ALPACA SECURITIES LLC

Reporter ID: APCA • Quarter: 2026Q3 • Methodology: exq-3

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:38:45 GMT

Quarter:2026Q3

Covered Orders16,866,701Across all reported tiers

Covered Shares2,685,816,832In Q3 2026

Active Tiers96Order 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 Lot	1,306,281	13,096,505	5.1%	96.1%	8.9 bps	8.3 bps	92%	76th	$0.0141	99.9%
Market	<$250 • Round Lot	61,700	19,686,209	0.1%	80.1%	28.7 bps	18.4 bps	81%	55th	$0.0019	98.9%
Market	$250–$999 • Odd Lot	942,693	32,732,912	1.5%	96.2%	5.3 bps	5.5 bps	91%	54th	$0.0317	100.0%
Market	$250–$999 • Round Lot	109,795	58,698,889	0.1%	78.8%	20.5 bps	12.1 bps	76%	76th	$0.0035	99.4%
Market	$1k–$5k • Odd Lot	562,000	29,622,694	0.9%	97.6%	3.5 bps	3.7 bps	91%	41st	$0.0468	100.0%
Market	$1k–$5k • Round Lot	242,511	378,372,691	0.0%	77.6%	8.5 bps	5.7 bps	74%	70th	$0.0066	99.9%
Market	$5k–$10k • Odd Lot	43,114	2,240,109	1.5%	98.0%	3.8 bps	4.0 bps	82%	58th	$0.0681	100.0%
Market	$5k–$10k • Round Lot	109,893	228,583,414	0.0%	76.4%	4.8 bps	3.7 bps	62%	55th	$0.0108	100.0%
Market	$10k–$20k • Odd Lot	11,813	742,347	1.3%	98.8%	4.0 bps	4.8 bps	81%	58th	$0.1015	100.0%
Market	$10k–$20k • Round Lot	55,676	68,063,380	0.1%	65.5%	4.0 bps	3.0 bps	58%	59th	$0.0197	99.6%
Market	$20k–$50k • Odd Lot	859	65,024	1.0%	98.3%	6.0 bps	4.8 bps	23%	93rd	$0.1318	100.0%
Market	$20k–$50k • Round Lot	40,142	66,574,705	0.0%	64.2%	2.9 bps	2.7 bps	58%	45th	$0.0304	99.6%
Market	$50k–$200k • Round Lot	21,046	64,482,626	0.0%	61.7%	6.5 bps	2.3 bps	55%	96th	$0.0348	94.4%
Market	≥$200k • Round Lot	2,899	23,041,322	0.0%	48.7%	0.4 bps	-0.4 bps	28%	76th	$0.0551	67.5%
Marketable Limit	<$250 • Fractional	6,779	1,253	99.9%	96.7%	2.4 bps	2.4 bps	56%	48th	$0.0541	98.2%
Marketable Limit	<$250 • Odd Lot	384,409	3,575,040	1.6%	94.7%	7.0 bps	-3.4 bps	87%	66th	$0.0105	99.9%
Marketable Limit	<$250 • Round Lot	27,041	8,075,529	0.0%	83.7%	20.4 bps	-39.9 bps	76%	73rd	$0.0016	99.5%
Marketable Limit	$250–$999 • Fractional	5	2	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	222,845	3,334,450	1.9%	96.0%	3.9 bps	-3.2 bps	93%	61st	$0.0182	99.9%
Marketable Limit	$250–$999 • Round Lot	42,644	20,874,904	0.0%	84.4%	21.2 bps	-16.9 bps	61%	91st	$0.0033	99.4%
Marketable Limit	$1k–$5k • Fractional	4	4	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	142,432	4,284,064	1.2%	96.8%	3.5 bps	-5.9 bps	95%	70th	$0.0350	99.9%
Marketable Limit	$1k–$5k • Round Lot	94,886	73,095,354	0.0%	76.8%	22.0 bps	-7.5 bps	78%	99th	$0.0060	99.0%
Marketable Limit	$5k–$10k • Odd Lot	19,487	1,042,275	0.7%	97.4%	3.3 bps	-7.0 bps	93%	82nd	$0.0459	100.0%
