%	13.5%	3.5%	53.7%	-8.27 ¢	-31.13 ¢
202605	options	Members Exchange (MXOP)	Unmapped	32.9%	0.0%	4.0%	36.7%	0.00 ¢	-3.53 ¢
202605	options	CBOE Options Exchange (XCBO)	Unmapped	4.8%	10.5%	62.5%	1.2%	-2.05 ¢	-52.61 ¢
202605	options	CBOE C2 Options Exchange, Inc. (C2OX)	Unmapped	2.7%	0.0%	0.6%	3.0%	0.00 ¢	-48.04 ¢
202605	options	MIAX PEARL LLC (MPRL)	Unmapped	2.3%	0.0%	0.8%	2.5%	0.00 ¢	-48.57 ¢
202605	options	BOX Options Exchange (XBOX)	Unmapped	2.0%	23.9%	1.9%	0.2%	44.22 ¢	-7.29 ¢
202605	options	Nasdaq ISE, LLC. (XISX)	Unmapped	1.6%	13.3%	1.4%	0.1%	9.40 ¢	-43.24 ¢
202605	options	MIAX Securities Exchange, LLC (XMIO)	Unmapped	0.9%	8.7%	1.4%	0.1%	43.69 ¢	-29.58 ¢
202605	options	CBOE EDGO Exchange (EDGO)	Unmapped	0.8%	9.9%	0.6%	0.1%	40.08 ¢	-6.11 ¢
202605	options	CBOE BZX Options Exchange (BATO)	Unmapped	0.7%	0.0%	3.0%	0.7%	0.00 ¢	-48.17 ¢
202605	other_stocks	NYSE Arca, Inc. (ARCX)	PARCAX	37.5%	29.9%	6.1%	53.5%	-14.99 ¢	-28.82 ¢
202605	other_stocks	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	16.8%	33.7%	14.1%	16.9%	-2.56 ¢	-28.91 ¢
202605	other_stocks	New York Stock Exchange LLC. (XNYS)	NXNYS	16.1%	29.9%	3.2%	21.1%	-2.66 ¢	-22.60 ¢
202605	other_stocks	GSCO (GSCO)	GSCO	12.9%	0.0%	40.9%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	CBOE BZX Exchange (BATS)	BATS	7.5%	5.9%	19.9%	1.6%	-13.00 ¢	-29.97 ¢
202605	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	4.3%	0.0%	0.5%	6.5%	0.00 ¢	-29.99 ¢
202605	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.3%	0.0%	4.3%	0.0%	0.00 ¢	1.37 ¢
202605	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	0.9%	0.0%	2.8%	0.0%	0.00 ¢	-29.89 ¢
202605	other_stocks	CBOE EDGA Exchange (EDGA)	EDGJ	0.6%	0.0%	1.8%	0.0%	0.00 ¢	-29.52 ¢
202605	other_stocks	Investors Exchange LLC. (IEXG)	IEXG	0.6%	0.0%	1.7%	0.0%	0.00 ¢	-14.26 ¢
202605	sp500	New York Stock Exchange LLC. (XNYS)	NXNYS	41.6%	54.6%	4.2%	57.0%	-2.66 ¢	-24.48 ¢
202605	sp500	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	26.0%	45.3%	13.5%	30.2%	-2.42 ¢	-24.12 ¢
202605	sp500	GSCO (GSCO)	GSCO	18.2%	0.0%	62.9%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	8.3%	0.0%	0.5%	12.1%	0.00 ¢	-30.00 ¢
202605	sp500	CBOE BZX Exchange (BATS)	BATS	2.0%	0.0%	6.4%	0.3%	0.00 ¢	-30.00 ¢
202605	sp500	NYSE Arca, Inc. (ARCX)	PARCAX	1.1%	0.0%	3.5%	0.1%	0.00 ¢	-29.99 ¢
202605	sp500	CBOE EDGX Exchange (EDGX)	EDGK	0.6%	0.0%	2.0%	0.1%	0.00 ¢	-29.99 ¢
202605	sp500	Investors Exchange LLC. (IEXG)	IEXG	0.5%	0.0%	1.6%	0.0%	0.00 ¢	-14.96 ¢
202605	sp500	UBSA (UBSA)	UBSA	0.3%	0.0%	1.0%	0.0%	0.00 ¢	-10.00 ¢
