Print to PDF: browser Print (Ctrl+P / Cmd+P)

Select Quarter:

2026Q2 2026Q1

Preview Report: 2026Q2 Routing × 2026Q3 Benchmarks

Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q2 (606, latest month in that quarter); execution quality comes from 2026Q3 amended 605 benchmarks. Route shares from one period are applied to benchmarks from another.

CRD #8246 Review Period: 2026Q2 Filing: Direct 606 filer

OPAL SECURITIES, INC. (CRD #8246) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: OPAL SECURITIES, INC. (CRD #8246) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 25 COMPETING-MARKET EXCEPTIONS REQUIRING RULE 5310.09 COMMITTEE DISPOSITION

Open Review Workspace → Request committee preview

Primary Routed Venues (606)

1. Dash/IMC Financial Markets(227.3%)

2. CODA MARKETS INC(196.4%)

3. MEMX LLC(83.5%)

Top routed order shares

Disclosed PFOF / Rebates

$870,813.09

Avg 15.32 ¢

Competing-Market Exceptions

25 of 81

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

Sample Benchmark Proof

Worst Disparity Cell: other • nonmarketable_limit • $250–$999 (ROUND)

Jane Street Capital's reported 605 statistics in the $250–$999 other nonmarketable_limit tier (ROUND) trailed the mix-adjusted peer benchmark by 69.44 bps.

Review in Workspace →

Role	Market Center	Routing Share (606)	PFOF Rate (¢/100)	NPI (bps)	Peer Bench (bps)	Fill Rate	5310.09 Status
Routed Venue	Jane Street Capital (JNST)	7.0%	—	55.4 bps	124.9 bps	20.7%	-69.4 bps Shortfall
Benchmark	Mix-Adjusted Peer Average	—	—	124.9 bps	124.9 bps	—	Market Average

Rule 5310.09 Exceptions Preview (25 Total)

All scored order size and routing buckets where venue net price improvement trailed mix-adjusted peers by > 1.0 bps.

Open in Workspace to Dispose →

Month	Routed Venue	Class & Tier	Route %	PFOF (¢/100)	NPI (bps)	Peer Bench (bps)	Shortfall	Action
202608	Jane Street Capital (JNST)	nonmarketable_limit $250–$999 • other (ROUND)	7.0%	—	55.4 bps	124.9 bps	-69.4 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $1k–$5k • other (ROUND)	7.0%	—	28.4 bps	78.8 bps	-50.5 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit <$250 • other (ODD)	7.0%	—	34.2 bps	74.4 bps	-40.2 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $5k–$10k • other (ODD)	7.0%	—	17.3 bps	52.0 bps	-34.6 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $250–$999 • other (ODD)	7.0%	—	18.3 bps	52.9 bps	-34.6 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $1k–$5k • other (ODD)	7.0%	—	15.3 bps	44.8 bps	-29.5 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $10k–$20k • sp500_proxy (ROUND)	7.0%	—	3.1 bps	30.8 bps	-27.7 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $20k–$50k • sp500_proxy (ROUND)	7.0%	—	3.0 bps	30.7 bps	-27.7 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $50k–$200k • sp500_proxy (ROUND)	7.0%	—	3.0 bps	29.7 bps	-26.7 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $10k–$20k • other (ODD)	7.0%	—	19.0 bps	45.3 bps	-26.3 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $5k–$10k • sp500_proxy (ODD)	7.0%	—	3.7 bps	28.9 bps	-25.2 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $20k–$50k • other (ROUND)	7.0%	—	10.3 bps	34.8 bps	-24.5 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit ≥$200k • sp500_proxy (ROUND)	7.0%	—	2.9 bps	27.0 bps	-24.1 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $1k–$5k • sp500_proxy (ODD)	7.0%	—	3.7 bps	26.7 bps	-23.1 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $20k–$50k • other (ODD)	7.0%	—	25.1 bps	48.1 bps	-23.0 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $5k–$10k • other (ROUND)	7.0%	—	17.5 bps	39.0 bps	-21.5 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit ≥$200k • other (ROUND)	7.0%	—	6.6 bps	26.8 bps	-20.2 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $10k–$20k • other (ROUND)	7.0%	—	12.1 bps	32.0 bps	-19.9 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $10k–$20k • sp500_proxy (ODD)	7.0%	—	3.9 bps	23.7 bps	-19.9 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $250–$999 • sp500_proxy (ODD)	7.0%	—	3.6 bps	22.7 bps	-19.1 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $50k–$200k • other (ROUND)	7.0%	—	8.9 bps	26.6 bps	-17.8 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $5k–$10k • sp500_proxy (ROUND)	7.0%	—	3.0 bps	19.6 bps	-16.6 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit <$250 • sp500_proxy (ODD)	7.0%	—	3.6 bps	19.8 bps	-16.2 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $1k–$5k • sp500_proxy (ROUND)	7.0%	—	3.8 bps	12.5 bps	-8.7 bps	Dispose →
202608	Jane Street Capital (JNST)	nonmarketable_limit $20k–$50k • sp500_proxy (ODD)	7.0%	—	4.1 bps	11.0 bps	-6.8 bps	Dispose →

FINRA Rule 5310.09 Review Packet

OPAL SECURITIES, INC.

CRD Number: 8246 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:25:28 GMT

Methodology: exq-2

Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
OPAL	8246	OPAL	V1	f047c40cfd11b89020adddddb63fcad8762b73f262e2f89a26fc2684c8038b84	Download XML ↗

Benchmark Builds Applied

• Month 202608: build 202608-20261001T134852Z (exq-2) • S&P constituent source: public_constituent_list (2026Q3) • NPI row exclusions: 224

1. SEC Rule 606(a)(1) Order Routing

Quarterly non-directed customer order routing shares and net PFOF/rebates by section and venue.

Download CSV ↓

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	92.4%	100.0%	97.2%	98.0%	10.35 ¢	11.70 ¢
202604	options	Cboe Exchange, Inc.	Unmapped	3.4%	0.0%	0.3%	0.0%	0.00 ¢	-5.25 ¢
202604	options	Cboe EDGX Exchange, Inc.	Unmapped	3.0%	0.0%	0.4%	0.0%	0.00 ¢	-4.00 ¢
202604	options	Nasdaq MRX, LLC	Unmapped	0.1%	0.0%	0.4%	0.1%	0.00 ¢	26.00 ¢
202604	options	BOX Exchange LLC	Unmapped	0.1%	0.0%	0.7%	0.0%	0.00 ¢	15.00 ¢
202604	options	Nasdaq ISE, LLC	Unmapped	0.1%	0.0%	0.1%	0.0%	0.00 ¢	0.00 ¢
202604	options	NYSE ARCA OPTIONS	Unmapped	0.1%	0.0%	0.3%	0.0%	0.00 ¢	-54.00 ¢
202604	options	NYSE American LLC	Unmapped	0.1%	0.0%	0.0%	0.3%	0.00 ¢	0.00 ¢
202604	options	Nasdaq PHLX LLC	Unmapped	0.1%	0.0%	0.1%	0.0%	0.00 ¢	-113.00 ¢
202604	options	The NASDAQ Options Market LLC	Unmapped	0.1%	0.0%	0.0%	0.6%	0.00 ¢	0.00 ¢
202604	other_stocks	CODA MARKETS INC	Unmapped	37.9%	98.2%	62.7%	89.5%	0.00 ¢	-1.81 ¢
202604	other_stocks	MEMX LLC	Unmapped	13.5%	0.0%	0.7%	2.1%	0.00 ¢	-14.09 ¢
202604	other_stocks	NYSE Arca, Inc.	Unmapped	8.9%	0.0%	0.9%	0.8%	0.00 ¢	-18.41 ¢
202604	other_stocks	The Nasdaq Stock Market LLC	Unmapped	7.1%	1.7%	1.5%	2.4%	-2.84 ¢	0.34 ¢
202604	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	4.3%	0.0%	0.6%	0.1%	0.00 ¢	-18.36 ¢
202604	other_stocks	Jump Trading	Unmapped	3.0%	0.0%	3.7%	0.2%	0.00 ¢	12.02 ¢
202604	other_stocks	Citadel Securities	CDRG	2.6%	0.0%	2.4%	0.3%	0.00 ¢	4.68 ¢
202604	other_stocks	Instinet, CBX	Unmapped	2.6%	0.1%	2.0%	1.7%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu VEQ	Unmapped	2.6%	0.0%	3.8%	0.3%	0.00 ¢	12.86 ¢
202604	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	1.9%	0.0%	0.3%	0.1%	-30.00 ¢	-19.88 ¢
202604	sp500	MEMX LLC	Unmapped	11.2%	0.0%	0.0%	1.4%	0.00 ¢	17.73 ¢
202604	sp500	Intelligentcross	Unmapped	10.6%	0.0%	21.4%	3.9%	0.00 ¢	15.00 ¢
202604	sp500	Virtu VEQ	Unmapped	8.9%	0.0%	10.8%	5.0%	0.00 ¢	15.00 ¢
202604	sp500	CODA MARKETS INC	Unmapped	8.6%	100.0%	8.6%	43.1%	0.00 ¢	0.00 ¢
202604	sp500	Instinet, CBX	Unmapped	8.2%	0.0%	1.6%	7.1%	0.00 ¢	0.00 ¢
202604	sp500	Jump Trading	Unmapped	8.0%	0.0%	9.8%	3.2%	0.00 ¢	15.00 ¢
202604	sp500	Jane Street Capital	JNST	7.0%	0.0%	8.8%	1.8%	0.00 ¢	15.00 ¢
202604	sp500	Citadel Securities	CDRG	6.6%	0.0%	5.8%	5.3%	0.00 ¢	3.73 ¢
202604	sp500	XTX Markets SAS	Unmapped	5.2%	0.0%	10.4%	3.6%	0.00 ¢	15.00 ¢
202604	sp500	The Nasdaq Stock Market LLC	Unmapped	4.7%	0.0%	1.9%	8.5%	-0.26 ¢	2.78 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	99.7%	100.0%	99.1%	99.4%	30.77 ¢	13.99 ¢
202605	options	The NASDAQ Options Market LLC	Unmapped	0.1%	0.0%	0.1%	0.6%	0.00 ¢	-54.00 ¢
202605	options	BOX Exchange LLC	Unmapped	0.0%	0.0%	0.3%	0.0%	0.00 ¢	15.00 ¢
202605	options	MIAX Emerald, LLC	Unmapped	0.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	options	NYSE American LLC	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	-5.00 ¢
202605	options	Miami International Securities Exchange, LLC	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	-5.00 ¢
202605	options	MIAX SAPPHIRE LLC	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	43.00 ¢
202605	options	Cboe EDGX Exchange, Inc.	Unmapped	0.0%	0.0%	0.1%	0.0%	0.00 ¢	-4.00 ¢
202605	other_stocks	CODA MARKETS INC	Unmapped	43.5%	99.3%	70.7%	93.7%	0.00 ¢	-0.77 ¢
202605	other_stocks	MEMX LLC	Unmapped	7.2%	0.0%	0.8%	0.9%	0.00 ¢	-14.58 ¢
202605	other_stocks	NYSE Arca, Inc.	Unmapped	6.1%	0.0%	1.2%	0.4%	0.00 ¢	-17.21 ¢
202605	other_stocks	The Nasdaq Stock Market LLC	Unmapped	5.3%	0.7%	0.8%	1.8%	5.08 ¢	-3.04 ¢
202605	other_stocks	Virtu VEQ	Unmapped	2.8%	0.0%	3.9%	0.2%	0.00 ¢	13.93 ¢
202605	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	2.5%	0.0%	0.9%	0.1%	0.00 ¢	-15.89 ¢
202605	other_stocks	Instinet, CBX	Unmapped	2.4%	0.0%	1.7%	1.0%	0.00 ¢	0.00 ¢
202605	other_stocks	Goldman Sachs & Co. LLC SIGMA X2	Unmapped	2.3%	0.0%	0.0%	0.0%	0.00 ¢	-10.00 ¢
202605	other_stocks	UBS Securities, LLC ATS	Unmapped	2.3%	0.0%	0.0%	0.0%	0.00 ¢	-10.00 ¢
202605	other_stocks	Instinct X	Unmapped	2.1%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	MEMX LLC	Unmapped	28.5%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	CODA MARKETS INC	Unmapped	22.9%	100.0%	31.6%	70.5%	0.00 ¢	1.13 ¢
202605	sp500	MIAX Pearl Equities	Unmapped	8.6%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202605	sp500	Virtu VEQ	Unmapped	5.7%	0.0%	10.7%	3.3%	0.00 ¢	15.00 ¢
202605	sp500	Intelligentcross	Unmapped	5.7%	0.0%	18.2%	0.9%	0.00 ¢	15.00 ¢
202605	sp500	Jane Street Capital	JNST	4.3%	0.0%	8.3%	0.7%	0.00 ¢	15.00 ¢
202605	sp500	Instinet, CBX	Unmapped	4.2%	0.0%	0.8%	3.8%	0.00 ¢	0.00 ¢
202605	sp500	Jump Trading	Unmapped	3.6%	0.0%	7.0%	0.7%	0.00 ¢	15.00 ¢
202605	sp500	Citadel Securities	CDRG	3.2%	0.0%	2.8%	2.4%	0.00 ¢	0.00 ¢
202605	sp500	XTX Markets SAS	Unmapped	2.4%	0.0%	7.6%	0.7%	0.00 ¢	15.00 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	35.1%	100.0%	100.0%	98.8%	15.07 ¢	20.36 ¢
202606	options	Cboe EDGX Exchange, Inc.	Unmapped	27.6%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	Miami International Securities Exchange, LLC	Unmapped	6.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	Nasdaq ISE, LLC	Unmapped	5.8%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	MIAX Emerald, LLC	Unmapped	4.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	NYSE American LLC	Unmapped	4.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	Nasdaq MRX, LLC	Unmapped	3.9%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	Cboe Exchange, Inc.	Unmapped	3.0%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	options	NYSE ARCA OPTIONS	Unmapped	2.8%	0.0%	0.0%	1.0%	0.00 ¢	0.00 ¢
202606	options	Nasdaq PHLX LLC	Unmapped	2.7%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	CODA MARKETS INC	Unmapped	71.7%	99.8%	86.3%	98.3%	0.00 ¢	-0.15 ¢
202606	other_stocks	UBS Securities, LLC ATS	Unmapped	2.5%	0.0%	0.1%	0.0%	0.00 ¢	-10.00 ¢
202606	other_stocks	J.P. Morgan Securities LLC	Unmapped	2.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	Investors Exchange (IEXG)	Unmapped	1.9%	0.0%	0.1%	0.0%	0.00 ¢	-22.26 ¢
202606	other_stocks	Instinet, CBX	Unmapped	1.8%	0.0%	0.3%	0.2%	0.00 ¢	0.00 ¢
202606	other_stocks	MEMX LLC	Unmapped	1.7%	0.0%	0.1%	0.1%	0.00 ¢	-13.57 ¢
202606	other_stocks	NYSE Arca, Inc.	Unmapped	1.6%	0.0%	0.1%	0.1%	0.00 ¢	-15.22 ¢
202606	other_stocks	The Nasdaq Stock Market LLC	Unmapped	1.4%	0.2%	0.3%	0.3%	0.00 ¢	-1.02 ¢
202606	other_stocks	Goldman Sachs Execution & Clearing, L.P.	Unmapped	1.4%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	other_stocks	BofA Securities, Inc.	Unmapped	1.3%	0.0%	0.0%	0.0%	0.00 ¢	0.00 ¢
202606	sp500	MEMX LLC	Unmapped	21.4%	0.0%	0.0%	0.3%	0.00 ¢	-30.00 ¢
202606	sp500	MIAX Pearl Equities	Unmapped	12.6%	0.0%	0.0%	0.0%	0.00 ¢	-30.00 ¢
202606	sp500	CODA MARKETS INC	Unmapped	11.8%	91.7%	12.3%	58.3%	0.00 ¢	0.00 ¢
202606	sp500	Intelligentcross	Unmapped	8.8%	0.0%	27.1%	2.5%	0.00 ¢	14.81 ¢
202606	sp500	Virtu VEQ	Unmapped	7.8%	0.0%	13.4%	4.3%	0.00 ¢	15.00 ¢
202606	sp500	Jane Street Capital	JNST	5.5%	0.0%	9.5%	1.8%	0.00 ¢	15.00 ¢
202606	sp500	Jump Trading	Unmapped	4.9%	0.0%	8.6%	1.2%	0.00 ¢	15.00 ¢
202606	sp500	Citadel Securities	CDRG	4.4%	0.0%	3.1%	3.1%	0.00 ¢	0.00 ¢
202606	sp500	Instinet, CBX	Unmapped	4.1%	0.0%	1.3%	3.7%	0.00 ¢	0.00 ¢
202606	sp500	XTX Markets SAS	Unmapped	3.3%	0.0%	9.1%	1.2%	0.00 ¢	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.