Marketable Limit	$5k–$10k • Round Lot	41,419	55,440,233	0.0%	62.8%	14.1 bps	-4.8 bps	47%	98th	$0.0103	98.2%
Marketable Limit	$10k–$20k • Odd Lot	5,089	343,676	0.5%	98.1%	3.6 bps	-3.7 bps	93%	72nd	$0.0631	100.0%
Marketable Limit	$10k–$20k • Round Lot	40,661	73,898,843	0.0%	59.9%	6.9 bps	-3.3 bps	66%	93rd	$0.0201	98.0%
Marketable Limit	$20k–$50k • Odd Lot	214	17,148	0.6%	97.4%	3.3 bps	—	0%	77th	$0.0828	100.0%
Marketable Limit	$20k–$50k • Round Lot	55,664	138,523,329	0.0%	59.8%	1.5 bps	-2.1 bps	62%	55th	$0.0312	98.2%
Marketable Limit	$50k–$200k • Round Lot	29,124	163,057,781	0.0%	50.6%	0.4 bps	-2.1 bps	37%	40th	$0.0253	98.5%
Marketable Limit	≥$200k • Round Lot	1,759	17,341,960	0.0%	51.1%	0.0 bps	-1.8 bps	17%	57th	$0.0615	89.3%
Non-Marketable Limit	<$250 • Fractional	63,013	9,976	47.0%	100.0%	27.5 bps	8.8 bps	40%	92nd	$0.0698	24.1%
Non-Marketable Limit	<$250 • Odd Lot	1,558,519	13,672,586	0.5%	100.0%	27.9 bps	41.4 bps	86%	66th	$0.0313	54.4%
Non-Marketable Limit	<$250 • Round Lot	47,449	14,866,974	0.0%	100.0%	66.6 bps	63.6 bps	72%	61st	$0.0030	51.4%
Non-Marketable Limit	$250–$999 • Fractional	166	102	54.7%	—	—	—	0%	—	—	38.8%
Non-Marketable Limit	$250–$999 • Odd Lot	3,885,886	106,139,930	0.0%	100.0%	13.1 bps	37.6 bps	89%	44th	$0.0649	91.1%
Non-Marketable Limit	$250–$999 • Round Lot	89,854	40,209,144	0.0%	100.0%	66.9 bps	117.0 bps	76%	79th	$0.0058	48.6%
Non-Marketable Limit	$1k–$5k • Fractional	2	1	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	2,222,633	110,748,851	0.0%	100.0%	10.7 bps	29.8 bps	92%	44th	$0.0814	88.3%
Non-Marketable Limit	$1k–$5k • Round Lot	325,753	194,626,044	0.0%	100.0%	39.1 bps	47.6 bps	72%	83rd	$0.0157	55.1%
Non-Marketable Limit	$5k–$10k • Odd Lot	120,170	6,561,804	0.1%	100.0%	10.7 bps	30.3 bps	88%	69th	$0.0929	73.3%
Non-Marketable Limit	$5k–$10k • Round Lot	258,061	199,586,716	0.0%	100.0%	24.8 bps	35.4 bps	61%	78th	$0.0230	64.5%
Non-Marketable Limit	$10k–$20k • Odd Lot	60,740	3,554,375	0.0%	100.0%	12.9 bps	25.7 bps	90%	73rd	$0.1096	81.2%
Non-Marketable Limit	$10k–$20k • Round Lot	126,820	114,316,049	0.0%	100.0%	15.5 bps	30.0 bps	62%	61st	$0.0360	47.7%
Non-Marketable Limit	$20k–$50k • Odd Lot	18,282	1,568,472	0.0%	100.0%	23.3 bps	17.4 bps	82%	84th	$0.1541	81.1%
Non-Marketable Limit	$20k–$50k • Round Lot	56,673	85,637,789	0.0%	100.0%	11.4 bps	28.8 bps	65%	58th	$0.0722	35.9%
Non-Marketable Limit	$50k–$200k • Round Lot	34,342	112,159,403	0.0%	100.0%	9.8 bps	24.3 bps	54%	57th	$0.0801	41.1%
Non-Marketable Limit	≥$200k • Round Lot	4,157	21,140,590	0.0%	100.0%	5.5 bps	15.5 bps	30%	34th	$0.0832	29.9%
