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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 #47873 Review Period: 2026Q2 Filing: Direct 606 filer

SAFRA SECURITIES LLC (CRD #47873) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: SAFRA SECURITIES LLC (CRD #47873) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 29 COMPETING-MARKET EXCEPTIONS REQUIRING RULE 5310.09 COMMITTEE DISPOSITION

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Primary Routed Venues (606)

1. Citadel Securities LLC(594.4%)

2. MEMX LLC OPTIONS(62.2%)

3. Pershing LLC(56.2%)

Top routed order shares

Disclosed PFOF / Rebates

$15,351.51

Avg 13.80 ¢

Competing-Market Exceptions

29 of 60

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

Sample Benchmark Proof

Worst Disparity Cell: other • marketable_limit • <$250 (ROUND)

CBOE EDGA US Equites Exchange's reported 605 statistics in the <$250 other marketable_limit tier (ROUND) trailed the mix-adjusted peer benchmark by 231.47 bps.

Review in Workspace →

Role	Market Center	Routing Share (606)	PFOF Rate (¢/100)	NPI (bps)	Peer Bench (bps)	Fill Rate	5310.09 Status
Routed Venue	CBOE EDGA US Equites Exchange (EDGJ)	5.8%	-25.32 ¢	-292.2 bps	-60.7 bps	9.0%	-231.5 bps Shortfall
Benchmark	Mix-Adjusted Peer Average	—	—	-60.7 bps	-60.7 bps	—	Market Average

Rule 5310.09 Exceptions Preview (Showing 25 of 29)

All scored order size and routing buckets where venue net price improvement trailed mix-adjusted peers by > 1.0 bps.

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Month	Routed Venue	Class & Tier	Route %	PFOF (¢/100)	NPI (bps)	Peer Bench (bps)	Shortfall	Action
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit <$250 • other (ROUND)	5.8%	-25.32 ¢	-292.2 bps	-60.7 bps	-231.5 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $250–$999 • other (ROUND)	5.8%	-25.32 ¢	-127.7 bps	-29.4 bps	-98.2 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit <$250 • other (ODD)	5.8%	-25.32 ¢	-50.8 bps	-13.2 bps	-37.7 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	market $1k–$5k • other (ROUND)	5.8%	0.00 ¢	-31.2 bps	1.6 bps	-32.8 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $1k–$5k • other (ROUND)	5.8%	-25.32 ¢	-23.2 bps	-5.4 bps	-17.7 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $250–$999 • other (ODD)	5.8%	-25.32 ¢	-21.9 bps	-6.6 bps	-15.3 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $20k–$50k • other (ODD)	5.8%	-25.32 ¢	-13.5 bps	-1.4 bps	-12.0 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $1k–$5k • other (ODD)	5.8%	-25.32 ¢	-14.9 bps	-3.6 bps	-11.3 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $5k–$10k • other (ODD)	5.8%	-25.32 ¢	-15.1 bps	-4.0 bps	-11.1 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $50k–$200k • sp500_proxy (ROUND)	5.8%	-25.32 ¢	-12.0 bps	-1.4 bps	-10.6 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $5k–$10k • sp500_proxy (ODD)	5.8%	-25.32 ¢	-13.0 bps	-3.4 bps	-9.6 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $10k–$20k • other (ODD)	5.8%	-25.32 ¢	-12.1 bps	-2.6 bps	-9.6 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $10k–$20k • sp500_proxy (ODD)	5.8%	-25.32 ¢	-13.0 bps	-3.5 bps	-9.4 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $20k–$50k • sp500_proxy (ODD)	5.8%	-25.32 ¢	-11.2 bps	-2.4 bps	-8.8 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $1k–$5k • sp500_proxy (ODD)	5.8%	-25.32 ¢	-12.0 bps	-3.3 bps	-8.8 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	market <$250 • other (ROUND)	5.8%	0.00 ¢	16.0 bps	24.7 bps	-8.7 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $250–$999 • sp500_proxy (ROUND)	5.8%	-25.32 ¢	-9.3 bps	-1.3 bps	-8.0 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $5k–$10k • other (ROUND)	5.8%	-25.32 ¢	-10.0 bps	-2.4 bps	-7.6 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $20k–$50k • sp500_proxy (ROUND)	5.8%	-25.32 ¢	-10.0 bps	-2.9 bps	-7.2 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $10k–$20k • other (ROUND)	5.8%	-25.32 ¢	-8.7 bps	-2.4 bps	-6.4 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit ≥$200k • sp500_proxy (ROUND)	5.8%	-25.32 ¢	-8.5 bps	-2.1 bps	-6.4 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $20k–$50k • other (ROUND)	5.8%	-25.32 ¢	-7.3 bps	-1.6 bps	-5.7 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $50k–$200k • other (ROUND)	5.8%	-25.32 ¢	-6.0 bps	-1.0 bps	-5.0 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $10k–$20k • sp500_proxy (ROUND)	5.8%	-25.32 ¢	-7.9 bps	-3.0 bps	-4.8 bps	Dispose →
202608	CBOE EDGA US Equites Exchange (EDGJ)	marketable_limit $1k–$5k • sp500_proxy (ROUND)	5.8%	-25.32 ¢	-7.5 bps	-3.1 bps	-4.4 bps	Dispose →