Download CSV ↓

Month	Venue	Class	Notional × Lot	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s
202608	JNST	market	<$250 • ODD	85.1%	94.5%	11.4 bps	11.4 bps	96%	79th	$0.0121	99.9%
202608	JNST	market	<$250 • ROUND	77.1%	87.7%	24.6 bps	24.2 bps	94%	48th	$0.0016	99.9%
202608	JNST	market	$250–$999 • ODD	82.6%	94.4%	6.8 bps	6.9 bps	88%	75th	$0.0172	99.9%
202608	JNST	market	$250–$999 • ROUND	74.6%	85.8%	20.0 bps	19.5 bps	90%	72nd	$0.0033	99.9%
202608	JNST	market	$1k–$5k • ODD	86.6%	96.4%	4.4 bps	4.6 bps	87%	58th	$0.0212	100.0%
202608	JNST	market	$1k–$5k • ROUND	67.6%	79.2%	9.7 bps	9.8 bps	87%	74th	$0.0057	99.9%
202608	JNST	market	$5k–$10k • ODD	88.8%	97.2%	3.8 bps	3.5 bps	82%	59th	$0.0317	100.0%
202608	JNST	market	$5k–$10k • ROUND	65.6%	74.0%	5.4 bps	4.8 bps	68%	64th	$0.0077	99.8%
202608	JNST	market	$10k–$20k • ODD	89.6%	97.5%	4.2 bps	3.8 bps	82%	63rd	$0.0533	100.0%
202608	JNST	market	$10k–$20k • ROUND	70.6%	77.2%	4.0 bps	3.6 bps	56%	58th	$0.0108	99.6%
202608	JNST	market	$20k–$50k • ODD	91.0%	97.1%	3.7 bps	2.8 bps	77%	55th	$0.1101	100.0%
202608	JNST	market	$20k–$50k • ROUND	76.8%	82.8%	3.3 bps	3.0 bps	60%	59th	$0.0125	99.6%
202608	JNST	market	$50k–$200k • ROUND	79.9%	84.9%	2.2 bps	2.5 bps	62%	62nd	$0.0160	99.6%
202608	JNST	market	≥$200k • ROUND	78.9%	69.6%	-0.4 bps	-0.4 bps	37%	49th	$0.0416	99.2%
202608	JNST	marketable_limit	<$250 • ODD	82.6%	88.6%	15.3 bps	-59.2 bps	98%	96th	$0.0080	99.7%
202608	JNST	marketable_limit	<$250 • ROUND	77.1%	85.2%	16.1 bps	-75.8 bps	98%	67th	$0.0013	99.7%
202608	JNST	marketable_limit	$250–$999 • ODD	82.6%	86.9%	10.0 bps	-34.5 bps	89%	95th	$0.0222	99.7%
202608	JNST	marketable_limit	$250–$999 • ROUND	73.5%	82.4%	15.5 bps	-68.7 bps	97%	79th	$0.0026	99.5%
202608	JNST	marketable_limit	$1k–$5k • ODD	86.9%	88.6%	4.0 bps	-12.1 bps	81%	78th	$0.0353	99.9%
202608	JNST	marketable_limit	$1k–$5k • ROUND	61.8%	71.8%	9.6 bps	-37.2 bps	93%	81st	$0.0050	98.6%
202608	JNST	marketable_limit	$5k–$10k • ODD	86.6%	92.0%	2.9 bps	-10.2 bps	79%	76th	$0.0541	100.0%
202608	JNST	marketable_limit	$5k–$10k • ROUND	53.0%	62.0%	4.2 bps	-18.5 bps	68%	67th	$0.0087	97.3%
202608	JNST	marketable_limit	$10k–$20k • ODD	86.7%	91.4%	3.4 bps	-5.8 bps	74%	71st	$0.0938	100.0%
202608	JNST	marketable_limit	$10k–$20k • ROUND	54.0%	62.8%	2.5 bps	-9.8 bps	58%	62nd	$0.0109	96.5%
202608	JNST	marketable_limit	$20k–$50k • ODD	89.2%	95.3%	3.7 bps	-0.8 bps	34%	80th	$0.1606	99.7%
202608	JNST	marketable_limit	$20k–$50k • ROUND	57.7%	65.5%	1.4 bps	-5.5 bps	63%	60th	$0.0122	96.3%
202608	JNST	marketable_limit	$50k–$200k • ROUND	60.8%	61.9%	0.9 bps	-3.8 bps	62%	62nd	$0.0137	96.2%
202608	JNST	marketable_limit	≥$200k • ROUND	62.8%	53.2%	-1.0 bps	-5.4 bps	33%	20th	$0.0312	91.8%
202608	JNST	nonmarketable_limit	<$250 • ODD	54.4%	100.0%	34.2 bps	74.4 bps	97%	75th	$0.0244	82.7%
202608	JNST	nonmarketable_limit	<$250 • ROUND	25.2%	100.0%	53.2 bps	38.4 bps	93%	43rd	$0.0014	67.9%
202608	JNST	nonmarketable_limit	$250–$999 • ODD	43.7%	100.0%	18.3 bps	52.9 bps	93%	60th	$0.0472	73.6%
202608	JNST	nonmarketable_limit	$250–$999 • ROUND	20.7%	100.0%	55.4 bps	124.9 bps	89%	66th	$0.0038	62.7%
202608	JNST	nonmarketable_limit	$1k–$5k • ODD	29.9%	100.0%	15.3 bps	44.8 bps	87%	65th	$0.0944	58.6%
202608	JNST	nonmarketable_limit	$1k–$5k • ROUND	11.7%	100.0%	28.4 bps	78.8 bps	75%	61st	$0.0102	45.8%
202608	JNST	nonmarketable_limit	$5k–$10k • ODD	31.5%	100.0%	17.3 bps	52.0 bps	86%	79th	$0.2358	63.8%
202608	JNST	nonmarketable_limit	$5k–$10k • ROUND	7.7%	100.0%	17.5 bps	39.0 bps	35%	53rd	$0.0168	36.1%
202608	JNST	nonmarketable_limit	$10k–$20k • ODD	24.8%	100.0%	19.0 bps	45.3 bps	88%	78th	$0.4819	65.7%
202608	JNST	nonmarketable_limit	$10k–$20k • ROUND	8.2%	100.0%	12.1 bps	32.0 bps	36%	46th	$0.0237	33.8%
202608	JNST	nonmarketable_limit	$20k–$50k • ODD	15.4%	100.0%	25.1 bps	48.1 bps	84%	86th	$1.3043	74.7%
202608	JNST	nonmarketable_limit	$20k–$50k • ROUND	8.2%	100.0%	10.3 bps	34.8 bps	45%	51st	$0.0305	32.4%
202608	JNST	nonmarketable_limit	$50k–$200k • ROUND	14.2%	100.0%	8.9 bps	26.6 bps	49%	53rd	$0.0343	30.4%
202608	JNST	nonmarketable_limit	≥$200k • ROUND	28.5%	100.0%	6.6 bps	26.8 bps	33%	52nd	$0.0402	30.8%
202608	JNST	market	<$250 • ODD	90.7%	98.0%	2.9 bps	3.2 bps	100%	63rd	$0.0189	100.0%
202608	JNST	market	$250–$999 • ODD	89.0%	97.9%	2.8 bps	3.2 bps	100%	56th	$0.0274	100.0%
202608	JNST	market	$250–$999 • ROUND	—	—	—	—	—	—	—	—
202608	JNST	market	$1k–$5k • ODD	85.4%	97.4%	2.7 bps	3.2 bps	100%	57th	$0.0273	100.0%
202608	JNST	market	$1k–$5k • ROUND	79.0%	95.5%	1.5 bps	2.0 bps	97%	37th	$0.0039	100.0%
202608	JNST	market	$5k–$10k • ODD	88.7%	98.1%	2.7 bps	3.2 bps	97%	54th	$0.0388	100.0%
202608	JNST	market	$5k–$10k • ROUND	81.6%	96.0%	1.5 bps	1.8 bps	93%	44th	$0.0056	100.0%
202608	JNST	market	$10k–$20k • ODD	89.2%	97.9%	2.8 bps	3.2 bps	95%	59th	$0.0568	100.0%
202608	JNST	market	$10k–$20k • ROUND	84.2%	96.5%	2.1 bps	2.4 bps	93%	55th	$0.0131	100.0%
202608	JNST	market	$20k–$50k • ODD	90.7%	98.1%	3.3 bps	3.8 bps	93%	62nd	$0.1392	100.0%
202608	JNST	market	$20k–$50k • ROUND	84.7%	96.2%	2.2 bps	2.4 bps	93%	54th	$0.0215	100.0%
202608	JNST	market	$50k–$200k • ODD	91.7%	97.2%	3.3 bps	4.0 bps	93%	47th	$0.3632	99.9%
202608	JNST	market	$50k–$200k • ROUND	83.2%	93.5%	2.4 bps	2.7 bps	89%	56th	$0.0321	100.0%
202608	JNST	market	≥$200k • ROUND	77.3%	70.8%	0.8 bps	0.5 bps	72%	52nd	$0.0973	99.8%
202608	JNST	marketable_limit	<$250 • ODD	90.2%	88.5%	1.7 bps	-4.1 bps	95%	61st	$0.0162	99.9%
202608	JNST	marketable_limit	$250–$999 • ODD	89.6%	88.9%	1.8 bps	-4.2 bps	92%	60th	$0.0334	99.9%
202608	JNST	marketable_limit	$250–$999 • ROUND	—	—	—	—	—	—	—	—
202608	JNST	marketable_limit	$1k–$5k • ODD	88.0%	88.6%	1.9 bps	-6.1 bps	92%	63rd	$0.0495	99.9%
202608	JNST	marketable_limit	$1k–$5k • ROUND	80.8%	86.7%	1.3 bps	-7.6 bps	81%	58th	$0.0056	100.0%
202608	JNST	marketable_limit	$5k–$10k • ODD	88.5%	90.5%	2.0 bps	-6.5 bps	90%	69th	$0.0612	100.0%
202608	JNST	marketable_limit	$5k–$10k • ROUND	82.0%	86.7%	1.1 bps	-7.3 bps	75%	63rd	$0.0084	99.9%
202608	JNST	marketable_limit	$10k–$20k • ODD	88.1%	91.3%	1.9 bps	-4.1 bps	89%	63rd	$0.0811	99.9%
202608	JNST	marketable_limit	$10k–$20k • ROUND	84.0%	89.1%	1.7 bps	-6.3 bps	75%	61st	$0.0184	99.9%
202608	JNST	marketable_limit	$20k–$50k • ODD	90.3%	93.4%	2.5 bps	-0.6 bps	91%	73rd	$0.1808	100.0%
202608	JNST	marketable_limit	$20k–$50k • ROUND	83.1%	89.3%	1.4 bps	-4.7 bps	80%	59th	$0.0274	99.8%
202608	JNST	marketable_limit	$50k–$200k • ODD	92.3%	95.8%	3.0 bps	1.2 bps	98%	73rd	$0.4663	100.0%
202608	JNST	marketable_limit	$50k–$200k • ROUND	80.6%	84.6%	1.5 bps	-2.9 bps	71%	67th	$0.0384	99.2%
202608	JNST	marketable_limit	≥$200k • ROUND	65.6%	55.9%	0.2 bps	-5.0 bps	59%	64th	$0.1091	94.7%
202608	JNST	nonmarketable_limit	<$250 • ODD	81.8%	100.0%	3.6 bps	19.8 bps	98%	30th	$0.0341	68.6%
202608	JNST	nonmarketable_limit	$250–$999 • ODD	71.8%	100.0%	3.6 bps	22.7 bps	99%	37th	$0.0645	82.6%
202608	JNST	nonmarketable_limit	$250–$999 • ROUND	—	—	—	—	—	—	—	—
202608	JNST	nonmarketable_limit	$1k–$5k • ODD	39.1%	100.0%	3.7 bps	26.7 bps	98%	33rd	$0.0729	65.5%
202608	JNST	nonmarketable_limit	$1k–$5k • ROUND	35.7%	100.0%	3.8 bps	12.5 bps	98%	54th	$0.0052	70.3%
202608	JNST	nonmarketable_limit	$5k–$10k • ODD	66.0%	100.0%	3.7 bps	28.9 bps	94%	35th	$0.0848	63.8%
202608	JNST	nonmarketable_limit	$5k–$10k • ROUND	6.6%	100.0%	3.0 bps	19.6 bps	75%	49th	$0.0128	40.8%
202608	JNST	nonmarketable_limit	$10k–$20k • ODD	57.4%	100.0%	3.9 bps	23.7 bps	94%	47th	$0.1314	65.8%
202608	JNST	nonmarketable_limit	$10k–$20k • ROUND	8.2%	100.0%	3.1 bps	30.8 bps	78%	36th	$0.0387	48.3%
202608	JNST	nonmarketable_limit	$20k–$50k • ODD	57.7%	100.0%	4.1 bps	11.0 bps	95%	59th	$0.2586	65.6%
202608	JNST	nonmarketable_limit	$20k–$50k • ROUND	7.7%	100.0%	3.0 bps	30.7 bps	84%	35th	$0.0561	52.8%
202608	JNST	nonmarketable_limit	$50k–$200k • ODD	60.0%	100.0%	8.2 bps	9.0 bps	98%	80th	$1.2332	69.9%
202608	JNST	nonmarketable_limit	$50k–$200k • ROUND	9.6%	100.0%	3.0 bps	29.7 bps	84%	41st	$0.0795	52.4%
202608	JNST	nonmarketable_limit	≥$200k • ROUND	40.7%	100.0%	2.9 bps	27.0 bps	70%	46th	$0.1059	50.0%

