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CRD #7654
Review Period: 2026Q1
Filing: Direct 606 filer
UBS SECURITIES LLC (CRD #7654) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
Primary Routed Venues (606)
1. UBS Securities, LLC ATS(153.8%)
2. Investors Exchange (IEXG)(103.9%)
3. Fidelity Crossstream ATS(68.4%)
Top routed order shares
Disclosed PFOF / Rebates
$0.00
Avg 20.81 ¢
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.
No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.
FINRA Rule 5310.09 Review Packet
UBS SECURITIES LLC
CRD Number: 7654 •
Quarter: 2026Q1 •
Generated: Wed, 14 Oct 2026 20:19:45 GMT
Methodology: exq-2
Status: CLOSED QUARTER
Resolved Rule 606 Source Filings
| Author / Clearing Firm | CRD | Variant / Context | Version | SHA-256 Digest | Source Document |
|---|---|---|---|---|---|
| UBS Securities, LLC | 7654 | UBSS | V1 | 83d0159cdee2f26c85368989585798f7851f9fc1c245912bb3ab6bde466a357c | 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.
| Month | Section | Execution Venue | 605 Reporter | Route % | Market % | Mkt Limit % | Non-Mkt % | PFOF Mkt (¢/100) | PFOF Limit (¢/100) |
|---|---|---|---|---|---|---|---|---|---|
| 202601 | options | Miami International Securities Exchange, LLC | Unmapped | 8.2% | 2.5% | 16.2% | 7.6% | 0.00 ¢ | 0.08 ¢ |
| 202601 | options | MEMX LLC | Unmapped | 7.5% | 5.7% | 3.8% | 7.7% | -26.27 ¢ | 3.98 ¢ |
| 202601 | options | Cboe EDGX Exchange, Inc. | Unmapped | 7.0% | 3.1% | 6.0% | 7.0% | -0.18 ¢ | 0.09 ¢ |
| 202601 | options | BOX Exchange LLC | Unmapped | 6.3% | 3.1% | 5.7% | 6.3% | 0.00 ¢ | -0.92 ¢ |
| 202601 | options | Cboe C2 Exchange, Inc. | Unmapped | 6.1% | 4.7% | 3.2% | 6.4% | -15.43 ¢ | 2.89 ¢ |
| 202601 | options | Cboe Exchange, Inc. | Unmapped | 6.1% | 17.4% | 5.3% | 6.1% | 0.00 ¢ | 1.48 ¢ |
| 202601 | options | Nasdaq PHLX LLC | Unmapped | 5.9% | 2.5% | 4.7% | 6.0% | 0.00 ¢ | 0.41 ¢ |
| 202601 | options | MIAX Emerald, LLC | Unmapped | 5.6% | 6.6% | 1.6% | 5.9% | -25.06 ¢ | 6.32 ¢ |
| 202601 | options | Nasdaq ISE, LLC | Unmapped | 5.5% | 5.4% | 4.5% | 5.5% | -36.36 ¢ | 5.29 ¢ |
| 202601 | options | Nasdaq BX, Inc. | Unmapped | 5.1% | 6.0% | 2.7% | 5.3% | 0.00 ¢ | 3.51 ¢ |
| 202601 | options | NYSE ARCA OPTIONS | Unmapped | 5.0% | 4.4% | 3.6% | 5.1% | 0.00 ¢ | 5.04 ¢ |
| 202601 | options | Cboe BZX Exchange, Inc. | Unmapped | 4.9% | 7.9% | 2.3% | 5.1% | -8.56 ¢ | 5.83 ¢ |
