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Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:16:51 GMT
Quarter:2026Q3
Covered Orders751,153,440Across all reported tiers
Covered Shares180,041,739,127In Q3 2026
Active Tiers68Order 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 • ODD | 22 | 512 | — | — | — | — | — | — | — | — |
| market | <$250 • ROUND | 8 | 950 | — | — | — | — | — | — | — | — |
| market | $250–$999 • ODD | 8 | 406 | — | — | — | — | — | — | — | — |
| market | $250–$999 • ROUND | 18 | 4,157 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 4 | 287 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ROUND | 7 | 3,037 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ROUND | 1 | 500 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 1 | 1,000 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 1 | 1,800 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • ODD | 74,969 | 783,675 | 7.0% | 28.3% | 1.0 bps | -33.9 bps | 22% | 20th | $0.0362 | 100.0% |
| marketable_limit | <$250 • ROUND | 39,357 | 8,892,797 | 1.5% | 74.7% | 3.0 bps | -53.7 bps | 67% | 36th | $0.0077 | 100.0% |
| marketable_limit | $250–$999 • ODD | 26,234 | 676,696 | 7.2% | 11.4% | 0.7 bps | -1.1 bps | 2% | 21st | $0.0497 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 95,986 | 26,600,737 | 0.8% | 30.6% | 1.8 bps | -14.1 bps | 49% | 32nd | $0.0126 | 99.9% |
| marketable_limit | $1k–$5k • ODD | 19,883 | 968,292 | 5.7% | 23.3% | 1.5 bps | -3.5 bps | 7% | 42nd | $0.1061 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 1,053,988 | 270,676,483 | 0.3% | 20.5% | 0.5 bps | -2.4 bps | 82% | 21st | $0.0243 | 98.9% |
| marketable_limit | $5k–$10k • ODD | 4,394 | 284,749 | 6.3% | 43.9% | 2.5 bps | -3.1 bps | 3% | 68th | $0.2838 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 930,832 | 287,114,796 | 0.2% | 25.3% | 0.7 bps | -1.4 bps | 72% | 31st | $0.0416 | 98.6% |
| marketable_limit | $10k–$20k • ODD | 1,711 | 117,265 | 8.3% | 53.1% | 0.8 bps | — | 0% | 33rd | $0.2220 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 853,262 | 359,574,816 | 0.2% | 28.4% | 0.6 bps | -1.2 bps | 74% | 37th | $0.0610 | 98.0% |
| marketable_limit | $20k–$50k • ODD | 9,072 | 737,804 | 0.1% | 41.9% | 0.7 bps | -1.2 bps | 75% | 28th | $0.5279 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 585,776 | 349,568,482 | 0.1% | 27.8% | 0.5 bps | -1.7 bps | 69% | 40th | $0.0868 | 97.4% |
| marketable_limit | $50k–$200k • ROUND | 222,463 | 258,127,014 | 0.2% | 23.0% | 0.8 bps | -2.0 bps | 44% | 57th | $0.0883 | 98.1% |
| marketable_limit | ≥$200k • ROUND | 13,354 | 266,096,587 | 0.1% | 16.7% | 0.4 bps | -5.1 bps | 45% | 84th | $0.0486 | 99.3% |
| nonmarketable_limit | <$250 • ODD | 1,479,075 | 11,489,803 | 4.7% | 99.8% | 9.9 bps | 44.0 bps | 97% | 11th | $0.0004 | 98.4% |
| nonmarketable_limit | <$250 • ROUND | 11,797,310 | 1,738,791,735 | 0.1% | 100.0% | 37.7 bps | 95.6 bps | 99% | 29th | $0.0001 | 95.4% |