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.

Download CSV ↓

Month	Class	Notional × Lot	Metric	Firm Composite	Best Competing	Best Venue	Median Competing	Mapped Flow
202608	market	<$250 • ODD	fill_rate	—	100.0%	ETMM	26.7%	0%
202608	market	<$250 • ODD	pi_rate	—	100.0%	JPMX	96.1%	0%
202608	market	<$250 • ODD	npi_bps	—	38.7 bps	EDGK	2.7 bps	0%
202608	market	<$250 • ODD	efq_pct	—	-30983.8%	EDGJ	19.8%	0%
202608	market	<$250 • ODD	eff_sprd	—	-5.5353	EDGJ	0.0123	0%
202608	market	<$250 • ODD	eff_sprd_pct	—	-0.9%	EDGJ	0.0%	0%
202608	market	<$250 • ODD	real_sprd_15s	—	-5.5075	EDGJ	0.0119	0%
202608	market	<$250 • ODD	real_sprd_15s_pct	—	-0.9%	EDGJ	0.0%	0%
202608	market	<$250 • ODD	real_sprd_1m	—	-5.3288	EDGJ	0.0115	0%
202608	market	<$250 • ODD	real_sprd_1m_pct	—	-0.9%	EDGJ	0.0%	0%
202608	market	<$250 • ODD	speed_1s	—	1.0000	NFSF	0.9997	0%
202608	market	$250–$999 • ODD	fill_rate	—	100.0%	JPDA	34.8%	0%
202608	market	$250–$999 • ODD	pi_rate	—	100.0%	JPMX	95.8%	0%
202608	market	$250–$999 • ODD	npi_bps	—	67.0 bps	EDGK	2.7 bps	0%
202608	market	$250–$999 • ODD	efq_pct	—	-37.5%	JPDA	21.4%	0%
202608	market	$250–$999 • ODD	eff_sprd	—	-0.0308	JPDA	0.0241	0%
202608	market	$250–$999 • ODD	eff_sprd_pct	—	-0.1%	EDGK	0.0%	0%
202608	market	$250–$999 • ODD	real_sprd_15s	—	-0.0295	JPDA	0.0250	0%
202608	market	$250–$999 • ODD	real_sprd_15s_pct	—	-0.1%	EDGK	0.0%	0%
202608	market	$250–$999 • ODD	real_sprd_1m	—	-0.0347	JSDP	0.0237	0%
202608	market	$250–$999 • ODD	real_sprd_1m_pct	—	-0.1%	EDGK	0.0%	0%
202608	market	$250–$999 • ODD	speed_1s	—	1.0000	PNCC	0.9998	0%
202608	market	$1k–$5k • ODD	fill_rate	—	100.0%	JPDA	39.4%	0%
202608	market	$1k–$5k • ODD	pi_rate	—	100.0%	JANM	95.9%	0%
202608	market	$1k–$5k • ODD	npi_bps	—	43.3 bps	EDGK	2.5 bps	0%
202608	market	$1k–$5k • ODD	efq_pct	—	-34.3%	JPDA	21.8%	0%
202608	market	$1k–$5k • ODD	eff_sprd	—	-0.0417	JPDA	0.0264	0%
202608	market	$1k–$5k • ODD	eff_sprd_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$1k–$5k • ODD	real_sprd_15s	—	-0.0399	JPDA	0.0246	0%
202608	market	$1k–$5k • ODD	real_sprd_15s_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$1k–$5k • ODD	real_sprd_1m	—	-0.0418	JPDA	0.0247	0%
202608	market	$1k–$5k • ODD	real_sprd_1m_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$1k–$5k • ODD	speed_1s	—	1.0000	ALBS	0.9997	0%
202608	market	$1k–$5k • ROUND	fill_rate	—	100.0%	ETMM	32.5%	0%
202608	market	$1k–$5k • ROUND	pi_rate	—	100.0%	JPDA	96.1%	0%
202608	market	$1k–$5k • ROUND	npi_bps	—	3.5 bps	JPDA	1.8 bps	0%
202608	market	$1k–$5k • ROUND	efq_pct	—	-41.6%	JPDA	11.6%	0%
202608	market	$1k–$5k • ROUND	eff_sprd	—	-0.0056	JPDA	0.0015	0%
202608	market	$1k–$5k • ROUND	eff_sprd_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$1k–$5k • ROUND	real_sprd_15s	—	-0.0284	XNYS	0.0011	0%
202608	market	$1k–$5k • ROUND	real_sprd_15s_pct	—	-0.1%	XNYS	0.0%	0%
202608	market	$1k–$5k • ROUND	real_sprd_1m	—	-0.0299	HRTS	0.0003	0%
202608	market	$1k–$5k • ROUND	real_sprd_1m_pct	—	-0.2%	HRTS	0.0%	0%
202608	market	$1k–$5k • ROUND	speed_1s	—	1.0000	ALTR	0.9996	0%
202608	market	$5k–$10k • ODD	fill_rate	—	100.0%	JPDA	35.4%	0%
202608	market	$5k–$10k • ODD	pi_rate	—	100.0%	JPMX	96.2%	0%
202608	market	$5k–$10k • ODD	npi_bps	—	54.7 bps	EDGK	2.6 bps	0%
202608	market	$5k–$10k • ODD	efq_pct	—	-30.2%	JPDA	19.7%	0%
202608	market	$5k–$10k • ODD	eff_sprd	—	-0.0569	JPDA	0.0311	0%
202608	market	$5k–$10k • ODD	eff_sprd_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$5k–$10k • ODD	real_sprd_15s	—	-0.0573	JSDP	0.0340	0%
202608	market	$5k–$10k • ODD	real_sprd_15s_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$5k–$10k • ODD	real_sprd_1m	—	-0.1357	JPMX	0.0347	0%
202608	market	$5k–$10k • ODD	real_sprd_1m_pct	—	-0.1%	JPMX	0.0%	0%
202608	market	$5k–$10k • ODD	speed_1s	—	1.0000	ALTR	0.9999	0%
202608	market	$5k–$10k • ROUND	fill_rate	—	100.0%	ETMM	37.2%	0%
202608	market	$5k–$10k • ROUND	pi_rate	—	100.0%	JPDA	95.4%	0%
202608	market	$5k–$10k • ROUND	npi_bps	—	40.6 bps	BATS	1.6 bps	0%
202608	market	$5k–$10k • ROUND	efq_pct	—	-35.2%	JPDA	15.1%	0%
202608	market	$5k–$10k • ROUND	eff_sprd	—	-0.0079	JPDA	0.0037	0%
202608	market	$5k–$10k • ROUND	eff_sprd_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$5k–$10k • ROUND	real_sprd_15s	—	-0.0053	JPDA	0.0028	0%
202608	market	$5k–$10k • ROUND	real_sprd_15s_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$5k–$10k • ROUND	real_sprd_1m	—	-0.0212	SWST	0.0029	0%
202608	market	$5k–$10k • ROUND	real_sprd_1m_pct	—	-0.0%	HRTS	0.0%	0%
202608	market	$5k–$10k • ROUND	speed_1s	—	1.0000	WBUS	0.9998	0%
202608	market	$10k–$20k • ODD	fill_rate	—	100.0%	JPDA	49.7%	0%
202608	market	$10k–$20k • ODD	pi_rate	—	100.0%	JPDA	95.3%	0%
202608	market	$10k–$20k • ODD	npi_bps	—	31.3 bps	BATS	2.7 bps	0%
202608	market	$10k–$20k • ODD	efq_pct	—	-25.4%	JPDA	21.1%	0%
202608	market	$10k–$20k • ODD	eff_sprd	—	-0.0711	JPDA	0.0374	0%
202608	market	$10k–$20k • ODD	eff_sprd_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$10k–$20k • ODD	real_sprd_15s	—	-0.0977	JSDP	0.0363	0%
202608	market	$10k–$20k • ODD	real_sprd_15s_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$10k–$20k • ODD	real_sprd_1m	—	-0.2625	JSDP	0.0378	0%
202608	market	$10k–$20k • ODD	real_sprd_1m_pct	—	-0.0%	PNCC	0.0%	0%
202608	market	$10k–$20k • ODD	speed_1s	—	1.0000	PNCC	0.9996	0%
202608	market	$10k–$20k • ROUND	fill_rate	—	100.0%	BYXX	42.4%	0%
202608	market	$10k–$20k • ROUND	pi_rate	—	100.0%	JPDA	94.6%	0%
202608	market	$10k–$20k • ROUND	npi_bps	—	37.4 bps	BATS	2.1 bps	0%
202608	market	$10k–$20k • ROUND	efq_pct	—	-35443.2%	EDGJ	16.7%	0%
202608	market	$10k–$20k • ROUND	eff_sprd	—	-1.7901	EDGJ	0.0124	0%
202608	market	$10k–$20k • ROUND	eff_sprd_pct	—	-1.1%	EDGJ	0.0%	0%
202608	market	$10k–$20k • ROUND	real_sprd_15s	—	-1.7854	EDGJ	0.0105	0%
202608	market	$10k–$20k • ROUND	real_sprd_15s_pct	—	-1.1%	EDGJ	0.0%	0%
202608	market	$10k–$20k • ROUND	real_sprd_1m	—	-1.7501	EDGJ	0.0078	0%
202608	market	$10k–$20k • ROUND	real_sprd_1m_pct	—	-1.1%	EDGJ	0.0%	0%
202608	market	$10k–$20k • ROUND	speed_1s	—	1.0000	ALTR	0.9999	0%
202608	market	$20k–$50k • ODD	fill_rate	—	100.0%	JPDA	47.9%	0%
202608	market	$20k–$50k • ODD	pi_rate	—	100.0%	JPDA	94.7%	0%
202608	market	$20k–$50k • ODD	npi_bps	—	6.1 bps	JSJX	3.0 bps	0%
202608	market	$20k–$50k • ODD	efq_pct	—	-15.4%	JPDA	19.7%	0%
202608	market	$20k–$50k • ODD	eff_sprd	—	-0.0936	JPDA	0.1051	0%
202608	market	$20k–$50k • ODD	eff_sprd_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$20k–$50k • ODD	real_sprd_15s	—	-0.1388	JPDA	0.1062	0%
202608	market	$20k–$50k • ODD	real_sprd_15s_pct	—	-0.0%	JPDA	0.0%	0%
202608	market	$20k–$50k • ODD	real_sprd_1m	—	-0.2258	JPDA	0.0945	0%
202608	market	$20k–$50k • ODD	real_sprd_1m_pct	—	-0.1%	XNYS	0.0%	0%
202608	market	$20k–$50k • ODD	speed_1s	—	1.0000	ALTR	0.9999	0%
202608	market	$20k–$50k • ROUND	fill_rate	—	100.0%	JPDA	40.4%	0%
202608	market	$20k–$50k • ROUND	pi_rate	—	100.0%	JPDA	93.5%	0%
202608	market	$20k–$50k • ROUND	npi_bps	—	33.2 bps	EDGK	2.0 bps	0%
202608	market	$20k–$50k • ROUND	efq_pct	—	-39823.2%	BATS	18.1%	0%
202608	market	$20k–$50k • ROUND	eff_sprd	—	-1.1421	EDGJ	0.0212	0%
202608	market	$20k–$50k • ROUND	eff_sprd_pct	—	-0.4%	EDGJ	0.0%	0%
202608	market	$20k–$50k • ROUND	real_sprd_15s	—	-1.1323	EDGJ	0.0170	0%
202608	market	$20k–$50k • ROUND	real_sprd_15s_pct	—	-0.4%	EDGJ	0.0%	0%
202608	market	$20k–$50k • ROUND	real_sprd_1m	—	-1.1324	EDGJ	0.0149	0%
202608	market	$20k–$50k • ROUND	real_sprd_1m_pct	—	-0.4%	EDGJ	0.0%	0%
202608	market	$20k–$50k • ROUND	speed_1s	—	1.0000	PNCC	0.9997	0%
202608	market	$50k–$200k • ODD	fill_rate	—	100.0%	ETMM	88.9%	0%
202608	market	$50k–$200k • ODD	pi_rate	—	99.8%	ETMM	95.4%	0%
202608	market	$50k–$200k • ODD	npi_bps	—	4.7 bps	FIBS	3.4 bps	0%
202608	market	$50k–$200k • ODD	efq_pct	—	-6.4%	FIBS	19.3%	0%
202608	market	$50k–$200k • ODD	eff_sprd	—	-0.0791	FIBS	0.2595	0%
202608	market	$50k–$200k • ODD	eff_sprd_pct	—	-0.0%	FIBS	0.0%	0%
202608	market	$50k–$200k • ODD	real_sprd_15s	—	-0.4321	JPBD	0.1478	0%
202608	market	$50k–$200k • ODD	real_sprd_15s_pct	—	-0.0%	JPBD	0.0%	0%
202608	market	$50k–$200k • ODD	real_sprd_1m	—	-0.3667	SOHW	0.1526	0%
202608	market	$50k–$200k • ODD	real_sprd_1m_pct	—	-0.0%	SOHW	0.0%	0%
202608	market	$50k–$200k • ODD	speed_1s	—	1.0000	CRFN	1.0000	0%
