EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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Select Quarter:
2026Q22026Q1
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 #6888 Review Period: 2026Q2 Filing: Direct 606 filer

JONESTRADING (CRD #6888) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
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Primary Routed Venues (606)
1. CBOE Exchange(34.0%)
2. NYSE ARCA Options(33.9%)
3. Nasdaq PHLX(26.5%)
Top routed order shares
Disclosed PFOF / Rebates
$119,134.34
Non-directed retail equity flow
Competing-Market Exceptions
0 of 0
Scored cells with >1.0 bps shortfall
Data Coverage
1 mo • 1 build
Months: 202608

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

JONESTRADING

CRD Number: 6888 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:29:16 GMT
Methodology: exq-2
Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing FirmCRDVariant / ContextVersionSHA-256 DigestSource Document
JONE6888DirectV1f368c1dcfa9defe211e6a610366c6dd093072b87f5a743a7a37c8e250244437a 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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MonthSectionExecution Venue605 ReporterRoute %Market %Mkt Limit %Non-Mkt %PFOF Mkt (¢/100)PFOF Limit (¢/100)
202604optionsCBOE Exchange (XCBO)Unmapped12.5%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNYSE ARCA Options (ARCO)Unmapped11.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq ISE (XISX)Unmapped8.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq PHLX (XPHO)Unmapped8.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsBOX Exchange (XBOX)Unmapped7.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsC2 Options Exchange, Inc. (C2OX)Unmapped7.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsMIAX Emerald, LLC. (EMLD)Unmapped7.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsMIAX Pearl, LLC (MPRL)Unmapped5.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsMiami Intl Exchange (XMIO)Unmapped5.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNasdaq Options (XNDQ)Unmapped4.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsCboe EDGX Options (EDGO)Unmapped4.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsCboe BZX Options Exchange (BATO)Unmapped3.5%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsNYSE American Options (AMXO)Unmapped3.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202604optionsRBC CAPITAL MARKETS, LLC (GELP)Unmapped2.5%18.3%0.0%43.3%0.00 ¢0.00 ¢
202605optionsCBOE Exchange (XCBO)Unmapped10.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsNYSE ARCA Options (ARCO)Unmapped10.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsC2 Options Exchange, Inc. (C2OX)Unmapped9.7%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsBOX Exchange (XBOX)Unmapped8.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsMIAX Emerald, LLC. (EMLD)Unmapped8.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsMiami Intl Exchange (XMIO)Unmapped7.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsNasdaq ISE (XISX)Unmapped6.4%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsMIAX Pearl, LLC (MPRL)Unmapped6.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsNasdaq PHLX (XPHO)Unmapped6.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsNasdaq Options (XNDQ)Unmapped5.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsISE Mercury Options (MCRY)Unmapped3.6%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsRBC CAPITAL MARKETS, LLC (GELP)Unmapped3.5%16.9%0.0%42.6%0.00 ¢0.00 ¢
202605optionsCboe BZX Options Exchange (BATO)Unmapped3.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202605optionsNYSE American Options (AMXO)Unmapped1.5%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsNasdaq PHLX (XPHO)Unmapped12.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsNYSE ARCA Options (ARCO)Unmapped12.1%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsCBOE Exchange (XCBO)Unmapped10.9%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsNasdaq ISE (XISX)Unmapped8.2%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsISE Mercury Options (MCRY)Unmapped7.9%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsC2 Options Exchange, Inc. (C2OX)Unmapped7.5%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsBOX Exchange (XBOX)Unmapped6.7%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsMIAX Emerald, LLC. (EMLD)Unmapped6.0%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsMiami Intl Exchange (XMIO)Unmapped5.8%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsCboe EDGX Options (EDGO)Unmapped4.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsNYSE American Options (AMXO)Unmapped3.9%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsNasdaq Options (XNDQ)Unmapped3.3%0.0%0.0%0.0%0.00 ¢0.00 ¢
202606optionsCboe BZX Options Exchange (BATO)Unmapped2.6%0.0%0.0%0.0%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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MonthVenueClassNotional × LotFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <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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MonthClassNotional × LotMetricFirm CompositeBest CompetingBest VenueMedian CompetingMapped 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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MonthVenueOrder ClassRoute %606 Net PFOF (¢/100)NPI (bps)Peer Bench (bps)Delta (bps)Ref PriceDelta (¢/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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SectionVenueType of ChangeOrder ClassPrior ValueCurrent ValueNet Shift
optionsNYSE American Optionspfof_rateother12.57 ¢3.01 ¢-9.56 ¢
optionsNYSE ARCA Optionsroute_share—85.86 ¢11.29 ¢-74.57 ¢
optionsNYSE ARCA Optionspfof_rateother36.32 ¢46.58 ¢10.25 ¢
optionsCboe BZX Options Exchangepfof_rateother6.26 ¢7.70 ¢1.43 ¢
optionsC2 Options Exchange, Inc.route_share—0.54 ¢8.17 ¢7.64 ¢
optionsC2 Options Exchange, Inc.pfof_rateother-23.98 ¢-0.42 ¢23.56 ¢
optionsCboe EDGX Optionspfof_rateother17.43 ¢12.10 ¢-5.33 ¢
optionsMIAX Emerald, LLC.added——7.12 ¢—
optionsRBC CAPITAL MARKETS, LLCadded——1.99 ¢—
optionsISE Mercury Optionspfof_rateother-5.84 ¢-1.91 ¢3.93 ¢
optionsMIAX Pearl, LLCadded——3.91 ¢—
optionsBOX Exchangeroute_share—0.80 ¢7.50 ¢6.70 ¢
optionsBOX Exchangepfof_rateother5.94 ¢1.03 ¢-4.91 ¢
optionsCBOE Exchangeroute_share—3.40 ¢11.34 ¢7.94 ¢
optionsCBOE Exchangepfof_rateother9.14 ¢-1.04 ¢-10.18 ¢
optionsNasdaq ISEpfof_rateother-0.34 ¢3.12 ¢3.45 ¢
optionsMiami Intl Exchangeroute_share—0.87 ¢6.02 ¢5.15 ¢
optionsMiami Intl Exchangepfof_rateother0.84 ¢0.00 ¢-0.84 ¢
optionsNasdaq Optionsadded——4.34 ¢—
optionsNasdaq PHLXroute_share—1.44 ¢8.83 ¢7.39 ¢
optionsNasdaq PHLXpfof_rateother11.94 ¢12.61 ¢0.68 ¢

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells
0
Cells with < 100 covered orders
Unmapped Venues
0
606 destinations without 605 match
Challenged / Missing 605
0
Venues missing monthly 605 report

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.