| 202601 | options | Nasdaq GEMX, LLC | Unmapped | 4.9% | 4.4% | 1.7% | 5.1% | -15.28 ¢ | 3.88 ¢ |
| 202601 | options | MIAX SAPPHIRE LLC | Unmapped | 4.8% | 4.4% | 21.8% | 3.6% | -1.87 ¢ | -5.39 ¢ |
| 202601 | options | The NASDAQ Options Market LLC | Unmapped | 4.8% | 5.7% | 4.3% | 4.8% | 14.17 ¢ | 2.17 ¢ |
| 202601 | options | NYSE American LLC | Unmapped | 4.7% | 2.8% | 3.9% | 4.8% | 0.00 ¢ | -0.14 ¢ |
| 202601 | other_stocks | UBS Securities, LLC ATS | Unmapped | 23.0% | 0.0% | 25.4% | 20.6% | 0.00 ¢ | 0.00 ¢ |
| 202601 | other_stocks | Investors Exchange (IEXG) | Unmapped | 15.4% | 0.0% | 15.0% | 15.8% | 0.00 ¢ | -17.96 ¢ |
| 202601 | other_stocks | Fidelity Crossstream ATS | Unmapped | 9.4% | 0.0% | 7.6% | 11.4% | 0.00 ¢ | -10.00 ¢ |
| 202601 | other_stocks | The Nasdaq Stock Market LLC | Unmapped | 9.2% | 12.9% | 4.6% | 13.8% | -5.17 ¢ | -25.46 ¢ |
| 202601 | other_stocks | Intelligentcross | Unmapped | 5.8% | 0.0% | 6.2% | 5.6% | 0.00 ¢ | -2.00 ¢ |
| 202601 | other_stocks | OneChronos Markets LLC | Unmapped | 5.7% | 0.0% | 4.9% | 6.6% | 0.00 ¢ | -5.00 ¢ |
| 202601 | other_stocks | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 4.7% | 5.8% | 3.9% | 5.4% | -2.88 ¢ | -28.83 ¢ |
| 202601 | other_stocks | NYSE Arca, Inc. | Unmapped | 4.2% | 16.4% | 3.8% | 4.6% | -14.38 ¢ | -26.91 ¢ |
| 202601 | other_stocks | Barclays ATS | Unmapped | 3.9% | 0.0% | 5.6% | 2.1% | 0.00 ¢ | -10.00 ¢ |
| 202601 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 2.8% | 0.0% | 3.4% | 1.9% | 0.00 ¢ | -28.86 ¢ |
| 202601 | other_stocks | Cboe BZX Exchange, Inc. | Unmapped | 2.7% | 1.7% | 3.5% | 1.4% | -12.39 ¢ | -29.08 ¢ |
| 202601 | other_stocks | NYSE NATIONAL, INC | Unmapped | 2.1% | 0.0% | 2.3% | 1.7% | 0.00 ¢ | 7.72 ¢ |
| 202601 | other_stocks | Goldman Sachs & Co. LLC SIGMA X2 | Unmapped | 1.7% | 0.0% | 3.1% | 0.3% | 0.00 ¢ | -10.00 ¢ |
| 202601 | sp500 | UBS Securities, LLC ATS | Unmapped | 29.2% | 0.0% | 27.4% | 30.2% | 0.00 ¢ | 0.00 ¢ |
| 202601 | sp500 | Investors Exchange (IEXG) | Unmapped | 20.5% | 0.0% | 16.4% | 22.7% | 0.00 ¢ | -16.12 ¢ |
| 202601 | sp500 | Fidelity Crossstream ATS | Unmapped | 12.8% | 0.0% | 10.8% | 13.4% | 0.00 ¢ | -10.00 ¢ |
| 202601 | sp500 | OneChronos Markets LLC | Unmapped | 9.1% | 0.0% | 6.7% | 10.4% | 0.00 ¢ | -5.00 ¢ |
| 202601 | sp500 | Intelligentcross | Unmapped | 9.1% | 0.0% | 8.5% | 9.5% | 0.00 ¢ | -2.00 ¢ |