202608	market	$50k–$200k • ROUND	fill_rate	—	100.0%	JPDA	31.8%	0%
202608	market	$50k–$200k • ROUND	pi_rate	—	100.0%	JPDA	91.3%	0%
202608	market	$50k–$200k • ROUND	npi_bps	—	24.8 bps	BATS	2.3 bps	0%
202608	market	$50k–$200k • ROUND	efq_pct	—	-5.8%	PNCC	21.0%	0%
202608	market	$50k–$200k • ROUND	eff_sprd	—	-0.0084	JPDA	0.0292	0%
202608	market	$50k–$200k • ROUND	eff_sprd_pct	—	-0.1%	BATS	0.0%	0%
202608	market	$50k–$200k • ROUND	real_sprd_15s	—	-0.2641	JPMX	0.0191	0%
202608	market	$50k–$200k • ROUND	real_sprd_15s_pct	—	-0.1%	JPMX	0.0%	0%
202608	market	$50k–$200k • ROUND	real_sprd_1m	—	-0.0417	PNCC	0.0178	0%
202608	market	$50k–$200k • ROUND	real_sprd_1m_pct	—	-0.1%	BATS	0.0%	0%
202608	market	$50k–$200k • ROUND	speed_1s	—	1.0000	ALTR	0.9997	0%
202608	market	≥$200k • ROUND	fill_rate	—	100.0%	JPDA	11.7%	0%
202608	market	≥$200k • ROUND	pi_rate	—	100.0%	JPDA	61.7%	0%
202608	market	≥$200k • ROUND	npi_bps	—	63.2 bps	EDGJ	0.7 bps	0%
202608	market	≥$200k • ROUND	efq_pct	—	-1885.0%	EDGJ	92.3%	0%
202608	market	≥$200k • ROUND	eff_sprd	—	-0.4991	EDGJ	0.0989	0%
202608	market	≥$200k • ROUND	eff_sprd_pct	—	-0.3%	EDGJ	0.0%	0%
202608	market	≥$200k • ROUND	real_sprd_15s	—	-0.5034	EDGJ	0.0528	0%
202608	market	≥$200k • ROUND	real_sprd_15s_pct	—	-0.3%	EDGJ	0.0%	0%
202608	market	≥$200k • ROUND	real_sprd_1m	—	-0.5290	JPMX	0.0517	0%
202608	market	≥$200k • ROUND	real_sprd_1m_pct	—	-0.3%	EDGJ	0.0%	0%
202608	market	≥$200k • ROUND	speed_1s	—	1.0000	ARCX	0.9736	0%
202608	marketable_limit	<$250 • ODD	fill_rate	90.2%	100.0%	DWFT	26.2%	10%
202608	marketable_limit	<$250 • ODD	pi_rate	88.5%	100.0%	TLQNA	86.0%	10%
202608	marketable_limit	<$250 • ODD	npi_bps	1.7 bps	8.3 bps	SBSH	1.4 bps	10%
202608	marketable_limit	<$250 • ODD	efq_pct	37.1%	-40.0%	JPDA	65.2%	10%
202608	marketable_limit	<$250 • ODD	eff_sprd	0.0162	-0.0152	JPDA	0.0212	10%
202608	marketable_limit	<$250 • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	<$250 • ODD	real_sprd_15s	0.0122	-0.1989	XSTM	0.0144	10%
202608	marketable_limit	<$250 • ODD	real_sprd_15s_pct	0.0%	-0.1%	XSTM	0.0%	10%
202608	marketable_limit	<$250 • ODD	real_sprd_1m	0.0137	-0.2104	XSTM	0.0150	10%
202608	marketable_limit	<$250 • ODD	real_sprd_1m_pct	0.0%	-0.1%	XSTM	0.0%	10%
202608	marketable_limit	<$250 • ODD	speed_1s	0.9994	1.0000	ALPX	0.9999	10%
202608	marketable_limit	$250–$999 • ODD	fill_rate	89.6%	100.0%	DWFT	32.4%	10%
202608	marketable_limit	$250–$999 • ODD	pi_rate	88.9%	100.0%	JPDA	87.6%	10%
202608	marketable_limit	$250–$999 • ODD	npi_bps	1.8 bps	4.6 bps	XTXE	1.6 bps	10%
202608	marketable_limit	$250–$999 • ODD	efq_pct	38.7%	-38.0%	JPDA	72.6%	10%
202608	marketable_limit	$250–$999 • ODD	eff_sprd	0.0334	-0.0313	JPMS	0.0334	10%
202608	marketable_limit	$250–$999 • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$250–$999 • ODD	real_sprd_15s	0.0311	-0.0236	MSRP	0.0238	10%
202608	marketable_limit	$250–$999 • ODD	real_sprd_15s_pct	0.0%	-0.0%	MSRP	0.0%	10%
202608	marketable_limit	$250–$999 • ODD	real_sprd_1m	0.0083	-0.0935	JPMS	0.0265	10%
202608	marketable_limit	$250–$999 • ODD	real_sprd_1m_pct	0.0%	-0.0%	JPMS	0.0%	10%
202608	marketable_limit	$250–$999 • ODD	speed_1s	0.9993	1.0000	ALPX	0.9999	10%
202608	marketable_limit	$1k–$5k • ODD	fill_rate	88.0%	100.0%	DWFT	26.2%	10%
202608	marketable_limit	$1k–$5k • ODD	pi_rate	88.6%	100.0%	JPDA	86.8%	10%
202608	marketable_limit	$1k–$5k • ODD	npi_bps	1.9 bps	6.9 bps	XTXE	1.7 bps	10%
202608	marketable_limit	$1k–$5k • ODD	efq_pct	40.0%	-34.2%	JPDA	65.8%	10%
202608	marketable_limit	$1k–$5k • ODD	eff_sprd	0.0495	-0.0326	JPDA	0.0448	10%
202608	marketable_limit	$1k–$5k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$1k–$5k • ODD	real_sprd_15s	0.0453	-0.0575	JPMS	0.0350	10%
202608	marketable_limit	$1k–$5k • ODD	real_sprd_15s_pct	0.0%	-0.0%	MSRP	0.0%	10%
202608	marketable_limit	$1k–$5k • ODD	real_sprd_1m	0.0329	-0.0483	JPDA	0.0351	10%
202608	marketable_limit	$1k–$5k • ODD	real_sprd_1m_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$1k–$5k • ODD	speed_1s	0.9995	1.0000	AEFA	0.9997	10%
202608	marketable_limit	$1k–$5k • ROUND	fill_rate	80.8%	100.0%	DWFT	21.7%	10%
202608	marketable_limit	$1k–$5k • ROUND	pi_rate	86.7%	100.0%	JPDA	77.9%	10%
202608	marketable_limit	$1k–$5k • ROUND	npi_bps	1.3 bps	3.3 bps	JPDA	0.7 bps	10%
202608	marketable_limit	$1k–$5k • ROUND	efq_pct	45.9%	-43.4%	JPDA	79.8%	10%
202608	marketable_limit	$1k–$5k • ROUND	eff_sprd	0.0056	-0.0054	JPDA	0.0095	10%
202608	marketable_limit	$1k–$5k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$1k–$5k • ROUND	real_sprd_15s	0.0066	-0.0269	MSRP	0.0021	10%
202608	marketable_limit	$1k–$5k • ROUND	real_sprd_15s_pct	0.0%	-0.1%	MSRP	0.0%	10%
202608	marketable_limit	$1k–$5k • ROUND	real_sprd_1m	0.0062	-0.0137	JPDA	0.0025	10%
202608	marketable_limit	$1k–$5k • ROUND	real_sprd_1m_pct	0.0%	-0.0%	XASE	0.0%	10%
202608	marketable_limit	$1k–$5k • ROUND	speed_1s	0.9995	1.0000	ALPX	0.9997	10%
202608	marketable_limit	$5k–$10k • ODD	fill_rate	88.5%	100.0%	DWFT	28.1%	10%
202608	marketable_limit	$5k–$10k • ODD	pi_rate	90.5%	100.0%	JPDA	85.7%	10%
202608	marketable_limit	$5k–$10k • ODD	npi_bps	2.0 bps	6.9 bps	XTXE	1.6 bps	10%
202608	marketable_limit	$5k–$10k • ODD	efq_pct	37.2%	-29.1%	JPDA	72.1%	10%
202608	marketable_limit	$5k–$10k • ODD	eff_sprd	0.0612	-0.0497	JPDA	0.0650	10%
202608	marketable_limit	$5k–$10k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$5k–$10k • ODD	real_sprd_15s	0.0573	-0.1225	JPMS	0.0472	10%
202608	marketable_limit	$5k–$10k • ODD	real_sprd_15s_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$5k–$10k • ODD	real_sprd_1m	0.0557	-0.3059	JPMS	0.0471	10%
202608	marketable_limit	$5k–$10k • ODD	real_sprd_1m_pct	0.0%	-0.0%	JPMS	0.0%	10%
202608	marketable_limit	$5k–$10k • ODD	speed_1s	0.9997	1.0000	ALPX	0.9999	10%
202608	marketable_limit	$5k–$10k • ROUND	fill_rate	82.0%	100.0%	DWFT	22.3%	10%
202608	marketable_limit	$5k–$10k • ROUND	pi_rate	86.7%	100.0%	JPDA	79.0%	10%
202608	marketable_limit	$5k–$10k • ROUND	npi_bps	1.1 bps	3.1 bps	JPDA	0.7 bps	10%
202608	marketable_limit	$5k–$10k • ROUND	efq_pct	47.0%	-34.4%	JPDA	83.7%	10%
202608	marketable_limit	$5k–$10k • ROUND	eff_sprd	0.0084	-0.0062	JPDA	0.0134	10%
202608	marketable_limit	$5k–$10k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$5k–$10k • ROUND	real_sprd_15s	0.0062	-0.0102	JPDA	0.0051	10%
202608	marketable_limit	$5k–$10k • ROUND	real_sprd_15s_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$5k–$10k • ROUND	real_sprd_1m	0.0041	-0.0222	SOHS	0.0048	10%
202608	marketable_limit	$5k–$10k • ROUND	real_sprd_1m_pct	0.0%	-0.1%	SOHS	0.0%	10%
202608	marketable_limit	$5k–$10k • ROUND	speed_1s	0.9993	1.0000	CODX	0.9993	10%
202608	marketable_limit	$10k–$20k • ODD	fill_rate	88.1%	100.0%	DWFT	32.7%	10%
202608	marketable_limit	$10k–$20k • ODD	pi_rate	91.3%	100.0%	JPDA	81.4%	10%
202608	marketable_limit	$10k–$20k • ODD	npi_bps	1.9 bps	4.8 bps	XTXE	1.6 bps	10%
202608	marketable_limit	$10k–$20k • ODD	efq_pct	35.9%	-22.9%	JPDA	69.9%	10%
202608	marketable_limit	$10k–$20k • ODD	eff_sprd	0.0811	-0.0586	JPDA	0.1055	10%
202608	marketable_limit	$10k–$20k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$10k–$20k • ODD	real_sprd_15s	0.0969	-0.1169	MSRP	0.0769	10%
202608	marketable_limit	$10k–$20k • ODD	real_sprd_15s_pct	0.0%	-0.1%	MSRP	0.0%	10%
202608	marketable_limit	$10k–$20k • ODD	real_sprd_1m	0.0807	-0.1357	TLQNA	0.0711	10%
202608	marketable_limit	$10k–$20k • ODD	real_sprd_1m_pct	0.0%	-0.1%	TLQNA	0.0%	10%
202608	marketable_limit	$10k–$20k • ODD	speed_1s	0.9995	1.0000	ALPX	1.0000	10%
202608	marketable_limit	$10k–$20k • ROUND	fill_rate	84.0%	100.0%	DWFT	22.8%	10%
202608	marketable_limit	$10k–$20k • ROUND	pi_rate	89.1%	100.0%	JPDA	78.0%	10%
202608	marketable_limit	$10k–$20k • ROUND	npi_bps	1.7 bps	3.5 bps	JPDA	1.2 bps	10%
202608	marketable_limit	$10k–$20k • ROUND	efq_pct	43.0%	-30.6%	JPDA	80.0%	10%
202608	marketable_limit	$10k–$20k • ROUND	eff_sprd	0.0184	-0.0138	JPDA	0.0343	10%
202608	marketable_limit	$10k–$20k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$10k–$20k • ROUND	real_sprd_15s	0.0169	-0.0327	MSRP	0.0156	10%
202608	marketable_limit	$10k–$20k • ROUND	real_sprd_15s_pct	0.0%	-0.0%	MSRP	0.0%	10%
202608	marketable_limit	$10k–$20k • ROUND	real_sprd_1m	0.0115	-0.0277	JPDA	0.0120	10%