202605	sp500	Members Exchange (MEMX)	Unmapped	0.3%	0.0%	1.0%	0.0%	0.00 ¢	-30.00 ¢
202606	options	NYSE Arca, Inc . (ARCO)	Unmapped	66.1%	13.1%	3.6%	74.4%	-17.77 ¢	-35.59 ¢
202606	options	Members Exchange (MXOP)	Unmapped	14.0%	0.0%	3.0%	15.8%	0.00 ¢	-3.16 ¢
202606	options	CBOE Options Exchange (XCBO)	Unmapped	4.9%	18.6%	68.4%	2.1%	-10.16 ¢	-48.92 ¢
202606	options	BOX Options Exchange (XBOX)	Unmapped	3.0%	22.3%	1.3%	0.3%	44.59 ¢	-8.78 ¢
202606	options	CBOE EDGO Exchange (EDGO)	Unmapped	1.8%	8.4%	0.4%	0.4%	35.47 ¢	-19.33 ¢
202606	options	CBOE C2 Options Exchange, Inc. (C2OX)	Unmapped	1.7%	0.0%	0.6%	1.9%	0.00 ¢	-47.22 ¢
202606	options	MIAX PEARL LLC (MPRL)	Unmapped	1.6%	0.0%	0.6%	1.7%	0.00 ¢	-48.63 ¢
202606	options	Nasdaq ISE, LLC. (XISX)	Unmapped	1.4%	13.3%	1.8%	0.1%	6.81 ¢	-46.57 ¢
202606	options	Nasdaq PHLX, LLC (XPHO)	Unmapped	1.3%	8.1%	0.6%	0.3%	7.34 ¢	-29.29 ¢
202606	options	CBOE BZX Options Exchange (BATO)	Unmapped	1.1%	0.0%	2.7%	1.1%	0.00 ¢	-49.68 ¢
202606	other_stocks	NYSE Arca, Inc. (ARCX)	PARCAX	31.0%	17.1%	6.6%	46.4%	-14.99 ¢	-29.11 ¢
202606	other_stocks	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	24.6%	56.0%	16.6%	25.6%	-5.54 ¢	-27.51 ¢
202606	other_stocks	GSCO (GSCO)	GSCO	13.7%	0.0%	39.8%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	New York Stock Exchange LLC. (XNYS)	NXNYS	12.4%	22.3%	2.8%	17.3%	-1.95 ¢	-22.89 ¢
202606	other_stocks	CBOE BZX Exchange (BATS)	BATS	7.3%	4.1%	17.9%	1.7%	-13.00 ¢	-29.47 ¢
202606	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	5.4%	0.0%	0.5%	8.6%	0.00 ¢	-29.87 ¢
202606	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.6%	0.0%	4.7%	0.0%	0.00 ¢	1.41 ¢
202606	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	1.1%	0.0%	3.0%	0.0%	0.00 ¢	-29.88 ¢
202606	other_stocks	Investors Exchange LLC. (IEXG)	IEXG	0.6%	0.0%	1.8%	0.0%	0.00 ¢	-13.32 ¢
202606	other_stocks	CBOE EDGA Exchange (EDGA)	EDGJ	0.6%	0.0%	1.8%	0.0%	0.00 ¢	-29.83 ¢
202606	sp500	New York Stock Exchange LLC. (XNYS)	NXNYS	32.9%	41.1%	3.4%	51.6%	-1.95 ¢	-26.67 ¢
202606	sp500	GSCO (GSCO)	GSCO	26.8%	0.0%	69.3%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	26.1%	58.9%	10.7%	34.9%	-1.85 ¢	-26.33 ¢
202606	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	7.6%	0.0%	0.4%	13.0%	0.00 ¢	-30.00 ¢
202606	sp500	CBOE BZX Exchange (BATS)	BATS	2.3%	0.0%	5.9%	0.0%	0.00 ¢	-30.00 ¢
202606	sp500	NYSE Arca, Inc. (ARCX)	PARCAX	1.3%	0.0%	3.3%	0.1%	0.00 ¢	-29.99 ¢
202606	sp500	CBOE EDGX Exchange (EDGX)	EDGK	0.7%	0.0%	1.6%	0.0%	0.00 ¢	-29.99 ¢
