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2026Q2 2026Q1

CRD #8246 Review Period: 2026Q1 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) 2026Q1 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. Dash/IMC Financial Markets(264.2%)

2. CODA MARKETS INC(171.4%)

3. MEMX LLC(99.5%)

Top routed order shares

Disclosed PFOF / Rebates

$748,461.96

Avg 12.34 ¢

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

OPAL SECURITIES, INC.

CRD Number: 8246 • Quarter: 2026Q1 • Generated: Wed, 14 Oct 2026 20:17:12 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
OPAL	8246	OPAL	V1	9b7a67ffb2c8b567cd422b0d46d2d03014af5198789d55ed3a10edaf1cffa212	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)
202601	options	Dash/IMC Financial Markets	Unmapped	83.7%	100.0%	93.8%	95.3%	15.51 ¢	10.94 ¢
202601	options	Cboe EDGX Exchange, Inc.	Unmapped	8.1%	0.0%	1.8%	0.7%	0.00 ¢	-4.00 ¢
202601	options	Miami International Securities Exchange, LLC	Unmapped	2.1%	0.0%	0.1%	0.2%	0.00 ¢	-5.00 ¢
202601	options	BOX Exchange LLC	Unmapped	1.5%	0.0%	0.3%	0.1%	0.00 ¢	15.00 ¢
202601	options	NYSE ARCA OPTIONS	Unmapped	1.0%	0.0%	1.1%	2.1%	0.00 ¢	19.08 ¢
202601	options	Nasdaq ISE, LLC	Unmapped	0.5%	0.0%	0.2%	0.2%	0.00 ¢	-44.00 ¢
202601	options	Cboe Exchange, Inc.	Unmapped	0.5%	0.0%	0.3%	0.1%	0.00 ¢	-5.26 ¢
202601	options	Cboe C2 Exchange, Inc.	Unmapped	0.5%	0.0%	0.3%	0.4%	0.00 ¢	-45.00 ¢
202601	options	NYSE American LLC	Unmapped	0.4%	0.0%	0.2%	0.1%	0.00 ¢	-5.00 ¢
202601	options	Nasdaq PHLX LLC	Unmapped	0.4%	0.0%	0.1%	0.1%	0.00 ¢	-5.00 ¢
202601	other_stocks	CODA MARKETS INC	Unmapped	58.0%	97.1%	64.1%	97.1%	0.00 ¢	0.00 ¢
202601	other_stocks	MEMX LLC	Unmapped	9.8%	0.9%	0.5%	0.5%	-29.73 ¢	-10.35 ¢
202601	other_stocks	NYSE Arca, Inc.	Unmapped	6.1%	0.0%	0.1%	0.1%	0.00 ¢	-0.21 ¢
202601	other_stocks	The Nasdaq Stock Market LLC	Unmapped	4.4%	1.9%	2.1%	0.1%	-1.97 ¢	1.29 ¢
202601	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	3.3%	0.1%	0.1%	0.0%	-8.64 ¢	-23.54 ¢
202601	other_stocks	Jump Trading	Unmapped	2.9%	0.0%	4.5%	0.2%	0.00 ¢	13.87 ¢
202601	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.2%	0.0%	0.1%	0.0%	-30.00 ¢	-26.13 ¢
202601	other_stocks	XTX Markets SAS	Unmapped	1.9%	0.0%	4.9%	0.2%	0.00 ¢	15.00 ¢
202601	other_stocks	Citadel Securities	CDRG	1.7%	0.0%	3.6%	0.3%	0.00 ¢	0.40 ¢
202601	other_stocks	Intelligentcross	Unmapped	1.7%	0.0%	5.7%	0.1%	0.00 ¢	14.97 ¢
