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2026Q2 2026Q1

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): HILLTOP SECURITIES INC.. Every underlying execution venue and clearing context is evaluated below.

CRD #37031 Review Period: 2026Q2 Filing: Adopts clearing firm report

PACKERLAND BROKERAGE SERVICES, INC. (CRD #37031) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: PACKERLAND BROKERAGE SERVICES, INC. (CRD #37031) 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 SECURITIES LLC(196.4%)

2. Virtu Americas, LLC(166.0%)

3. StoneX Financial, Inc.(119.1%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via HILLTOP SECURITIES INC. • 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

PACKERLAND BROKERAGE SERVICES, INC.

CRD Number: 37031 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:18:33 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Hilltop Securities(Clearing: HILLTOP SECURITIES INC.)	6220	SWST	V1	57d02983926ac3c033ac3c9fdcf4798d5925f40f65b5081ba676c3ad2756d443	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	CITADEL SECURITIES LLC	CDRG	35.0%	26.9%	28.7%	36.1%	36.86 ¢	34.15 ¢
202604	options	Global Execution Brokers LP	Unmapped	29.2%	33.1%	22.1%	29.6%	33.29 ¢	31.41 ¢
202604	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	27.3%	32.9%	26.0%	27.4%	30.00 ¢	36.28 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	8.4%	6.9%	23.2%	6.9%	35.80 ¢	39.06 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	27.1%	27.0%	25.8%	26.0%	4.15 ¢	3.77 ¢
202604	other_stocks	StoneX Financial, Inc.	Unmapped	19.9%	20.8%	15.4%	14.2%	4.77 ¢	4.68 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	17.0%	16.6%	18.7%	23.3%	4.72 ¢	4.85 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	15.4%	15.7%	15.0%	12.9%	5.00 ¢	5.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	10.2%	9.5%	11.5%	15.0%	4.84 ¢	4.76 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	7.2%	6.7%	13.6%	8.7%	4.93 ¢	4.70 ¢
202604	sp500	Virtu Americas, LLC	NITE	27.9%	27.2%	29.4%	28.6%	5.00 ¢	5.00 ¢
202604	sp500	StoneX Financial, Inc.	Unmapped	21.1%	21.9%	17.2%	13.6%	4.84 ¢	5.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	16.7%	16.4%	15.1%	22.9%	4.99 ¢	4.81 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	15.5%	16.0%	14.8%	11.4%	5.00 ¢	5.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	9.8%	9.4%	10.9%	14.9%	5.00 ¢	5.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	7.0%	6.8%	12.5%	8.5%	5.00 ¢	5.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	36.2%	2.5%	41.4%	41.5%	30.45 ¢	40.88 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	27.7%	29.5%	18.5%	26.2%	36.79 ¢	37.15 ¢
202605	options	Global Execution Brokers LP	Unmapped	20.6%	37.7%	24.6%	18.3%	37.56 ¢	29.51 ¢
202605	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	15.3%	30.1%	13.9%	14.0%	32.74 ¢	37.67 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	29.6%	29.1%	29.1%	27.1%	4.62 ¢	1.74 ¢
202605	other_stocks	StoneX Financial, Inc.	Unmapped	23.9%	25.5%	20.2%	14.8%	4.66 ¢	4.99 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	14.5%	13.8%	13.6%	22.7%	4.89 ¢	4.51 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	13.9%	14.0%	16.3%	12.7%	5.00 ¢	5.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	8.6%	7.8%	10.8%	14.7%	4.99 ¢	4.62 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	6.1%	5.7%	9.9%	7.8%	4.87 ¢	4.68 ¢
202605	sp500	Virtu Americas, LLC	NITE	26.4%	25.5%	24.0%	25.5%	5.00 ¢	5.00 ¢
202605	sp500	StoneX Financial, Inc.	Unmapped	20.7%	21.8%	13.7%	13.3%	4.76 ¢	5.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	17.0%	16.5%	17.0%	25.7%	4.99 ¢	2.72 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	17.0%	17.6%	21.6%	12.8%	5.00 ¢	5.00 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	10.1%	10.0%	9.9%	13.9%	5.00 ¢	5.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	6.9%	6.8%	13.7%	8.7%	5.00 ¢	5.00 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	37.0%	19.9%	34.8%	37.8%	33.52 ¢	33.65 ¢
202606	options	Global Execution Brokers LP	Unmapped	28.5%	30.0%	21.5%	29.3%	33.55 ¢	32.21 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	17.5%	19.2%	18.7%	18.0%	44.33 ¢	34.45 ¢
202606	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	17.0%	30.2%	25.0%	14.8%	44.17 ¢	37.18 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	26.4%	25.6%	28.1%	25.8%	4.38 ¢	2.91 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	17.4%	17.4%	17.6%	17.8%	5.00 ¢	5.00 ¢
202606	other_stocks	StoneX Financial, Inc.	Unmapped	16.9%	17.9%	13.6%	12.8%	4.62 ¢	4.96 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	16.3%	15.7%	16.3%	23.1%	4.87 ¢	4.81 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	13.2%	13.9%	11.5%	8.8%	4.57 ¢	4.66 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	7.7%	7.0%	10.8%	10.7%	4.90 ¢	4.81 ¢
202606	sp500	Virtu Americas, LLC	NITE	28.6%	27.8%	28.8%	24.2%	5.00 ¢	5.00 ¢
202606	sp500	StoneX Financial, Inc.	Unmapped	16.7%	17.6%	9.9%	11.5%	4.87 ¢	5.00 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	15.6%	15.5%	19.9%	18.7%	5.00 ¢	5.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	15.2%	14.8%	11.6%	24.3%	4.99 ¢	3.99 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	15.0%	15.8%	16.1%	7.6%	5.00 ¢	5.00 ¢
202606	sp500	UBS Securities, LLC	Unmapped	6.3%	5.6%	13.7%	13.8%	5.00 ¢	5.00 ¢

