APEX CLEARING CORPORATION

Reporter ID: APCC • Quarter: 2026Q3 • Methodology: exq-2

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:30:45 GMT

Quarter:2026Q3

Covered Orders26,323,468Across all reported tiers

Covered Shares5,906,492,390In Q3 2026

Active Tiers102Order 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 • FRACT	349,021	84,629	0.0%	99.5%	2.4 bps	4.3 bps	61%	58th	$0.0145	100.0%
market	<$250 • ODD	4,478,729	15,383,061	0.0%	85.5%	7.1 bps	7.9 bps	100%	52nd	$0.0100	99.6%
market	<$250 • ROUND	35,750	9,434,794	—	55.8%	18.5 bps	—	—	33rd	—	98.8%
market	$250–$999 • FRACT	6,560	4,205	—	98.5%	0.7 bps	—	—	30th	—	100.0%
market	$250–$999 • ODD	1,171,026	15,142,505	—	83.8%	4.0 bps	—	—	27th	—	99.7%
market	$250–$999 • ROUND	110,276	37,006,647	—	59.0%	9.6 bps	—	—	23rd	—	99.7%
market	$1k–$5k • FRACT	194	139	—	100.0%	1.6 bps	—	—	11th	—	100.0%
market	$1k–$5k • ODD	469,331	13,936,755	—	83.3%	2.9 bps	—	—	26th	—	99.7%
market	$1k–$5k • ROUND	262,821	139,146,439	—	57.9%	3.8 bps	—	—	19th	—	99.7%
market	$5k–$10k • ODD	53,715	2,622,377	—	89.6%	2.4 bps	—	—	21st	—	99.7%
market	$5k–$10k • ROUND	94,428	83,103,725	—	52.9%	2.0 bps	—	—	12th	—	99.5%
market	$10k–$20k • ODD	14,864	887,812	—	90.1%	2.5 bps	—	—	31st	—	99.8%
market	$10k–$20k • ROUND	68,730	73,461,393	—	51.5%	1.5 bps	—	—	17th	—	99.3%
market	$20k–$50k • ODD	1,195	71,645	—	89.4%	2.2 bps	—	—	29th	—	99.8%
market	$20k–$50k • ROUND	49,791	78,128,811	—	53.5%	0.6 bps	—	—	9th	—	98.3%
market	$50k–$200k • ROUND	23,492	71,026,518	—	53.4%	0.2 bps	—	—	16th	—	97.2%
market	≥$200k • ROUND	4,146	38,986,301	0.1%	35.8%	-1.2 bps	—	0%	30th	$0.0248	85.5%
marketable_limit	<$250 • FRACT	16,721	3,121	—	95.7%	1.1 bps	—	—	27th	—	82.4%
marketable_limit	<$250 • ODD	2,457,157	22,498,418	—	70.4%	9.6 bps	—	—	81st	—	99.8%
marketable_limit	<$250 • ROUND	417,147	189,742,035	—	42.0%	9.8 bps	—	—	54th	—	99.7%
marketable_limit	$250–$999 • FRACT	420	243	—	89.6%	0.5 bps	—	—	33rd	—	73.4%
marketable_limit	$250–$999 • ODD	536,089	11,334,684	—	86.2%	8.7 bps	—	—	93rd	—	99.7%
marketable_limit	$250–$999 • ROUND	328,777	478,569,501	—	37.0%	9.8 bps	—	—	58th	—	99.2%
marketable_limit	$1k–$5k • FRACT	6	4	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	225,237	7,669,084	—	85.7%	4.4 bps	—	—	83rd	—	99.8%
marketable_limit	$1k–$5k • ROUND	264,595	781,279,168	—	26.3%	5.4 bps	—	—	64th	—	97.6%
marketable_limit	$5k–$10k • ODD	24,799	1,361,717	—	86.2%	2.8 bps	—	—	73rd	—	99.9%
marketable_limit	$5k–$10k • ROUND	97,186	320,828,354	—	26.9%	1.2 bps	—	—	42nd	—	95.7%
marketable_limit	$10k–$20k • ODD	5,360	346,015	—	88.7%	3.5 bps	—	—	73rd	—	99.9%
marketable_limit	$10k–$20k • ROUND	83,847	298,940,731	—	33.9%	0.4 bps	—	—	25th	—	95.6%
marketable_limit	$20k–$50k • ODD	389	29,281	—	87.4%	2.8 bps	—	—	70th	—	99.7%
marketable_limit	$20k–$50k • ROUND	106,598	421,554,025	—	39.4%	0.3 bps	—	—	27th	—	97.0%
marketable_limit	$50k–$200k • ROUND	60,003	420,259,027	—	27.9%	0.1 bps	—	—	22nd	—	98.2%
marketable_limit	≥$200k • ROUND	7,512	135,590,873	—	17.4%	-0.1 bps	—	—	51st	—	94.3%
