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CRD #8246
Review Period: 2026Q2
Filing: Direct 606 filer
OPAL SECURITIES, INC. (CRD #8246) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review
• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)
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
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.
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: 2026Q2 •
Generated: Wed, 14 Oct 2026 20:17:03 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 | f047c40cfd11b89020adddddb63fcad8762b73f262e2f89a26fc2684c8038b84 | 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.
| 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.
| 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.
| 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.
| 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.
| 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
0
Cells with < 100 covered ordersUnmapped Venues
19
606 destinations without 605 matchChallenged / Missing 605
0
Venues missing monthly 605 reportUnmapped 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)
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.