Market	<$250 • Odd Lot	135,526	259,164	16.0%	98.4%	2.0 bps	2.1 bps	96%	25th	$0.0111	100.0%
Market	$250–$999 • Odd Lot	348,558	1,527,380	11.7%	98.1%	2.2 bps	2.4 bps	97%	28th	$0.0364	100.0%
Market	$250–$999 • Round Lot	8	814	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	415,192	12,212,725	1.6%	97.6%	2.1 bps	2.5 bps	97%	27th	$0.0909	100.0%
Market	$1k–$5k • Round Lot	8,516	1,308,699	0.1%	85.8%	1.7 bps	2.1 bps	84%	33rd	$0.0090	100.0%
Market	$5k–$10k • Odd Lot	69,190	2,063,138	1.9%	98.6%	2.4 bps	2.7 bps	93%	31st	$0.1564	100.0%
Market	$5k–$10k • Round Lot	7,390	1,501,010	0.1%	90.1%	1.6 bps	1.6 bps	70%	43rd	$0.0080	99.9%
Market	$10k–$20k • Odd Lot	30,775	1,117,835	1.7%	98.7%	2.3 bps	2.8 bps	92%	30th	$0.1959	100.0%
Market	$10k–$20k • Round Lot	10,392	1,538,351	0.3%	98.0%	2.2 bps	2.1 bps	77%	48th	$0.0341	100.0%
Market	$20k–$50k • Odd Lot	9,401	332,868	1.6%	98.5%	2.6 bps	3.3 bps	95%	25th	$0.3474	100.0%
Market	$20k–$50k • Round Lot	18,951	3,427,122	0.2%	97.8%	1.9 bps	2.0 bps	83%	36th	$0.0695	99.9%
Market	$50k–$200k • Odd Lot	274	9,746	2.5%	99.0%	2.8 bps	4.0 bps	99%	15th	$0.5988	100.0%
Market	$50k–$200k • Round Lot	14,134	5,041,260	0.1%	96.3%	1.8 bps	2.4 bps	85%	31st	$0.1919	99.4%
Market	≥$200k • Round Lot	4,480	11,000,051	0.0%	90.8%	1.0 bps	0.2 bps	85%	57th	$0.0770	96.9%
Marketable Limit	<$250 • Fractional	10,955	1,296	99.9%	99.2%	2.3 bps	3.3 bps	50%	57th	$0.1096	99.2%
Marketable Limit	<$250 • Odd Lot	81,370	119,859	5.5%	98.1%	1.7 bps	-2.0 bps	86%	60th	$0.0165	100.0%
Marketable Limit	$250–$999 • Fractional	30	18	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	163,583	481,691	9.7%	98.1%	1.2 bps	-3.0 bps	97%	44th	$0.0198	100.0%
Marketable Limit	$250–$999 • Round Lot	2	200	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Fractional	1	1	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	157,526	1,364,549	4.4%	97.4%	1.8 bps	-3.9 bps	98%	53rd	$0.1214	99.9%
Marketable Limit	$1k–$5k • Round Lot	1,042	130,190	0.1%	94.9%	1.9 bps	-10.7 bps	65%	82nd	$0.0070	100.0%
Marketable Limit	$5k–$10k • Odd Lot	29,877	634,022	1.6%	97.3%	2.1 bps	-4.4 bps	96%	69th	$0.2224	99.9%
Marketable Limit	$5k–$10k • Round Lot	1,624	285,224	0.1%	96.8%	1.5 bps	-8.3 bps	74%	79th	$0.0045	99.9%
Marketable Limit	$10k–$20k • Odd Lot	13,271	393,764	1.0%	96.6%	2.3 bps	-2.2 bps	95%	78th	$0.3298	99.9%
Marketable Limit	$10k–$20k • Round Lot	3,717	570,224	0.1%	96.6%	1.6 bps	-4.0 bps	67%	56th	$0.0282	99.9%
Marketable Limit	$20k–$50k • Odd Lot	4,074	116,104	1.1%	96.4%	2.9 bps	0.7 bps	91%	80th	$0.5053	99.9%