| 202601 | sp500 | The Nasdaq Stock Market LLC | Unmapped | 4.8% | 12.4% | 3.4% | 5.7% | -3.36 ¢ | -29.75 ¢ |
| 202601 | sp500 | Barclays ATS | Unmapped | 3.4% | 0.0% | 6.1% | 2.0% | 0.00 ¢ | -10.00 ¢ |
| 202601 | sp500 | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 2.6% | 9.0% | 2.1% | 3.0% | -3.12 ¢ | -29.75 ¢ |
| 202602 | options | MEMX LLC | Unmapped | 7.6% | 4.9% | 3.6% | 7.9% | -23.71 ¢ | 3.80 ¢ |
| 202602 | options | Miami International Securities Exchange, LLC | Unmapped | 6.6% | 2.4% | 16.4% | 5.8% | 0.00 ¢ | 0.07 ¢ |
| 202602 | options | Cboe C2 Exchange, Inc. | Unmapped | 6.4% | 3.7% | 3.5% | 6.7% | -20.00 ¢ | 2.24 ¢ |
| 202602 | options | Cboe Exchange, Inc. | Unmapped | 6.3% | 20.7% | 5.3% | 6.3% | 39.77 ¢ | 1.23 ¢ |
| 202602 | options | Cboe EDGX Exchange, Inc. | Unmapped | 6.1% | 2.4% | 5.9% | 6.1% | -1.00 ¢ | 0.04 ¢ |
| 202602 | options | BOX Exchange LLC | Unmapped | 6.0% | 2.4% | 6.0% | 6.0% | 0.00 ¢ | -0.74 ¢ |
| 202602 | options | Nasdaq PHLX LLC | Unmapped | 5.9% | 2.4% | 4.8% | 6.0% | 0.00 ¢ | 0.82 ¢ |
| 202602 | options | Nasdaq ISE, LLC | Unmapped | 5.8% | 3.7% | 4.5% | 5.9% | -20.00 ¢ | 3.05 ¢ |
| 202602 | options | MIAX Emerald, LLC | Unmapped | 5.7% | 2.4% | 1.7% | 6.0% | 0.00 ¢ | 4.93 ¢ |
| 202602 | options | NYSE ARCA OPTIONS | Unmapped | 5.3% | 2.4% | 3.6% | 5.4% | 0.00 ¢ | 5.80 ¢ |
| 202602 | options | Nasdaq BX, Inc. | Unmapped | 5.2% | 3.7% | 2.8% | 5.4% | 0.00 ¢ | 2.28 ¢ |
| 202602 | options | Cboe BZX Exchange, Inc. | Unmapped | 5.2% | 3.7% | 2.3% | 5.4% | -21.00 ¢ | 4.53 ¢ |
| 202602 | options | NYSE American LLC | Unmapped | 5.1% | 2.4% | 3.9% | 5.2% | 0.00 ¢ | -0.10 ¢ |
| 202602 | options | The NASDAQ Options Market LLC | Unmapped | 5.0% | 3.7% | 4.3% | 5.1% | 0.00 ¢ | 2.41 ¢ |
| 202602 | options | Nasdaq GEMX, LLC | Unmapped | 5.0% | 3.7% | 1.7% | 5.3% | -20.00 ¢ | 6.56 ¢ |
| 202602 | options | MIAX SAPPHIRE LLC | Unmapped | 4.9% | 2.4% | 21.4% | 3.7% | 0.00 ¢ | -4.63 ¢ |
| 202602 | other_stocks | UBS Securities, LLC ATS | Unmapped | 21.1% | 0.0% | 25.3% | 17.4% | 0.00 ¢ | 0.00 ¢ |
| 202602 | other_stocks | Investors Exchange (IEXG) | Unmapped | 14.8% | 0.0% | 15.3% | 14.2% | 0.00 ¢ | -17.80 ¢ |
| 202602 | other_stocks | The Nasdaq Stock Market LLC | Unmapped | 10.3% | 20.1% | 4.2% | 14.9% | -4.25 ¢ | -27.66 ¢ |
| 202602 | other_stocks | Fidelity Crossstream ATS | Unmapped | 8.9% | 0.0% | 7.8% | 9.8% | 0.00 ¢ | -10.00 ¢ |