202601	sp500	NYSE Arca, Inc.	Unmapped	21.8%	0.0%	0.1%	0.3%	0.00 ¢	12.26 ¢
202601	sp500	MEMX LLC	Unmapped	14.8%	0.0%	1.4%	3.9%	0.00 ¢	5.84 ¢
202601	sp500	CODA MARKETS INC	Unmapped	14.4%	100.0%	20.0%	65.6%	0.00 ¢	0.00 ¢
202601	sp500	Intelligentcross	Unmapped	10.3%	0.0%	21.6%	2.3%	0.00 ¢	15.00 ¢
202601	sp500	Jump Trading	Unmapped	8.6%	0.0%	11.8%	4.8%	0.00 ¢	15.00 ¢
202601	sp500	XTX Markets SAS	Unmapped	8.2%	0.0%	15.0%	4.5%	0.00 ¢	15.00 ¢
202601	sp500	Citadel Securities	CDRG	5.6%	0.0%	10.0%	5.1%	0.00 ¢	0.36 ¢
202601	sp500	Jane Street Execution Services Llc	Unmapped	4.0%	0.0%	6.7%	4.8%	0.00 ¢	-5.00 ¢
202601	sp500	Hudson River Trading (HRT)	HRTF	3.3%	0.0%	4.9%	5.5%	0.00 ¢	0.00 ¢
202601	sp500	The Nasdaq Stock Market LLC	Unmapped	3.3%	0.0%	2.5%	0.0%	0.00 ¢	2.74 ¢
202602	options	Dash/IMC Financial Markets	Unmapped	92.7%	100.0%	97.8%	98.1%	-0.79 ¢	20.37 ¢
202602	options	Cboe Exchange, Inc.	Unmapped	2.7%	0.0%	0.1%	0.0%	0.00 ¢	-23.25 ¢
202602	options	Cboe EDGX Exchange, Inc.	Unmapped	2.7%	0.0%	0.2%	0.0%	0.00 ¢	-4.00 ¢
202602	options	NYSE ARCA OPTIONS	Unmapped	0.5%	0.0%	0.1%	1.9%	0.00 ¢	-54.00 ¢
202602	options	Miami International Securities Exchange, LLC	Unmapped	0.5%	0.0%	0.3%	0.0%	0.00 ¢	-5.00 ¢
202602	options	Nasdaq ISE, LLC	Unmapped	0.2%	0.0%	0.1%	0.0%	0.00 ¢	-44.00 ¢
202602	options	Nasdaq MRX, LLC	Unmapped	0.1%	0.0%	0.2%	0.0%	0.00 ¢	25.86 ¢
202602	options	MIAX Emerald, LLC	Unmapped	0.1%	0.0%	0.1%	0.0%	0.00 ¢	-55.00 ¢
202602	options	NYSE American LLC	Unmapped	0.1%	0.0%	0.2%	0.0%	0.00 ¢	-5.00 ¢
202602	options	Nasdaq PHLX LLC	Unmapped	0.1%	0.0%	0.2%	0.0%	0.00 ¢	-13.00 ¢
202602	other_stocks	CODA MARKETS INC	Unmapped	37.2%	99.5%	54.0%	88.8%	0.00 ¢	0.00 ¢
202602	other_stocks	MEMX LLC	Unmapped	19.5%	0.0%	0.1%	4.6%	0.00 ¢	3.13 ¢
202602	other_stocks	NYSE Arca, Inc.	Unmapped	9.3%	0.0%	0.4%	0.7%	0.00 ¢	-1.55 ¢
202602	other_stocks	The Nasdaq Stock Market LLC	Unmapped	6.0%	0.5%	3.1%	0.3%	-16.76 ¢	1.25 ¢
202602	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	4.1%	0.0%	0.0%	0.1%	-30.00 ¢	-21.10 ¢
202602	other_stocks	Jump Trading	Unmapped	4.1%	0.0%	5.1%	0.6%	0.00 ¢	13.10 ¢
202602	other_stocks	Citadel Securities	CDRG	2.8%	0.0%	5.3%	0.7%	0.00 ¢	7.13 ¢
202602	other_stocks	Hudson River Trading (HRT)	HRTF	2.8%	0.0%	4.8%	0.7%	0.00 ¢	0.00 ¢
202602	other_stocks	XTX Markets SAS	Unmapped	2.6%	0.0%	4.4%	0.7%	0.00 ¢	15.00 ¢
