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.
PIPER SANDLER & CO. (CRD #665) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
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.
PIPER SANDLER & CO.
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| PIPER SANDLER AND CO. | 665 | Direct | V1 | 1576b8995e58bf2f2f1ccbf0a7d281cedfa6ba38c708de047d87799a73f7c7b2 | Download XML ↗ |
Benchmark Builds Applied
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 | NYSE ARCA OPTIONS (ARCO) | Unmapped | 11.7% | 0.0% | 0.1% | 45.8% | 0.00 ¢ | -7.86 ¢ |
| 202604 | options | CBOE GLOBAL MARKETS INC (XCBO) | Unmapped | 8.8% | 0.0% | 27.1% | 1.0% | 0.00 ¢ | -20.18 ¢ |
| 202604 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.6% | 0.0% | 37.4% | 6.9% | 0.00 ¢ | -2.66 ¢ |
| 202604 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 8.4% | 0.0% | 8.5% | 0.2% | 0.00 ¢ | -29.43 ¢ |
| 202604 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 8.3% | 0.0% | 16.5% | 5.0% | 0.00 ¢ | -1.95 ¢ |
| 202604 | options | MIAX EMERALD, LLC (EMLD) | Unmapped | 8.1% | 0.0% | 0.2% | 4.9% | 0.00 ¢ | 48.63 ¢ |
| 202604 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 7.7% | 0.0% | 2.0% | 0.2% | 0.00 ¢ | -9.48 ¢ |
| 202604 | options | NASDAQ OMX PHLX (XPHO) | Unmapped | 7.7% | 0.0% | 0.1% | 0.2% | 0.00 ¢ | -25.61 ¢ |
| 202604 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 7.5% | 0.0% | 4.4% | 0.2% | 0.00 ¢ | 10.38 ¢ |
| 202604 | options | CBOE C2 OPTIONS EXCHANGE (C2OX) | Unmapped | 6.7% | 0.0% | 0.3% | 0.3% | 0.00 ¢ | -20.50 ¢ |
| 202604 | options | NYSE AMERICAN OPTIONS (AMXO) | Unmapped | 6.3% | 0.0% | 0.4% | 5.0% | 0.00 ¢ | -7.48 ¢ |
| 202604 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 5.7% | 0.0% | 0.1% | 4.7% | 0.00 ¢ | -49.08 ¢ |
| 202605 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 10.3% | 0.0% | 9.2% | 1.6% | 0.00 ¢ | -52.81 ¢ |
| 202605 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 9.3% | 0.0% | 16.1% | 7.1% | 0.00 ¢ | -1.30 ¢ |
| 202605 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 9.2% | 0.0% | 0.7% | 16.8% | 0.00 ¢ | 3.50 ¢ |
| 202605 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.4% | 0.0% | 33.6% | 9.6% | 0.00 ¢ | -3.20 ¢ |
| 202605 | options | MIAX EMERALD, LLC (EMLD) | Unmapped | 8.3% | 0.0% | 0.5% | 7.4% | 0.00 ¢ | 42.49 ¢ |
| 202605 | options | CBOE GLOBAL MARKETS INC (XCBO) | Unmapped | 8.1% | 0.0% | 20.3% | 1.9% | 0.00 ¢ | -16.17 ¢ |
| 202605 | options | NASDAQ OMX PHLX (XPHO) | Unmapped | 7.6% | 0.0% | 0.5% | 1.5% | 0.00 ¢ | -24.82 ¢ |
| 202605 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 7.6% | 0.0% | 4.4% | 1.4% | 0.00 ¢ | -37.00 ¢ |
| 202605 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 7.0% | 0.0% | 5.5% | 1.3% | 0.00 ¢ | 5.55 ¢ |
| 202605 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 6.2% | 0.0% | 0.9% | 6.1% | 0.00 ¢ | -32.63 ¢ |
| 202605 | options | CBOE C2 OPTIONS EXCHANGE (C2OX) | Unmapped | 5.8% | 0.0% | 0.5% | 0.5% | 0.00 ¢ | 21.34 ¢ |
| 202605 | options | NYSE AMERICAN OPTIONS (AMXO) | Unmapped | 5.6% | 0.0% | 1.0% | 7.7% | 0.00 ¢ | -21.02 ¢ |
| 202606 | options | CBOE EDGX OPTIONS EXCHANGE (EDGO) | Unmapped | 10.9% | 0.0% | 6.4% | 0.6% | 0.00 ¢ | -31.60 ¢ |
| 202606 | options | CBOE GLOBAL MARKETS INC (XCBO) | Unmapped | 9.8% | 0.0% | 25.7% | 1.4% | 0.00 ¢ | -10.36 ¢ |
| 202606 | options | NYSE ARCA OPTIONS (ARCO) | Unmapped | 9.4% | 0.0% | 0.9% | 18.1% | 0.00 ¢ | -39.76 ¢ |
| 202606 | options | BOX OPTIONS EXCHANGE (XBOX) | Unmapped | 8.9% | 0.0% | 16.7% | 7.8% | 0.00 ¢ | 0.99 ¢ |
| 202606 | options | MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) | Unmapped | 8.1% | 0.0% | 33.9% | 9.9% | 0.00 ¢ | -3.32 ¢ |
| 202606 | options | MIAX EMERALD, LLC (EMLD) | Unmapped | 7.7% | 0.0% | 0.5% | 7.9% | 0.00 ¢ | 69.27 ¢ |
| 202606 | options | INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) | Unmapped | 7.3% | 0.0% | 4.6% | 0.6% | 0.00 ¢ | -39.43 ¢ |
| 202606 | options | NASDAQ OMX PHLX (XPHO) | Unmapped | 7.1% | 0.0% | 0.1% | 0.7% | 0.00 ¢ | -25.00 ¢ |
| 202606 | options | ISE MERCURY, LLC (MCRY) | Unmapped | 6.5% | 0.0% | 4.2% | 0.5% | 0.00 ¢ | 36.11 ¢ |
| 202606 | options | MIAX SAPPHIRE, LLC (SPHR) | Unmapped | 5.9% | 0.0% | 0.4% | 6.7% | 0.00 ¢ | -11.48 ¢ |
| 202606 | options | CBOE C2 OPTIONS EXCHANGE (C2OX) | Unmapped | 5.8% | 0.0% | 0.5% | 0.2% | 0.00 ¢ | -13.17 ¢ |
| 202606 | options | NYSE AMERICAN OPTIONS (AMXO) | Unmapped | 5.0% | 0.0% | 0.7% | 8.0% | 0.00 ¢ | -23.11 ¢ |
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.
No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2026Q1.
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
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.