nonmarketable_limit	<$250 • FRACT	29,254	5,804	—	100.0%	7.8 bps	—	—	23rd	—	40.2%
nonmarketable_limit	<$250 • ODD	3,615,582	28,337,456	—	100.0%	35.9 bps	—	—	78th	—	54.1%
nonmarketable_limit	<$250 • ROUND	421,051	186,319,141	—	100.0%	36.3 bps	—	—	25th	—	61.4%
nonmarketable_limit	$250–$999 • FRACT	848	497	—	100.0%	4.0 bps	—	—	33rd	—	47.1%
nonmarketable_limit	$250–$999 • ODD	1,356,070	19,855,081	—	100.0%	23.1 bps	—	—	75th	—	53.8%
nonmarketable_limit	$250–$999 • ROUND	332,189	433,410,886	—	100.0%	44.4 bps	—	—	40th	—	59.3%
nonmarketable_limit	$1k–$5k • FRACT	13	10	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	609,334	17,652,355	—	100.0%	14.1 bps	—	—	61st	—	55.4%
nonmarketable_limit	$1k–$5k • ROUND	357,136	628,859,883	—	100.0%	37.0 bps	—	—	76th	—	52.3%
nonmarketable_limit	$5k–$10k • ODD	103,696	4,488,990	—	100.0%	11.2 bps	—	—	67th	—	65.7%
nonmarketable_limit	$5k–$10k • ROUND	206,341	209,210,945	—	100.0%	23.0 bps	—	—	72nd	—	43.8%
nonmarketable_limit	$10k–$20k • ODD	43,849	2,172,153	—	100.0%	13.8 bps	—	—	69th	—	71.5%
nonmarketable_limit	$10k–$20k • ROUND	104,297	164,446,834	—	100.0%	13.5 bps	—	—	52nd	—	41.6%
nonmarketable_limit	$20k–$50k • ODD	13,185	901,828	—	100.0%	23.6 bps	—	—	80th	—	82.5%
nonmarketable_limit	$20k–$50k • ROUND	154,081	242,562,804	—	100.0%	8.8 bps	—	—	38th	—	38.3%
nonmarketable_limit	$50k–$200k • ROUND	40,939	182,877,202	—	100.0%	5.8 bps	—	—	30th	—	38.3%
nonmarketable_limit	≥$200k • ROUND	3,249	47,257,540	—	100.0%	4.8 bps	—	—	25th	—	19.1%
market	<$250 • FRACT	558,649	69,285	0.0%	99.6%	1.4 bps	2.1 bps	100%	40th	$0.1072	99.9%
market	<$250 • ODD	1,455,915	1,759,441	—	94.7%	2.2 bps	—	—	33rd	—	99.8%
market	$250–$999 • FRACT	25,111	15,013	—	99.4%	1.7 bps	—	—	30th	—	100.0%
market	$250–$999 • ODD	1,850,802	3,239,253	—	93.6%	2.1 bps	—	—	27th	—	99.8%
market	$250–$999 • ROUND	8	814	—	—	—	—	—	—	—	—
market	$1k–$5k • FRACT	1,396	1,126	—	99.1%	2.0 bps	—	—	36th	—	100.0%
market	$1k–$5k • ODD	492,627	4,315,184	—	91.7%	2.1 bps	—	—	29th	—	99.8%
market	$1k–$5k • ROUND	11,888	1,754,920	—	78.3%	1.0 bps	—	—	12th	—	99.8%
market	$5k–$10k • ODD	64,417	1,713,585	—	92.8%	1.9 bps	—	—	23rd	—	99.8%
market	$5k–$10k • ROUND	11,520	2,826,225	—	76.8%	0.9 bps	—	—	13th	—	99.8%
market	$10k–$20k • ODD	28,977	1,059,188	—	93.1%	1.8 bps	—	—	24th	—	99.8%
market	$10k–$20k • ROUND	16,376	3,921,351	—	80.0%	1.3 bps	—	—	19th	—	99.9%
market	$20k–$50k • ODD	8,172	306,270	—	92.1%	2.0 bps	—	—	18th	—	99.9%
market	$20k–$50k • ROUND	23,376	6,163,181	—	81.7%	1.2 bps	—	—	21st	—	99.9%
market	$50k–$200k • ODD	360	12,816	—	95.8%	2.0 bps	—	—	0th	—	100.0%
market	$50k–$200k • ROUND	13,591	6,048,024	—	82.3%	1.1 bps	—	—	23rd	—	99.7%
market	≥$200k • ROUND	4,508	7,201,425	—	61.1%	0.2 bps	—	—	21st	—	96.2%
marketable_limit	<$250 • FRACT	29,717	3,155	—	96.2%	2.5 bps	—	—	50th	—	68.8%
marketable_limit	<$250 • ODD	133,852	157,787	—	91.4%	1.8 bps	—	—	66th	—	99.3%
marketable_limit	$250–$999 • FRACT	1,166	654	—	94.3%	1.7 bps	—	—	27th	—	71.8%
