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2026Q2 2026Q1

CRD #79 Review Period: 2026Q2 Filing: Direct 606 filer

J.P. MORGAN SECURITIES LLC (CRD #79) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: J.P. MORGAN SECURITIES LLC (CRD #79) 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. G1 Execution Services, LLC(153.0%)

2. Dash/IMC Financial Markets(141.3%)

3. Virtu Americas, LLC(107.0%)

Top routed order shares

Disclosed PFOF / Rebates

$55,044.30

Avg 0.03 ¢

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

J.P. MORGAN SECURITIES LLC

CRD Number: 79 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:17:13 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
JPMS.606	79	Direct	V1	ce1e29ba32901f1777442605723a06cc10969559fa0f509ef752c4ef4d9fdbb2	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	Dash/IMC Financial Markets	Unmapped	49.8%	22.0%	15.6%	12.0%	-0.00 ¢	-0.04 ¢
202604	options	Jane Street Capital	JNST	15.8%	48.7%	24.4%	23.7%	0.00 ¢	0.00 ¢
202604	options	Wolverine Execution Services, LLC	Unmapped	4.6%	13.9%	6.9%	7.1%	0.00 ¢	0.00 ¢
202604	options	CITADEL SECURITIES LLC	CDRG	4.0%	9.7%	6.0%	6.0%	0.00 ¢	0.00 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	3.3%	0.0%	3.8%	7.3%	0.00 ¢	-25.14 ¢
202604	options	NYSE ARCA OPTIONS	Unmapped	2.8%	0.0%	2.8%	6.4%	0.00 ¢	-49.37 ¢
202604	options	Global Execution Brokers LP	Unmapped	2.5%	5.4%	4.3%	4.3%	0.00 ¢	0.00 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	2.2%	0.3%	2.8%	4.8%	-60.98 ¢	-21.68 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	1.8%	0.0%	2.2%	4.0%	0.00 ¢	-40.40 ¢
202604	options	The NASDAQ Options Market LLC	Unmapped	1.4%	0.0%	5.4%	2.0%	0.00 ¢	-53.07 ¢
202604	other_stocks	G1 Execution Services, LLC	ETMM	23.0%	33.0%	19.6%	0.3%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	19.8%	23.5%	23.6%	8.8%	0.00 ¢	0.00 ¢
202604	other_stocks	GTS SECURITIES LLC	Unmapped	18.6%	25.6%	23.3%	0.9%	0.00 ¢	0.00 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	12.1%	12.5%	18.3%	8.6%	0.00 ¢	-0.00 ¢
202604	other_stocks	The Nasdaq Stock Market	Unmapped	8.3%	1.4%	2.3%	27.7%	-6.71 ¢	-5.41 ¢
202604	other_stocks	Jane Street Capital	JNST	5.0%	2.4%	9.9%	8.6%	0.00 ¢	0.00 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	3.8%	0.9%	1.4%	11.9%	-15.78 ¢	-7.35 ¢
202604	other_stocks	New York Stock Exchange LLC	Unmapped	3.4%	0.5%	1.1%	11.2%	-1.66 ¢	-1.01 ¢
202604	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.1%	0.2%	0.6%	7.2%	-13.46 ¢	-8.48 ¢
202604	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.5%	0.0%	0.0%	5.7%	-28.79 ¢	0.00 ¢
202604	sp500	G1 Execution Services, LLC	ETMM	24.9%	34.8%	23.3%	0.3%	0.00 ¢	0.00 ¢
202604	sp500	JP Morgan Securities, LLC	Unmapped	21.2%	28.7%	32.7%	0.4%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	14.0%	15.8%	14.3%	8.3%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	10.9%	11.5%	12.2%	8.5%	0.00 ¢	0.00 ¢
202604	sp500	The Nasdaq Stock Market	Unmapped	9.3%	1.1%	4.3%	32.1%	-5.55 ¢	-5.18 ¢
