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2026Q2 2026Q1

CRD #7691 Review Period: 2026Q2 Filing: Direct 606 filer

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD #7691) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD #7691) 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. BofA Securities, Inc.(458.0%)

2. NYSE ARCA OPTIONS(111.5%)

3. Level Markets, LLC(76.9%)

Top routed order shares

Disclosed PFOF / Rebates

$4,710,056.07

Avg 31.39 ¢

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

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

CRD Number: 7691 • 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
MLCO.GWIM_NEW	7691	MLCO_GWIM	V1	be4a28aa2553b3392bfebe72a4a3866407087130d1c686eac0c837346d80465b	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	NYSE ARCA OPTIONS	Unmapped	41.7%	0.0%	16.2%	64.4%	0.00 ¢	38.27 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	8.2%	0.0%	2.2%	11.4%	63.97 ¢	9.15 ¢
202604	options	The NASDAQ Options Market LLC	Unmapped	7.2%	0.0%	1.9%	11.7%	0.00 ¢	-12.04 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	5.8%	36.5%	12.8%	1.4%	0.00 ¢	0.00 ¢
202604	options	Global Execution Brokers LP	Unmapped	5.2%	33.3%	10.8%	1.7%	0.00 ¢	0.00 ¢
202604	options	Dash/IMC Financial Markets	Unmapped	5.1%	30.1%	2.6%	1.2%	0.28 ¢	18.21 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	4.4%	0.0%	3.7%	2.9%	-70.00 ¢	1.20 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	4.4%	0.0%	1.7%	0.8%	0.00 ¢	-15.93 ¢
202604	options	MIAX SAPPHIRE LLC	Unmapped	3.6%	0.0%	17.3%	0.2%	0.00 ¢	40.37 ¢
202604	options	BOX Exchange LLC	Unmapped	1.6%	0.0%	3.9%	0.2%	0.00 ¢	1.06 ¢
202604	other_stocks	BofA Securities, Inc.	Unmapped	76.3%	53.2%	87.7%	96.8%	-0.20 ¢	-5.51 ¢
202604	other_stocks	Level Markets, LLC	Unmapped	12.6%	27.1%	0.0%	0.0%	-7.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	2.0%	4.4%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	2.0%	4.3%	0.2%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital	JNST	1.6%	3.4%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	1.2%	2.7%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	1.1%	2.3%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	0.7%	0.2%	3.6%	1.0%	-15.08 ¢	-16.69 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	0.7%	1.5%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	The Nasdaq Stock Market LLC	Unmapped	0.6%	0.1%	2.7%	1.0%	-2.48 ¢	-18.96 ¢
202604	sp500	BofA Securities, Inc.	Unmapped	73.7%	49.7%	86.0%	95.6%	-0.36 ¢	-1.86 ¢
202604	sp500	Level Markets, LLC	Unmapped	14.5%	30.5%	0.0%	0.0%	-7.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	2.1%	4.4%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	2.1%	4.3%	0.3%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	Jane Street Capital	JNST	1.6%	3.4%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	NEW YORK STOCK EXCHANGE, INC.	Unmapped	1.4%	0.4%	6.9%	2.2%	-2.67 ¢	-4.10 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	1.3%	2.7%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	The Nasdaq Stock Market LLC	Unmapped	1.2%	0.2%	5.4%	2.0%	-2.35 ¢	-8.79 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	1.1%	2.3%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	0.7%	1.5%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	options	NYSE ARCA OPTIONS	Unmapped	34.7%	0.0%	17.3%	65.6%	0.00 ¢	38.65 ¢
202605	options	Nasdaq ISE, LLC	Unmapped	10.3%	0.0%	1.5%	0.7%	0.00 ¢	-9.03 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	7.9%	29.1%	2.7%	1.1%	0.21 ¢	19.62 ¢
202605	options	Nasdaq PHLX LLC	Unmapped	7.5%	0.0%	2.1%	11.0%	64.49 ¢	9.74 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	6.2%	36.5%	13.0%	1.5%	0.00 ¢	0.00 ¢
202605	options	The NASDAQ Options Market LLC	Unmapped	6.0%	0.0%	1.8%	11.9%	0.00 ¢	-8.65 ¢
202605	options	Global Execution Brokers LP	Unmapped	5.5%	34.4%	11.3%	1.8%	0.00 ¢	0.00 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	5.1%	0.0%	3.7%	2.7%	0.00 ¢	2.44 ¢
202605	options	MIAX SAPPHIRE LLC	Unmapped	2.5%	0.0%	15.8%	0.2%	0.00 ¢	44.05 ¢
202605	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	2.2%	0.0%	5.1%	0.4%	0.00 ¢	0.00 ¢
202605	other_stocks	BofA Securities, Inc.	Unmapped	78.8%	57.4%	90.4%	97.0%	-0.20 ¢	-6.04 ¢
