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Rule 605 Market Center Scorecard
ALPACA SECURITIES LLC
Status: ACTIVE
Generated: Thu, 15 Oct 2026 22:29:33 GMT
Quarter:2026Q3
Covered Orders3,282,848Across all reported tiers
Covered Shares2,856,798In Q3 2026
Active Tiers43Order class × notional buckets
Routing Brokers0Disclosed in 606 filings
1. Amended Rule 605 Scorecard vs. Mix-Adjusted Peers — 2026-08
Execution metrics across order classes and the 24 notional × lot categories, benchmarked against what competing market centers delivered on identical symbols.
| Class | Notional × Lot | Orders | Covered Sh | Fill Rate | PI Rate | NPI (bps) | Peer Bench (bps) | Coverage | Rank Pctl | Eff Spread | Speed <1s |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market | <$250 • Fractional | 694,608 | 326,784 | 100.0% | 97.2% | 4.3 bps | 4.4 bps | 87% | 83rd | $0.0289 | 100.0% |
| Market | <$250 • Odd Lot | 847,740 | 1,304,819 | 100.0% | 97.3% | 4.0 bps | 4.0 bps | 91% | 22nd | $0.0178 | 100.0% |
| Market | <$250 • Round Lot | 12 | 1,985 | — | — | — | — | — | — | — | — |
| Market | $250–$999 • Fractional | 6,989 | 5,227 | 100.0% | 98.3% | 3.1 bps | 2.3 bps | 83% | 95th | $0.1344 | 100.0% |
| Market | $250–$999 • Odd Lot | 57,532 | 92,110 | 100.0% | 98.4% | 4.2 bps | 4.5 bps | 91% | 38th | $0.1021 | 99.7% |
| Market | $250–$999 • Round Lot | 1 | 149 | — | — | — | — | — | — | — | — |
| Market | $1k–$5k • Fractional | 324 | 242 | 100.0% | 99.7% | 3.6 bps | 3.9 bps | 99% | 62nd | $0.4134 | 100.0% |
| Market | $1k–$5k • Odd Lot | 2,220 | 4,085 | 100.0% | 96.0% | 1.9 bps | 1.5 bps | 83% | 9th | $0.1279 | 96.6% |
| Market | $1k–$5k • Round Lot | 2 | 477 | — | — | — | — | — | — | — | — |
| Marketable Limit | <$250 • Fractional | 386,443 | 184,476 | 100.0% | 97.7% | 2.7 bps | 1.8 bps | 92% | 56th | $0.0213 | 99.9% |
| Marketable Limit | <$250 • Odd Lot | 15,718 | 30,530 | 100.0% | 93.7% | 3.2 bps | -5.3 bps | 39% | 46th | $0.0115 | 99.6% |
| Marketable Limit | <$250 • Round Lot | 10 | 1,664 | — | — | — | — | — | — | — | — |
| Marketable Limit | $250–$999 • Fractional | 1,802 | 1,426 | 100.0% | 97.1% | 1.8 bps | 0.6 bps | 65% | 71st | $0.0770 | 100.0% |
| Marketable Limit | $250–$999 • Odd Lot | 854 | 2,234 | 100.0% | 96.4% | 3.8 bps | -4.2 bps | 25% | 57th | $0.0547 | 100.0% |
| Marketable Limit | $250–$999 • Round Lot | 7 | 1,419 | — | — | — | — | — | — | — | — |
| Marketable Limit | $1k–$5k • Fractional | 53 | 42 | — | — | — | — | — | — | — | — |
| Marketable Limit | $1k–$5k • Odd Lot | 27 | 349 | — | — | — | — | — | — | — | — |
| Marketable Limit | $1k–$5k • Round Lot | 1 | 323 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | <$250 • Fractional | 214,922 | 83,192 | 95.6% | 100.0% | 8.3 bps | 9.3 bps | 68% | 36th | $0.0599 | 51.5% |
| Non-Marketable Limit | <$250 • Odd Lot | 66,881 | 98,994 | 99.7% | 100.0% | 8.9 bps | 15.4 bps | 73% | 9th | $0.0410 | 39.1% |
| Non-Marketable Limit | $250–$999 • Fractional | 1,226 | 901 | 99.7% | 100.0% | 6.5 bps | 2.2 bps | 45% | 40th | $0.2695 | 61.0% |
| Non-Marketable Limit | $250–$999 • Odd Lot | 4,524 | 7,139 | 100.0% | 100.0% | 7.6 bps | 18.9 bps | 68% | 11th | $0.1573 | 59.4% |
| Non-Marketable Limit | $1k–$5k • Fractional | 73 | 57 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | $1k–$5k • Odd Lot | 119 | 198 | 100.0% | 100.0% | 5.4 bps | — | 0% | 9th | $0.8192 | 44.4% |