202604	sp500	Jane Street Capital	JNST	7.1%	6.0%	9.5%	8.3%	0.00 ¢	0.00 ¢
202604	sp500	New York Stock Exchange LLC	Unmapped	4.9%	1.0%	2.3%	16.0%	-2.00 ¢	-0.77 ¢
202604	sp500	NYSE Arca, Inc.	Unmapped	1.8%	0.0%	0.0%	7.0%	0.00 ¢	-38.60 ¢
202604	sp500	Cboe EDGX Exchange, Inc.	Unmapped	1.5%	0.0%	0.0%	5.8%	-33.04 ¢	-33.11 ¢
202604	sp500	Cboe BZX Exchange, Inc.	Unmapped	1.3%	0.0%	0.0%	5.0%	-29.82 ¢	0.00 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	51.4%	29.8%	21.5%	17.7%	-0.01 ¢	-0.05 ¢
202605	options	Jane Street Capital	JNST	9.6%	25.8%	15.3%	14.3%	0.00 ¢	0.00 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	9.1%	25.5%	12.5%	13.9%	0.00 ¢	0.00 ¢
202605	options	CITADEL SECURITIES LLC	CDRG	6.5%	16.2%	9.9%	9.7%	0.00 ¢	0.00 ¢
202605	options	Nasdaq PHLX LLC	Unmapped	3.3%	0.0%	3.3%	7.0%	0.00 ¢	-20.32 ¢
202605	options	NYSE ARCA OPTIONS	Unmapped	2.5%	0.0%	3.0%	5.3%	0.00 ¢	-49.12 ¢
202605	options	Cboe Exchange, Inc.	Unmapped	2.0%	1.0%	2.7%	3.9%	-62.90 ¢	-20.89 ¢
202605	options	Nasdaq ISE, LLC	Unmapped	1.8%	0.0%	1.9%	3.9%	0.00 ¢	-39.96 ¢
202605	options	Cboe BZX Exchange, Inc.	Unmapped	1.4%	0.0%	3.1%	2.5%	0.00 ¢	-50.32 ¢
202605	options	MEMX LLC	Unmapped	1.3%	0.0%	3.3%	2.4%	0.00 ¢	-51.09 ¢
202605	other_stocks	G1 Execution Services, LLC	ETMM	25.7%	37.3%	22.9%	0.4%	0.00 ¢	0.00 ¢
202605	other_stocks	Virtu Americas, LLC	NITE	20.2%	24.4%	24.3%	8.9%	0.00 ¢	0.00 ¢
202605	other_stocks	GTS SECURITIES LLC	Unmapped	18.7%	26.0%	23.9%	0.8%	0.00 ¢	0.00 ¢
202605	other_stocks	The Nasdaq Stock Market	Unmapped	8.5%	1.3%	2.1%	27.3%	-7.05 ¢	-1.28 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	8.2%	6.9%	13.2%	8.9%	0.00 ¢	0.00 ¢
202605	other_stocks	Jane Street Capital	JNST	5.0%	2.2%	10.3%	8.7%	0.00 ¢	0.00 ¢
202605	other_stocks	NYSE Arca, Inc.	Unmapped	3.6%	0.6%	1.1%	11.3%	-15.57 ¢	-6.46 ¢
202605	other_stocks	New York Stock Exchange LLC	Unmapped	3.5%	0.5%	1.0%	11.2%	-2.41 ¢	-1.15 ¢
202605	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.3%	0.2%	0.7%	7.5%	-13.45 ¢	-12.69 ¢
202605	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	5.7%	-13.39 ¢	15.50 ¢
202605	sp500	G1 Execution Services, LLC	ETMM	27.6%	39.1%	29.1%	0.4%	0.00 ¢	0.00 ¢
202605	sp500	JP Morgan Securities, LLC	Unmapped	18.9%	26.2%	27.6%	0.4%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	14.7%	17.1%	13.4%	8.6%	0.00 ¢	0.00 ¢
202605	sp500	The Nasdaq Stock Market	Unmapped	9.9%	1.0%	3.8%	32.6%	-5.94 ¢	-4.12 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	8.2%	7.5%	12.2%	8.4%	0.00 ¢	0.00 ¢
202605	sp500	Jane Street Capital	JNST	7.8%	6.9%	10.9%	8.5%	0.00 ¢	0.00 ¢
202605	sp500	New York Stock Exchange LLC	Unmapped	4.6%	0.8%	1.5%	14.5%	-3.04 ¢	-1.81 ¢
202605	sp500	NYSE Arca, Inc.	Unmapped	2.0%	0.0%	0.0%	7.2%	-32.51 ¢	-30.37 ¢
202605	sp500	Cboe EDGX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	5.9%	-34.56 ¢	0.00 ¢
202605	sp500	Cboe BZX Exchange, Inc.	Unmapped	1.4%	0.0%	0.0%	5.0%	-27.69 ¢	-15.75 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	40.1%	37.0%	21.4%	19.3%	0.03 ¢	-0.01 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	12.8%	30.4%	13.5%	15.1%	0.00 ¢	0.00 ¢
