Terms of Service

1. Scope of Service & Regulatory Disclaimers

Execution Reports provides quantitative data analysis joining public SEC Rule 606 order routing disclosures and amended SEC Rule 605 execution quality statistics. Our software produces quarterly reviews covering the competing-markets comparison component of broker-dealer regular and rigorous execution quality evaluations under FINRA Rule 5310.09.

Not Legal or Compliance Advice: Execution Reports is a specialized quantitative analytics and supervisory tooling provider. Execution Reports does not provide legal, supervisory, or regulatory compliance advice. Nothing provided through our services constitutes an official certification of regulatory adherence, nor does any report or output guarantee that a broker-dealer satisfies FINRA Rule 5310 or any other regulatory requirement.

Internal Order-Level Review Required: Public disclosures do not contain trade-level or individual customer order records. As specified under FINRA Rule 5310.09, broker-dealers must evaluate their own internal order flow, arrival prices, trading objectives, customer instructions, and execution outcomes. Introducing broker-dealers relying on clearing firm reviews under Rule 5310.09(c) remain independently responsible for testing and supervising execution quality.

2. Nature of Data & Disclosures

Market statistics are derived from amended SEC Rule 605 monthly reports, SEC Rule 606 quarterly disclosures, and related public reference datasets. Broker-dealer execution reports identify material differences across order size and security tiers for best execution committee disposition. Data points reflect publicly available statistical aggregates and do not constitute accusations or determinations of regulatory violations.

3. Subscriptions, Fees & Billing

Paid subscriptions provide access to the complete 144-bucket analysis, interactive exception registers, signed supervisory dossier generation, and consultant command centers. Subscriptions are billed annually in advance via corporate payment card or approved corporate invoice. Subscriptions automatically renew at the end of each annual period unless canceled prior to the renewal date via the customer billing portal.

4. User Accounts & Security

Access is authenticated via single-use cryptographic email links (magic links). Subscribers are responsible for maintaining the confidentiality of their email access and for all supervisory activities, committee dispositions, and dossier signatures executed under their accounts.

5. Limitation of Liability

To the maximum extent permitted by applicable law, Execution Reports and its operators shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, arising out of or related to your use of or inability to use the platform or data products.

6. Contact

For inquiries regarding these terms, please contact legal@executionreports.com.