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2026Q2 2026Q1

CRD #5376 Review Period: 2026Q2 Filing: Direct 606 filer

MURIEL SIEBERT & CO., LLC (CRD #5376) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: MURIEL SIEBERT & CO., LLC (CRD #5376) 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. Virtu Americas, LLC(350.4%)

2. Muriel Siebert & Co. Inc.(304.7%)

3. Jane Street Capital(206.6%)

Top routed order shares

Disclosed PFOF / Rebates

$1,226,140.68

Avg 18.62 ¢

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

MURIEL SIEBERT & CO., LLC

CRD Number: 5376 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:18:22 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Muriel Siebert & Co., Inc	5376	SBRT	V1	080fc7c4260feb9345d4a9ad28c59bae3c2df4c01519ff7485b0e4adcefba92d	Download XML ↗
Muriel Siebert & Co., Inc.	5376	STXG	V1	9485ebed8825ba2cc6f976c010b5145b72e828c4541ef8a2df287a560a0cb143	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 %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Citadel Execution Services	Unmapped	53.6%	77.9%	83.1%	73.8%	32.66 ¢	32.32 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	46.4%	22.1%	16.9%	26.2%	44.93 ¢	45.00 ¢
202604	other_stocks	Muriel Siebert & Co. Inc.	Unmapped	47.4%	56.7%	34.9%	39.1%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	20.6%	15.0%	28.0%	25.4%	4.33 ¢	4.58 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	13.8%	12.1%	17.4%	14.6%	11.24 ¢	18.37 ¢
202604	other_stocks	Jane Street Capital	JNST	12.7%	12.2%	14.0%	13.2%	18.20 ¢	17.61 ¢
202604	sp500	Muriel Siebert & Co. Inc.	Unmapped	49.2%	54.4%	28.3%	47.7%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	19.9%	15.5%	34.9%	22.5%	18.64 ¢	14.04 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	13.9%	13.5%	17.2%	13.5%	19.00 ¢	19.00 ¢
202604	sp500	Jane Street Capital	JNST	12.5%	12.3%	15.2%	12.1%	19.00 ¢	19.00 ¢
202605	options	Citadel Execution Services	Unmapped	50.1%	73.4%	76.0%	65.2%	34.36 ¢	32.94 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	49.9%	26.6%	24.0%	34.8%	45.00 ¢	45.00 ¢
202605	other_stocks	Muriel Siebert & Co. Inc.	Unmapped	51.4%	59.3%	38.5%	44.9%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	18.8%	13.5%	28.6%	22.9%	4.60 ¢	2.81 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	12.5%	11.0%	15.8%	12.9%	8.56 ¢	18.09 ¢
202605	other_stocks	Jane Street Capital	JNST	11.8%	12.1%	12.1%	11.5%	17.58 ¢	17.54 ¢
202605	sp500	Muriel Siebert & Co. Inc.	Unmapped	48.4%	51.2%	28.0%	50.0%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	20.0%	17.4%	31.4%	20.2%	17.39 ¢	18.11 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	14.2%	13.6%	22.8%	13.4%	19.00 ¢	19.00 ¢
202605	sp500	Jane Street Capital	JNST	13.6%	13.9%	13.4%	12.8%	19.00 ¢	19.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	54.0%	31.5%	20.2%	39.0%	45.00 ¢	45.00 ¢
202606	options	Citadel Execution Services	Unmapped	46.0%	68.5%	79.8%	61.0%	42.04 ¢	34.71 ¢
202606	other_stocks	Muriel Siebert & Co. Inc.	Unmapped	54.6%	62.0%	45.5%	46.8%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	17.4%	13.2%	22.2%	21.8%	6.86 ¢	1.81 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	10.9%	9.6%	13.1%	11.8%	10.20 ¢	10.15 ¢
202606	other_stocks	Jane Street Capital	JNST	10.1%	9.7%	10.6%	10.5%	18.46 ¢	18.44 ¢
202606	sp500	Muriel Siebert & Co. Inc.	Unmapped	53.8%	59.3%	31.3%	50.3%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	17.3%	13.9%	29.6%	20.1%	18.99 ¢	18.96 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	13.3%	11.5%	21.1%	13.9%	19.00 ¢	18.49 ¢
202606	sp500	Jane Street Capital	JNST	11.4%	11.2%	13.7%	11.3%	19.00 ¢	19.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	37.1%	36.5%	32.5%	39.4%	4.33 ¢	4.58 ¢
202604	other_stocks	Jane Street Capital	JNST	22.3%	21.8%	19.9%	24.4%	18.20 ¢	17.61 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	21.7%	20.1%	31.3%	22.6%	11.24 ¢	18.37 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	18.9%	21.6%	16.3%	13.6%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	43.4%	38.7%	31.2%	50.1%	18.64 ¢	14.04 ¢
202604	sp500	Jane Street Capital	JNST	21.6%	19.6%	24.7%	23.9%	19.00 ¢	19.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	18.9%	20.2%	23.7%	16.5%	19.00 ¢	19.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	16.0%	21.5%	20.4%	9.3%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	36.4%	39.2%	24.9%	33.0%	4.60 ¢	2.81 ¢
202605	other_stocks	Jane Street Capital	JNST	23.5%	20.9%	28.3%	28.4%	17.58 ¢	17.54 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	22.4%	20.3%	25.3%	25.3%	8.56 ¢	18.09 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	17.5%	19.5%	20.8%	13.2%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	43.5%	39.4%	34.2%	48.4%	17.39 ¢	18.11 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	21.9%	20.4%	22.8%	22.7%	19.00 ¢	19.00 ¢
202605	sp500	Jane Street Capital	JNST	19.9%	20.7%	27.9%	18.6%	19.00 ¢	19.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	14.7%	19.5%	15.2%	10.3%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	34.7%	34.1%	23.8%	37.8%	6.86 ¢	1.81 ¢
202606	other_stocks	Jane Street Capital	JNST	24.5%	22.9%	25.4%	27.8%	18.46 ¢	18.44 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	22.4%	21.5%	26.0%	23.8%	10.20 ¢	10.15 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	18.4%	21.5%	24.8%	10.5%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	41.2%	38.0%	59.1%	44.0%	18.99 ¢	18.96 ¢
202606	sp500	Jane Street Capital	JNST	22.7%	22.9%	11.8%	24.2%	19.00 ¢	19.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	19.8%	19.6%	9.1%	20.8%	19.00 ¢	18.49 ¢
202606	sp500	UBS Securities, LLC	Unmapped	16.3%	19.6%	20.0%	11.0%	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.

