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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): WELLS FARGO CLEARING SERVICES, LLC. Every underlying execution venue and clearing context is evaluated below.

CRD #42578 Review Period: 2026Q2 Filing: Adopts clearing firm report

LIEBLONG & ASSOCIATES, INC. (CRD #42578) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: LIEBLONG & ASSOCIATES, INC. (CRD #42578) 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. Wells Fargo Securities(324.6%)

2. CITADEL SECURITIES LLC(221.0%)

3. Wolverine Execution Services, LLC(95.8%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via WELLS FARGO CLEARING SERVICES, LLC • 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

LIEBLONG & ASSOCIATES, INC.

CRD Number: 42578 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:48 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Wells Fargo Clearing Services, LLC(Clearing: WELLS FARGO CLEARING SERVICES, LLC)	19616	WELS	V1	e1b04dd5effe6dd63383c146d5537612244b2fae9f53c7b395aeb09e3f26c755	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 %
202604	options	CITADEL SECURITIES LLC	CDRG	40.5%	40.9%	41.0%	40.2%
202604	options	Wolverine Execution Services, LLC	Unmapped	31.0%	30.9%	30.4%	31.1%
202604	options	Global Execution Brokers LP	Unmapped	28.5%	28.1%	28.5%	28.7%
202604	options	Interactive Brokers LLC	Unmapped	0.0%	0.0%	0.0%	0.0%
202604	other_stocks	Wells Fargo Securities	Unmapped	50.2%	77.4%	68.8%	14.4%
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	15.9%	13.1%	13.6%	18.4%
202604	other_stocks	Virtu Americas, LLC	NITE	9.5%	2.7%	5.8%	19.1%
202604	other_stocks	UBS Securities, LLC	Unmapped	7.5%	0.4%	3.3%	16.8%
202604	other_stocks	G1 Execution Services, LLC	ETMM	6.7%	0.5%	2.1%	15.3%
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	6.5%	0.5%	3.0%	14.6%
202604	other_stocks	Wells Fargo Clearing Services, LLC	Unmapped	1.4%	2.5%	0.5%	0.3%
202604	other_stocks	Jane Street Capital	JNST	1.3%	1.9%	1.4%	0.4%
202604	other_stocks	GTS SECURITIES LLC	Unmapped	0.9%	1.0%	1.5%	0.8%
202604	other_stocks	MCAP LLC	Unmapped	0.0%	0.0%	0.1%	0.0%
202604	sp500	Wells Fargo Securities	Unmapped	58.7%	82.6%	63.1%	15.0%
202604	sp500	CITADEL SECURITIES LLC	CDRG	13.8%	10.6%	11.2%	17.7%
202604	sp500	Virtu Americas, LLC	NITE	7.3%	1.8%	5.5%	18.1%
202604	sp500	UBS Securities, LLC	Unmapped	6.4%	0.4%	11.0%	17.7%
202604	sp500	G1 Execution Services, LLC	ETMM	5.7%	0.5%	5.1%	15.8%
202604	sp500	Two Sigma Securities, LLC	Unmapped	5.3%	0.3%	2.1%	15.1%
202604	sp500	Wells Fargo Clearing Services, LLC	Unmapped	1.8%	2.5%	1.4%	0.4%
202604	sp500	Jane Street Capital	JNST	1.0%	1.4%	0.5%	0.1%
202605	options	CITADEL SECURITIES LLC	CDRG	42.0%	41.9%	42.0%	42.1%
202605	options	Wolverine Execution Services, LLC	Unmapped	32.7%	33.0%	32.6%	32.7%
202605	options	Global Execution Brokers LP	Unmapped	25.2%	25.1%	25.4%	25.2%
202605	options	Interactive Brokers LLC	Unmapped	0.0%	0.0%	0.0%	0.0%
202605	other_stocks	Wells Fargo Securities	Unmapped	50.0%	76.8%	70.0%	16.0%
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	16.6%	13.8%	12.0%	18.7%
