ROBERT W. BAIRD & CO. INCORPORATED

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:21:19 GMT

Quarter:2026Q3

Covered Orders191,738Across all reported tiers

Covered Shares39,781,871In Q3 2026

Active Tiers75Order 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	2	1	—	—	—	—	—	—	—	—
market	<$250 • ODD	11,620	78,144	—	91.2%	6.5 bps	—	—	47th	—	96.6%
market	<$250 • ROUND	83	14,569	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	22,084	319,750	—	90.9%	5.3 bps	—	—	52nd	—	96.7%
market	$250–$999 • ROUND	848	184,579	—	96.4%	21.5 bps	—	—	81st	—	93.9%
market	$1k–$5k • ODD	19,365	592,541	—	88.4%	3.7 bps	—	—	39th	—	94.8%
market	$1k–$5k • ROUND	4,164	1,186,144	—	90.5%	6.2 bps	—	—	41st	—	91.6%
market	$5k–$10k • ODD	4,592	227,105	—	86.9%	3.3 bps	—	—	44th	—	94.9%
market	$5k–$10k • ROUND	4,838	1,445,218	—	89.8%	3.8 bps	—	—	37th	—	87.3%
market	$10k–$20k • ODD	1,720	94,938	—	86.1%	3.2 bps	—	—	39th	—	93.1%
market	$10k–$20k • ROUND	6,649	2,684,952	—	90.9%	3.5 bps	—	—	46th	—	85.4%
market	$20k–$50k • ODD	223	14,108	—	82.8%	2.1 bps	—	—	26th	—	89.9%
market	$20k–$50k • ROUND	7,351	4,906,826	—	88.9%	3.0 bps	—	—	52nd	—	84.5%
market	$50k–$200k • ROUND	3,950	6,469,167	—	85.5%	2.2 bps	—	—	59th	—	86.4%
market	≥$200k • ROUND	957	8,769,489	—	57.5%	-0.9 bps	—	—	38th	—	49.1%
marketable_limit	$250–$999 • ODD	2	34	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ROUND	10	14,900	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	17	807	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	26	33,801	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	21	982	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	31	27,875	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	4	182	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	54	171,716	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	82	182,193	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	89	668,070	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	31	718,664	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	3	108	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	7	130	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ROUND	12	17,025	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	32	1,265	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	43	55,738	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	14	532	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	68	63,608	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	13	740	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	128	271,619	—	100.0%	19.0 bps	—	—	79th	—	23.4%
nonmarketable_limit	$20k–$50k • ROUND	121	166,888	—	100.0%	31.6 bps	—	—	94th	—	32.7%
nonmarketable_limit	$50k–$200k • ROUND	80	227,840	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	11	346,392	—	—	—	—	—	—	—	—
market	<$250 • FRACT	3	1	—	—	—	—	—	—	—	—
market	<$250 • ODD	6,745	15,002	—	91.5%	2.3 bps	—	—	37th	—	98.2%
market	$250–$999 • FRACT	1	1	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	22,879	110,533	—	92.2%	2.5 bps	—	—	42nd	—	97.1%
market	$250–$999 • ROUND	2	211	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	34,918	548,668	—	91.8%	2.4 bps	—	—	41st	—	96.0%
market	$1k–$5k • ROUND	873	104,402	—	98.1%	1.5 bps	—	—	34th	—	91.8%
market	$5k–$10k • ODD	11,213	361,477	—	91.4%	2.4 bps	—	—	39th	—	94.4%
market	$5k–$10k • ROUND	1,841	314,826	—	95.5%	1.3 bps	—	—	28th	—	87.0%
market	$10k–$20k • ODD	5,617	244,918	—	91.2%	2.7 bps	—	—	56th	—	92.2%
market	$10k–$20k • ROUND	4,627	804,527	—	94.5%	1.7 bps	—	—	30th	—	86.2%
market	$20k–$50k • ODD	988	48,646	—	90.8%	3.3 bps	—	—	63rd	—	93.6%
market	$20k–$50k • ROUND	7,106	1,648,898	—	93.0%	2.0 bps	—	—	46th	—	83.9%
market	$50k–$200k • ODD	2	67	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	4,222	2,575,364	—	90.9%	2.2 bps	—	—	47th	—	82.7%
market	≥$200k • ROUND	960	2,784,626	—	70.5%	0.9 bps	—	—	54th	—	64.0%
marketable_limit	<$250 • ODD	1	2	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	27	553	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	3	500	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	26	658	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	2	405	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	15	561	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	19	4,570	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	3	214	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	34	9,052	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	19	14,066	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	19	111,560	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	26	413	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	4	415	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	23	899	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	9	1,480	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	21	831	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	30	5,921	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	4	101	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	40	9,241	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	50	34,571	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	21	65,050	—	—	—	—	—	—	—	—

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
BARD202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841358515+00:00	File Link ↗
BARD202608.csv	202608	summary	stored	2026-09-30T21:17:20.841359567+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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