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2026Q2 2026Q1

CRD #793 Review Period: 2026Q2 Filing: Direct 606 filer

STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD #793) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD #793) 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. Virtu Americas, LLC(186.3%)

2. Jane Street Capital(153.6%)

3. Citadel Execution Services(115.0%)

Top routed order shares

Disclosed PFOF / Rebates

$689,963.89

Avg 13.42 ¢

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

STIFEL, NICOLAUS & COMPANY, INCORPORATED

CRD Number: 793 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:18:22 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Stifel, Nicolaus & Co., Inc.	793	STFL	V1	d6b20f26eb8acaac8debdc42a8ec4d0875e120ef595fd654d76b9cbf7dd98dfc	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	Citadel Execution Services	Unmapped	38.0%	13.1%	47.8%	51.1%	0.00 ¢	0.00 ¢
202604	options	Susquehanna Financial Group, LLP	Unmapped	33.4%	12.1%	48.2%	45.2%	0.00 ¢	0.00 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	16.5%	47.5%	0.8%	0.0%	0.00 ¢	0.00 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	3.1%	8.8%	0.0%	0.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Jane Street Capital	JNST	33.1%	35.0%	16.8%	27.7%	14.91 ¢	14.50 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	22.9%	24.0%	15.1%	20.9%	15.00 ¢	15.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	20.2%	17.9%	30.9%	25.2%	14.79 ¢	14.68 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	12.8%	12.9%	11.9%	12.3%	8.07 ¢	11.77 ¢
202604	other_stocks	StoneX Financial, Inc.	Unmapped	8.7%	9.1%	6.5%	8.4%	14.67 ¢	15.00 ¢
202604	sp500	Jane Street Capital	JNST	33.9%	35.1%	30.4%	33.4%	15.00 ¢	15.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	20.9%	18.9%	20.7%	19.0%	15.00 ¢	15.00 ¢
202604	sp500	GTS SECURITIES LLC	Unmapped	20.0%	20.7%	20.0%	19.2%	15.00 ¢	15.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	14.6%	15.1%	16.3%	15.7%	7.16 ¢	9.95 ¢
202604	sp500	StoneX Financial, Inc.	Unmapped	8.3%	8.5%	8.4%	9.6%	14.68 ¢	15.00 ¢
202605	options	Citadel Execution Services	Unmapped	40.1%	15.4%	43.3%	51.6%	0.00 ¢	0.00 ¢
202605	options	Susquehanna Financial Group, LLP	Unmapped	33.7%	14.3%	39.4%	44.7%	0.00 ¢	0.00 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	13.7%	42.0%	14.5%	0.1%	0.00 ¢	0.00 ¢
202605	options	Cboe EDGX Exchange, Inc.	Unmapped	2.9%	8.7%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	33.8%	31.7%	40.2%	35.0%	14.76 ¢	14.25 ¢
202605	other_stocks	Jane Street Capital	JNST	28.7%	30.3%	16.0%	25.8%	14.91 ¢	14.27 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	20.2%	21.1%	14.3%	18.6%	15.00 ¢	15.00 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	10.3%	10.2%	10.7%	10.5%	8.95 ¢	10.52 ¢
202605	other_stocks	StoneX Financial, Inc.	Unmapped	5.0%	5.3%	3.4%	5.2%	14.55 ¢	15.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	34.0%	32.3%	31.6%	31.2%	15.00 ¢	15.00 ¢
202605	sp500	Jane Street Capital	JNST	29.3%	30.5%	25.2%	29.1%	15.00 ¢	15.00 ¢
202605	sp500	GTS SECURITIES LLC	Unmapped	17.4%	18.0%	19.1%	18.7%	15.00 ¢	15.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	12.1%	12.5%	13.1%	13.6%	7.33 ¢	7.09 ¢
202606	options	Citadel Execution Services	Unmapped	36.9%	11.5%	50.0%	51.4%	0.00 ¢	0.00 ¢
202606	options	Susquehanna Financial Group, LLP	Unmapped	30.9%	10.5%	45.2%	44.9%	0.00 ¢	0.00 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	19.2%	50.1%	1.1%	1.0%	0.00 ¢	0.00 ¢
202606	options	NASDAQ PHLX	Unmapped	2.5%	6.6%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	1.5%	0.8%	1.2%	1.1%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	38.6%	36.0%	46.7%	46.4%	14.90 ¢	14.62 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	22.7%	23.7%	17.0%	17.6%	8.98 ¢	11.82 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	15.9%	16.9%	12.1%	13.1%	15.00 ¢	15.00 ¢
202606	other_stocks	Jane Street Capital	JNST	14.3%	15.4%	7.0%	10.4%	14.92 ¢	14.97 ¢
202606	other_stocks	StoneX Financial, Inc.	Unmapped	6.1%	6.7%	2.8%	4.4%	14.59 ¢	15.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	38.8%	37.5%	34.0%	36.2%	15.00 ¢	15.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	24.2%	25.5%	24.8%	26.0%	6.70 ¢	10.18 ¢
202606	sp500	Jane Street Capital	JNST	14.4%	15.2%	15.1%	15.2%	15.00 ¢	15.00 ¢
202606	sp500	GTS SECURITIES LLC	Unmapped	13.3%	13.8%	15.3%	14.9%	15.00 ¢	15.00 ¢
202606	sp500	StoneX Financial, Inc.	Unmapped	6.2%	6.5%	5.9%	6.3%	14.38 ¢	15.00 ¢