| Market | <$250 • Fractional | 260,827 | 103,802 | 100.0% | 98.8% | 2.2 bps | 2.2 bps | 95% | 54th | $0.0390 | 100.0% |
| Market | <$250 • Odd Lot | 96,592 | 137,434 | 100.0% | 98.8% | 2.3 bps | 2.5 bps | 92% | 30th | $0.0218 | 100.0% |
| Market | $250–$999 • Fractional | 51,978 | 34,628 | 100.0% | 99.1% | 2.6 bps | 2.8 bps | 95% | 63rd | $0.1465 | 100.0% |
| Market | $250–$999 • Odd Lot | 118,016 | 177,947 | 100.0% | 99.1% | 2.2 bps | 2.3 bps | 96% | 25th | $0.0584 | 100.0% |
| Market | $1k–$5k • Fractional | 4,591 | 3,828 | 100.0% | 99.3% | 3.2 bps | 3.9 bps | 98% | 57th | $0.4914 | 100.0% |
| Market | $1k–$5k • Odd Lot | 27,870 | 42,149 | 100.0% | 99.0% | 2.9 bps | 3.5 bps | 97% | 54th | $0.3251 | 100.0% |
| Marketable Limit | <$250 • Fractional | 236,084 | 94,184 | 100.0% | 98.7% | 1.1 bps | 0.9 bps | 97% | 22nd | $0.0264 | 99.9% |
| Marketable Limit | <$250 • Odd Lot | 2,034 | 2,998 | 100.0% | 98.2% | 1.8 bps | -9.2 bps | 36% | 68th | $0.0179 | 99.9% |
| Marketable Limit | $250–$999 • Fractional | 46,053 | 27,854 | 100.0% | 98.9% | 2.6 bps | 1.5 bps | 98% | 47th | $0.2530 | 99.9% |
| Marketable Limit | $250–$999 • Odd Lot | 2,008 | 3,096 | 100.0% | 99.1% | 1.9 bps | -3.8 bps | 50% | 62nd | $0.0474 | 99.9% |
| Marketable Limit | $1k–$5k • Fractional | 6,951 | 5,860 | 100.0% | 99.2% | 3.2 bps | 2.1 bps | 99% | 50th | $0.5859 | 100.0% |
| Marketable Limit | $1k–$5k • Odd Lot | 601 | 911 | 100.0% | 99.4% | 2.8 bps | -4.8 bps | 78% | 89th | $0.2507 | 100.0% |
| Marketable Limit | $5k–$10k • Odd Lot | 1 | 27 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | <$250 • Fractional | 84,436 | 27,233 | 99.1% | 100.0% | 3.9 bps | 5.1 bps | 87% | 13th | $0.0603 | 64.3% |
| Non-Marketable Limit | <$250 • Odd Lot | 8,472 | 11,972 | 99.9% | 100.0% | 4.0 bps | 17.1 bps | 70% | 40th | $0.0417 | 54.9% |
| Non-Marketable Limit | $250–$999 • Fractional | 17,498 | 10,571 | 98.3% | 100.0% | 2.9 bps | 4.9 bps | 92% | 0th | $0.2507 | 69.3% |
| Non-Marketable Limit | $250–$999 • Odd Lot | 11,352 | 17,040 | 100.0% | 100.0% | 3.5 bps | 13.6 bps | 84% | 37th | $0.1034 | 69.0% |
| Non-Marketable Limit | $1k–$5k • Fractional | 2,406 | 1,983 | 99.9% | 100.0% | 2.9 bps | 5.5 bps | 96% | 0th | $0.5360 | 71.7% |
| Non-Marketable Limit | $1k–$5k • Odd Lot | 2,990 | 4,459 | 99.8% | 100.0% | 3.4 bps | 21.6 bps | 88% | 24th | $0.3841 | 71.3% |
2. Broker-Dealers Routing Here (Reverse 606 Index)
Firms directing customer order flow to this market center under SEC Rule 606(a), with route percentages and PFOF rates.
No broker-dealers identified routing flow to this market center in 2026Q3.
3. Rule 605 Report Files & Ingestion History
Published monthly execution quality data files crawled from vendor and exchange landing pages.
| File Name | Month | Kind | Status | Fetched At | Source URL |
|---|---|---|---|---|---|
| ALPO202608.zip | 202608 | detailed | stored | 2026-10-15T20:12:51.596269016+00:00 | File Link ↗ |
| ALPO202609.zip | 202609 | detailed | stored | 2026-10-15T20:12:53.261711434+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
10
Tiers with < 100 covered ordersMissing Files
0
Months unretrievableMethodological Caveats:
- 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.
- Brokers routing here reflect venue aliases as of the last crosswalk-venues run.
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