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2026Q1

Preview Report: 2026Q1 Routing × 2026Q3 Benchmarks

Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q1 (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.

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): WELLS FARGO CLEARING SERVICES, LLC. Under FINRA Rule 5310.09(c), introducing broker-dealers must independently examine execution quality and compare clearing firm routing against competing market centers.

⚠️ 74 Competing-Market Differences Flagged Across 144 Buckets Requiring Rule 5310.09 Disposition

CRD #39062 Review Period: 2026Q1 Filing: Adopts clearing firm report

UNITED BROKERAGE SERVICES, INC (CRD #39062) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report

Name: UNITED BROKERAGE SERVICES, INC (CRD #39062) 2026Q1 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

Mix-Adjusted Grade: F

Flagged Disparities by Category:

Other Equities × Market: 2 flagged Other Equities × nonmarketable_limit: 35 flagged S&P 500 Proxy × Market: 2 flagged S&P 500 Proxy × nonmarketable_limit: 35 flagged

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Executive Best Execution & Order Routing Analysis

UNITED BROKERAGE SERVICES, INC (CRD #39062) operates as an introducing broker-dealer adopting the SEC Rule 606 order routing disclosures of WELLS FARGO CLEARING SERVICES, LLC. Under FINRA Rule 5310.09(c), introducing firms that rely on clearing firm routing arrangements remain obligated to independently examine execution quality and compare results against competing market centers. In 2026Q1, non-directed customer order flow was routed primarily to Wells Fargo Securities (55.5%), Global Execution Brokers LP (31.7%), Wolverine Execution Services, LLC (30.2%).

During 2026Q1, the firm disclosed $0.00 in total net payment for order flow (PFOF) across market and marketable limit orders. While zero disclosed remuneration mitigates direct rebate conflicts, FINRA Rule 5310.09 nevertheless mandates regular and rigorous quarterly evaluation of whether routed order execution satisfies best execution obligations against alternative market centers.

Our mix-adjusted benchmark analysis flagged 74 material differences across the 144 Amended Rule 605 order size and security buckets where UNITED BROKERAGE SERVICES, 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)
Wells Fargo Securities	55.5%	$0.00
Global Execution Brokers LP	31.7%	$0.00
Wolverine Execution Services, LLC	30.2%	$0.00
CITADEL SECURITIES LLC (CDRG)	22.3%	$0.00
Virtu Americas, LLC (NITE)	8.6%	$0.00
UBS Securities, LLC	6.6%	$0.00
Two Sigma Securities, LLC	6.4%	$0.00
G1 Execution Services, LLC (ETMM)	5.2%	$0.00
Wells Fargo Clearing Services, LLC	1.6%	$0.00
Jane Street Capital (JNST)	1.2%	$0.00
GTS SECURITIES LLC	0.9%	$0.00
Interactive Brokers LLC	0.0%	$0.00
MCAP LLC	0.0%	$0.00

Sample Unlocked Bucket

S&P 500 Proxy × Market • $1k–$5k (ROUND)

Full execution metrics for routed flow against the mix-adjusted peer benchmark and competing market centers. (195,867 covered orders in tier)

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Role	Market Center	Routing Share (606)	PFOF Rate (¢/100)	NPI (bps)	Peer Bench (bps)	Fill Rate	Shortfall vs Bench
Routed Venue	G1 Execution Services, LLC (ETMM)	4.3%	0.00 ¢	1.9 bps	2.0 bps	100.0%	-0.2 bps
Routed Venue	Jane Street Capital (JNST)	0.8%	0.00 ¢	1.5 bps	2.0 bps	79.0%	-0.5 bps
Routed Venue	Virtu Americas, LLC (NITE)	7.8%	0.00 ¢	1.8 bps	2.1 bps	92.3%	-0.3 bps
Benchmark	Mix-Adjusted Peer Benchmark	—	—	2.0 bps	2.0 bps	93.1%	—
Competing Venue	Competing venue A	—	—	3.5 bps	2.0 bps	—	—
Competing Venue	Competing venue B	—	—	1.8 bps	2.0 bps	—	—

Flagged Competing-Market Differences (74 Locked Buckets)

Scored execution buckets requiring committee evaluation and supervisory disposition under FINRA Rule 5310.09.

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Category	Size Tier	Rule 5310.09 Status & Competing Markets
Other Equities × nonmarketable_limit	$250–$999 • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$250–$999 • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$1k–$5k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$1k–$5k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$20k–$50k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$20k–$50k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	<$250 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	<$250 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$10k–$20k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$250–$999 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$5k–$10k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$250–$999 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$5k–$10k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$1k–$5k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$5k–$10k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$1k–$5k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$10k–$20k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$5k–$10k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$10k–$20k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$20k–$50k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$20k–$50k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$50k–$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$50k–$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$20k–$50k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$10k–$20k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$10k–$20k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$10k–$20k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$50k–$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$5k–$10k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$10k–$20k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$20k–$50k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$5k–$10k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	≥$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$10k–$20k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$1k–$5k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$20k–$50k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$1k–$5k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$5k–$10k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	≥$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	≥$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$20k–$50k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$1k–$5k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$5k–$10k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	≥$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$1k–$5k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	≥$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$10k–$20k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$10k–$20k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$250–$999 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$5k–$10k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$250–$999 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$10k–$20k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$50k–$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$50k–$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$10k–$20k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$5k–$10k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	<$250 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$250–$999 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	<$250 • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	<$250 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$5k–$10k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$20k–$50k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$50k–$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	<$250 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$1k–$5k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$1k–$5k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$20k–$50k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$20k–$50k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × nonmarketable_limit	$20k–$50k • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × nonmarketable_limit	$250–$999 • ODD	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × Market	$1k–$5k • FRACT	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × Market	$1k–$5k • FRACT	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
Other Equities × Market	≥$200k • ROUND	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification
S&P 500 Proxy × Market	$250–$999 • FRACT	🔒 Locked — Unlock Workspace to View Competing Venues & Record Committee Justification

Complete Your FINRA Rule 5310.09 Best Execution Review

Unlock all 144 order size and security tiers, reveal competing market center metrics, record supervisory dispositions, and export signed committee minutes.

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