202605	other_stocks	Level Markets, LLC	Unmapped	11.2%	24.6%	0.0%	0.0%	-7.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	1.8%	3.9%	0.3%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	1.7%	3.8%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	1.4%	3.1%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	1.1%	2.4%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	0.9%	2.1%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	NYSE Arca, Inc.	Unmapped	0.7%	0.2%	2.6%	0.9%	-15.01 ¢	-17.05 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	0.6%	1.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	The Nasdaq Stock Market LLC	Unmapped	0.6%	0.1%	2.3%	0.9%	-3.88 ¢	-19.56 ¢
202605	sp500	BofA Securities, Inc.	Unmapped	75.3%	52.3%	88.4%	95.8%	-0.40 ¢	-2.18 ¢
202605	sp500	Level Markets, LLC	Unmapped	13.6%	29.0%	0.0%	0.0%	-7.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	1.9%	4.1%	0.4%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	1.9%	3.9%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	1.5%	3.2%	0.1%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	NEW YORK STOCK EXCHANGE, INC.	Unmapped	1.4%	0.4%	5.7%	2.2%	-1.98 ¢	-3.66 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	1.2%	2.5%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	The Nasdaq Stock Market LLC	Unmapped	1.1%	0.3%	4.4%	1.9%	-2.19 ¢	-9.23 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	1.0%	2.1%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	0.7%	1.4%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	35.1%	0.0%	16.6%	63.5%	0.00 ¢	32.67 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	10.1%	0.0%	1.6%	0.7%	0.00 ¢	-18.68 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	8.0%	30.6%	2.8%	1.1%	0.19 ¢	18.71 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	8.0%	0.0%	2.4%	12.2%	59.22 ¢	10.15 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	6.8%	36.4%	14.1%	1.6%	0.00 ¢	0.00 ¢
202606	options	The NASDAQ Options Market LLC	Unmapped	6.4%	0.0%	1.9%	12.1%	0.00 ¢	-9.57 ¢
202606	options	Global Execution Brokers LP	Unmapped	5.5%	33.1%	11.0%	1.7%	0.00 ¢	0.00 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	5.0%	0.0%	4.3%	2.8%	-43.00 ¢	1.21 ¢
202606	options	MIAX SAPPHIRE LLC	Unmapped	2.5%	0.0%	14.6%	0.2%	0.00 ¢	43.30 ¢
202606	options	Matrix Executions, LLC / Simplex Trading, LLC	Unmapped	2.1%	0.0%	4.1%	0.3%	0.00 ¢	0.00 ¢
202606	other_stocks	BofA Securities, Inc.	Unmapped	79.1%	60.4%	90.5%	97.0%	-0.31 ¢	-5.70 ¢
202606	other_stocks	Level Markets, LLC	Unmapped	11.0%	22.7%	0.0%	0.0%	-7.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	1.8%	3.6%	0.4%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	1.7%	3.6%	0.2%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Jane Street Capital	JNST	1.4%	2.9%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	1.1%	2.2%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	0.9%	1.8%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	0.6%	1.3%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	0.6%	0.3%	1.4%	0.9%	-15.03 ¢	-24.92 ¢
202606	other_stocks	The Nasdaq Stock Market LLC	Unmapped	0.6%	0.2%	2.1%	1.0%	-2.25 ¢	-25.34 ¢
202606	sp500	BofA Securities, Inc.	Unmapped	74.9%	53.3%	92.1%	95.7%	-0.62 ¢	-2.78 ¢
202606	sp500	Level Markets, LLC	Unmapped	14.1%	28.8%	0.0%	0.0%	-7.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	1.9%	3.8%	0.5%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	1.8%	3.7%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	1.5%	3.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	NEW YORK STOCK EXCHANGE, INC.	Unmapped	1.4%	0.7%	1.1%	2.2%	-1.62 ¢	-10.34 ¢
202606	sp500	The Nasdaq Stock Market LLC	Unmapped	1.2%	0.4%	2.4%	1.9%	-1.89 ¢	-22.66 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	1.1%	2.3%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	0.9%	1.9%	0.1%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	UBS Securities, LLC	Unmapped	0.7%	1.3%	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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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.

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.

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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.

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:

BofA Securities, Inc. (name:BOFA SECURITIES), Level Markets, LLC (name:LEVEL MARKETS), NEW YORK STOCK EXCHANGE, INC. (name:NEW YORK STOCK EXCHANGE), NYSE Arca, Inc. (name:NYSE ARCA), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), 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.