202608	marketable_limit	$10k–$20k • ROUND	real_sprd_1m_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$10k–$20k • ROUND	speed_1s	0.9989	1.0000	CGWM	0.9997	10%
202608	marketable_limit	$20k–$50k • ODD	fill_rate	90.3%	100.0%	JPDA	32.5%	10%
202608	marketable_limit	$20k–$50k • ODD	pi_rate	93.4%	100.0%	JPDA	78.0%	10%
202608	marketable_limit	$20k–$50k • ODD	npi_bps	2.5 bps	5.0 bps	JPDA	1.6 bps	10%
202608	marketable_limit	$20k–$50k • ODD	efq_pct	33.4%	-12.9%	JPDA	71.7%	10%
202608	marketable_limit	$20k–$50k • ODD	eff_sprd	0.1808	-0.0886	JPDA	0.2351	10%
202608	marketable_limit	$20k–$50k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$20k–$50k • ODD	real_sprd_15s	0.1868	-0.4619	TLQNA	0.1281	10%
202608	marketable_limit	$20k–$50k • ODD	real_sprd_15s_pct	0.0%	-0.1%	MSRP	0.0%	10%
202608	marketable_limit	$20k–$50k • ODD	real_sprd_1m	0.1983	-0.4795	MSRP	0.1322	10%
202608	marketable_limit	$20k–$50k • ODD	real_sprd_1m_pct	0.0%	-0.1%	MSRP	0.0%	10%
202608	marketable_limit	$20k–$50k • ODD	speed_1s	0.9995	1.0000	ALPX	1.0000	10%
202608	marketable_limit	$20k–$50k • ROUND	fill_rate	83.1%	100.0%	DWFT	21.3%	10%
202608	marketable_limit	$20k–$50k • ROUND	pi_rate	89.3%	100.0%	JPDA	73.3%	10%
202608	marketable_limit	$20k–$50k • ROUND	npi_bps	1.4 bps	3.9 bps	HRBF	1.2 bps	10%
202608	marketable_limit	$20k–$50k • ROUND	efq_pct	45.3%	-17.6%	JPDA	80.4%	10%
202608	marketable_limit	$20k–$50k • ROUND	eff_sprd	0.0274	-0.0110	JPDA	0.0494	10%
202608	marketable_limit	$20k–$50k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	10%
202608	marketable_limit	$20k–$50k • ROUND	real_sprd_15s	0.0253	-0.0220	XASE	0.0237	10%
202608	marketable_limit	$20k–$50k • ROUND	real_sprd_15s_pct	0.0%	-0.0%	MSRP	0.0%	10%
202608	marketable_limit	$20k–$50k • ROUND	real_sprd_1m	0.0273	-0.0337	DWFT	0.0218	10%
202608	marketable_limit	$20k–$50k • ROUND	real_sprd_1m_pct	0.0%	-0.0%	MSCO	0.0%	10%
202608	marketable_limit	$20k–$50k • ROUND	speed_1s	0.9981	1.0000	CNBS	0.9985	10%
202608	marketable_limit	$50k–$200k • ODD	fill_rate	92.3%	100.0%	ETMM	19.5%	10%
202608	marketable_limit	$50k–$200k • ODD	pi_rate	95.8%	100.0%	BYXX	70.9%	10%
202608	marketable_limit	$50k–$200k • ODD	npi_bps	3.0 bps	34.8 bps	BYXX	1.5 bps	10%
202608	marketable_limit	$50k–$200k • ODD	efq_pct	31.4%	-21483.9%	BYXX	82.1%	10%
202608	marketable_limit	$50k–$200k • ODD	eff_sprd	0.4663	-57.2546	BYXX	0.7914	10%
202608	marketable_limit	$50k–$200k • ODD	eff_sprd_pct	0.0%	-0.9%	BYXX	0.0%	10%
202608	marketable_limit	$50k–$200k • ODD	real_sprd_15s	0.0778	-57.2522	BYXX	0.4559	10%
202608	marketable_limit	$50k–$200k • ODD	real_sprd_15s_pct	0.0%	-0.9%	BYXX	0.0%	10%
202608	marketable_limit	$50k–$200k • ODD	real_sprd_1m	-0.0060	-57.2499	BYXX	0.1525	10%
202608	marketable_limit	$50k–$200k • ODD	real_sprd_1m_pct	-0.0%	-0.9%	BYXX	0.0%	10%
202608	marketable_limit	$50k–$200k • ODD	speed_1s	1.0000	1.0000	ALPX	1.0000	10%
202608	marketable_limit	$50k–$200k • ROUND	fill_rate	80.6%	100.0%	DWFT	16.5%	10%
202608	marketable_limit	$50k–$200k • ROUND	pi_rate	84.6%	100.0%	DWFT	70.2%	10%
202608	marketable_limit	$50k–$200k • ROUND	npi_bps	1.5 bps	3.9 bps	TLQNA	1.1 bps	10%
202608	marketable_limit	$50k–$200k • ROUND	efq_pct	54.1%	-28.0%	AEFA	83.8%	10%
202608	marketable_limit	$50k–$200k • ROUND	eff_sprd	0.0384	-0.0328	AEFA	0.0646	10%
202608	marketable_limit	$50k–$200k • ROUND	eff_sprd_pct	0.0%	-0.0%	AEFA	0.0%	10%
202608	marketable_limit	$50k–$200k • ROUND	real_sprd_15s	0.0342	-0.0835	MSRP	0.0268	10%
202608	marketable_limit	$50k–$200k • ROUND	real_sprd_15s_pct	0.0%	-0.0%	MSRP	0.0%	10%
202608	marketable_limit	$50k–$200k • ROUND	real_sprd_1m	0.0239	-0.2390	AEFA	0.0248	10%
202608	marketable_limit	$50k–$200k • ROUND	real_sprd_1m_pct	0.0%	-0.1%	AEFA	0.0%	10%
202608	marketable_limit	$50k–$200k • ROUND	speed_1s	0.9924	1.0000	CODX	0.9966	10%
202608	marketable_limit	≥$200k • ROUND	fill_rate	65.6%	100.0%	JPDA	6.3%	10%
202608	marketable_limit	≥$200k • ROUND	pi_rate	55.9%	100.0%	JPDA	36.4%	10%
202608	marketable_limit	≥$200k • ROUND	npi_bps	0.2 bps	4.4 bps	TLQNA	0.1 bps	10%
202608	marketable_limit	≥$200k • ROUND	efq_pct	121.5%	-852.2%	TLQNA	97.6%	10%
202608	marketable_limit	≥$200k • ROUND	eff_sprd	0.1091	-0.0299	MSRP	0.0970	10%
202608	marketable_limit	≥$200k • ROUND	eff_sprd_pct	0.1%	-0.0%	TLQNA	0.0%	10%
202608	marketable_limit	≥$200k • ROUND	real_sprd_15s	0.0644	-0.0544	JPBD	0.0457	10%
202608	marketable_limit	≥$200k • ROUND	real_sprd_15s_pct	0.0%	-0.0%	TLQNA	0.0%	10%
202608	marketable_limit	≥$200k • ROUND	real_sprd_1m	0.0538	-0.0993	JPDA	0.0382	10%
202608	marketable_limit	≥$200k • ROUND	real_sprd_1m_pct	0.0%	-0.0%	TLQNA	0.0%	10%
202608	marketable_limit	≥$200k • ROUND	speed_1s	0.9468	1.0000	CODX	0.9590	10%
202608	nonmarketable_limit	<$250 • ODD	fill_rate	81.8%	100.0%	DWFT	7.5%	2%
202608	nonmarketable_limit	<$250 • ODD	pi_rate	100.0%	100.0%	ALTR	100.0%	2%
202608	nonmarketable_limit	<$250 • ODD	npi_bps	3.6 bps	78.1 bps	EDGJ	4.5 bps	2%
202608	nonmarketable_limit	<$250 • ODD	efq_pct	23.1%	-40.3%	JPDA	14.1%	2%
202608	nonmarketable_limit	<$250 • ODD	eff_sprd	0.0341	-0.0505	JPDA	0.0168	2%
202608	nonmarketable_limit	<$250 • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	2%
202608	nonmarketable_limit	<$250 • ODD	real_sprd_15s	0.0031	-1.9669	EDGK	0.0084	2%
202608	nonmarketable_limit	<$250 • ODD	real_sprd_15s_pct	-0.0%	-0.2%	BATS	0.0%	2%
202608	nonmarketable_limit	<$250 • ODD	real_sprd_1m	0.0051	-0.4839	EDGK	0.0087	2%
202608	nonmarketable_limit	<$250 • ODD	real_sprd_1m_pct	-0.0%	-0.2%	BATS	0.0%	2%
202608	nonmarketable_limit	<$250 • ODD	speed_1s	0.6858	1.0000	CODX	0.5568	2%
202608	nonmarketable_limit	$250–$999 • ODD	fill_rate	71.8%	100.0%	DWFT	4.7%	2%
202608	nonmarketable_limit	$250–$999 • ODD	pi_rate	100.0%	100.0%	ALTR	100.0%	2%
202608	nonmarketable_limit	$250–$999 • ODD	npi_bps	3.6 bps	72.5 bps	BYXX	4.0 bps	2%
202608	nonmarketable_limit	$250–$999 • ODD	efq_pct	25.6%	-40.3%	JPDA	16.0%	2%
202608	nonmarketable_limit	$250–$999 • ODD	eff_sprd	0.0645	-0.0807	JPDA	0.0320	2%
202608	nonmarketable_limit	$250–$999 • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	2%
202608	nonmarketable_limit	$250–$999 • ODD	real_sprd_15s	0.0019	-0.3130	XGWD	0.0095	2%
202608	nonmarketable_limit	$250–$999 • ODD	real_sprd_15s_pct	-0.0%	-0.2%	BYXX	0.0%	2%
202608	nonmarketable_limit	$250–$999 • ODD	real_sprd_1m	0.0013	-0.8430	XGWD	0.0123	2%
202608	nonmarketable_limit	$250–$999 • ODD	real_sprd_1m_pct	-0.0%	-0.3%	XGWD	0.0%	2%
202608	nonmarketable_limit	$250–$999 • ODD	speed_1s	0.8261	1.0000	CODX	0.5983	2%
202608	nonmarketable_limit	$1k–$5k • ODD	fill_rate	39.1%	100.0%	DWFT	4.1%	2%
202608	nonmarketable_limit	$1k–$5k • ODD	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	$1k–$5k • ODD	npi_bps	3.7 bps	76.6 bps	BYXX	4.1 bps	2%
202608	nonmarketable_limit	$1k–$5k • ODD	efq_pct	25.9%	-37.5%	JPDA	17.1%	2%
202608	nonmarketable_limit	$1k–$5k • ODD	eff_sprd	0.0729	-0.0948	JPDA	0.0443	2%
202608	nonmarketable_limit	$1k–$5k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	2%
202608	nonmarketable_limit	$1k–$5k • ODD	real_sprd_15s	0.0361	-0.6680	BATS	0.0224	2%
202608	nonmarketable_limit	$1k–$5k • ODD	real_sprd_15s_pct	0.0%	-0.3%	BATS	0.0%	2%
202608	nonmarketable_limit	$1k–$5k • ODD	real_sprd_1m	0.0404	-0.6637	BATS	0.0270	2%
202608	nonmarketable_limit	$1k–$5k • ODD	real_sprd_1m_pct	0.0%	-0.3%	BATS	0.0%	2%
202608	nonmarketable_limit	$1k–$5k • ODD	speed_1s	0.6549	1.0000	CODX	0.6379	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	fill_rate	35.7%	88.1%	TKNG	1.3%	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	pi_rate	100.0%	100.0%	APCC	100.0%	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	npi_bps	3.8 bps	38.3 bps	EDGJ	3.5 bps	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	efq_pct	11.7%	-229.3%	TLQNA	5.6%	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	eff_sprd	0.0052	-0.0170	JPBD	0.0026	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPBD	0.0%	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	real_sprd_15s	-0.0054	-0.0734	SOHS	0.0023	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	real_sprd_15s_pct	-0.0%	-1.3%	EDGK	0.0%	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	real_sprd_1m	-0.0051	-0.1275	SOHS	0.0043	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	real_sprd_1m_pct	-0.0%	-0.3%	EDGK	0.0%	2%
202608	nonmarketable_limit	$1k–$5k • ROUND	speed_1s	0.7029	1.0000	CODX	0.6221	2%