marketable_limit	$250–$999 • ODD	244,684	498,027	—	92.7%	1.8 bps	—	—	62nd	—	99.7%
marketable_limit	$250–$999 • ROUND	14	1,400	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • FRACT	43	34	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	186,510	1,250,761	—	92.4%	2.2 bps	—	—	74th	—	99.8%
marketable_limit	$1k–$5k • ROUND	791	99,451	—	83.2%	1.4 bps	—	—	65th	—	100.0%
marketable_limit	$5k–$10k • ODD	30,586	601,346	—	92.6%	2.2 bps	—	—	74th	—	99.9%
marketable_limit	$5k–$10k • ROUND	1,103	178,409	—	84.6%	1.1 bps	—	—	64th	—	100.0%
marketable_limit	$10k–$20k • ODD	13,532	399,336	—	93.5%	2.3 bps	—	—	83rd	—	99.9%
marketable_limit	$10k–$20k • ROUND	3,654	441,814	—	85.8%	1.4 bps	—	—	53rd	—	99.9%
marketable_limit	$20k–$50k • ODD	4,000	118,264	—	92.9%	2.7 bps	—	—	81st	—	99.8%
marketable_limit	$20k–$50k • ROUND	6,234	1,134,078	—	83.9%	1.3 bps	—	—	53rd	—	99.9%
marketable_limit	$50k–$200k • ODD	130	4,600	—	83.1%	2.2 bps	—	—	60th	—	100.0%
marketable_limit	$50k–$200k • ROUND	4,314	1,689,993	—	75.3%	1.3 bps	—	—	56th	—	99.1%
marketable_limit	≥$200k • ROUND	1,985	4,334,405	—	58.8%	0.1 bps	—	—	53rd	—	96.7%
nonmarketable_limit	<$250 • FRACT	48,446	6,661	—	100.0%	5.1 bps	—	—	41st	—	54.9%
nonmarketable_limit	<$250 • ODD	241,412	274,030	—	100.0%	2.6 bps	—	—	4th	—	60.1%
nonmarketable_limit	$250–$999 • FRACT	3,460	1,782	—	100.0%	4.8 bps	—	—	50th	—	62.5%
nonmarketable_limit	$250–$999 • ODD	780,499	1,887,089	—	100.0%	2.9 bps	—	—	12th	—	64.5%
nonmarketable_limit	$250–$999 • ROUND	4	400	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • FRACT	116	91	—	100.0%	3.2 bps	—	—	0th	—	70.5%
nonmarketable_limit	$1k–$5k • ODD	619,192	3,477,911	—	100.0%	3.2 bps	—	—	16th	—	66.0%
nonmarketable_limit	$1k–$5k • ROUND	1,295	148,024	—	100.0%	3.8 bps	—	—	56th	—	38.6%
nonmarketable_limit	$5k–$10k • ODD	90,532	1,823,157	—	100.0%	3.2 bps	—	—	27th	—	68.2%
nonmarketable_limit	$5k–$10k • ROUND	2,127	330,872	—	100.0%	3.2 bps	—	—	60th	—	44.1%
nonmarketable_limit	$10k–$20k • ODD	43,472	1,452,436	—	100.0%	3.7 bps	—	—	40th	—	72.0%
nonmarketable_limit	$10k–$20k • ROUND	8,676	898,767	—	100.0%	2.2 bps	—	—	12th	—	54.5%
nonmarketable_limit	$20k–$50k • ODD	11,255	337,191	—	100.0%	3.4 bps	—	—	32nd	—	70.3%
nonmarketable_limit	$20k–$50k • ROUND	14,288	2,215,957	—	100.0%	2.6 bps	—	—	18th	—	59.2%
nonmarketable_limit	$50k–$200k • ODD	362	12,601	—	100.0%	2.6 bps	—	—	10th	—	72.1%
nonmarketable_limit	$50k–$200k • ROUND	9,272	2,751,715	—	100.0%	2.7 bps	—	—	29th	—	60.2%
nonmarketable_limit	≥$200k • ROUND	2,026	2,759,645	—	100.0%	2.1 bps	—	—	21st	—	55.7%

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
APCC202608.csv	202608	summary	stored	2026-09-30T21:17:20.841256781+00:00	File Link ↗
APCC202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841258334+00:00	File Link ↗
APCC202608.zip	202608	detailed	stored	2026-10-01T08:17:50.913+00:00	File Link ↗
APCC202608.csv	202608	summary	stored	2026-10-01T08:17:53.414+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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