202606	options	CITADEL SECURITIES LLC	CDRG	9.9%	21.4%	11.8%	11.2%	0.00 ¢	0.00 ¢
202606	options	Jane Street Capital	JNST	4.7%	9.7%	6.0%	5.5%	0.00 ¢	0.00 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	4.1%	0.0%	4.2%	6.7%	0.00 ¢	-48.11 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	4.0%	0.0%	3.2%	6.9%	0.00 ¢	-21.79 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	2.8%	0.9%	3.0%	4.3%	-66.80 ¢	-22.18 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	2.7%	0.0%	2.4%	4.5%	0.00 ¢	-36.92 ¢
202606	options	Cboe BZX Exchange, Inc.	Unmapped	2.3%	0.0%	3.7%	3.3%	0.00 ¢	-48.51 ¢
202606	options	MEMX LLC	Unmapped	2.0%	0.0%	4.2%	2.8%	0.00 ¢	-49.29 ¢
202606	other_stocks	G1 Execution Services, LLC	ETMM	23.2%	35.2%	20.0%	0.3%	0.00 ¢	0.00 ¢
202606	other_stocks	Virtu Americas, LLC	NITE	22.5%	27.1%	25.5%	11.4%	0.00 ¢	0.00 ¢
202606	other_stocks	GTS SECURITIES LLC	Unmapped	17.8%	24.9%	22.2%	2.6%	0.00 ¢	0.00 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	10.0%	7.9%	15.6%	11.4%	-0.00 ¢	0.00 ¢
202606	other_stocks	The Nasdaq Stock Market	Unmapped	7.7%	0.9%	1.7%	24.1%	-5.79 ¢	0.49 ¢
202606	other_stocks	Jane Street Capital	JNST	6.3%	2.4%	12.5%	11.3%	0.00 ¢	0.00 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	3.4%	0.5%	1.0%	10.2%	-17.27 ¢	-8.06 ¢
202606	other_stocks	New York Stock Exchange LLC	Unmapped	2.7%	0.4%	0.6%	8.4%	-2.18 ¢	-0.80 ¢
202606	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.1%	0.2%	0.6%	6.7%	-13.38 ¢	-14.01 ¢
202606	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	1.5%	0.0%	0.0%	5.1%	-36.25 ¢	-23.86 ¢
202606	sp500	G1 Execution Services, LLC	ETMM	28.7%	40.9%	29.0%	0.3%	0.00 ¢	0.00 ¢
202606	sp500	JP Morgan Securities, LLC	Unmapped	18.0%	24.8%	27.0%	0.4%	0.00 ¢	0.00 ¢
202606	sp500	Virtu Americas, LLC	NITE	15.8%	18.3%	14.0%	9.2%	0.00 ¢	0.00 ¢
202606	sp500	The Nasdaq Stock Market	Unmapped	9.6%	0.9%	2.9%	32.4%	-4.74 ¢	-3.95 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	8.4%	7.2%	13.0%	9.1%	0.00 ¢	0.00 ¢
202606	sp500	Jane Street Capital	JNST	7.6%	6.1%	11.6%	9.2%	0.00 ¢	0.00 ¢
202606	sp500	New York Stock Exchange LLC	Unmapped	4.0%	0.7%	1.1%	12.8%	-3.74 ¢	-2.86 ¢
202606	sp500	NYSE Arca, Inc.	Unmapped	2.0%	0.0%	0.0%	7.4%	-51.40 ¢	13.00 ¢
202606	sp500	Cboe EDGX Exchange, Inc.	Unmapped	1.6%	0.0%	0.0%	5.9%	-39.79 ¢	-33.54 ¢
202606	sp500	Cboe BZX Exchange, Inc.	Unmapped	1.4%	0.0%	0.0%	5.0%	-30.64 ¢	-14.55 ¢

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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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:

Cboe BZX Exchange, Inc. (name:CBOE BZX EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), GTS SECURITIES LLC (name:GTS SECURITIES), JP Morgan Securities, LLC (name:JP MORGAN SECURITIES), New York Stock Exchange LLC (name:NEW YORK STOCK EXCHANGE), NYSE Arca, Inc. (name:NYSE ARCA), The Nasdaq Stock Market (name:THE NASDAQ STOCK MARKET)

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.