202608	nonmarketable_limit	$5k–$10k • ODD	fill_rate	66.0%	100.0%	DWFT	3.3%	2%
202608	nonmarketable_limit	$5k–$10k • ODD	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	$5k–$10k • ODD	npi_bps	3.7 bps	80.3 bps	BYXX	4.1 bps	2%
202608	nonmarketable_limit	$5k–$10k • ODD	efq_pct	25.6%	-32.9%	JPDA	20.1%	2%
202608	nonmarketable_limit	$5k–$10k • ODD	eff_sprd	0.0848	-0.1122	JPDA	0.0602	2%
202608	nonmarketable_limit	$5k–$10k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	2%
202608	nonmarketable_limit	$5k–$10k • ODD	real_sprd_15s	0.0648	-3.6143	EDGK	0.0258	2%
202608	nonmarketable_limit	$5k–$10k • ODD	real_sprd_15s_pct	0.0%	-0.7%	EDGK	0.0%	2%
202608	nonmarketable_limit	$5k–$10k • ODD	real_sprd_1m	0.0731	-3.9455	EDGK	0.0355	2%
202608	nonmarketable_limit	$5k–$10k • ODD	real_sprd_1m_pct	0.0%	-0.7%	EDGK	0.0%	2%
202608	nonmarketable_limit	$5k–$10k • ODD	speed_1s	0.6375	1.0000	CODX	0.6712	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	fill_rate	6.6%	90.8%	TKNG	1.2%	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	pi_rate	100.0%	100.0%	APCC	100.0%	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	npi_bps	3.0 bps	57.4 bps	EDGJ	3.0 bps	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	efq_pct	19.1%	-36.9%	JPBD	9.7%	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	eff_sprd	0.0128	-0.0117	JPBD	0.0068	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	eff_sprd_pct	0.0%	-0.0%	TKNG	0.0%	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	real_sprd_15s	0.0112	-5.2399	EDGK	0.0060	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	real_sprd_15s_pct	0.0%	-3.7%	EDGK	0.0%	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	real_sprd_1m	0.0113	-4.8036	EDGK	0.0062	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	real_sprd_1m_pct	0.0%	-3.4%	EDGK	0.0%	2%
202608	nonmarketable_limit	$5k–$10k • ROUND	speed_1s	0.4078	1.0000	CODX	0.5688	2%
202608	nonmarketable_limit	$10k–$20k • ODD	fill_rate	57.4%	100.0%	DWFT	2.8%	2%
202608	nonmarketable_limit	$10k–$20k • ODD	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	$10k–$20k • ODD	npi_bps	3.9 bps	77.2 bps	BYXX	4.0 bps	2%
202608	nonmarketable_limit	$10k–$20k • ODD	efq_pct	26.7%	-32.1%	JPDA	18.8%	2%
202608	nonmarketable_limit	$10k–$20k • ODD	eff_sprd	0.1314	-0.1229	JPDA	0.0888	2%
202608	nonmarketable_limit	$10k–$20k • ODD	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	2%
202608	nonmarketable_limit	$10k–$20k • ODD	real_sprd_15s	0.0834	-0.6875	BYXX	0.0217	2%
202608	nonmarketable_limit	$10k–$20k • ODD	real_sprd_15s_pct	0.0%	-0.2%	BYXX	0.0%	2%
202608	nonmarketable_limit	$10k–$20k • ODD	real_sprd_1m	0.0908	-0.6776	BYXX	0.0464	2%
202608	nonmarketable_limit	$10k–$20k • ODD	real_sprd_1m_pct	0.0%	-0.2%	BYXX	0.0%	2%
202608	nonmarketable_limit	$10k–$20k • ODD	speed_1s	0.6582	1.0000	CODX	0.7319	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	fill_rate	8.2%	100.0%	DWFT	1.2%	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	npi_bps	3.1 bps	77.8 bps	BYXX	3.5 bps	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	efq_pct	25.0%	-19.2%	JPBD	16.5%	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	eff_sprd	0.0387	-0.2681	JPMS	0.0248	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	eff_sprd_pct	0.0%	-0.1%	JPMS	0.0%	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	real_sprd_15s	0.0363	-6.2533	EDGK	0.0126	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	real_sprd_15s_pct	0.0%	-1.9%	EDGK	0.0%	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	real_sprd_1m	0.0393	-4.0054	EDGK	0.0164	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	real_sprd_1m_pct	0.0%	-1.7%	EDGK	0.0%	2%
202608	nonmarketable_limit	$10k–$20k • ROUND	speed_1s	0.4827	1.0000	CODX	0.5548	2%
202608	nonmarketable_limit	$20k–$50k • ODD	fill_rate	57.7%	92.6%	TKNG	2.5%	2%
202608	nonmarketable_limit	$20k–$50k • ODD	pi_rate	100.0%	100.0%	APCC	100.0%	2%
202608	nonmarketable_limit	$20k–$50k • ODD	npi_bps	4.1 bps	72.3 bps	BYXX	3.9 bps	2%
202608	nonmarketable_limit	$20k–$50k • ODD	efq_pct	26.9%	-78.5%	MSCO	22.8%	2%
202608	nonmarketable_limit	$20k–$50k • ODD	eff_sprd	0.2586	-0.2072	MSCO	0.1949	2%
202608	nonmarketable_limit	$20k–$50k • ODD	eff_sprd_pct	0.0%	-0.1%	MSCO	0.0%	2%
202608	nonmarketable_limit	$20k–$50k • ODD	real_sprd_15s	0.1836	-5.1078	XGWD	0.1095	2%
202608	nonmarketable_limit	$20k–$50k • ODD	real_sprd_15s_pct	0.0%	-0.7%	XGWD	0.0%	2%
202608	nonmarketable_limit	$20k–$50k • ODD	real_sprd_1m	0.1918	-5.3878	XGWD	0.0937	2%
202608	nonmarketable_limit	$20k–$50k • ODD	real_sprd_1m_pct	0.0%	-0.7%	XGWD	0.0%	2%
202608	nonmarketable_limit	$20k–$50k • ODD	speed_1s	0.6563	1.0000	CODX	0.7576	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	fill_rate	7.7%	100.0%	DWFT	1.0%	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	npi_bps	3.0 bps	82.7 bps	BYXX	3.3 bps	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	efq_pct	25.0%	-19.5%	JPDA	18.4%	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	eff_sprd	0.0561	-0.0365	JPDA	0.0375	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPDA	0.0%	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	real_sprd_15s	0.0544	-1.6672	EDGK	0.0166	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	real_sprd_15s_pct	0.0%	-0.3%	EDGK	0.0%	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	real_sprd_1m	0.0595	-2.1293	EDGK	0.0191	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	real_sprd_1m_pct	0.0%	-0.4%	EDGK	0.0%	2%
202608	nonmarketable_limit	$20k–$50k • ROUND	speed_1s	0.5279	1.0000	CODX	0.5780	2%
202608	nonmarketable_limit	$50k–$200k • ODD	fill_rate	60.0%	84.3%	ETMM	2.3%	2%
202608	nonmarketable_limit	$50k–$200k • ODD	pi_rate	100.0%	100.0%	ALPX	100.0%	2%
202608	nonmarketable_limit	$50k–$200k • ODD	npi_bps	8.2 bps	82.7 bps	BATS	4.5 bps	2%
202608	nonmarketable_limit	$50k–$200k • ODD	efq_pct	26.8%	-2.0%	ALPX	25.3%	2%
202608	nonmarketable_limit	$50k–$200k • ODD	eff_sprd	1.2332	-0.0235	ALPX	0.4953	2%
202608	nonmarketable_limit	$50k–$200k • ODD	eff_sprd_pct	0.0%	-0.0%	ALPX	0.0%	2%
202608	nonmarketable_limit	$50k–$200k • ODD	real_sprd_15s	0.4905	-10.9006	BYXX	0.1906	2%
202608	nonmarketable_limit	$50k–$200k • ODD	real_sprd_15s_pct	0.0%	-0.4%	TLQNA	0.0%	2%
202608	nonmarketable_limit	$50k–$200k • ODD	real_sprd_1m	0.6588	-10.8858	BYXX	0.1416	2%
202608	nonmarketable_limit	$50k–$200k • ODD	real_sprd_1m_pct	0.0%	-0.4%	XSTM	0.0%	2%
202608	nonmarketable_limit	$50k–$200k • ODD	speed_1s	0.6986	1.0000	ALPX	0.9380	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	fill_rate	9.6%	100.0%	JPDA	0.7%	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	npi_bps	3.0 bps	70.6 bps	BYXX	3.2 bps	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	efq_pct	26.1%	-46.1%	TLQNA	21.5%	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	eff_sprd	0.0795	-0.0575	JPMS	0.0590	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	eff_sprd_pct	0.0%	-0.0%	JPMS	0.0%	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	real_sprd_15s	0.0736	-0.7820	BYXX	0.0323	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	real_sprd_15s_pct	0.0%	-0.3%	BYXX	0.0%	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	real_sprd_1m	0.0788	-1.7983	EDGK	0.0378	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	real_sprd_1m_pct	0.0%	-0.3%	BYXX	0.0%	2%
202608	nonmarketable_limit	$50k–$200k • ROUND	speed_1s	0.5235	1.0000	CODX	0.6028	2%
202608	nonmarketable_limit	≥$200k • ROUND	fill_rate	40.7%	94.0%	TKNG	0.5%	2%
202608	nonmarketable_limit	≥$200k • ROUND	pi_rate	100.0%	100.0%	AEFA	100.0%	2%
202608	nonmarketable_limit	≥$200k • ROUND	npi_bps	2.9 bps	51.6 bps	BYXX	3.0 bps	2%
202608	nonmarketable_limit	≥$200k • ROUND	efq_pct	29.1%	-311.5%	TLQNA	26.8%	2%
202608	nonmarketable_limit	≥$200k • ROUND	eff_sprd	0.1059	-0.0028	TLQNA	0.0827	2%
202608	nonmarketable_limit	≥$200k • ROUND	eff_sprd_pct	0.0%	-0.0%	TLQNA	0.0%	2%
202608	nonmarketable_limit	≥$200k • ROUND	real_sprd_15s	0.0652	-18.5096	BATS	0.0324	2%
202608	nonmarketable_limit	≥$200k • ROUND	real_sprd_15s_pct	0.0%	-0.5%	BATS	0.0%	2%
202608	nonmarketable_limit	≥$200k • ROUND	real_sprd_1m	0.0592	-18.5008	BATS	0.0228	2%
202608	nonmarketable_limit	≥$200k • ROUND	real_sprd_1m_pct	0.0%	-0.5%	BATS	0.0%	2%
202608	nonmarketable_limit	≥$200k • ROUND	speed_1s	0.4995	1.0000	CODX	0.5571	2%