FINRA Rule 5310.09 Review Packet

SAFRA SECURITIES LLC

CRD Number: 47873 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:20:11 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
SAFRA SECURITIES LLC	47873	Direct	V1	3eef40cc0b3dcda42b9dc3988827727c2fae0cad1f443e3e5c5e44b8158ae832	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.

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Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	MEMX LLC OPTIONS (MXOP)	Unmapped	19.5%	0.0%	0.0%	33.0%	0.00 ¢	0.00 ¢
202604	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	18.4%	0.0%	0.0%	26.1%	0.00 ¢	0.00 ¢
202604	options	Citadel Securities LLC (OPCT)	Unmapped	18.3%	100.0%	29.9%	10.2%	0.00 ¢	0.00 ¢
202604	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	14.5%	0.0%	34.1%	11.6%	0.00 ¢	-25.00 ¢
202604	options	MIAX EMERALD, LLC (EMLD)	Unmapped	6.9%	0.0%	0.7%	9.1%	0.00 ¢	-25.00 ¢
202604	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	5.8%	0.0%	0.0%	8.2%	0.00 ¢	0.00 ¢
202604	options	ISE MERCURY, LLC (MCRY)	Unmapped	3.9%	0.0%	4.4%	0.0%	0.00 ¢	-25.00 ¢
202604	options	BOX OPTIONS EXCHANGE (XBOX)	Unmapped	2.9%	0.0%	11.9%	0.4%	0.00 ¢	-25.00 ¢
202604	other_stocks	Citadel Securities LLC (CDRG)	CDRG	84.1%	96.4%	40.5%	71.5%	16.83 ¢	26.84 ¢
202604	other_stocks	Pershing LLC (PERX)	Unmapped	9.8%	3.6%	36.4%	14.1%	-8.76 ¢	0.00 ¢
202604	other_stocks	CBOE EDGA US Equites Exchange (EDGA)	EDGJ	5.8%	0.0%	22.8%	12.9%	0.00 ¢	-25.32 ¢
202604	sp500	Citadel Securities LLC (CDRG)	CDRG	94.0%	98.8%	34.7%	78.6%	10.01 ¢	10.00 ¢
202604	sp500	Pershing LLC (PERX)	Unmapped	5.8%	1.1%	65.3%	20.6%	0.00 ¢	0.00 ¢
202605	options	Citadel Securities LLC (OPCT)	Unmapped	21.9%	100.0%	49.9%	9.8%	0.00 ¢	0.00 ¢
202605	options	MEMX LLC OPTIONS (MXOP)	Unmapped	21.7%	0.0%	0.0%	32.3%	0.00 ¢	0.00 ¢
202605	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	19.0%	0.0%	0.0%	25.3%	0.00 ¢	0.00 ¢
202605	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	15.5%	0.0%	33.3%	14.5%	0.00 ¢	-25.00 ¢
202605	options	MIAX EMERALD, LLC (EMLD)	Unmapped	6.6%	0.0%	0.2%	8.7%	0.00 ¢	-25.00 ¢
202605	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	5.3%	0.0%	0.0%	7.4%	0.00 ¢	0.00 ¢
202605	options	ISE MERCURY, LLC (MCRY)	Unmapped	3.8%	0.0%	1.3%	0.0%	0.00 ¢	-25.00 ¢
202605	other_stocks	Citadel Securities LLC (CDRG)	CDRG	86.5%	97.1%	32.8%	73.6%	18.03 ¢	12.82 ¢
202605	other_stocks	Pershing LLC (PERX)	Unmapped	13.4%	2.9%	66.4%	26.1%	-12.17 ¢	-3.17 ¢
202605	sp500	Citadel Securities LLC (CDRG)	CDRG	95.2%	98.6%	59.1%	75.6%	11.04 ¢	10.00 ¢
202606	options	Citadel Securities LLC (OPCT)	Unmapped	21.7%	100.0%	43.4%	10.0%	0.00 ¢	0.00 ¢
202606	options	MEMX LLC OPTIONS (MXOP)	Unmapped	21.0%	0.0%	0.0%	32.1%	0.00 ¢	0.00 ¢
202606	options	MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO)	Unmapped	19.6%	0.0%	37.3%	20.1%	0.00 ¢	-25.00 ¢
202606	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	16.9%	0.0%	0.0%	23.1%	0.00 ¢	0.00 ¢
202606	options	MIAX EMERALD, LLC (EMLD)	Unmapped	6.3%	0.0%	0.7%	8.7%	0.00 ¢	-25.00 ¢
202606	options	ISE MERCURY, LLC (MCRY)	Unmapped	4.5%	0.0%	1.2%	0.0%	0.00 ¢	-25.00 ¢
202606	other_stocks	Citadel Securities LLC (CDRG)	CDRG	83.8%	97.3%	33.9%	66.4%	16.60 ¢	9.59 ¢
202606	other_stocks	Pershing LLC (PERX)	Unmapped	16.1%	2.7%	66.1%	33.5%	-8.52 ¢	-0.01 ¢
202606	sp500	Citadel Securities LLC (CDRG)	CDRG	88.9%	96.5%	47.7%	60.7%	10.31 ¢	10.00 ¢
202606	sp500	Pershing LLC (PERX)	Unmapped	11.1%	3.5%	52.3%	39.3%	0.00 ¢	0.00 ¢