| 202602 | other_stocks | Intelligentcross | Unmapped | 5.6% | 0.0% | 6.3% | 5.0% | 0.00 ¢ | -2.00 ¢ |
| 202602 | other_stocks | OneChronos Markets LLC | Unmapped | 5.4% | 0.0% | 5.1% | 5.6% | 0.00 ¢ | -5.00 ¢ |
| 202602 | other_stocks | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 4.9% | 6.6% | 3.7% | 5.8% | -3.09 ¢ | -29.38 ¢ |
| 202602 | other_stocks | NYSE Arca, Inc. | Unmapped | 4.6% | 14.1% | 3.6% | 5.4% | -14.88 ¢ | -28.23 ¢ |
| 202602 | other_stocks | Barclays ATS | Unmapped | 3.9% | 0.0% | 6.0% | 2.2% | 0.00 ¢ | -10.00 ¢ |
| 202602 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 2.9% | 0.0% | 3.1% | 2.5% | 0.00 ¢ | -28.69 ¢ |
| 202602 | other_stocks | Cboe BZX Exchange, Inc. | Unmapped | 2.7% | 2.4% | 3.3% | 2.2% | -12.85 ¢ | -28.88 ¢ |
| 202602 | other_stocks | NYSE NATIONAL, INC | Unmapped | 1.8% | 0.0% | 2.1% | 1.3% | 0.00 ¢ | 7.80 ¢ |
| 202602 | other_stocks | Goldman Sachs & Co. LLC SIGMA X2 | Unmapped | 1.7% | 0.0% | 3.2% | 0.5% | 0.00 ¢ | -10.00 ¢ |
| 202602 | other_stocks | J.P. Morgan Securities LLC | Unmapped | 1.7% | 0.0% | 3.2% | 0.5% | 0.00 ¢ | -10.00 ¢ |
| 202602 | sp500 | UBS Securities, LLC ATS | Unmapped | 28.9% | 0.0% | 27.5% | 29.8% | 0.00 ¢ | 0.00 ¢ |
| 202602 | sp500 | Investors Exchange (IEXG) | Unmapped | 20.8% | 0.0% | 17.4% | 22.4% | 0.00 ¢ | -15.33 ¢ |
| 202602 | sp500 | Fidelity Crossstream ATS | Unmapped | 13.4% | 0.0% | 11.5% | 14.3% | 0.00 ¢ | -10.00 ¢ |
| 202602 | sp500 | OneChronos Markets LLC | Unmapped | 9.1% | 0.0% | 7.0% | 10.1% | 0.00 ¢ | -5.00 ¢ |
| 202602 | sp500 | Intelligentcross | Unmapped | 9.0% | 0.0% | 8.6% | 9.3% | 0.00 ¢ | -2.00 ¢ |
| 202602 | sp500 | The Nasdaq Stock Market LLC | Unmapped | 4.8% | 24.4% | 3.2% | 5.8% | -4.96 ¢ | -29.61 ¢ |
| 202602 | sp500 | Barclays ATS | Unmapped | 3.5% | 0.0% | 6.1% | 2.2% | 0.00 ¢ | -10.00 ¢ |
| 202602 | sp500 | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 2.5% | 9.3% | 1.9% | 2.7% | -3.31 ¢ | -29.49 ¢ |
| 202603 | options | MEMX LLC | Unmapped | 7.8% | 7.8% | 3.6% | 8.2% | -117.00 ¢ | 4.93 ¢ |
| 202603 | options | Cboe C2 Exchange, Inc. | Unmapped | 6.5% | 2.2% | 3.4% | 6.7% | -80.00 ¢ | 2.37 ¢ |
| 202603 | options | Cboe Exchange, Inc. | Unmapped | 6.4% | 10.4% | 5.9% | 6.4% | 0.00 ¢ | 1.85 ¢ |
| 202603 | options | Nasdaq PHLX LLC | Unmapped | 6.1% | 1.3% | 5.2% | 6.2% | 0.00 ¢ | 0.03 ¢ |