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	route_share	—	25.31 ¢	16.97 ¢	-8.34 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	market	7.17 ¢	7.07 ¢	-0.11 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	10.15 ¢	9.08 ¢	-1.08 ¢
sp500	CITADEL SECURITIES LLC	pfof_rate	other	0.45 ¢	0.52 ¢	0.07 ¢
sp500	GTS SECURITIES LLC	pfof_rate	market	9.66 ¢	15.00 ¢	5.34 ¢
sp500	GTS SECURITIES LLC	pfof_rate	marketable_limit	9.63 ¢	15.00 ¢	5.37 ¢
sp500	GTS SECURITIES LLC	pfof_rate	non_marketable_limit	9.68 ¢	15.00 ¢	5.32 ¢
sp500	GTS SECURITIES LLC	pfof_rate	other	5.19 ¢	5.00 ¢	-0.19 ¢
sp500	Jane Street Capital	route_share	—	7.51 ¢	25.85 ¢	18.34 ¢
sp500	StoneX Financial, Inc.	route_share	—	20.15 ¢	4.81 ¢	-15.34 ¢
sp500	StoneX Financial, Inc.	pfof_rate	market	9.69 ¢	14.53 ¢	4.84 ¢
sp500	StoneX Financial, Inc.	pfof_rate	marketable_limit	10.00 ¢	15.00 ¢	5.00 ¢
sp500	StoneX Financial, Inc.	pfof_rate	non_marketable_limit	9.52 ¢	13.62 ¢	4.10 ¢
sp500	StoneX Financial, Inc.	pfof_rate	other	10.00 ¢	14.39 ¢	4.39 ¢
sp500	Virtu Americas, LLC	pfof_rate	other	3.84 ¢	2.71 ¢	-1.13 ¢
other_stocks	CITADEL SECURITIES LLC	route_share	—	20.79 ¢	15.28 ¢	-5.51 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	market	8.91 ¢	8.67 ¢	-0.25 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	marketable_limit	10.66 ¢	11.37 ¢	0.71 ¢
other_stocks	CITADEL SECURITIES LLC	pfof_rate	other	0.41 ¢	0.27 ¢	-0.14 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	market	9.79 ¢	15.00 ¢	5.21 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	marketable_limit	9.05 ¢	15.00 ¢	5.95 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	non_marketable_limit	9.63 ¢	15.00 ¢	5.37 ¢
other_stocks	GTS SECURITIES LLC	pfof_rate	other	10.00 ¢	15.01 ¢	5.01 ¢
other_stocks	Jane Street Capital	route_share	—	7.38 ¢	25.37 ¢	17.99 ¢
other_stocks	Jane Street Capital	pfof_rate	market	14.88 ¢	14.91 ¢	0.03 ¢
other_stocks	Jane Street Capital	pfof_rate	marketable_limit	13.98 ¢	14.58 ¢	0.60 ¢
other_stocks	Jane Street Capital	pfof_rate	non_marketable_limit	14.32 ¢	14.56 ¢	0.24 ¢
other_stocks	StoneX Financial, Inc.	route_share	—	18.44 ¢	6.62 ¢	-11.82 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	market	9.71 ¢	14.61 ¢	4.89 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	marketable_limit	10.00 ¢	15.00 ¢	5.00 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	non_marketable_limit	9.19 ¢	14.25 ¢	5.06 ¢
other_stocks	StoneX Financial, Inc.	pfof_rate	other	10.00 ¢	15.00 ¢	5.00 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	market	14.86 ¢	14.82 ¢	-0.04 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	marketable_limit	14.83 ¢	14.51 ¢	-0.31 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	non_marketable_limit	14.63 ¢	14.40 ¢	-0.24 ¢
other_stocks	Virtu Americas, LLC	pfof_rate	other	0.74 ¢	0.27 ¢	-0.47 ¢
options	Cboe EDGX Exchange, Inc.	added	—	—	0.95 ¢	—
options	Dash/IMC Financial Markets	added	—	—	0.51 ¢	—

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:

GTS SECURITIES LLC (name:GTS SECURITIES), StoneX Financial, Inc. (name:STONEX FINANCIAL)

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.