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
202608	EDGJ	market	<$250 • ODD	14.0%	53.9%	152.2 bps	—	0%	100th	$-0.3142	97.6%
202608	EDGJ	market	<$250 • ROUND	8.3%	65.1%	16.0 bps	24.7 bps	71%	28th	$0.5171	94.8%
202608	EDGJ	market	$250–$999 • ODD	98.1%	16.3%	1.9 bps	—	0%	9th	$-0.2005	100.0%
202608	EDGJ	market	$250–$999 • ROUND	45.1%	63.3%	137.2 bps	—	0%	100th	$-0.0161	100.0%
202608	EDGJ	market	$1k–$5k • ODD	99.5%	78.7%	24.6 bps	1.0 bps	28%	97th	$0.0273	100.0%
202608	EDGJ	market	$1k–$5k • ROUND	33.4%	59.2%	-31.2 bps	1.6 bps	39%	0th	$0.0340	100.0%
202608	EDGJ	market	$5k–$10k • ODD	99.9%	79.0%	7.2 bps	0.6 bps	65%	94th	$0.2379	100.0%
202608	EDGJ	market	$5k–$10k • ROUND	21.6%	61.2%	-3.7 bps	—	0%	1st	$0.0543	100.0%
202608	EDGJ	market	$10k–$20k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	market	$10k–$20k • ROUND	18.6%	51.0%	-1.0 bps	—	0%	1st	$0.1984	100.0%
202608	EDGJ	market	$20k–$50k • ROUND	31.6%	43.9%	0.3 bps	—	0%	5th	$0.0039	100.0%
202608	EDGJ	market	$50k–$200k • ROUND	13.1%	24.6%	-0.7 bps	—	0%	8th	$0.1720	100.0%
202608	EDGJ	market	≥$200k • ROUND	1.7%	88.8%	64.2 bps	—	0%	100th	$-4.2043	18.2%
202608	EDGJ	marketable_limit	<$250 • ODD	4.2%	21.7%	-50.8 bps	-13.2 bps	99%	2nd	$0.1269	82.9%
202608	EDGJ	marketable_limit	<$250 • ROUND	9.0%	8.5%	-292.2 bps	-60.7 bps	100%	3rd	$0.0304	88.6%
202608	EDGJ	marketable_limit	$250–$999 • ODD	1.2%	19.7%	-21.9 bps	-6.6 bps	99%	4th	$0.1784	81.0%
202608	EDGJ	marketable_limit	$250–$999 • ROUND	4.4%	8.9%	-127.7 bps	-29.4 bps	100%	1st	$0.0516	86.4%
202608	EDGJ	marketable_limit	$1k–$5k • ODD	0.8%	13.5%	-14.9 bps	-3.6 bps	100%	5th	$0.3085	81.4%
202608	EDGJ	marketable_limit	$1k–$5k • ROUND	1.4%	18.3%	-23.2 bps	-5.4 bps	99%	2nd	$0.0779	82.7%
202608	EDGJ	marketable_limit	$5k–$10k • ODD	0.5%	11.8%	-15.1 bps	-4.0 bps	99%	4th	$0.9368	81.3%
202608	EDGJ	marketable_limit	$5k–$10k • ROUND	0.5%	26.7%	-10.0 bps	-2.4 bps	95%	7th	$0.1123	79.0%
202608	EDGJ	marketable_limit	$10k–$20k • ODD	0.5%	8.5%	-12.1 bps	-2.6 bps	99%	5th	$1.0573	81.4%
202608	EDGJ	marketable_limit	$10k–$20k • ROUND	0.3%	31.0%	-8.7 bps	-2.4 bps	95%	6th	$0.2132	77.4%
202608	EDGJ	marketable_limit	$20k–$50k • ODD	0.5%	9.2%	-13.5 bps	-1.4 bps	90%	2nd	$2.2418	89.7%
202608	EDGJ	marketable_limit	$20k–$50k • ROUND	0.2%	37.2%	-7.3 bps	-1.6 bps	96%	6th	$0.1962	74.7%
202608	EDGJ	marketable_limit	$50k–$200k • ROUND	0.1%	36.2%	-6.0 bps	-1.0 bps	97%	6th	$0.1512	76.0%
202608	EDGJ	marketable_limit	≥$200k • ROUND	0.1%	41.4%	-3.2 bps	-0.6 bps	95%	7th	$0.1282	74.7%
202608	EDGJ	nonmarketable_limit	<$250 • ODD	1.8%	99.0%	200.7 bps	73.7 bps	100%	99th	$0.4348	68.9%
