Print to PDF: browser Print (Ctrl+P / Cmd+P)

Select Quarter:

2026Q2 2026Q1

Preview Report: 2026Q2 Routing × 2026Q3 Benchmarks

Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q2 (606, latest month in that quarter); execution quality comes from 2026Q3 amended 605 benchmarks. Route shares from one period are applied to benchmarks from another.

CRD #38455 Review Period: 2026Q2 Filing: Direct 606 filer

MATRIX EXECUTIONS, LLC (CRD #38455) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: MATRIX EXECUTIONS, LLC (CRD #38455) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

Open Review Workspace → Request committee preview

Primary Routed Venues (606)

1. Cboe EDGX Exchange, Inc.(84.6%)

2. PSE(33.2%)

3. Boston Options Exchange(32.9%)

Top routed order shares

Disclosed PFOF / Rebates

$222,797.85

Avg 20.95 ¢

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

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.

Open in Workspace to Dispose →

No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.

FINRA Rule 5310.09 Review Packet

MATRIX EXECUTIONS, LLC

CRD Number: 38455 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:16:55 GMT

Methodology: exq-2

Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Matrix Executions, LLC	38455	RSKY	V1	6442636657d518534b87ff6724e8ef5c105191512f14c43648fe21c8c4c42786	Download XML ↗

Benchmark Builds Applied

• Month 202608: build 202608-20261001T134852Z (exq-2) • S&P constituent source: public_constituent_list (2026Q3) • NPI row exclusions: 224

1. SEC Rule 606(a)(1) Order Routing

Quarterly non-directed customer order routing shares and net PFOF/rebates by section and venue.

Download CSV ↓

Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Cboe EDGX Exchange, Inc.	Unmapped	25.9%	0.1%	3.1%	2.6%	26.00 ¢	-13.14 ¢
202604	options	Boston Options Exchange	Unmapped	10.2%	0.5%	5.7%	6.2%	12.03 ¢	-11.84 ¢
202604	options	PSE	Unmapped	10.2%	0.2%	6.2%	7.7%	-49.52 ¢	-57.57 ¢
202604	options	MIO	Unmapped	8.5%	0.1%	1.9%	1.2%	15.29 ¢	-46.31 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	8.2%	0.1%	3.3%	2.2%	15.67 ¢	-42.53 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	7.1%	0.0%	3.3%	1.0%	-10.43 ¢	-40.80 ¢
202604	options	NYSE American LLC	Unmapped	6.8%	0.1%	3.2%	1.9%	32.87 ¢	-24.50 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	6.5%	0.2%	5.0%	1.1%	-54.22 ¢	-72.64 ¢
202604	options	MEMX LLC	Unmapped	5.1%	0.2%	32.7%	40.7%	-57.90 ¢	-74.15 ¢
202604	options	MIAX SAPPHIRE LLC	Unmapped	3.3%	23.4%	6.0%	13.1%	32.06 ¢	24.29 ¢
202605	options	Cboe EDGX Exchange, Inc.	Unmapped	26.6%	0.3%	2.8%	4.2%	21.42 ¢	-9.03 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	11.1%	0.1%	4.3%	4.2%	-30.57 ¢	-37.88 ¢
202605	options	PSE	Unmapped	9.0%	0.2%	22.8%	11.3%	-57.42 ¢	-52.21 ¢
202605	options	MIO	Unmapped	8.7%	0.1%	1.9%	1.4%	16.74 ¢	-48.13 ¢
202605	options	Nasdaq ISE, LLC	Unmapped	8.0%	0.1%	4.1%	1.6%	-25.62 ¢	-59.51 ¢
202605	options	Boston Options Exchange	Unmapped	8.0%	0.4%	5.8%	7.0%	-4.55 ¢	-9.11 ¢
202605	options	Nasdaq PHLX LLC	Unmapped	6.7%	0.1%	2.9%	1.4%	4.77 ¢	-38.77 ¢
202605	options	NYSE American LLC	Unmapped	5.0%	0.1%	3.3%	2.8%	-24.16 ¢	-16.32 ¢
202605	options	MIAX SAPPHIRE LLC	Unmapped	4.5%	3.1%	5.7%	18.3%	32.71 ¢	24.15 ¢
202605	options	MIAX Emerald, LLC	Unmapped	3.4%	0.1%	1.8%	2.3%	-56.90 ¢	-48.78 ¢
202606	options	Cboe EDGX Exchange, Inc.	Unmapped	32.1%	0.3%	3.9%	6.3%	26.26 ¢	-5.25 ¢
202606	options	Boston Options Exchange	Unmapped	14.8%	0.5%	5.8%	9.6%	11.68 ¢	-7.09 ¢
202606	options	PSE	Unmapped	14.0%	0.2%	13.9%	3.0%	-49.67 ¢	-50.01 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	12.6%	0.1%	12.6%	1.6%	0.91 ¢	-39.99 ¢
202606	options	MIO	Unmapped	4.9%	0.1%	2.0%	2.2%	25.00 ¢	-38.24 ¢
202606	options	MIAX SAPPHIRE LLC	Unmapped	4.0%	3.6%	4.5%	20.2%	34.19 ¢	19.34 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	3.7%	0.3%	5.9%	2.9%	-48.76 ¢	-38.47 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	2.8%	0.2%	5.2%	1.1%	-30.61 ¢	-64.62 ¢
202606	options	MEMX LLC	Unmapped	2.7%	0.3%	11.5%	27.3%	-42.95 ¢	-63.80 ¢
202606	options	NYSE American LLC	Unmapped	2.5%	0.2%	3.5%	2.8%	27.68 ¢	-16.97 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

Download CSV ↓

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.