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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
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	19.00 ¢	18.83 ¢	-0.16 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	18.68 ¢	18.87 ¢	0.19 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	18.04 ¢	18.98 ¢	0.94 ¢
sp500	Virtu Americas, LLC	pfof_rate	market	18.37 ¢	18.34 ¢	-0.03 ¢
sp500	Virtu Americas, LLC	pfof_rate	marketable_limit	12.25 ¢	17.04 ¢	4.79 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	18.16 ¢	18.86 ¢	0.70 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	11.88 ¢	16.82 ¢	4.94 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	15.20 ¢	10.00 ¢	-5.20 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	17.50 ¢	15.54 ¢	-1.96 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	16.38 ¢	13.03 ¢	-3.35 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	12.76 ¢	7.61 ¢	-5.15 ¢
other_stocks	Jane Street Capital	pfof_rate	market	18.27 ¢	18.08 ¢	-0.19 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	17.78 ¢	17.87 ¢	0.09 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	16.33 ¢	16.83 ¢	0.50 ¢
other_stocks	Jane Street Capital	pfof_rate	other	17.48 ¢	18.85 ¢	1.37 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	4.77 ¢	5.26 ¢	0.50 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	4.01 ¢	3.07 ¢	-0.95 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	5.75 ¢	5.50 ¢	-0.24 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	3.05 ¢	2.07 ¢	-0.98 ¢
options	Citadel Execution Services	pfof_rate	market	33.62 ¢	36.35 ¢	2.73 ¢
options	Citadel Execution Services	pfof_rate	marketable_limit	33.66 ¢	33.32 ¢	-0.34 ¢
options	Citadel Execution Services	pfof_rate	non_marketable_limit	35.04 ¢	33.84 ¢	-1.20 ¢
options	Citadel Execution Services	pfof_rate	other	41.19 ¢	39.33 ¢	-1.86 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	42.38 ¢	44.98 ¢	2.60 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	44.87 ¢	45.00 ¢	0.13 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	44.92 ¢	45.00 ¢	0.08 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	19.00 ¢	18.83 ¢	-0.16 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	18.68 ¢	18.87 ¢	0.19 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	18.04 ¢	18.98 ¢	0.94 ¢
sp500	Virtu Americas, LLC	pfof_rate	market	18.37 ¢	18.34 ¢	-0.03 ¢
sp500	Virtu Americas, LLC	pfof_rate	marketable_limit	12.25 ¢	17.04 ¢	4.79 ¢
sp500	Virtu Americas, LLC	pfof_rate	non_marketable_limit	18.16 ¢	18.86 ¢	0.70 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	11.88 ¢	16.82 ¢	4.94 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	15.20 ¢	10.00 ¢	-5.20 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	17.50 ¢	15.54 ¢	-1.96 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	non_marketable_limit	16.38 ¢	13.03 ¢	-3.35 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	12.76 ¢	7.61 ¢	-5.15 ¢
other_stocks	Jane Street Capital	pfof_rate	market	18.27 ¢	18.08 ¢	-0.19 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	17.78 ¢	17.87 ¢	0.09 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	16.33 ¢	16.83 ¢	0.50 ¢
other_stocks	Jane Street Capital	pfof_rate	other	17.48 ¢	18.85 ¢	1.37 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	4.77 ¢	5.26 ¢	0.50 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	4.01 ¢	3.07 ¢	-0.95 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	5.75 ¢	5.50 ¢	-0.24 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	3.05 ¢	2.07 ¢	-0.98 ¢

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:

Muriel Siebert & Co. Inc. (name:MURIEL SIEBERT), UBS Securities, LLC (name:UBS 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.