| nonmarketable_limit | $250–$999 • ODD | 1,148,143 | 16,057,827 | 3.5% | 99.6% | 7.4 bps | 33.5 bps | 89% | 11th | $0.0004 | 94.8% |
| nonmarketable_limit | $250–$999 • ROUND | 10,405,853 | 1,640,132,922 | 0.1% | 99.8% | 16.2 bps | 64.9 bps | 96% | 6th | $0.0002 | 98.1% |
| nonmarketable_limit | $1k–$5k • ODD | 824,296 | 26,441,423 | 2.5% | 99.5% | 7.4 bps | 32.6 bps | 90% | 22nd | $0.0011 | 95.1% |
| nonmarketable_limit | $1k–$5k • ROUND | 88,398,413 | 15,568,225,418 | 0.0% | 99.6% | 9.7 bps | 59.7 bps | 99% | 18th | $0.0009 | 97.9% |
| nonmarketable_limit | $5k–$10k • ODD | 144,238 | 8,159,446 | 2.1% | 99.5% | 7.2 bps | 33.1 bps | 83% | 37th | $0.0048 | 97.2% |
| nonmarketable_limit | $5k–$10k • ROUND | 96,546,403 | 19,197,273,494 | 0.0% | 99.5% | 8.7 bps | 60.8 bps | 99% | 22nd | $0.0033 | 97.6% |
| nonmarketable_limit | $10k–$20k • ODD | 56,555 | 3,355,719 | 2.4% | 99.6% | 8.0 bps | 28.5 bps | 81% | 40th | $0.0075 | 98.4% |
| nonmarketable_limit | $10k–$20k • ROUND | 113,788,208 | 26,690,860,566 | 0.0% | 99.8% | 8.2 bps | 54.8 bps | 99% | 33rd | $0.0071 | 97.1% |
| nonmarketable_limit | $20k–$50k • ODD | 9,810 | 741,782 | 1.5% | 100.0% | 10.1 bps | 16.4 bps | 80% | 45th | $0.0072 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 118,202,054 | 32,840,570,659 | 0.0% | 99.8% | 9.3 bps | 54.6 bps | 98% | 48th | $0.0166 | 96.9% |
| nonmarketable_limit | $50k–$200k • ROUND | 55,218,971 | 22,882,994,944 | 0.0% | 99.9% | 8.9 bps | 48.2 bps | 93% | 54th | $0.0368 | 98.2% |
| nonmarketable_limit | ≥$200k • ROUND | 1,751,507 | 3,240,091,509 | 0.0% | 99.7% | 7.5 bps | 39.6 bps | 59% | 67th | $0.0088 | 99.5% |
| market | $20k–$50k • ROUND | 1 | 60 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 11 | 1,320 | — | — | — | — | — | — | — | — |
| market | ≥$200k • ROUND | 2 | 1,500 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • ODD | 3,885 | 7,923 | 17.7% | 14.0% | 0.2 bps | -3.8 bps | 31% | 17th | $0.0763 | 100.0% |
| marketable_limit | $250–$999 • ODD | 9,076 | 45,150 | 16.2% | 14.5% | 0.2 bps | -1.2 bps | 20% | 21st | $0.1193 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 3 | 300 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 9,813 | 246,355 | 7.4% | 20.9% | 0.4 bps | -2.4 bps | 17% | 23rd | $0.0892 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 101,124 | 7,461,852 | 0.6% | 6.0% | 0.0 bps | -1.5 bps | 85% | 16th | $0.0228 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 4,651 | 215,740 | 5.7% | 31.9% | 0.5 bps | -0.7 bps | 20% | 30th | $0.1050 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 273,495 | 36,271,636 | 0.3% | 11.9% | 0.1 bps | -1.3 bps | 96% | 19th | $0.0277 | 99.8% |
| marketable_limit | $10k–$20k • ODD | 3,148 | 159,990 | 5.8% | 36.7% | 0.3 bps | -2.7 bps | 28% | 24th | $0.1231 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 841,724 | 112,451,215 | 0.2% | 22.1% | 0.2 bps | -2.0 bps | 98% | 23rd | $0.0701 | 99.7% |
| marketable_limit | $20k–$50k • ODD | 60,616 | 3,543,857 | 0.2% | 50.8% | 0.4 bps | -0.8 bps | 73% | 26th | $0.2371 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 972,634 | 185,949,532 | 0.2% | 27.0% | 0.2 bps | -2.1 bps | 99% | 24th | $0.1020 | 97.9% |