Download CSV ↓

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.

Download CSV ↓

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.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
options	Boston Options Exchange	pfof_rate	market	1.63 ¢	6.39 ¢	4.76 ¢
options	Boston Options Exchange	pfof_rate	marketable_limit	-8.60 ¢	-9.35 ¢	-0.75 ¢
options	Boston Options Exchange	pfof_rate	non_marketable_limit	-2.43 ¢	-3.00 ¢	-0.57 ¢
options	Boston Options Exchange	pfof_rate	other	35.50 ¢	36.08 ¢	0.58 ¢
options	Cboe C2 Exchange, Inc.	dropped	—	5.69 ¢	—	—
options	Cboe EDGX Exchange, Inc.	pfof_rate	market	25.49 ¢	24.56 ¢	-0.93 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	-19.71 ¢	-9.14 ¢	10.57 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	1.40 ¢	-1.72 ¢	-3.12 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	other	20.18 ¢	31.52 ¢	11.34 ¢
options	Cboe Exchange, Inc.	pfof_rate	market	-3.78 ¢	-21.22 ¢	-17.43 ¢
options	Cboe Exchange, Inc.	pfof_rate	marketable_limit	-27.69 ¢	-39.63 ¢	-11.94 ¢
options	Cboe Exchange, Inc.	pfof_rate	non_marketable_limit	-48.87 ¢	-64.16 ¢	-15.29 ¢
options	Cboe Exchange, Inc.	pfof_rate	other	-33.71 ¢	-38.88 ¢	-5.17 ¢
options	MEMX LLC	route_share	—	9.17 ¢	2.59 ¢	-6.58 ¢
options	MEMX LLC	pfof_rate	market	-43.75 ¢	-50.42 ¢	-6.67 ¢
options	MEMX LLC	pfof_rate	marketable_limit	-68.36 ¢	-68.97 ¢	-0.61 ¢
options	MEMX LLC	pfof_rate	non_marketable_limit	45.63 ¢	57.60 ¢	11.97 ¢
options	MIAX Emerald, LLC	added	—	—	1.12 ¢	—
options	MIAX SAPPHIRE LLC	added	—	—	3.95 ¢	—
options	MIO	pfof_rate	market	21.07 ¢	19.01 ¢	-2.06 ¢
options	MIO	pfof_rate	marketable_limit	-47.62 ¢	-44.23 ¢	3.40 ¢
options	MIO	pfof_rate	non_marketable_limit	-48.79 ¢	-39.85 ¢	8.93 ¢
options	MIO	pfof_rate	other	18.54 ¢	15.39 ¢	-3.15 ¢
options	Nasdaq ISE, LLC	pfof_rate	market	-51.90 ¢	-36.82 ¢	15.08 ¢
options	Nasdaq ISE, LLC	pfof_rate	marketable_limit	-60.27 ¢	-65.59 ¢	-5.32 ¢
options	Nasdaq ISE, LLC	pfof_rate	non_marketable_limit	-18.40 ¢	49.60 ¢	68.00 ¢
options	Nasdaq ISE, LLC	pfof_rate	other	-25.41 ¢	-21.06 ¢	4.35 ¢
options	Nasdaq PHLX LLC	pfof_rate	market	24.97 ¢	-1.58 ¢	-26.56 ¢
options	Nasdaq PHLX LLC	pfof_rate	marketable_limit	-39.55 ¢	-39.85 ¢	-0.30 ¢
options	Nasdaq PHLX LLC	pfof_rate	non_marketable_limit	-23.93 ¢	-18.24 ¢	5.69 ¢
options	Nasdaq PHLX LLC	pfof_rate	other	-13.84 ¢	-9.76 ¢	4.07 ¢
options	NYSE American LLC	pfof_rate	market	362.80 ¢	12.13 ¢	-350.67 ¢
options	NYSE American LLC	pfof_rate	marketable_limit	-31.81 ¢	-19.26 ¢	12.55 ¢
options	NYSE American LLC	pfof_rate	non_marketable_limit	-15.27 ¢	-46.69 ¢	-31.43 ¢
options	NYSE American LLC	pfof_rate	other	-18.78 ¢	-16.66 ¢	2.12 ¢
options	PSE	pfof_rate	market	-49.00 ¢	-52.20 ¢	-3.20 ¢
options	PSE	pfof_rate	marketable_limit	-54.13 ¢	-53.26 ¢	0.87 ¢
options	PSE	pfof_rate	non_marketable_limit	62.66 ¢	53.94 ¢	-8.72 ¢
options	PSE	pfof_rate	other	38.34 ¢	36.31 ¢	-2.03 ¢

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

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.