202608	EDGJ	nonmarketable_limit	<$250 • ROUND	4.0%	99.7%	354.7 bps	85.1 bps	100%	100th	$0.0951	73.4%
202608	EDGJ	nonmarketable_limit	$250–$999 • ODD	0.4%	98.3%	138.2 bps	46.8 bps	100%	99th	$0.6732	71.0%
202608	EDGJ	nonmarketable_limit	$250–$999 • ROUND	2.0%	99.6%	243.2 bps	101.1 bps	100%	99th	$0.1203	71.9%
202608	EDGJ	nonmarketable_limit	$1k–$5k • ODD	0.4%	98.0%	106.7 bps	36.9 bps	100%	98th	$1.0916	70.3%
202608	EDGJ	nonmarketable_limit	$1k–$5k • ROUND	0.6%	99.2%	130.0 bps	59.9 bps	100%	99th	$0.2569	67.9%
202608	EDGJ	nonmarketable_limit	$5k–$10k • ODD	0.3%	98.2%	93.1 bps	33.5 bps	100%	99th	$2.6007	71.5%
202608	EDGJ	nonmarketable_limit	$5k–$10k • ROUND	0.2%	98.7%	100.9 bps	48.4 bps	98%	98th	$0.5601	66.9%
202608	EDGJ	nonmarketable_limit	$10k–$20k • ODD	0.2%	98.8%	95.0 bps	32.9 bps	100%	99th	$4.0942	71.7%
202608	EDGJ	nonmarketable_limit	$10k–$20k • ROUND	0.1%	98.7%	93.7 bps	43.5 bps	97%	99th	$1.0718	67.4%
202608	EDGJ	nonmarketable_limit	$20k–$50k • ODD	0.2%	99.8%	137.5 bps	41.8 bps	100%	100th	$7.6377	81.7%
202608	EDGJ	nonmarketable_limit	$20k–$50k • ROUND	0.1%	97.4%	96.0 bps	41.3 bps	96%	100th	$1.2717	62.3%
202608	EDGJ	nonmarketable_limit	$50k–$200k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	nonmarketable_limit	$50k–$200k • ROUND	0.1%	98.5%	78.7 bps	33.7 bps	95%	100th	$1.0075	63.8%
202608	EDGJ	nonmarketable_limit	≥$200k • ROUND	0.0%	97.4%	48.4 bps	23.4 bps	95%	96th	$0.6554	60.8%
202608	EDGJ	market	<$250 • ODD	1.3%	86.0%	33.7 bps	—	0%	99th	$-5.5353	38.0%
202608	EDGJ	market	<$250 • ROUND	15.7%	85.6%	68.7 bps	—	0%	50th	$0.9218	32.5%
202608	EDGJ	market	$250–$999 • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	market	$1k–$5k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	market	$1k–$5k • ROUND	—	—	—	—	—	—	—	—
202608	EDGJ	market	$5k–$10k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	market	$5k–$10k • ROUND	—	—	—	—	—	—	—	—
202608	EDGJ	market	$10k–$20k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	market	$10k–$20k • ROUND	97.6%	64.5%	0.2 bps	—	0%	0th	$-1.7901	100.0%
202608	EDGJ	market	$20k–$50k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	market	$20k–$50k • ROUND	99.1%	59.8%	7.6 bps	8.2 bps	96%	96th	$-1.1421	100.0%
202608	EDGJ	market	$50k–$200k • ROUND	—	—	—	—	—	—	—	—
202608	EDGJ	market	≥$200k • ROUND	17.8%	87.6%	63.2 bps	—	0%	100th	$-0.4991	19.0%
202608	EDGJ	marketable_limit	<$250 • ODD	10.5%	26.5%	-1.2 bps	-1.1 bps	100%	6th	$0.1889	64.3%
202608	EDGJ	marketable_limit	$250–$999 • ODD	3.8%	20.1%	-6.0 bps	-1.9 bps	100%	5th	$0.3552	71.4%
202608	EDGJ	marketable_limit	$250–$999 • ROUND	6.8%	14.4%	-9.3 bps	-1.3 bps	100%	0th	$0.0745	78.9%
