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2026Q2 2026Q1

CRD #7927 Review Period: 2026Q2 Filing: Direct 606 filer

NORTHERN TRUST SECURITIES, INC. (CRD #7927) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: NORTHERN TRUST SECURITIES, INC. (CRD #7927) 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. Clearpool Execution Services, LLC(544.8%)

2. CBOE STOCK EXCHANGE(66.9%)

3. NASDAQ PHLX OPTIONS(55.1%)

Top routed order shares

Disclosed PFOF / Rebates

$277.32

Non-directed retail equity flow

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

NORTHERN TRUST SECURITIES, INC.

CRD Number: 7927 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:18:24 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
NORTHERN TRUST SECURITIES INC	7927	Direct	V1	7b8916d1ffb3d86864719295d2c23a89b406890f177cab155da87ce1cb65a8eb	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	NASDAQ PHLX OPTIONS (XPHO)	Unmapped	23.1%	0.0%	0.0%	0.2%	0.00 ¢	0.00 ¢
202604	options	CBOE STOCK EXCHANGE (XCBO)	Unmapped	21.0%	0.0%	36.5%	27.1%	0.00 ¢	-10.67 ¢
202604	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	16.6%	0.0%	0.0%	46.0%	0.00 ¢	0.00 ¢
202604	options	ISE GEMINI EXCHANGE (XISX)	Unmapped	13.1%	0.0%	2.1%	0.0%	0.00 ¢	-51.36 ¢
202604	options	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	12.1%	0.0%	12.9%	0.0%	0.00 ¢	-4.00 ¢
202604	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	8.6%	0.0%	0.0%	20.4%	0.00 ¢	0.00 ¢
202604	other_stocks	Clearpool Execution Services, LLC (CPEM)	Unmapped	86.3%	91.4%	68.6%	65.8%	-8.00 ¢	-8.00 ¢
202604	other_stocks	Citadel Securities LLC (CDRG)	CDRG	6.6%	2.3%	12.4%	31.3%	0.00 ¢	0.00 ¢
202604	sp500	Clearpool Execution Services, LLC (CPEM)	Unmapped	95.8%	99.0%	83.0%	58.8%	-8.00 ¢	-8.00 ¢
202605	options	CBOE STOCK EXCHANGE (XCBO)	Unmapped	23.3%	0.0%	36.5%	23.4%	0.00 ¢	-4.28 ¢
202605	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	17.3%	0.0%	0.0%	52.3%	0.00 ¢	0.00 ¢
202605	options	NASDAQ PHLX OPTIONS (XPHO)	Unmapped	16.6%	0.0%	0.0%	0.1%	0.00 ¢	0.00 ¢
202605	options	ISE GEMINI EXCHANGE (XISX)	Unmapped	10.9%	0.0%	1.6%	0.0%	0.00 ¢	-33.00 ¢
202605	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	10.8%	0.0%	0.0%	21.1%	0.00 ¢	0.00 ¢
202605	options	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	10.6%	0.0%	17.2%	0.0%	0.00 ¢	-4.00 ¢
202605	options	ISE MERCURY, LLC (MCRY)	Unmapped	3.0%	0.0%	0.8%	0.0%	0.00 ¢	26.00 ¢
202605	other_stocks	Clearpool Execution Services, LLC (CPEM)	Unmapped	88.4%	91.6%	76.5%	72.9%	-8.00 ¢	-8.00 ¢
202605	other_stocks	Citadel Securities LLC (CDRG)	CDRG	5.5%	2.6%	11.5%	22.1%	0.00 ¢	0.00 ¢
202605	sp500	Clearpool Execution Services, LLC (CPEM)	Unmapped	95.0%	99.3%	89.5%	58.9%	-8.00 ¢	-8.00 ¢
202606	options	CBOE STOCK EXCHANGE (XCBO)	Unmapped	22.6%	0.0%	30.6%	25.6%	0.00 ¢	-5.20 ¢
202606	options	ISE GEMINI EXCHANGE (XISX)	Unmapped	17.3%	0.0%	1.1%	0.0%	0.00 ¢	-29.69 ¢
202606	options	NASDAQ PHLX OPTIONS (XPHO)	Unmapped	15.4%	0.0%	0.0%	0.1%	0.00 ¢	0.00 ¢
202606	options	CBOE EDGX OPTIONS EXCHANGE (EDGO)	Unmapped	14.3%	0.0%	15.6%	0.0%	0.00 ¢	-4.00 ¢
202606	options	NYSE ARCA OPTIONS (ARCO)	Unmapped	13.5%	0.0%	0.0%	46.9%	0.00 ¢	0.00 ¢
202606	options	CBOE BZX OPTIONS EXCHANGE (BATO)	Unmapped	7.4%	0.0%	0.0%	22.6%	0.00 ¢	0.00 ¢
202606	other_stocks	Clearpool Execution Services, LLC (CPEM)	Unmapped	82.9%	88.3%	56.6%	55.4%	-8.00 ¢	-8.00 ¢
202606	other_stocks	Citadel Securities LLC (CDRG)	CDRG	6.8%	2.8%	18.7%	32.4%	0.00 ¢	0.00 ¢
202606	other_stocks	GOLDMAN SACHS & CO LLC (GSCO)	GSCO	3.2%	2.6%	8.2%	4.0%	0.00 ¢	0.00 ¢
202606	sp500	Clearpool Execution Services, LLC (CPEM)	Unmapped	96.5%	99.2%	88.9%	64.9%	-8.00 ¢	-8.00 ¢

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	dropped	—	3.94 ¢	—	—
other_stocks	Clearpool Execution Services, LLC	pfof_rate	marketable_limit	-7.83 ¢	-8.00 ¢	-0.17 ¢
other_stocks	GOLDMAN SACHS & CO LLC	pfof_rate	market	-10.00 ¢	0.00 ¢	10.00 ¢
other_stocks	GOLDMAN SACHS & CO LLC	pfof_rate	marketable_limit	-10.00 ¢	0.00 ¢	10.00 ¢
other_stocks	GOLDMAN SACHS & CO LLC	pfof_rate	non_marketable_limit	-10.00 ¢	0.00 ¢	10.00 ¢
other_stocks	GOLDMAN SACHS & CO LLC	pfof_rate	other	-10.00 ¢	0.00 ¢	10.00 ¢
options	NYSE ARCA OPTIONS	added	—	—	15.79 ¢	—
options	CBOE BZX OPTIONS EXCHANGE	added	—	—	8.93 ¢	—
options	DASH ATS	dropped	—	83.82 ¢	—	—
options	DASH FINANCIAL TECHNOLOGIES LLC	dropped	—	6.17 ¢	—	—
options	CBOE EDGX OPTIONS EXCHANGE	added	—	—	12.33 ¢	—
options	ISE MERCURY, LLC	added	—	—	1.01 ¢	—
options	MATRIX EXECUTIONS, LLC	dropped	—	1.87 ¢	—	—
options	TJM Investments, LLC	dropped	—	3.34 ¢	—	—
options	CBOE STOCK EXCHANGE	added	—	—	22.31 ¢	—
options	ISE GEMINI EXCHANGE	added	—	—	13.77 ¢	—
options	NASDAQ PHLX OPTIONS	added	—	—	18.35 ¢	—

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:

Clearpool Execution Services, LLC (CPEM)

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.