Marketable Limit	$20k–$50k • Round Lot	8,320	2,125,197	0.1%	83.7%	1.3 bps	-2.7 bps	82%	53rd	$0.0606	99.8%
Marketable Limit	$50k–$200k • Odd Lot	96	3,444	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	5,458	2,060,421	0.1%	91.7%	1.2 bps	-0.7 bps	79%	53rd	$0.0904	99.0%
Marketable Limit	≥$200k • Round Lot	904	1,688,979	0.0%	85.2%	1.2 bps	-2.8 bps	16%	90th	$0.1353	96.2%
Non-Marketable Limit	<$250 • Fractional	32,819	3,401	60.9%	100.0%	19.0 bps	4.9 bps	69%	87th	$0.0179	52.4%
Non-Marketable Limit	<$250 • Odd Lot	220,801	302,086	1.9%	100.0%	3.2 bps	14.0 bps	87%	19th	$0.0288	50.6%
Non-Marketable Limit	$250–$999 • Fractional	2,378	1,141	61.2%	100.0%	10.9 bps	4.9 bps	60%	92nd	$0.3545	48.6%
Non-Marketable Limit	$250–$999 • Odd Lot	459,512	2,350,803	0.9%	100.0%	3.6 bps	16.9 bps	95%	39th	$0.0585	70.9%
Non-Marketable Limit	$250–$999 • Round Lot	1	100	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Fractional	52	42	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	866,916	38,339,695	0.1%	100.0%	3.8 bps	19.5 bps	99%	43rd	$0.1750	93.9%
Non-Marketable Limit	$1k–$5k • Round Lot	1,406	159,650	0.1%	100.0%	3.6 bps	16.8 bps	61%	51st	$0.0193	35.4%
Non-Marketable Limit	$5k–$10k • Odd Lot	83,633	3,841,579	0.2%	100.0%	3.6 bps	19.1 bps	95%	37th	$0.2029	77.6%
Non-Marketable Limit	$5k–$10k • Round Lot	2,246	365,218	0.1%	100.0%	3.2 bps	17.3 bps	46%	57th	$0.0089	40.9%
Non-Marketable Limit	$10k–$20k • Odd Lot	60,798	2,842,987	0.1%	100.0%	4.7 bps	15.8 bps	91%	70th	$0.2555	77.5%
Non-Marketable Limit	$10k–$20k • Round Lot	10,001	931,153	0.1%	100.0%	3.3 bps	21.2 bps	68%	42nd	$0.0416	51.5%
Non-Marketable Limit	$20k–$50k • Odd Lot	15,395	670,274	0.2%	100.0%	4.6 bps	6.0 bps	90%	71st	$0.3462	75.7%
Non-Marketable Limit	$20k–$50k • Round Lot	21,045	2,723,243	0.1%	100.0%	2.9 bps	36.1 bps	77%	31st	$0.1191	58.5%
Non-Marketable Limit	$50k–$200k • Odd Lot	1,973	69,077	0.1%	100.0%	4.3 bps	2.7 bps	100%	54th	$0.3708	57.5%
Non-Marketable Limit	$50k–$200k • Round Lot	32,634	5,463,267	0.0%	100.0%	3.2 bps	20.1 bps	79%	50th	$0.1343	60.4%
Non-Marketable Limit	≥$200k • Round Lot	3,050	2,730,295	0.0%	100.0%	2.4 bps	25.4 bps	55%	24th	$0.2815	51.1%

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
APCA202608.zip	202608	detailed	stored	2026-10-15T20:12:47.818827580+00:00	File Link ↗
APCA202609.zip	202609	detailed	stored	2026-10-15T20:12:50.290719099+00:00	File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells

Tiers with < 100 covered orders

Missing Files

Months unretrievable

Methodological 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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