WILSON-DAVIS & CO., INC. (CRD #3777) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report
Executive Best Execution & Order Routing Analysis
WILSON-DAVIS & CO., INC. (CRD #3777) files direct SEC Rule 606 quarterly order routing disclosures as an independent executing broker-dealer. In 2026Q1, the firm's non-directed customer order flow was routed across key market centers, led by Buckman Buckman & Reid INC (83.0%), NYSE Arca Inc. (25.0%). Under FINRA Rule 5310, the broker-dealer must evaluate whether routing choices maximize customer price improvement relative to non-routed market destinations.
During 2026Q1, the firm reported $2.68 in total net payment for order flow (PFOF) and execution rebates received across its order routing arrangements. Disclosed net payment rates for marketable limit orders averaged 0.00 ¢. FINRA Rule 5310.09 requires rigorous surveillance of potential conflicts of interest when order routing decisions coincide with financial remuneration from execution venues.
Our mix-adjusted benchmark analysis flagged 0 material differences across the 144 Amended Rule 605 order size and security buckets where WILSON-DAVIS & CO., INC.'s routed execution trailed competing peer benchmarks by more than 1.0 basis points. Under FINRA Rule 5310.09, broker-dealers must conduct regular and rigorous committee reviews comparing execution quality achieved against competing market centers they do not route to. Each flagged competing-market difference requires documented supervisory disposition and committee review in the firm's permanent compliance records.
SEC Rule 606 Order Routing Summary
Disclosed non-directed customer order routing shares, total PFOF remuneration, and net rates by execution venue.
| Execution Venue | Route % | Disclosed PFOF (USD) | Net Rate (¢/100 sh) |
|---|---|---|---|
| Buckman Buckman & Reid INC | 83.0% | $0.00 | 0.00 ¢ |
| NYSE Arca Inc. | 25.0% | $2.68 | 0.01 ¢ |
Flagged Competing-Market Differences (0 Locked Buckets)
Scored execution buckets requiring committee evaluation and supervisory disposition under FINRA Rule 5310.09.
No locked exceptions detected in this review period.
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