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2026Q2 2026Q1

CRD #36500 Review Period: 2026Q2 Filing: Direct 606 filer

PICTET OVERSEAS INC. (CRD #36500) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: PICTET OVERSEAS INC. (CRD #36500) 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(302.1%)

2. CBOE EDGX Exchange(199.1%)

3. Nasdaq Stock Market(114.3%)

Top routed order shares

Disclosed PFOF / Rebates

$3,068.00

Avg 79.59 ¢

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

PICTET OVERSEAS INC.

CRD Number: 36500 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:01 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Pictet Overseas Brokerage Services	36500	Direct	V1	924f2da5cb277d88fdd540b513fe3769a38ba5a896d76801088140012a4d27de	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	Instinet, LLC (INCA)	Unmapped	100.0%	0.0%	100.0%	100.0%	0.00 ¢	117.21 ¢
202604	other_stocks	CBOE BZX Exchange (BATS)	BATS	3.6%	7.1%	0.0%	0.0%	7.44 ¢	0.00 ¢
202604	other_stocks	Clearpool Execution Services, LLC (CPEM)	Unmapped	21.2%	40.4%	0.8%	1.6%	24.91 ¢	24.91 ¢
202604	other_stocks	DASH Financial Technologies, LLC (DFIN)	Unmapped	3.5%	6.4%	0.8%	0.0%	5.35 ¢	5.35 ¢
202604	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	36.3%	0.0%	96.1%	15.4%	0.00 ¢	16.58 ¢
202604	other_stocks	Flow Traders (FLWU)	Unmapped	7.8%	15.3%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	IEX Investors'Exchange LLC (IEXG)	IEXG	1.3%	0.0%	1.7%	5.3%	0.00 ¢	22.09 ¢
202604	other_stocks	Instinet, LLC (INCA)	Unmapped	1.5%	3.0%	0.0%	0.0%	23.01 ¢	0.00 ¢
202604	other_stocks	StoneX Financial Inc (INTL)	INTL	0.2%	0.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital (JSES)	Unmapped	8.1%	15.8%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	MCAP LLC (MCAP)	MCAP	0.2%	0.3%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Clearpool Execution Services, LLC (CPEM)	Unmapped	20.0%	27.6%	0.0%	0.0%	24.91 ¢	0.00 ¢
202604	sp500	DASH Financial Technologies, LLC (DFIN)	Unmapped	24.9%	34.1%	0.0%	4.9%	5.35 ¢	0.00 ¢
202604	sp500	CBOE EDGX Exchange (EDGX)	EDGK	25.0%	0.0%	90.9%	95.1%	0.00 ¢	16.58 ¢
202604	sp500	Instinet, LLC (INCA)	Unmapped	0.2%	0.3%	0.0%	0.0%	23.01 ¢	0.00 ¢
202604	sp500	Nasdaq Stock Market (NSDQ)	Unmapped	29.8%	38.1%	9.1%	0.0%	13.81 ¢	13.81 ¢
202605	options	Instinet, LLC (INCA)	Unmapped	100.0%	100.0%	100.0%	100.0%	1472.73 ¢	1472.73 ¢
202605	other_stocks	Clearpool Execution Services, LLC (CPEM)	Unmapped	24.9%	47.3%	5.1%	6.1%	24.59 ¢	24.59 ¢
202605	other_stocks	DASH Financial Technologies, LLC (DFIN)	Unmapped	9.8%	20.1%	0.6%	1.5%	6.22 ¢	6.22 ¢
202605	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	27.8%	0.0%	68.7%	12.4%	0.00 ¢	14.68 ¢
202605	other_stocks	Flow Traders (FLWU)	Unmapped	4.9%	10.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	IEX Investors'Exchange LLC (IEXG)	IEXG	13.3%	0.0%	21.3%	33.6%	0.00 ¢	27.01 ¢
202605	other_stocks	Instinet, LLC (INCA)	Unmapped	0.2%	0.5%	0.0%	0.0%	20.22 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital (JSES)	Unmapped	3.2%	6.9%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Nasdaq Stock Market (NSDQ)	Unmapped	14.4%	11.8%	4.3%	46.3%	18.09 ¢	18.09 ¢
