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CRD #42677
Review Period: 2026Q2
Filing: Direct 606 filer
MDB CAPITAL (CRD #42677) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. Nasdaq Stock Market(371.5%)
2. Nasdaq ISE(175.6%)
3. NYSE American(81.1%)
Top routed order shares
Disclosed PFOF / Rebates
$8.00
Non-directed retail equity flow
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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
MDB CAPITAL
CRD Number: 42677 •
Quarter: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:19:52 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| MDB Capital | 42677 | MDBC | V2 | 160dbd62dc05356a7fc1194d2d18983523f01b9c4b802810124764822e00e435 | 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.
| Month | Section | Execution Venue | 605 Reporter | Route % | Market % | Mkt Limit % | Non-Mkt % | PFOF Mkt (¢/100) | PFOF Limit (¢/100) |
|---|---|---|---|---|---|---|---|---|---|
| 202604 | options | Nasdaq ISE (XISX) | Unmapped | 61.9% | — | — | 67.6% | — | — |
| 202604 | options | Nasdaq PHLX (XPHL) | Unmapped | 28.8% | — | — | 31.5% | — | — |
| 202604 | other_stocks | Nasdaq Stock Market (XNAS) | Unmapped | 35.0% | — | 6.7% | 52.0% | — | -22.00 ¢ |
| 202604 | other_stocks | IBKR ATS (IATS) | IATS | 15.6% | — | 39.3% | 1.4% | — | 0.00 ¢ |
| 202604 | other_stocks | CBOE EDGX Exchange (EDGX) | EDGK | 13.1% | — | 0.0% | 20.9% | — | — |
| 202604 | other_stocks | NYSE Arca (ARCX) | PARCAX | 8.4% | — | 2.3% | 12.2% | — | -10.91 ¢ |
| 202604 | other_stocks | New York Stock Exchange (XNYS) | NXNYS | 5.5% | — | 0.0% | 8.8% | — | — |
| 202604 | other_stocks | Citadel Securities "PRO" (CDRG) | CDRG | 3.4% | — | 9.0% | 0.0% | — | 0.00 ¢ |
| 202604 | other_stocks | INTERACTIVE BROKERS CORP (IBCO) | IBCO | 3.0% | — | 7.9% | 0.0% | — | 0.00 ¢ |
| 202604 | other_stocks | XTX Execution Services LLC (XTXE) | XTXE | 2.5% | — | 5.6% | 0.7% | — | 0.00 ¢ |
| 202604 | other_stocks | IEX (IEXD) | Unmapped | 2.1% | — | 5.6% | 0.0% | — | — |
| 202604 | other_stocks | Blue Ocean ATS, LLC (OCEA) | Unmapped | 1.7% | — | 0.0% | 2.7% | — | — |
| 202604 | sp500 | Nasdaq Stock Market (XNAS) | Unmapped | 90.6% | — | 4.3% | 96.3% | — | 0.00 ¢ |
| 202605 | options | Nasdaq ISE (XISX) | Unmapped | 40.8% | — | — | 72.4% | — | — |
| 202605 | options | Nasdaq PHLX (XPHL) | Unmapped | 14.6% | — | — | 25.9% | — | — |
| 202605 | options | NYSE Arca Options (ARCO) | Unmapped | 8.7% | — | — | 0.0% | — | — |
| 202605 | options | Cboe BZX Options Exchange (BATS) | BATS | 8.7% | — | — | 0.0% | — | — |
| 202605 | options | MIAX Emerald Exchange (EMLD) | Unmapped | 8.7% | — | — | 0.0% | — | — |
| 202605 | options | CBOE C2 Exchange (C2OX) | Unmapped | 8.7% | — | — | 0.0% | — | — |
| 202605 | options | MIAX Sapphire (MIHI) | Unmapped | 8.7% | — | — | 0.0% | — | — |
| 202605 | other_stocks | Nasdaq Stock Market (XNAS) | Unmapped | 51.6% | — | 8.9% | 69.1% | — | -30.00 ¢ |
| 202605 | other_stocks | CBOE EDGX Exchange (EDGX) | EDGK | 10.9% | — | 0.9% | 15.1% | — | -30.00 ¢ |
| 202605 | other_stocks | IBKR ATS (IATS) | IATS | 10.7% | — | 35.7% | 0.4% | — | 0.00 ¢ |
| 202605 | other_stocks | New York Stock Exchange (XNYS) | NXNYS | 7.5% | — | 1.8% | 9.9% | — | -30.00 ¢ |
| 202605 | other_stocks | NYSE Arca (ARCX) | PARCAX | 4.2% | — | 6.3% | 3.3% | — | -30.00 ¢ |
| 202605 | other_stocks | Citadel Securities "LITE" (CDED) | CDED | 2.1% | — | 7.1% | 0.0% | — | 0.00 ¢ |
| 202605 | other_stocks | INTERACTIVE BROKERS CORP (IBCO) | IBCO | 2.1% | — | 7.1% | 0.0% | — | 0.00 ¢ |
| 202605 | other_stocks | CBOE BZX Exchange (BATS) | BATS | 1.3% | — | 3.6% | 0.4% | — | -29.87 ¢ |
| 202605 | sp500 | Nasdaq Stock Market (XNAS) | Unmapped | 93.5% | — | 28.0% | 98.5% | — | 17.25 ¢ |
| 202606 | options | Nasdaq ISE (XISX) | Unmapped | 73.0% | — | — | 73.0% | — | — |
| 202606 | options | Nasdaq PHLX (XPHL) | Unmapped | 10.8% | — | — | 10.8% | — | — |
| 202606 | options | MEMX LLC OPTIONS (MXOP) | Unmapped | 10.8% | — | — | 10.8% | — | — |
| 202606 | other_stocks | NYSE American (XASE) | AXASE | 81.1% | — | 0.0% | 85.5% | — | — |
| 202606 | other_stocks | Nasdaq Stock Market (XNAS) | Unmapped | 8.8% | — | 5.6% | 9.0% | — | -15.50 ¢ |
| 202606 | other_stocks | CBOE EDGX Exchange (EDGX) | EDGK | 2.1% | — | 1.6% | 2.2% | — | -30.00 ¢ |
| 202606 | sp500 | Nasdaq Stock Market (XNAS) | Unmapped | 92.0% | — | 0.0% | 97.3% | — | — |
2. Venue Scorecards (Amended Rule 605)
Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.