202606	sp500	Investors Exchange LLC. (IEXG)	IEXG	0.6%	0.0%	1.3%	0.0%	0.00 ¢	-14.91 ¢
202606	sp500	CBOE BYX Exchange (BATY)	BYXX	0.3%	0.0%	0.8%	0.0%	0.00 ¢	1.86 ¢
202606	sp500	UBSA (UBSA)	UBSA	0.3%	0.0%	0.8%	0.0%	0.00 ¢	-10.00 ¢

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	NYSE Arca, Inc.	pfof_rate	other	-30.00 ¢	-29.86 ¢	0.13 ¢
sp500	CBOE BYX Exchange	pfof_rate	marketable_limit	1.77 ¢	1.85 ¢	0.08 ¢
sp500	CBOE BYX Exchange	pfof_rate	non_marketable_limit	1.69 ¢	2.00 ¢	0.31 ¢
sp500	CBOE BYX Exchange	pfof_rate	other	1.99 ¢	1.83 ¢	-0.16 ¢
sp500	Investors Exchange LLC.	pfof_rate	marketable_limit	-11.84 ¢	-13.96 ¢	-2.12 ¢
sp500	Investors Exchange LLC.	pfof_rate	non_marketable_limit	-7.54 ¢	-6.88 ¢	0.66 ¢
sp500	Investors Exchange LLC.	pfof_rate	other	-12.94 ¢	-11.47 ¢	1.47 ¢
sp500	Members Exchange	pfof_rate	marketable_limit	-29.38 ¢	-30.00 ¢	-0.62 ¢
sp500	Members Exchange	pfof_rate	non_marketable_limit	-29.79 ¢	-30.00 ¢	-0.21 ¢
sp500	Members Exchange	pfof_rate	other	-29.34 ¢	-29.99 ¢	-0.64 ¢
sp500	The Nasdaq Stock Market LLC.	pfof_rate	market	-2.98 ¢	-2.31 ¢	0.67 ¢
sp500	The Nasdaq Stock Market LLC.	pfof_rate	marketable_limit	-27.88 ¢	-25.07 ¢	2.81 ¢
sp500	The Nasdaq Stock Market LLC.	pfof_rate	non_marketable_limit	29.08 ¢	31.86 ¢	2.77 ¢
sp500	The Nasdaq Stock Market LLC.	pfof_rate	other	-12.43 ¢	8.26 ¢	20.70 ¢
sp500	New York Stock Exchange LLC.	pfof_rate	market	-2.60 ¢	-2.39 ¢	0.21 ¢
sp500	New York Stock Exchange LLC.	pfof_rate	marketable_limit	-22.36 ¢	-25.14 ¢	-2.78 ¢
sp500	New York Stock Exchange LLC.	pfof_rate	non_marketable_limit	14.88 ¢	12.99 ¢	-1.89 ¢
sp500	New York Stock Exchange LLC.	pfof_rate	other	-5.21 ¢	-7.76 ¢	-2.55 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	marketable_limit	-28.47 ¢	-28.71 ¢	-0.23 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	non_marketable_limit	20.10 ¢	19.63 ¢	-0.47 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	other	-11.19 ¢	-12.19 ¢	-1.00 ¢
other_stocks	CBOE BZX Exchange	pfof_rate	non_marketable_limit	13.87 ¢	17.19 ¢	3.32 ¢
other_stocks	CBOE BZX Exchange	pfof_rate	other	-17.05 ¢	-20.98 ¢	-3.93 ¢
other_stocks	CBOE BYX Exchange	pfof_rate	marketable_limit	1.34 ¢	1.37 ¢	0.03 ¢
other_stocks	CBOE BYX Exchange	pfof_rate	non_marketable_limit	1.63 ¢	1.66 ¢	0.03 ¢
other_stocks	CBOE BYX Exchange	pfof_rate	other	1.57 ¢	1.74 ¢	0.17 ¢
other_stocks	CBOE EDGA Exchange	added	—	—	0.62 ¢	—
other_stocks	CBOE EDGX Exchange	pfof_rate	marketable_limit	-29.86 ¢	-29.91 ¢	-0.04 ¢
other_stocks	CBOE EDGX Exchange	pfof_rate	non_marketable_limit	-28.86 ¢	-30.00 ¢	-1.13 ¢