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
202608	MEMX LLC	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	MEMX LLC	marketable_limit	0.0%	-30.00 ¢	—	—	—	—	—	No conflict
202608	MEMX LLC	nonmarketable_limit	0.3%	-30.00 ¢	—	—	—	—	—	No conflict
202608	MIAX Pearl Equities	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	MIAX Pearl Equities	marketable_limit	0.0%	-30.00 ¢	—	—	—	—	—	No conflict
202608	MIAX Pearl Equities	nonmarketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS INC	market	91.7%	0.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS INC	marketable_limit	12.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS INC	nonmarketable_limit	58.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	Intelligentcross	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Intelligentcross	marketable_limit	27.1%	14.81 ¢	—	—	—	—	—	No conflict
202608	Intelligentcross	nonmarketable_limit	2.5%	14.85 ¢	—	—	—	—	—	No conflict
202608	Virtu VEQ	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Virtu VEQ	marketable_limit	13.4%	15.00 ¢	—	—	—	—	—	No conflict
202608	Virtu VEQ	nonmarketable_limit	4.3%	15.00 ¢	—	—	—	—	—	No conflict
202608	Jane Street Capital (JNST)	market	0.0%	0.00 ¢	1.8 bps	1.8 bps	-0.1 bps	$200.34	-18.32 ¢	No conflict
202608	Jane Street Capital (JNST)	marketable_limit	9.5%	15.00 ¢	0.9 bps	-4.5 bps	5.4 bps	$193.15	1046.59 ¢	No conflict
202608	Jane Street Capital (JNST)	nonmarketable_limit	1.8%	15.00 ¢	3.2 bps	27.3 bps	-24.1 bps	$304.79	-7356.43 ¢	PFOF > 0 • Quality < Peers
202608	Jump Trading	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Jump Trading	marketable_limit	8.6%	15.00 ¢	—	—	—	—	—	No conflict
202608	Jump Trading	nonmarketable_limit	1.2%	15.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	marketable_limit	3.1%	0.00 ¢	—	—	—	—	—	No conflict
202608	Citadel Securities (CDRG)	nonmarketable_limit	3.1%	0.00 ¢	—	—	—	—	—	No conflict
202608	Instinet, CBX	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Instinet, CBX	marketable_limit	1.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	Instinet, CBX	nonmarketable_limit	3.7%	0.00 ¢	—	—	—	—	—	No conflict
202608	XTX Markets SAS	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	XTX Markets SAS	marketable_limit	9.1%	15.00 ¢	—	—	—	—	—	No conflict
202608	XTX Markets SAS	nonmarketable_limit	1.2%	15.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS INC	market	99.8%	0.00 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS INC	marketable_limit	86.3%	-0.15 ¢	—	—	—	—	—	No conflict
202608	CODA MARKETS INC	nonmarketable_limit	98.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC ATS	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC ATS	marketable_limit	0.1%	-10.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC ATS	nonmarketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	J.P. Morgan Securities LLC	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	J.P. Morgan Securities LLC	marketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	J.P. Morgan Securities LLC	nonmarketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Investors Exchange (IEXG)	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Investors Exchange (IEXG)	marketable_limit	0.1%	-22.26 ¢	—	—	—	—	—	No conflict
202608	Investors Exchange (IEXG)	nonmarketable_limit	0.0%	6.30 ¢	—	—	—	—	—	No conflict
202608	Instinet, CBX	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Instinet, CBX	marketable_limit	0.3%	0.00 ¢	—	—	—	—	—	No conflict
202608	Instinet, CBX	nonmarketable_limit	0.2%	0.00 ¢	—	—	—	—	—	No conflict
202608	MEMX LLC	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	MEMX LLC	marketable_limit	0.1%	-13.57 ¢	—	—	—	—	—	No conflict
202608	MEMX LLC	nonmarketable_limit	0.1%	11.29 ¢	—	—	—	—	—	No conflict
202608	NYSE Arca, Inc.	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	NYSE Arca, Inc.	marketable_limit	0.1%	-15.22 ¢	—	—	—	—	—	No conflict
202608	NYSE Arca, Inc.	nonmarketable_limit	0.1%	-8.98 ¢	—	—	—	—	—	No conflict
202608	The Nasdaq Stock Market LLC	market	0.2%	0.00 ¢	—	—	—	—	—	No conflict
202608	The Nasdaq Stock Market LLC	marketable_limit	0.3%	-1.02 ¢	—	—	—	—	—	No conflict
202608	The Nasdaq Stock Market LLC	nonmarketable_limit	0.3%	22.62 ¢	—	—	—	—	—	No conflict
202608	Goldman Sachs Execution & Clearing, L.P.	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Goldman Sachs Execution & Clearing, L.P.	marketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	Goldman Sachs Execution & Clearing, L.P.	nonmarketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	BofA Securities, Inc.	market	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	BofA Securities, Inc.	marketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict
202608	BofA Securities, Inc.	nonmarketable_limit	0.0%	0.00 ¢	—	—	—	—	—	No conflict