| 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.
| 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.
| 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.
| Section | Venue | Type of Change | Order Class | Prior Value | Current Value | Net Shift |
|---|---|---|---|---|---|---|
| sp500 | CBOE EDGX Exchange | dropped | — | 8.48 ¢ | — | — |
| sp500 | HRT Execution Services LLC | dropped | — | 1.42 ¢ | — | — |
| sp500 | IBKR ATS | dropped | — | 8.21 ¢ | — | — |
| sp500 | Nasdaq Stock Market | route_share | — | 51.87 ¢ | 92.04 ¢ | 40.17 ¢ |
| sp500 | Nasdaq Stock Market | pfof_rate | marketable_limit | 25.88 ¢ | 8.63 ¢ | -17.25 ¢ |
| sp500 | Nasdaq Stock Market | pfof_rate | non_marketable_limit | 34.62 ¢ | 30.29 ¢ | -4.32 ¢ |
| sp500 | New York Stock Exchange | dropped | — | 22.21 ¢ | — | — |
| other_stocks | NYSE Arca | route_share | — | 21.69 ¢ | 4.20 ¢ | -17.48 ¢ |
| other_stocks | NYSE Arca | pfof_rate | marketable_limit | -12.75 ¢ | -20.45 ¢ | -7.70 ¢ |
| other_stocks | NYSE Arca | pfof_rate | non_marketable_limit | 22.57 ¢ | 23.12 ¢ | 0.55 ¢ |
| other_stocks | CBOE BZX Exchange | pfof_rate | marketable_limit | -30.00 ¢ | -29.87 ¢ | 0.13 ¢ |
| other_stocks | CBOE BZX Exchange | pfof_rate | non_marketable_limit | -13.00 ¢ | — | — |
| other_stocks | CODA | dropped | — | 2.24 ¢ | — | — |
| other_stocks | CBOE EDGX Exchange | route_share | — | 14.52 ¢ | 8.72 ¢ | -5.80 ¢ |
| other_stocks | HRT Execution Services LLC | dropped | — | 2.85 ¢ | — | — |
| other_stocks | IEX | pfof_rate | marketable_limit | -10.00 ¢ | — | — |
| other_stocks | IEX | dropped | — | 0.48 ¢ | — | — |
| other_stocks | MEMX LLC | dropped | — | 0.64 ¢ | — | — |
| other_stocks | Blue Ocean ATS, LLC | added | — | — | 0.56 ¢ | — |
| other_stocks | UBS ATS | dropped | — | 2.08 ¢ | — | — |
| other_stocks | Virtu Americas LLC "PRO" | dropped | — | 2.70 ¢ | — | — |
| other_stocks | NYSE American | added | — | — | 27.03 ¢ | — |
| other_stocks | Nasdaq Stock Market | route_share | — | 11.63 ¢ | 31.80 ¢ | 20.17 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | marketable_limit | -15.43 ¢ | -22.50 ¢ | -7.07 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | non_marketable_limit | 25.99 ¢ | 13.68 ¢ | -12.31 ¢ |
| other_stocks | Nasdaq Stock Market | pfof_rate | other | -8.43 ¢ | — | — |
| other_stocks | New York Stock Exchange | route_share | — | 12.43 ¢ | 4.35 ¢ | -8.09 ¢ |
| other_stocks | New York Stock Exchange | pfof_rate | marketable_limit | -13.33 ¢ | -30.00 ¢ | -16.67 ¢ |
| other_stocks | New York Stock Exchange | pfof_rate | non_marketable_limit | 18.70 ¢ | 10.50 ¢ | -8.20 ¢ |
| other_stocks | XTX Execution Services LLC | pfof_rate | non_marketable_limit | — | 0.00 ¢ | — |
| options | NYSE Arca Options | pfof_rate | other | — | 75.00 ¢ | — |
| options | Cboe BZX Options Exchange | route_share | — | 8.33 ¢ | 2.91 ¢ | -5.42 ¢ |
| options | Cboe BZX Options Exchange | pfof_rate | other | — | 80.00 ¢ | — |
| options | CBOE C2 Exchange | pfof_rate | other | — | 75.00 ¢ | — |
| options | MIAX Emerald Exchange | pfof_rate | other | — | 60.00 ¢ | — |
| options | MIAX Sapphire | pfof_rate | other | — | 71.00 ¢ | — |
| options | MEMX LLC OPTIONS | added | — | — | 3.60 ¢ | — |
| options | Nasdaq ISE | route_share | — | 71.60 ¢ | 58.54 ¢ | -13.07 ¢ |
| options | Nasdaq PHLX | added | — | — | 18.06 ¢ | — |
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Suppressed Cells
0
Cells with < 100 covered ordersUnmapped Venues
3
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
IEX (IEXD), Blue Ocean ATS, LLC (OCEA), Nasdaq Stock Market (XNAS)
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.