other_stocks	Investors Exchange LLC.	pfof_rate	marketable_limit	-14.30 ¢	-13.79 ¢	0.51 ¢
other_stocks	Investors Exchange LLC.	pfof_rate	non_marketable_limit	-7.41 ¢	-8.14 ¢	-0.73 ¢
other_stocks	Investors Exchange LLC.	pfof_rate	other	-13.42 ¢	-12.93 ¢	0.49 ¢
other_stocks	Members Exchange	pfof_rate	marketable_limit	-29.53 ¢	-29.05 ¢	0.48 ¢
other_stocks	Members Exchange	pfof_rate	non_marketable_limit	-28.25 ¢	-29.50 ¢	-1.25 ¢
other_stocks	Members Exchange	pfof_rate	other	-29.89 ¢	-29.88 ¢	0.01 ¢
other_stocks	UBSA	dropped	—	5.04 ¢	—	—
other_stocks	The Nasdaq Stock Market LLC.	pfof_rate	market	-4.05 ¢	-3.77 ¢	0.28 ¢
other_stocks	The Nasdaq Stock Market LLC.	pfof_rate	marketable_limit	-27.76 ¢	-27.44 ¢	0.33 ¢
other_stocks	The Nasdaq Stock Market LLC.	pfof_rate	non_marketable_limit	27.62 ¢	28.63 ¢	1.01 ¢
other_stocks	The Nasdaq Stock Market LLC.	pfof_rate	other	-18.09 ¢	-7.58 ¢	10.51 ¢
other_stocks	New York Stock Exchange LLC.	pfof_rate	market	-2.60 ¢	-2.39 ¢	0.21 ¢
other_stocks	New York Stock Exchange LLC.	pfof_rate	marketable_limit	-20.18 ¢	-24.08 ¢	-3.90 ¢
other_stocks	New York Stock Exchange LLC.	pfof_rate	non_marketable_limit	14.02 ¢	12.99 ¢	-1.03 ¢
other_stocks	New York Stock Exchange LLC.	pfof_rate	other	-5.54 ¢	-3.60 ¢	1.94 ¢
other_stocks	NASDAQ OMX PSX	pfof_rate	non_marketable_limit	-28.25 ¢	-29.99 ¢	-1.74 ¢
options	NYSE Arca, Inc .	route_share	—	20.90 ¢	47.64 ¢	26.73 ¢
options	NYSE Arca, Inc .	pfof_rate	market	-17.58 ¢	-9.70 ¢	7.88 ¢
options	NYSE Arca, Inc .	pfof_rate	marketable_limit	-30.13 ¢	-33.68 ¢	-3.56 ¢
options	NYSE Arca, Inc .	pfof_rate	non_marketable_limit	37.35 ¢	39.56 ¢	2.20 ¢
options	NYSE Arca, Inc .	pfof_rate	other	-16.18 ¢	-4.16 ¢	12.02 ¢
options	CBOE BZX Options Exchange	pfof_rate	marketable_limit	-46.84 ¢	-48.45 ¢	-1.61 ¢
options	CBOE BZX Options Exchange	pfof_rate	non_marketable_limit	7.46 ¢	8.57 ¢	1.10 ¢
options	CBOE BZX Options Exchange	pfof_rate	other	13.27 ¢	28.19 ¢	14.92 ¢
options	CBOE C2 Options Exchange, Inc.	pfof_rate	marketable_limit	-44.55 ¢	-47.24 ¢	-2.69 ¢
options	CBOE C2 Options Exchange, Inc.	pfof_rate	non_marketable_limit	30.39 ¢	30.46 ¢	0.08 ¢
options	CBOE C2 Options Exchange, Inc.	pfof_rate	other	-10.61 ¢	-10.28 ¢	0.32 ¢
options	CBOE EDGO Exchange	pfof_rate	market	38.31 ¢	41.50 ¢	3.19 ¢
options	CBOE EDGO Exchange	pfof_rate	marketable_limit	1.91 ¢	-8.37 ¢	-10.28 ¢
options	CBOE EDGO Exchange	pfof_rate	non_marketable_limit	2.92 ¢	10.81 ¢	7.90 ¢
options	CBOE EDGO Exchange	pfof_rate	other	36.78 ¢	38.97 ¢	2.19 ¢