202608	EDGJ	marketable_limit	$1k–$5k • ODD	2.0%	9.8%	-12.0 bps	-3.3 bps	100%	4th	$0.4476	76.7%
202608	EDGJ	marketable_limit	$1k–$5k • ROUND	2.1%	30.4%	-7.5 bps	-3.1 bps	100%	6th	$0.1045	75.2%
202608	EDGJ	marketable_limit	$5k–$10k • ODD	1.4%	5.4%	-13.0 bps	-3.4 bps	100%	4th	$0.8007	77.3%
202608	EDGJ	marketable_limit	$5k–$10k • ROUND	1.2%	28.8%	-5.4 bps	-2.2 bps	100%	6th	$0.1388	76.1%
202608	EDGJ	marketable_limit	$10k–$20k • ODD	0.9%	5.6%	-13.0 bps	-3.5 bps	100%	4th	$1.3489	83.9%
202608	EDGJ	marketable_limit	$10k–$20k • ROUND	0.8%	23.5%	-7.9 bps	-3.0 bps	100%	6th	$0.5771	75.0%
202608	EDGJ	marketable_limit	$20k–$50k • ODD	0.9%	8.3%	-11.2 bps	-2.4 bps	99%	5th	$2.4544	93.3%
202608	EDGJ	marketable_limit	$20k–$50k • ROUND	0.5%	20.0%	-10.0 bps	-2.9 bps	100%	4th	$1.0587	76.8%
202608	EDGJ	marketable_limit	$50k–$200k • ODD	—	—	—	—	—	—	—	—
202608	EDGJ	marketable_limit	$50k–$200k • ROUND	0.3%	15.6%	-12.0 bps	-1.4 bps	100%	3rd	$2.0846	78.5%
202608	EDGJ	marketable_limit	≥$200k • ROUND	0.3%	15.7%	-8.5 bps	-2.1 bps	98%	5th	$1.7720	69.0%
202608	EDGJ	nonmarketable_limit	<$250 • ODD	5.1%	98.9%	78.1 bps	25.6 bps	100%	100th	$1.1437	59.5%
202608	EDGJ	nonmarketable_limit	<$250 • ROUND	—	—	—	—	—	—	—	—
202608	EDGJ	nonmarketable_limit	$250–$999 • ODD	1.1%	98.3%	67.0 bps	21.8 bps	100%	99th	$1.3324	64.5%
202608	EDGJ	nonmarketable_limit	$250–$999 • ROUND	3.4%	98.2%	65.1 bps	49.0 bps	100%	95th	$0.2037	63.9%
202608	EDGJ	nonmarketable_limit	$1k–$5k • ODD	1.1%	97.7%	58.7 bps	21.3 bps	100%	98th	$1.4263	69.2%
202608	EDGJ	nonmarketable_limit	$1k–$5k • ROUND	1.1%	98.4%	38.3 bps	20.8 bps	100%	100th	$0.3715	68.8%
202608	EDGJ	nonmarketable_limit	$5k–$10k • ODD	0.7%	98.0%	56.6 bps	22.4 bps	100%	97th	$2.3093	67.4%
202608	EDGJ	nonmarketable_limit	$5k–$10k • ROUND	0.7%	98.7%	57.4 bps	24.8 bps	100%	100th	$0.6178	73.5%
202608	EDGJ	nonmarketable_limit	$10k–$20k • ODD	0.5%	98.4%	57.2 bps	22.5 bps	100%	97th	$3.6534	74.9%
202608	EDGJ	nonmarketable_limit	$10k–$20k • ROUND	0.4%	99.0%	75.4 bps	35.4 bps	100%	99th	$2.1601	73.9%
202608	EDGJ	nonmarketable_limit	$20k–$50k • ODD	0.4%	99.5%	56.5 bps	21.0 bps	100%	97th	$7.1763	88.3%
202608	EDGJ	nonmarketable_limit	$20k–$50k • ROUND	0.2%	99.3%	70.4 bps	41.8 bps	100%	98th	$3.2332	76.4%
202608	EDGJ	nonmarketable_limit	$50k–$200k • ODD	0.1%	100.0%	24.5 bps	25.5 bps	100%	93rd	$28.1593	63.6%
202608	EDGJ	nonmarketable_limit	$50k–$200k • ROUND	0.1%	99.3%	53.7 bps	22.7 bps	100%	97th	$5.2361	78.0%
202608	EDGJ	nonmarketable_limit	≥$200k • ROUND	0.2%	97.9%	47.0 bps	21.6 bps	99%	99th	$4.4640	62.0%

