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2026Q2 2026Q1

Adopted Clearing Firm Rule 606 Reports

Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): WEDBUSH SECURITIES INC.. Every underlying execution venue and clearing context is evaluated below.

CRD #8300 Review Period: 2026Q2 Filing: Adopts clearing firm report

SPENCER-WINSTON SECURITIES CORPORATION (CRD #8300) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: SPENCER-WINSTON SECURITIES CORPORATION (CRD #8300) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

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Primary Routed Venues (606)

1. CITADEL SECURITIES LLC(462.4%)

2. Citadel Execution Services(152.4%)

3. Wolverine Execution Services, LLC(147.6%)

Top routed order shares

Disclosed PFOF / Rebates

Clears via WEDBUSH SECURITIES INC. • Subject to 5310.09(c) supervision

Clearing firm adoption

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

SPENCER-WINSTON SECURITIES CORPORATION

CRD Number: 8300 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 20:18:00 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Wedbush Securities, Inc.(Clearing: WEDBUSH SECURITIES INC.)	877	WEDB	V1	ea32ee8f3a97010bdc8b8a15b314c304ada0edf00c5c96b7fa2a95e010df6bb3	Download XML ↗

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

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

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Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Wolverine Execution Services, LLC	Unmapped	50.2%	47.6%	47.8%	50.4%	29.84 ¢	30.06 ¢
202604	options	Citadel Execution Services	Unmapped	49.8%	52.4%	52.2%	49.6%	22.39 ¢	38.85 ¢
202604	other_stocks	CITADEL SECURITIES LLC	CDRG	70.6%	19.4%	73.5%	78.0%	0.00 ¢	0.00 ¢
202604	other_stocks	Blue Ocean Technologies, LLC	Unmapped	17.9%	0.0%	24.1%	18.9%	0.00 ¢	0.00 ¢
202604	other_stocks	Virtu Americas, LLC	NITE	7.0%	50.0%	1.1%	2.0%	0.00 ¢	0.00 ¢
202604	sp500	CITADEL SECURITIES LLC	CDRG	74.3%	14.2%	84.1%	84.0%	0.00 ¢	0.00 ¢
202604	sp500	Blue Ocean Technologies, LLC	Unmapped	11.9%	0.0%	15.1%	13.8%	0.00 ¢	0.00 ¢
202604	sp500	Virtu Americas, LLC	NITE	11.7%	72.7%	0.7%	1.9%	0.00 ¢	0.00 ¢
202605	options	Citadel Execution Services	Unmapped	52.7%	54.5%	51.0%	51.6%	21.31 ¢	30.02 ¢
202605	options	Wolverine Execution Services, LLC	Unmapped	47.3%	45.5%	49.0%	48.4%	27.16 ¢	37.82 ¢
202605	other_stocks	CITADEL SECURITIES LLC	CDRG	81.5%	24.4%	79.5%	84.8%	0.00 ¢	0.00 ¢
202605	other_stocks	Blue Ocean Technologies, LLC	Unmapped	15.4%	0.0%	20.1%	14.3%	0.00 ¢	0.00 ¢
202605	sp500	CITADEL SECURITIES LLC	CDRG	76.1%	18.4%	72.3%	83.5%	0.00 ¢	0.00 ¢
202605	sp500	Blue Ocean Technologies, LLC	Unmapped	17.5%	0.0%	27.4%	15.8%	0.00 ¢	0.00 ¢
202605	sp500	Virtu Americas, LLC	NITE	5.4%	69.1%	0.2%	0.6%	0.00 ¢	0.00 ¢
202606	options	Wolverine Execution Services, LLC	Unmapped	50.1%	47.8%	49.7%	49.9%	27.84 ¢	45.77 ¢
202606	options	Citadel Execution Services	Unmapped	49.9%	52.2%	50.3%	50.1%	21.18 ¢	22.43 ¢
202606	other_stocks	CITADEL SECURITIES LLC	CDRG	81.5%	28.0%	77.6%	85.3%	0.00 ¢	0.00 ¢
202606	other_stocks	Blue Ocean Technologies, LLC	Unmapped	16.0%	0.0%	22.0%	13.6%	0.00 ¢	0.00 ¢
202606	sp500	CITADEL SECURITIES LLC	CDRG	78.5%	20.3%	73.1%	83.9%	0.00 ¢	0.00 ¢
202606	sp500	Blue Ocean Technologies, LLC	Unmapped	18.1%	0.0%	26.8%	15.7%	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 2026Q1.

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Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	Virtu Americas, LLC	route_share	—	12.94 ¢	5.68 ¢	-7.26 ¢
options	Citadel Execution Services	pfof_rate	market	20.17 ¢	21.63 ¢	1.46 ¢
options	Citadel Execution Services	pfof_rate	marketable_limit	30.36 ¢	30.43 ¢	0.07 ¢
options	Citadel Execution Services	pfof_rate	non_marketable_limit	34.53 ¢	36.13 ¢	1.60 ¢
options	Citadel Execution Services	pfof_rate	other	17.28 ¢	22.80 ¢	5.52 ¢
options	Wolverine Execution Services, LLC	pfof_rate	market	29.67 ¢	28.28 ¢	-1.39 ¢
options	Wolverine Execution Services, LLC	pfof_rate	marketable_limit	35.69 ¢	37.89 ¢	2.20 ¢
options	Wolverine Execution Services, LLC	pfof_rate	non_marketable_limit	33.16 ¢	44.65 ¢	11.49 ¢
options	Wolverine Execution Services, LLC	pfof_rate	other	33.86 ¢	31.35 ¢	-2.51 ¢

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells

Cells with < 100 covered orders

Unmapped Venues

606 destinations without 605 match

Challenged / Missing 605

Venues missing monthly 605 report

Unmapped Routing Destinations:

Blue Ocean Technologies, LLC (name:BLUE OCEAN TECHNOLOGIES)

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.