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.

Download CSV ↓

Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	Citadel Securities	pfof_rate	marketable_limit	7.45 ¢	1.24 ¢	-6.21 ¢
sp500	Citadel Securities	pfof_rate	non_marketable_limit	3.67 ¢	2.69 ¢	-0.97 ¢
sp500	Citadel Securities	pfof_rate	other	7.39 ¢	0.09 ¢	-7.30 ¢
sp500	CODA MARKETS INC	pfof_rate	marketable_limit	0.00 ¢	0.38 ¢	0.38 ¢
sp500	Hudson River Trading (HRT)	dropped	—	5.06 ¢	—	—
sp500	Intelligentcross	pfof_rate	marketable_limit	15.00 ¢	14.94 ¢	-0.06 ¢
sp500	Intelligentcross	pfof_rate	non_marketable_limit	15.00 ¢	14.95 ¢	-0.05 ¢
sp500	Intelligentcross	pfof_rate	other	15.00 ¢	14.95 ¢	-0.05 ¢
sp500	Jane Street Capital	added	—	—	5.61 ¢	—
sp500	Jane Street Execution Services Llc	dropped	—	2.40 ¢	—	—
sp500	Jump Trading	pfof_rate	other	12.51 ¢	6.64 ¢	-5.87 ¢
sp500	MEMX LLC	pfof_rate	marketable_limit	20.22 ¢	-4.09 ¢	-24.31 ¢
sp500	MEMX LLC	pfof_rate	non_marketable_limit	29.87 ¢	-0.10 ¢	-29.97 ¢
sp500	MEMX LLC	pfof_rate	other	29.40 ¢	29.23 ¢	-0.18 ¢
sp500	MIAX Pearl Equities	added	—	—	7.08 ¢	—
sp500	NYSE Arca, Inc.	dropped	—	15.68 ¢	—	—
sp500	The Nasdaq Stock Market LLC	pfof_rate	market	-0.13 ¢	-0.26 ¢	-0.13 ¢
sp500	The Nasdaq Stock Market LLC	pfof_rate	marketable_limit	2.15 ¢	2.78 ¢	0.62 ¢
sp500	The Nasdaq Stock Market LLC	pfof_rate	non_marketable_limit	9.67 ¢	21.63 ¢	11.96 ¢
sp500	The Nasdaq Stock Market LLC	pfof_rate	other	-0.23 ¢	4.43 ¢	4.67 ¢
sp500	Virtu VEQ	added	—	—	7.50 ¢	—
other_stocks	BofA Securities, Inc.	added	—	—	0.42 ¢	—
other_stocks	Cboe BZX Exchange, Inc.	pfof_rate	marketable_limit	-27.30 ¢	-19.88 ¢	7.42 ¢
other_stocks	Cboe BZX Exchange, Inc.	pfof_rate	non_marketable_limit	-7.00 ¢	-18.57 ¢	-11.57 ¢
other_stocks	Cboe BZX Exchange, Inc.	pfof_rate	other	-25.87 ¢	-24.73 ¢	1.15 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	market	-12.88 ¢	0.00 ¢	12.88 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	-22.56 ¢	-17.12 ¢	5.44 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	-13.50 ¢	-17.75 ¢	-4.25 ¢
other_stocks	Cboe EDGX Exchange, Inc.	pfof_rate	other	-19.15 ¢	-18.56 ¢	0.59 ¢
other_stocks	Citadel Securities	pfof_rate	marketable_limit	5.12 ¢	4.68 ¢	-0.44 ¢
other_stocks	Citadel Securities	pfof_rate	non_marketable_limit	6.00 ¢	7.97 ¢	1.96 ¢
other_stocks	Citadel Securities	pfof_rate	other	1.41 ¢	0.33 ¢	-1.08 ¢
other_stocks	CODA MARKETS INC	route_share	—	43.51 ¢	51.01 ¢	7.50 ¢
other_stocks	CODA MARKETS INC	pfof_rate	marketable_limit	0.00 ¢	-0.91 ¢	-0.91 ¢
other_stocks	CODA MARKETS INC	pfof_rate	other	0.00 ¢	-2.98 ¢	-2.98 ¢
other_stocks	Goldman Sachs & Co. LLC SIGMA X2	added	—	—	0.77 ¢	—
other_stocks	Goldman Sachs Execution & Clearing, L.P.	added	—	—	0.47 ¢	—
other_stocks	Hudson River Trading (HRT)	dropped	—	1.93 ¢	—	—
other_stocks	Instinct X	added	—	—	0.71 ¢	—
other_stocks	Instinet, CBX	added	—	—	2.26 ¢	—
other_stocks	Intelligentcross	dropped	—	1.35 ¢	—	—
other_stocks	Investors Exchange (IEXG)	added	—	—	0.64 ¢	—
other_stocks	J.P. Morgan Securities LLC	added	—	—	0.76 ¢	—
other_stocks	Jump Trading	pfof_rate	marketable_limit	13.13 ¢	12.02 ¢	-1.11 ¢
other_stocks	Jump Trading	pfof_rate	non_marketable_limit	10.63 ¢	15.00 ¢	4.37 ¢
other_stocks	Jump Trading	pfof_rate	other	3.76 ¢	0.94 ¢	-2.82 ¢
other_stocks	MEMX LLC	route_share	—	16.56 ¢	7.47 ¢	-9.09 ¢
other_stocks	MEMX LLC	pfof_rate	market	-9.91 ¢	0.00 ¢	9.91 ¢
other_stocks	MEMX LLC	pfof_rate	marketable_limit	6.24 ¢	-14.08 ¢	-20.31 ¢
other_stocks	MEMX LLC	pfof_rate	non_marketable_limit	28.84 ¢	13.71 ¢	-15.14 ¢
other_stocks	MEMX LLC	pfof_rate	other	11.45 ¢	7.20 ¢	-4.25 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	marketable_limit	-3.30 ¢	-16.95 ¢	-13.65 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	non_marketable_limit	18.22 ¢	-12.93 ¢	-31.14 ¢
other_stocks	NYSE Arca, Inc.	pfof_rate	other	-4.64 ¢	-8.17 ¢	-3.53 ¢
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	market	-8.74 ¢	0.75 ¢	9.49 ¢
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	marketable_limit	0.74 ¢	-1.24 ¢	-1.98 ¢
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	non_marketable_limit	16.65 ¢	24.15 ¢	7.50 ¢
other_stocks	The Nasdaq Stock Market LLC	pfof_rate	other	1.18 ¢	13.29 ¢	12.11 ¢
other_stocks	UBS Securities, LLC ATS	added	—	—	1.60 ¢	—
other_stocks	Virtu VEQ	added	—	—	1.80 ¢	—
other_stocks	XTX Markets SAS	dropped	—	2.49 ¢	—	—
options	BOX Exchange LLC	pfof_rate	non_marketable_limit	15.00 ¢	0.00 ¢	-15.00 ¢
options	BOX Exchange LLC	pfof_rate	other	31.95 ¢	0.00 ¢	-31.95 ¢
options	Cboe C2 Exchange, Inc.	dropped	—	0.16 ¢	—	—
options	Cboe EDGX Exchange, Inc.	route_share	—	5.05 ¢	10.21 ¢	5.15 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	marketable_limit	-4.00 ¢	-2.67 ¢	1.33 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	non_marketable_limit	-1.33 ¢	0.00 ¢	1.33 ¢
options	Cboe EDGX Exchange, Inc.	pfof_rate	other	33.13 ¢	22.57 ¢	-10.56 ¢
options	Cboe Exchange, Inc.	pfof_rate	marketable_limit	-11.25 ¢	-2.63 ¢	8.63 ¢
options	Cboe Exchange, Inc.	pfof_rate	non_marketable_limit	-1.75 ¢	0.00 ¢	1.75 ¢
options	Cboe Exchange, Inc.	pfof_rate	other	-56.31 ¢	-32.50 ¢	23.81 ¢
options	Dash/IMC Financial Markets	route_share	—	88.07 ¢	75.76 ¢	-12.31 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	7.96 ¢	18.73 ¢	10.76 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	15.23 ¢	15.35 ¢	0.12 ¢
options	Dash/IMC Financial Markets	pfof_rate	non_marketable_limit	24.30 ¢	32.09 ¢	7.79 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	4.48 ¢	5.62 ¢	1.15 ¢
options	Miami International Securities Exchange, LLC	pfof_rate	marketable_limit	-5.00 ¢	-2.50 ¢	2.50 ¢
options	Miami International Securities Exchange, LLC	pfof_rate	non_marketable_limit	-1.67 ¢	0.00 ¢	1.67 ¢
options	Miami International Securities Exchange, LLC	pfof_rate	other	15.00 ¢	7.50 ¢	-7.50 ¢
options	MIAX Emerald, LLC	pfof_rate	marketable_limit	-55.00 ¢	0.00 ¢	55.00 ¢
options	MIAX Emerald, LLC	pfof_rate	other	-25.00 ¢	-24.80 ¢	0.20 ¢
options	MIAX SAPPHIRE LLC	added	—	—	0.01 ¢	—
options	Nasdaq ISE, LLC	pfof_rate	marketable_limit	-44.00 ¢	0.00 ¢	44.00 ¢
options	Nasdaq ISE, LLC	pfof_rate	non_marketable_limit	-14.67 ¢	0.00 ¢	14.67 ¢
options	Nasdaq ISE, LLC	pfof_rate	other	9.32 ¢	17.33 ¢	8.01 ¢
options	Nasdaq MRX, LLC	pfof_rate	marketable_limit	25.93 ¢	13.00 ¢	-12.93 ¢
options	Nasdaq MRX, LLC	pfof_rate	non_marketable_limit	0.00 ¢	-2.50 ¢	-2.50 ¢
options	Nasdaq MRX, LLC	pfof_rate	other	-4.00 ¢	-4.01 ¢	-0.01 ¢
options	Nasdaq PHLX LLC	pfof_rate	marketable_limit	-10.33 ¢	-56.50 ¢	-46.17 ¢
options	Nasdaq PHLX LLC	pfof_rate	non_marketable_limit	-1.67 ¢	0.00 ¢	1.67 ¢
options	Nasdaq PHLX LLC	pfof_rate	other	-1.67 ¢	-2.50 ¢	-0.83 ¢
options	NYSE American LLC	pfof_rate	marketable_limit	-5.00 ¢	-1.67 ¢	3.33 ¢
options	NYSE American LLC	pfof_rate	non_marketable_limit	-1.67 ¢	0.00 ¢	1.67 ¢
options	NYSE American LLC	pfof_rate	other	-3.33 ¢	-1.67 ¢	1.67 ¢
options	NYSE ARCA OPTIONS	pfof_rate	marketable_limit	-17.46 ¢	-27.00 ¢	-9.54 ¢
options	NYSE ARCA OPTIONS	pfof_rate	non_marketable_limit	19.89 ¢	35.00 ¢	15.11 ¢
options	NYSE ARCA OPTIONS	pfof_rate	other	-54.00 ¢	-31.63 ¢	22.37 ¢
options	The NASDAQ Options Market LLC	pfof_rate	marketable_limit	-54.00 ¢	-27.00 ¢	27.00 ¢
options	The NASDAQ Options Market LLC	pfof_rate	non_marketable_limit	15.00 ¢	19.68 ¢	4.68 ¢

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), Cboe BZX Exchange, Inc. (name:CBOE BZX EXCHANGE), Cboe EDGX Exchange, Inc. (name:CBOE EDGX EXCHANGE), CODA MARKETS INC (name:CODA MARKETS), Goldman Sachs & Co. LLC SIGMA X2 (name:GOLDMAN SACHS CO LLC SIGMA X2), Goldman Sachs Execution & Clearing, L.P. (name:GOLDMAN SACHS EXECUTION CLEARING L P), Instinct X (name:INSTINCT X), Instinet, CBX (name:INSTINET CBX), Intelligentcross (name:INTELLIGENTCROSS), Investors Exchange (IEXG) (name:INVESTORS EXCHANGE IEXG), J.P. Morgan Securities LLC (name:J P MORGAN SECURITIES), Jump Trading (name:JUMP TRADING), MEMX LLC (name:MEMX), MIAX Pearl Equities (name:MIAX PEARL EQUITIES), NYSE Arca, Inc. (name:NYSE ARCA), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), UBS Securities, LLC ATS (name:UBS SECURITIES LLC ATS), Virtu VEQ (name:VIRTU VEQ), XTX Markets SAS (name:XTX MARKETS SAS)

Unretrievable 605 File Hosts:

(CDRG):host_challenge

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.