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

Select Quarter:

2026Q2 2026Q1

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

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

Open Review Workspace → Request committee preview

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

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.

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

SAFRA SECURITIES LLC

CRD Number: 47873 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:19:41 GMT

Methodology: exq-2

Status: CLOSED QUARTER

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 ↗

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	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

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
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)

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.