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
202608	Citadel Securities LLC (CDRG)	market	96.5%	10.31 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities LLC (CDRG)	marketable_limit	47.7%	10.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities LLC (CDRG)	nonmarketable_limit	60.7%	0.00 ¢	—	—	—	—	—	No conflict
202608	Pershing LLC	market	3.5%	0.00 ¢	—	—	—	—	—	No conflict
202608	Pershing LLC	marketable_limit	52.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	Pershing LLC	nonmarketable_limit	39.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities LLC (CDRG)	market	97.3%	16.60 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities LLC (CDRG)	marketable_limit	33.9%	9.59 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities LLC (CDRG)	nonmarketable_limit	66.4%	0.00 ¢	—	—	—	—	—	No conflict
202608	Pershing LLC	market	2.7%	-8.52 ¢	—	—	—	—	—	No conflict
202608	Pershing LLC	marketable_limit	66.1%	-0.01 ¢	—	—	—	—	—	No conflict
202608	Pershing LLC	nonmarketable_limit	33.5%	0.00 ¢	—	—	—	—	—	No conflict

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
sp500	Citadel Securities LLC	pfof_rate	market	13.69 ¢	10.45 ¢	-3.24 ¢
sp500	Pershing LLC	pfof_rate	market	-4.74 ¢	0.00 ¢	4.74 ¢
other_stocks	Citadel Securities LLC	pfof_rate	market	17.19 ¢	17.15 ¢	-0.04 ¢
other_stocks	Citadel Securities LLC	pfof_rate	marketable_limit	12.71 ¢	16.42 ¢	3.70 ¢
other_stocks	Citadel Securities LLC	pfof_rate	other	10.11 ¢	18.61 ¢	8.50 ¢
other_stocks	CBOE EDGA US Equites Exchange	pfof_rate	marketable_limit	-26.08 ¢	-25.32 ¢	0.76 ¢
other_stocks	CBOE EDGA US Equites Exchange	pfof_rate	other	-22.46 ¢	-23.97 ¢	-1.50 ¢
other_stocks	Pershing LLC	route_share	—	7.11 ¢	13.08 ¢	5.98 ¢
other_stocks	Pershing LLC	pfof_rate	market	-5.37 ¢	-9.82 ¢	-4.44 ¢
other_stocks	Pershing LLC	pfof_rate	marketable_limit	-1.93 ¢	-1.06 ¢	0.87 ¢
other_stocks	Pershing LLC	pfof_rate	other	-4.87 ¢	-3.76 ¢	1.11 ¢
options	CBOE GLOBAL MARKETS INC.	dropped	—	4.06 ¢	—	—

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:

Pershing LLC (PERX)

Unretrievable 605 File Hosts:

(CDRG):host_challenge

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.