| 202603 | options | MIAX Emerald, LLC | Unmapped | 5.8% | 3.0% | 1.7% | 6.2% | -85.00 ¢ | 5.86 ¢ |
| 202603 | options | BOX Exchange LLC | Unmapped | 5.8% | 0.9% | 6.4% | 5.8% | 0.00 ¢ | -0.81 ¢ |
| 202603 | options | Cboe EDGX Exchange, Inc. | Unmapped | 5.8% | 2.6% | 6.0% | 5.8% | 0.00 ¢ | 0.01 ¢ |
| 202603 | options | Miami International Securities Exchange, LLC | Unmapped | 5.8% | 1.3% | 16.2% | 5.0% | 0.00 ¢ | 0.04 ¢ |
| 202603 | options | Nasdaq ISE, LLC | Unmapped | 5.7% | 5.2% | 4.5% | 5.8% | -10.53 ¢ | 3.28 ¢ |
| 202603 | options | Cboe BZX Exchange, Inc. | Unmapped | 5.3% | 3.5% | 2.3% | 5.6% | -105.00 ¢ | 4.49 ¢ |
| 202603 | options | Nasdaq BX, Inc. | Unmapped | 5.3% | 7.8% | 2.7% | 5.5% | 0.00 ¢ | 2.78 ¢ |
| 202603 | options | NYSE ARCA OPTIONS | Unmapped | 5.3% | 2.6% | 3.4% | 5.4% | 0.00 ¢ | 5.26 ¢ |
| 202603 | options | Nasdaq GEMX, LLC | Unmapped | 5.1% | 2.2% | 1.8% | 5.4% | -19.50 ¢ | 5.62 ¢ |
| 202603 | options | The NASDAQ Options Market LLC | Unmapped | 5.1% | 3.9% | 4.4% | 5.2% | 8.50 ¢ | 1.82 ¢ |
| 202603 | options | NYSE American LLC | Unmapped | 5.0% | 1.7% | 3.8% | 5.1% | 0.00 ¢ | -0.18 ¢ |
| 202603 | options | MIAX SAPPHIRE LLC | Unmapped | 5.0% | 3.0% | 21.2% | 3.8% | -6.50 ¢ | -5.20 ¢ |
| 202603 | other_stocks | UBS Securities, LLC ATS | Unmapped | 22.4% | 0.0% | 25.8% | 19.8% | 0.00 ¢ | 0.00 ¢ |
| 202603 | other_stocks | Investors Exchange (IEXG) | Unmapped | 13.9% | 0.0% | 14.3% | 13.7% | 0.00 ¢ | -16.82 ¢ |
| 202603 | other_stocks | Fidelity Crossstream ATS | Unmapped | 9.9% | 0.0% | 8.7% | 11.3% | 0.00 ¢ | -10.00 ¢ |
| 202603 | other_stocks | The Nasdaq Stock Market LLC | Unmapped | 8.4% | 16.5% | 4.4% | 11.2% | -4.53 ¢ | -27.19 ¢ |
| 202603 | other_stocks | Intelligentcross | Unmapped | 6.7% | 0.0% | 6.5% | 7.2% | 0.00 ¢ | -2.00 ¢ |
| 202603 | other_stocks | OneChronos Markets LLC | Unmapped | 6.1% | 0.0% | 5.7% | 6.7% | 0.00 ¢ | -5.00 ¢ |
| 202603 | other_stocks | Barclays ATS | Unmapped | 4.7% | 0.0% | 5.7% | 4.0% | 0.00 ¢ | -10.00 ¢ |
| 202603 | other_stocks | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 4.1% | 5.1% | 3.6% | 4.6% | -3.13 ¢ | -29.36 ¢ |
| 202603 | other_stocks | NYSE Arca, Inc. | Unmapped | 3.8% | 13.4% | 3.6% | 3.9% | -14.82 ¢ | -25.98 ¢ |
| 202603 | other_stocks | Cboe EDGX Exchange, Inc. | Unmapped | 2.5% | 0.0% | 3.1% | 1.5% | 0.00 ¢ | -28.83 ¢ |
| 202603 | other_stocks | Goldman Sachs & Co. LLC SIGMA X2 | Unmapped | 2.4% | 0.0% | 2.9% | 2.1% | 0.00 ¢ | -10.00 ¢ |