202605	other_stocks	Virtu Financial, Inc (VIRT)	VIRT	1.4%	3.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Clearpool Execution Services, LLC (CPEM)	Unmapped	6.4%	17.1%	1.1%	0.0%	24.59 ¢	24.59 ¢
202605	sp500	DASH Financial Technologies, LLC (DFIN)	Unmapped	18.7%	54.4%	0.0%	0.0%	6.22 ¢	0.00 ¢
202605	sp500	CBOE EDGX Exchange (EDGX)	EDGK	46.0%	0.0%	76.9%	53.4%	0.00 ¢	14.68 ¢
202605	sp500	IEX Investors'Exchange LLC (IEXG)	IEXG	19.0%	0.0%	22.0%	46.6%	0.00 ¢	27.01 ¢
202605	sp500	Nasdaq Stock Market (NSDQ)	Unmapped	9.8%	28.6%	0.0%	0.0%	18.09 ¢	0.00 ¢
202606	options	Instinet, LLC (INCA)	Unmapped	100.0%	0.0%	100.0%	100.0%	0.00 ¢	1724.44 ¢
202606	other_stocks	Clearpool Execution Services, LLC (CPEM)	Unmapped	21.4%	38.6%	2.5%	0.6%	26.43 ¢	26.43 ¢
202606	other_stocks	DASH Financial Technologies, LLC (DFIN)	Unmapped	10.2%	17.5%	1.4%	5.2%	3.86 ¢	3.86 ¢
202606	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	37.4%	0.0%	78.0%	84.0%	0.00 ¢	21.08 ¢
202606	other_stocks	Flow Traders (FLWU)	Unmapped	0.1%	0.2%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	IEX Investors'Exchange LLC (IEXG)	IEXG	7.9%	0.0%	18.1%	9.4%	0.00 ¢	24.49 ¢
202606	other_stocks	Jane Street Capital (JSES)	Unmapped	16.8%	32.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	MCAP LLC (MCAP)	MCAP	0.2%	0.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Nasdaq Stock Market (NSDQ)	Unmapped	6.0%	11.3%	0.0%	0.8%	15.09 ¢	0.00 ¢
202606	sp500	Clearpool Execution Services, LLC (CPEM)	Unmapped	13.1%	17.9%	1.4%	0.0%	26.43 ¢	26.43 ¢
202606	sp500	DASH Financial Technologies, LLC (DFIN)	Unmapped	6.0%	8.4%	0.0%	0.0%	3.86 ¢	0.00 ¢
202606	sp500	CBOE EDGX Exchange (EDGX)	EDGK	26.5%	0.0%	98.6%	86.7%	0.00 ¢	21.08 ¢
202606	sp500	Instinet, LLC (INCA)	Unmapped	0.1%	0.2%	0.0%	0.0%	21.25 ¢	0.00 ¢
202606	sp500	Nasdaq Stock Market (NSDQ)	Unmapped	54.3%	73.5%	0.0%	13.3%	15.09 ¢	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	Clearpool Execution Services, LLC	added	—	—	13.16 ¢	—
sp500	DASH Financial Technologies, LLC	added	—	—	16.55 ¢	—
sp500	CBOE EDGX Exchange	added	—	—	32.52 ¢	—
sp500	IEX Investors'Exchange LLC	added	—	—	6.34 ¢	—
sp500	Instinet, LLC	added	—	—	0.12 ¢	—
sp500	Nasdaq Stock Market	added	—	—	31.31 ¢	—
other_stocks	CBOE BZX Exchange	added	—	—	1.21 ¢	—
other_stocks	Clearpool Execution Services, LLC	added	—	—	22.50 ¢	—
other_stocks	DASH Financial Technologies, LLC	added	—	—	7.84 ¢	—
other_stocks	CBOE EDGX Exchange	added	—	—	33.83 ¢	—
other_stocks	Flow Traders	added	—	—	4.27 ¢	—
other_stocks	IEX Investors'Exchange LLC	added	—	—	7.51 ¢	—
other_stocks	Instinet, LLC	added	—	—	0.58 ¢	—
other_stocks	StoneX Financial Inc	added	—	—	0.07 ¢	—
other_stocks	Jane Street Capital	added	—	—	9.39 ¢	—
other_stocks	MCAP LLC	added	—	—	0.12 ¢	—
other_stocks	Nasdaq Stock Market	added	—	—	6.80 ¢	—
other_stocks	Virtu Financial, Inc	added	—	—	0.46 ¢	—
options	Instinet, LLC	added	—	—	100.00 ¢	—

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:

Clearpool Execution Services, LLC (CPEM), DASH Financial Technologies, LLC (DFIN), Flow Traders (FLWU), Instinet, LLC (INCA), Jane Street Capital (JSES), Nasdaq Stock Market (NSDQ)

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.