&PARTNERS

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:27:48 GMT

Quarter:2026Q3

Covered Orders133,418Across all reported tiers

Covered Shares16,375,594In Q3 2026

Active Tiers78Order 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	3,911	1,505	100.0%	99.2%	6.9 bps	1.5 bps	8%	97th	$0.0002	100.0%
market	<$250 • ODD	8,237	30,596	—	97.9%	6.6 bps	—	—	48th	—	99.6%
market	<$250 • ROUND	6	1,215	—	—	—	—	—	—	—	—
market	$250–$999 • FRACT	22	15	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	14,921	160,903	—	97.9%	6.1 bps	—	—	68th	—	99.6%
market	$250–$999 • ROUND	86	17,383	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	16,928	522,685	—	97.6%	5.4 bps	—	—	81st	—	99.6%
market	$1k–$5k • ROUND	2,233	407,710	—	97.5%	6.8 bps	—	—	51st	—	99.8%
market	$5k–$10k • ODD	2,997	150,675	—	97.2%	4.8 bps	—	—	83rd	—	99.7%
market	$5k–$10k • ROUND	3,086	742,942	—	95.4%	4.7 bps	—	—	51st	—	99.7%
market	$10k–$20k • ODD	850	46,591	—	97.2%	4.7 bps	—	—	77th	—	99.8%
market	$10k–$20k • ROUND	3,301	1,233,191	—	87.9%	4.0 bps	—	—	55th	—	99.6%
market	$20k–$50k • ODD	106	6,278	—	96.2%	2.2 bps	—	—	33rd	—	100.0%
market	$20k–$50k • ROUND	3,043	1,907,588	—	96.1%	3.5 bps	—	—	65th	—	99.5%
market	$50k–$200k • ROUND	1,614	2,797,858	—	87.4%	2.4 bps	—	—	71st	—	90.9%
market	≥$200k • ROUND	385	3,322,090	—	43.3%	-1.3 bps	—	—	26th	—	29.5%
marketable_limit	<$250 • ODD	1	23	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	4	36	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ROUND	1	200	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	13	309	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	13	6,659	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	1	91	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	16	8,404	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	3	149	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	35	28,436	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	59	63,575	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	46	149,681	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	40	984,728	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	66	213	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	9	85	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	23	771	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	44	13,846	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	5	247	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	28	15,609	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	5	369	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	38	33,638	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	52	58,755	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	51	200,314	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	16	207,910	—	—	—	—	—	—	—	—
market	<$250 • FRACT	4,938	1,270	100.0%	99.0%	5.4 bps	3.1 bps	10%	97th	$-0.0007	100.0%
market	<$250 • ODD	6,911	12,214	—	98.5%	3.9 bps	—	—	87th	—	99.8%
market	$250–$999 • FRACT	113	80	100.0%	98.3%	6.1 bps	—	0%	100th	$-0.0012	100.0%
market	$250–$999 • ODD	19,011	77,504	—	98.4%	3.9 bps	—	—	85th	—	99.7%
market	$250–$999 • ROUND	1	100	—	—	—	—	—	—	—	—
market	$1k–$5k • FRACT	3	3	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	23,245	337,750	—	98.0%	3.8 bps	—	—	88th	—	99.8%
market	$1k–$5k • ROUND	466	54,746	—	98.6%	2.2 bps	—	—	81st	—	100.0%
market	$5k–$10k • ODD	6,755	216,859	—	98.4%	3.8 bps	—	—	86th	—	99.8%
market	$5k–$10k • ROUND	805	135,104	—	97.8%	2.2 bps	—	—	87th	—	99.5%
market	$10k–$20k • ODD	2,813	122,895	—	97.8%	3.9 bps	—	—	91st	—	99.9%
market	$10k–$20k • ROUND	1,692	257,654	—	98.5%	2.9 bps	—	—	86th	—	99.8%
market	$20k–$50k • ODD	465	22,451	—	98.0%	4.3 bps	—	—	90th	—	99.6%
market	$20k–$50k • ROUND	2,313	440,052	—	97.7%	2.9 bps	—	—	82nd	—	99.3%
market	$50k–$200k • ROUND	1,222	606,458	—	96.2%	2.9 bps	—	—	80th	—	91.4%
market	≥$200k • ROUND	232	866,414	—	52.0%	2.5 bps	—	—	87th	—	19.3%
marketable_limit	<$250 • ODD	1	1	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	1	61	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	1	106	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	5	167	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	1	250	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	2	58	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	4	652	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	2	50	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	9	1,680	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	7	2,600	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	8	83,302	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	19	33	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	19	42	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	11	335	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	1	100	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	4	188	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	4	500	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	9	395	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	3	760	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	1	25	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	12	2,872	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	11	4,090	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	3	2,500	—	—	—	—	—	—	—	—

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
APRT202608.csv	202608	summary	stored	2026-09-30T21:17:20.841242043+00:00	File Link ↗
APRT202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841243996+00:00	File Link ↗
APRT202608.csv	202608	summary	stored	2026-09-30T21:23:46.642725434+00:00	File Link ↗
APRT202608.zip	202608	detailed	stored	2026-09-30T21:23:46.642726846+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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