| 202603 | other_stocks | J.P. Morgan Securities LLC | Unmapped | 2.4% | 0.0% | 2.9% | 2.1% | 0.00 ¢ | -10.00 ¢ |
| 202603 | other_stocks | Cboe BZX Exchange, Inc. | Unmapped | 2.4% | 2.6% | 3.3% | 1.1% | -12.80 ¢ | -29.14 ¢ |
| 202603 | other_stocks | Level Markets, LLC | Unmapped | 2.3% | 0.0% | 2.8% | 2.1% | 0.00 ¢ | -6.00 ¢ |
| 202603 | sp500 | UBS Securities, LLC ATS | Unmapped | 29.2% | 0.0% | 28.7% | 29.6% | 0.00 ¢ | 0.00 ¢ |
| 202603 | sp500 | Investors Exchange (IEXG) | Unmapped | 18.5% | 0.0% | 15.9% | 19.9% | 0.00 ¢ | -12.76 ¢ |
| 202603 | sp500 | Fidelity Crossstream ATS | Unmapped | 13.9% | 0.0% | 13.2% | 14.2% | 0.00 ¢ | -10.00 ¢ |
| 202603 | sp500 | OneChronos Markets LLC | Unmapped | 9.8% | 0.0% | 8.2% | 10.4% | 0.00 ¢ | -5.00 ¢ |
| 202603 | sp500 | Intelligentcross | Unmapped | 9.2% | 0.0% | 8.9% | 9.5% | 0.00 ¢ | -2.00 ¢ |
| 202603 | sp500 | The Nasdaq Stock Market LLC | Unmapped | 4.1% | 22.4% | 3.0% | 4.7% | -2.70 ¢ | -29.63 ¢ |
| 202603 | sp500 | Barclays ATS | Unmapped | 3.5% | 0.0% | 5.1% | 2.7% | 0.00 ¢ | -10.00 ¢ |
| 202603 | sp500 | NEW YORK STOCK EXCHANGE, INC. | Unmapped | 2.2% | 8.6% | 1.8% | 2.4% | -3.15 ¢ | -29.65 ¢ |
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 2025Q4.
No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.
6. Coverage, Exclusions & Standing Limitations
Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.
Suppressed Cells
0
Cells with < 100 covered ordersUnmapped Venues
15
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped Routing Destinations:
Barclays ATS (name:BARCLAYS ATS), Cboe BZX Exchange, Inc. (name:CBOE BZX EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), Fidelity Crossstream ATS (name:FIDELITY CROSSSTREAM ATS), Goldman Sachs & Co. LLC SIGMA X2 (name:GOLDMAN SACHS CO LLC SIGMA X2), Intelligentcross (name:INTELLIGENTCROSS), Investors Exchange (IEXG) (name:INVESTORS EXCHANGE IEXG), J.P. Morgan Securities LLC (name:J P MORGAN SECURITIES), Level Markets, LLC (name:LEVEL MARKETS), NEW YORK STOCK EXCHANGE, INC. (name:NEW YORK STOCK EXCHANGE), NYSE Arca, Inc. (name:NYSE ARCA), NYSE NATIONAL, INC (name:NYSE NATIONAL), OneChronos Markets LLC (name:ONECHRONOS MARKETS), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), UBS Securities, LLC ATS (name:UBS SECURITIES LLC ATS)
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.