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	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	4.20 ¢	3.84 ¢	-0.36 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	4.37 ¢	4.30 ¢	-0.07 ¢
sp500	GTS SECURITIES LLC	pfof_rate	other	5.00 ¢	0.00 ¢	-5.00 ¢
sp500	StoneX Financial, Inc.	pfof_rate	market	4.79 ¢	4.82 ¢	0.04 ¢
sp500	UBS Securities, LLC	pfof_rate	market	4.90 ¢	5.00 ¢	0.10 ¢
sp500	UBS Securities, LLC	pfof_rate	marketable_limit	4.57 ¢	5.00 ¢	0.43 ¢
sp500	UBS Securities, LLC	pfof_rate	non_marketable_limit	4.62 ¢	5.00 ¢	0.38 ¢
sp500	UBS Securities, LLC	pfof_rate	other	4.89 ¢	5.00 ¢	0.11 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	1.85 ¢	3.16 ¢	1.31 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	4.73 ¢	4.83 ¢	0.10 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	2.71 ¢	4.73 ¢	2.02 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	4.50 ¢	4.26 ¢	-0.23 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	4.23 ¢	4.84 ¢	0.61 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	market	4.71 ¢	4.80 ¢	0.09 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	marketable_limit	4.23 ¢	4.68 ¢	0.45 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	non_marketable_limit	4.31 ¢	4.66 ¢	0.35 ¢
other_stocks	G1 Execution Services, LLC	pfof_rate	other	3.66 ¢	4.98 ¢	1.32 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	other	5.00 ¢	0.00 ¢	-5.00 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	market	4.42 ¢	4.68 ¢	0.27 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	marketable_limit	4.24 ¢	4.88 ¢	0.64 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	non_marketable_limit	4.43 ¢	4.46 ¢	0.02 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	other	4.09 ¢	4.79 ¢	0.70 ¢
other_stocks	UBS Securities, LLC	pfof_rate	market	4.84 ¢	4.90 ¢	0.06 ¢
other_stocks	UBS Securities, LLC	pfof_rate	marketable_limit	3.52 ¢	4.73 ¢	1.21 ¢
other_stocks	UBS Securities, LLC	pfof_rate	non_marketable_limit	4.23 ¢	4.73 ¢	0.50 ¢
other_stocks	UBS Securities, LLC	pfof_rate	other	3.78 ¢	4.75 ¢	0.97 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	4.41 ¢	4.38 ¢	-0.03 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	2.89 ¢	2.81 ¢	-0.08 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	3.16 ¢	4.17 ¢	1.01 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	2.34 ¢	1.89 ¢	-0.45 ¢
options	CITADEL SECURITIES LLC	pfof_rate	market	30.70 ¢	35.72 ¢	5.02 ¢
options	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	36.46 ¢	34.98 ¢	-1.47 ¢
options	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	33.28 ¢	36.55 ¢	3.27 ¢
options	CITADEL SECURITIES LLC	pfof_rate	other	46.06 ¢	43.65 ¢	-2.41 ¢
options	Global Execution Brokers LP	route_share	—	36.81 ¢	26.10 ¢	-10.71 ¢
options	Global Execution Brokers LP	pfof_rate	market	33.48 ¢	34.80 ¢	1.32 ¢
options	Global Execution Brokers LP	pfof_rate	marketable_limit	31.68 ¢	31.04 ¢	-0.64 ¢
options	Global Execution Brokers LP	pfof_rate	non_marketable_limit	40.49 ¢	39.98 ¢	-0.51 ¢
options	Global Execution Brokers LP	pfof_rate	other	44.24 ¢	33.55 ¢	-10.69 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	route_share	—	27.03 ¢	19.87 ¢	-7.16 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	market	28.37 ¢	35.64 ¢	7.27 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	marketable_limit	36.42 ¢	37.04 ¢	0.62 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	non_marketable_limit	43.27 ¢	45.95 ¢	2.67 ¢
options	Matrix Executions, LLC / Simplex Trading, LLC	pfof_rate	other	49.13 ¢	46.78 ¢	-2.35 ¢
options	Wolverine Execution Services, LLC	added	—	—	20.70 ¢	—

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:

GTS SECURITIES LLC (name:GTS SECURITIES), StoneX Financial, Inc. (name:STONEX FINANCIAL), UBS Securities, LLC (name:UBS SECURITIES)

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.