202605	other_stocks	Virtu Americas, LLC	NITE	10.0%	3.4%	7.1%	18.3%
202605	other_stocks	UBS Securities, LLC	Unmapped	7.2%	0.5%	3.2%	16.1%
202605	other_stocks	G1 Execution Services, LLC	ETMM	7.1%	0.6%	1.8%	16.1%
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	6.1%	0.5%	3.4%	13.7%
202605	other_stocks	Wells Fargo Clearing Services, LLC	Unmapped	1.4%	2.5%	0.4%	0.2%
202605	other_stocks	GTS SECURITIES LLC	Unmapped	0.8%	1.0%	1.4%	0.7%
202605	other_stocks	Jane Street Capital	JNST	0.6%	1.0%	0.6%	0.2%
202605	other_stocks	MCAP LLC	Unmapped	0.0%	0.0%	0.1%	0.0%
202605	sp500	Wells Fargo Securities	Unmapped	58.9%	84.5%	63.8%	16.0%
202605	sp500	CITADEL SECURITIES LLC	CDRG	13.2%	9.0%	10.8%	17.7%
202605	sp500	Virtu Americas, LLC	NITE	7.8%	2.1%	6.6%	17.5%
202605	sp500	UBS Securities, LLC	Unmapped	6.4%	0.4%	10.1%	17.0%
202605	sp500	G1 Execution Services, LLC	ETMM	6.3%	0.4%	5.1%	17.0%
202605	sp500	Two Sigma Securities, LLC	Unmapped	5.2%	0.2%	2.0%	14.4%
202605	sp500	Wells Fargo Clearing Services, LLC	Unmapped	1.9%	2.6%	1.5%	0.4%
202605	sp500	Jane Street Capital	JNST	0.5%	0.7%	0.2%	0.1%
202606	options	CITADEL SECURITIES LLC	CDRG	45.1%	44.9%	42.6%	45.2%
202606	options	Wolverine Execution Services, LLC	Unmapped	32.2%	32.5%	33.5%	32.1%
202606	options	Global Execution Brokers LP	Unmapped	22.7%	22.6%	23.8%	22.6%
202606	options	Interactive Brokers LLC	Unmapped	0.0%	0.0%	0.1%	0.0%
202606	other_stocks	Wells Fargo Securities	Unmapped	49.6%	75.0%	64.9%	17.6%
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	18.1%	14.9%	15.1%	20.0%
202606	other_stocks	Virtu Americas, LLC	NITE	10.4%	4.0%	9.8%	17.9%
202606	other_stocks	G1 Execution Services, LLC	ETMM	6.7%	0.5%	2.0%	15.8%
202606	other_stocks	UBS Securities, LLC	Unmapped	6.6%	0.5%	2.6%	14.8%
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	5.7%	0.5%	3.4%	12.8%
202606	other_stocks	Wells Fargo Clearing Services, LLC	Unmapped	1.4%	2.5%	0.4%	0.2%
202606	other_stocks	GTS SECURITIES LLC	Unmapped	0.9%	1.0%	1.3%	0.7%
202606	other_stocks	Jane Street Capital	JNST	0.6%	1.0%	0.5%	0.2%
202606	other_stocks	MCAP LLC	Unmapped	0.0%	0.0%	0.0%	0.0%
202606	sp500	Wells Fargo Securities	Unmapped	57.1%	81.3%	62.7%	16.1%
202606	sp500	CITADEL SECURITIES LLC	CDRG	15.6%	11.7%	11.5%	19.3%
202606	sp500	Virtu Americas, LLC	NITE	7.9%	2.7%	7.3%	16.7%
202606	sp500	G1 Execution Services, LLC	ETMM	6.2%	0.4%	5.2%	17.3%
202606	sp500	UBS Securities, LLC	Unmapped	6.1%	0.3%	9.6%	16.3%
202606	sp500	Two Sigma Securities, LLC	Unmapped	5.0%	0.4%	2.1%	13.8%
202606	sp500	Wells Fargo Clearing Services, LLC	Unmapped	1.8%	2.6%	1.4%	0.3%
202606	sp500	Jane Street Capital	JNST	0.4%	0.6%	0.1%	0.0%

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
options	Global Execution Brokers LP	route_share	—	31.68 ¢	25.49 ¢	-6.20 ¢

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), MCAP LLC (name:MCAP), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), UBS Securities, LLC (name:UBS SECURITIES), Wells Fargo Clearing Services, LLC (name:WELLS FARGO CLEARING SERVICES), Wells Fargo Securities (name:WELLS FARGO 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.