202602	other_stocks	Cboe BZX Exchange, Inc.	Unmapped	2.3%	0.1%	0.1%	0.0%	-30.00 ¢	-28.47 ¢
202602	sp500	NYSE Arca, Inc.	Unmapped	20.8%	0.0%	0.3%	0.3%	0.00 ¢	-3.92 ¢
202602	sp500	CODA MARKETS INC	Unmapped	16.2%	98.2%	16.4%	61.3%	0.00 ¢	0.00 ¢
202602	sp500	MEMX LLC	Unmapped	13.3%	0.0%	0.2%	6.6%	0.00 ¢	22.87 ¢
202602	sp500	Intelligentcross	Unmapped	10.8%	0.0%	28.3%	3.2%	0.00 ¢	15.00 ¢
202602	sp500	Jump Trading	Unmapped	7.6%	0.0%	9.4%	5.6%	0.00 ¢	15.00 ¢
202602	sp500	Citadel Securities	CDRG	5.3%	0.0%	9.2%	6.1%	0.00 ¢	11.00 ¢
202602	sp500	Hudson River Trading (HRT)	HRTF	5.2%	0.0%	8.8%	6.1%	0.00 ¢	0.00 ¢
202602	sp500	XTX Markets SAS	Unmapped	5.0%	0.0%	8.3%	5.8%	0.00 ¢	15.00 ¢
202602	sp500	The Nasdaq Stock Market LLC	Unmapped	4.9%	1.8%	3.6%	0.5%	-0.40 ¢	2.58 ¢
202602	sp500	Jane Street Execution Services Llc	Unmapped	3.3%	0.0%	8.0%	0.8%	0.00 ¢	-5.00 ¢
202603	options	Dash/IMC Financial Markets	Unmapped	87.8%	100.0%	93.9%	99.1%	9.16 ¢	14.37 ¢
202603	options	Cboe EDGX Exchange, Inc.	Unmapped	4.4%	0.0%	0.7%	0.0%	0.00 ¢	-4.00 ¢
202603	options	Cboe Exchange, Inc.	Unmapped	4.1%	0.0%	0.4%	0.0%	0.00 ¢	-5.25 ¢
202603	options	Miami International Securities Exchange, LLC	Unmapped	1.0%	0.0%	0.4%	0.0%	0.00 ¢	-5.00 ¢
202603	options	Nasdaq ISE, LLC	Unmapped	0.5%	0.0%	0.2%	0.0%	0.00 ¢	-44.00 ¢
202603	options	Nasdaq MRX, LLC	Unmapped	0.4%	0.0%	0.7%	0.0%	0.00 ¢	26.00 ¢
202603	options	MIAX Emerald, LLC	Unmapped	0.3%	0.0%	0.2%	0.0%	0.00 ¢	-55.00 ¢
202603	options	NYSE American LLC	Unmapped	0.3%	0.0%	0.6%	0.0%	0.00 ¢	-5.00 ¢
202603	options	Nasdaq PHLX LLC	Unmapped	0.3%	0.0%	0.2%	0.0%	0.00 ¢	-13.00 ¢
202603	options	The NASDAQ Options Market LLC	Unmapped	0.2%	0.0%	0.2%	0.9%	0.00 ¢	-54.00 ¢
202603	other_stocks	CODA MARKETS INC	Unmapped	35.3%	98.6%	54.2%	88.9%	0.00 ¢	0.00 ¢
202603	other_stocks	MEMX LLC	Unmapped	20.4%	0.0%	0.1%	5.1%	0.00 ¢	25.93 ¢
202603	other_stocks	NYSE Arca, Inc.	Unmapped	8.4%	0.0%	0.1%	0.3%	0.00 ¢	-8.14 ¢
202603	other_stocks	The Nasdaq Stock Market LLC	Unmapped	6.5%	1.4%	3.7%	0.2%	-7.50 ¢	-0.30 ¢
202603	other_stocks	Cboe EDGX Exchange, Inc.	Unmapped	4.6%	0.0%	0.0%	0.0%	0.00 ¢	-23.06 ¢
202603	other_stocks	Jump Trading	Unmapped	4.5%	0.0%	6.6%	0.7%	0.00 ¢	12.41 ¢
202603	other_stocks	Citadel Securities	CDRG	3.1%	0.0%	6.6%	0.8%	0.00 ¢	7.82 ¢
202603	other_stocks	Hudson River Trading (HRT)	HRTF	3.0%	0.0%	6.3%	0.8%	0.00 ¢	0.00 ¢