options	MIAX PEARL LLC	pfof_rate	marketable_limit	-45.76 ¢	-48.13 ¢	-2.37 ¢
options	MIAX PEARL LLC	pfof_rate	non_marketable_limit	13.01 ¢	13.66 ¢	0.65 ¢
options	MIAX PEARL LLC	pfof_rate	other	-26.28 ¢	-21.25 ¢	5.03 ¢
options	Members Exchange	route_share	—	56.88 ¢	34.32 ¢	-22.56 ¢
options	Members Exchange	pfof_rate	marketable_limit	-13.27 ¢	-6.35 ¢	6.91 ¢
options	Members Exchange	pfof_rate	non_marketable_limit	49.96 ¢	51.34 ¢	1.38 ¢
options	Members Exchange	pfof_rate	other	35.11 ¢	31.38 ¢	-3.73 ¢
options	BOX Options Exchange	pfof_rate	market	46.95 ¢	45.40 ¢	-1.55 ¢
options	BOX Options Exchange	pfof_rate	marketable_limit	1.00 ¢	-6.46 ¢	-7.47 ¢
options	BOX Options Exchange	pfof_rate	non_marketable_limit	4.15 ¢	3.81 ¢	-0.34 ¢
options	BOX Options Exchange	pfof_rate	other	46.65 ¢	48.94 ¢	2.28 ¢
options	NASDAQ BX Options	dropped	—	0.17 ¢	—	—
options	CBOE Options Exchange	pfof_rate	market	-8.29 ¢	-1.83 ¢	6.46 ¢
options	CBOE Options Exchange	pfof_rate	marketable_limit	-40.07 ¢	-47.98 ¢	-7.91 ¢
options	CBOE Options Exchange	pfof_rate	non_marketable_limit	-18.37 ¢	-14.09 ¢	4.28 ¢
options	CBOE Options Exchange	pfof_rate	other	-21.09 ¢	-26.78 ¢	-5.68 ¢
options	Nasdaq ISE, LLC.	pfof_rate	market	12.16 ¢	6.67 ¢	-5.50 ¢
options	Nasdaq ISE, LLC.	pfof_rate	marketable_limit	-42.51 ¢	-44.28 ¢	-1.78 ¢
options	Nasdaq ISE, LLC.	pfof_rate	non_marketable_limit	4.41 ¢	1.83 ¢	-2.58 ¢
options	Nasdaq ISE, LLC.	pfof_rate	other	10.02 ¢	14.31 ¢	4.29 ¢
options	MIAX Securities Exchange, LLC	pfof_rate	market	44.97 ¢	43.69 ¢	-1.28 ¢
options	MIAX Securities Exchange, LLC	pfof_rate	marketable_limit	-22.79 ¢	-29.58 ¢	-6.79 ¢
options	MIAX Securities Exchange, LLC	pfof_rate	non_marketable_limit	-4.37 ¢	-1.56 ¢	2.81 ¢
options	MIAX Securities Exchange, LLC	pfof_rate	other	35.76 ¢	39.73 ¢	3.97 ¢
options	NASDAQ Options Market LLC	pfof_rate	marketable_limit	-49.16 ¢	-50.34 ¢	-1.18 ¢
options	NASDAQ Options Market LLC	pfof_rate	non_marketable_limit	-20.62 ¢	-18.38 ¢	2.24 ¢
options	NASDAQ Options Market LLC	pfof_rate	other	-45.36 ¢	-43.02 ¢	2.34 ¢
options	Nasdaq PHLX, LLC	pfof_rate	market	16.33 ¢	7.34 ¢	-8.99 ¢
options	Nasdaq PHLX, LLC	pfof_rate	marketable_limit	-20.54 ¢	-29.29 ¢	-8.75 ¢
options	Nasdaq PHLX, LLC	pfof_rate	non_marketable_limit	-0.80 ¢	0.98 ¢	1.78 ¢
options	Nasdaq PHLX, LLC	pfof_rate	other	14.96 ¢	17.69 ¢	2.73 ¢

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:

Members Exchange (MEMX), The Nasdaq Stock Market LLC. (XNAS), NASDAQ OMX PSX (XPSX)

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.