| marketable_limit | $50k–$200k • ODD | 405 | 14,307 | 0.3% | 86.4% | 0.4 bps | 1.3 bps | 100% | 33rd | $0.7914 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 487,007 | 180,789,428 | 0.2% | 32.5% | 0.2 bps | -1.8 bps | 96% | 27th | $0.1501 | 98.8% |
| marketable_limit | ≥$200k • ROUND | 9,808 | 31,841,123 | 0.5% | 39.3% | 0.4 bps | -4.1 bps | 51% | 74th | $0.1947 | 99.2% |
| nonmarketable_limit | <$250 • ODD | 227,105 | 824,799 | 8.8% | 99.7% | 3.5 bps | 20.1 bps | 100% | 25th | $0.0001 | 99.6% |
| nonmarketable_limit | $250–$999 • ODD | 755,420 | 4,585,082 | 5.2% | 99.5% | 3.5 bps | 20.5 bps | 100% | 32nd | $0.0005 | 99.5% |
| nonmarketable_limit | $250–$999 • ROUND | 638 | 63,842 | 7.2% | 100.0% | 6.0 bps | 50.7 bps | 100% | 24th | $0.0000 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 946,659 | 11,828,784 | 4.2% | 99.4% | 3.5 bps | 22.2 bps | 100% | 20th | $0.0004 | 98.4% |
| nonmarketable_limit | $1k–$5k • ROUND | 743,768 | 70,390,824 | 0.9% | 99.6% | 2.5 bps | 18.5 bps | 100% | 20th | $0.0000 | 99.0% |
| nonmarketable_limit | $5k–$10k • ODD | 215,429 | 6,728,435 | 3.3% | 99.4% | 3.7 bps | 25.5 bps | 97% | 38th | $0.0007 | 98.4% |
| nonmarketable_limit | $5k–$10k • ROUND | 6,883,423 | 795,552,289 | 0.1% | 99.4% | 2.9 bps | 23.9 bps | 100% | 43rd | $0.0002 | 98.8% |
| nonmarketable_limit | $10k–$20k • ODD | 103,698 | 4,950,777 | 3.1% | 99.4% | 3.8 bps | 20.8 bps | 95% | 42nd | $0.0019 | 98.8% |
| nonmarketable_limit | $10k–$20k • ROUND | 29,677,813 | 4,390,367,445 | 0.0% | 99.6% | 4.7 bps | 36.1 bps | 100% | 80th | $0.0023 | 99.0% |
| nonmarketable_limit | $20k–$50k • ODD | 37,670 | 2,155,495 | 2.1% | 99.7% | 3.6 bps | 9.4 bps | 94% | 41st | $0.0055 | 98.8% |
| nonmarketable_limit | $20k–$50k • ROUND | 95,001,375 | 17,695,307,105 | 0.0% | 99.8% | 4.5 bps | 42.9 bps | 100% | 75th | $0.0089 | 99.1% |
| nonmarketable_limit | $50k–$200k • ODD | 490 | 17,700 | 3.0% | 100.0% | 3.5 bps | 2.9 bps | 82% | 28th | $-0.0235 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 103,520,382 | 28,906,505,323 | 0.0% | 99.6% | 4.2 bps | 29.5 bps | 100% | 74th | $0.0263 | 99.0% |
| nonmarketable_limit | ≥$200k • ROUND | 6,559,980 | 1,898,039,850 | 0.0% | 98.9% | 3.9 bps | 25.7 bps | 94% | 72nd | $0.0141 | 98.4% |
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 |
|---|---|---|---|---|---|
| TALPX202607.dat | 202607 | detailed | stored | 2026-10-01T07:23:52.559+00:00 | File Link ↗ |
| TALPX202607.zip | 202607 | detailed | variant | File Link ↗ | |
| ALPX202608.zip | 202608 | detailed | stored | 2026-09-30T21:27:25.064162353+00:00 | File Link ↗ |
| ALPX202608.csv | 202608 | summary | stored | 2026-09-30T21:27:25.069550809+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
13
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.
Does your firm route to ALPHAX US? See which competing venues beat it on your symbol mix → Enter your Firm CRD