202603	other_stocks	XTX Markets SAS	Unmapped	2.9%	0.0%	5.7%	0.7%	0.00 ¢	15.00 ¢
202603	other_stocks	Intelligentcross	Unmapped	2.4%	0.0%	8.7%	0.3%	0.00 ¢	15.00 ¢
202603	sp500	MEMX LLC	Unmapped	21.8%	0.0%	0.1%	7.4%	0.00 ¢	31.95 ¢
202603	sp500	Intelligentcross	Unmapped	13.1%	0.0%	28.7%	2.7%	0.00 ¢	15.00 ¢
202603	sp500	CODA MARKETS INC	Unmapped	10.2%	96.9%	10.2%	61.1%	0.00 ¢	0.00 ¢
202603	sp500	Jump Trading	Unmapped	9.6%	0.0%	12.9%	5.5%	0.00 ¢	15.00 ¢
202603	sp500	Citadel Securities	CDRG	7.3%	0.0%	11.7%	6.6%	0.00 ¢	11.00 ¢
202603	sp500	XTX Markets SAS	Unmapped	6.8%	0.0%	11.8%	5.5%	0.00 ¢	15.00 ¢
202603	sp500	Hudson River Trading (HRT)	HRTF	6.7%	0.0%	11.5%	6.2%	0.00 ¢	0.00 ¢
202603	sp500	The Nasdaq Stock Market LLC	Unmapped	5.0%	3.1%	4.6%	0.4%	0.00 ¢	1.14 ¢
202603	sp500	NYSE Arca, Inc.	Unmapped	4.5%	0.0%	0.3%	0.4%	0.00 ¢	-18.80 ¢
202603	sp500	Instinet, CBX	Unmapped	4.4%	0.0%	0.8%	1.9%	0.00 ¢	0.00 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

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Month	Venue	Class	Notional × Lot	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s

3. Routing-Weighted Composite Quality

Implied execution quality achieved by the firm’s routing mix across the 24 amended size tiers, compared against the best and median competing venues.

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Month	Class	Notional × Lot	Metric	Firm Composite	Best Competing	Best Venue	Median Competing	Mapped Flow

4. Payment for Order Flow vs. Execution Quality

Addresses FINRA 5310.09 conflicts: comparing PFOF received (¢/100 sh) against net price improvement shortfall vs mix-adjusted peers.

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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 2025Q4.

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No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.

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), CODA MARKETS INC (name:CODA MARKETS), Instinet, CBX (name:INSTINET CBX), Intelligentcross (name:INTELLIGENTCROSS), Jane Street Execution Services Llc (name:JANE STREET EXECUTION SERVICES), Jump Trading (name:JUMP TRADING), MEMX LLC (name:MEMX), NYSE Arca, Inc. (name:NYSE ARCA), The Nasdaq Stock Market LLC (name:THE NASDAQ STOCK MARKET), XTX Markets SAS (name:XTX MARKETS SAS)

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.