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Rule 605 Market Center Scorecard
Cboe BZX Exchange
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:33:14 GMT
Quarter:2026Q3
Covered Orders15,786,119,434Across all reported tiers
Covered Shares5,069,704,627,912In Q3 2026
Active Tiers85Order 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 | 40,792 | 698,523 | 1.9% | 71.0% | 53.2 bps | 2.1 bps | 7% | 98th | $-0.0526 | 92.6% |
| market | <$250 • ROUND | 958,579 | 97,888,917 | 0.7% | 65.7% | 14.5 bps | 28.2 bps | 1% | 19th | $0.0404 | 5.2% |
| market | $250–$999 • ODD | 1,341 | 26,180 | 94.5% | 63.6% | 47.1 bps | — | 0% | 100th | $0.1902 | 98.6% |
| market | $250–$999 • ROUND | 169 | 29,602 | 72.3% | 54.7% | -14.9 bps | — | 0% | 0th | $0.1152 | 88.5% |
| market | $1k–$5k • ODD | 1,232 | 54,868 | 98.9% | 68.8% | 41.6 bps | — | 0% | 99th | $0.1304 | 99.9% |
| market | $1k–$5k • ROUND | 777 | 178,601 | 79.7% | 51.1% | 11.0 bps | — | 0% | 81st | $0.3001 | 94.1% |
| market | $5k–$10k • ODD | 291 | 16,313 | 97.7% | 73.6% | 42.7 bps | — | 0% | 99th | $0.5992 | 100.0% |
| market | $5k–$10k • ROUND | 439 | 138,625 | 75.7% | 53.9% | 19.4 bps | — | 0% | 97th | $0.1753 | 98.4% |
| market | $10k–$20k • ODD | 70 | 4,879 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ROUND | 571 | 212,243 | 66.6% | 54.3% | 25.7 bps | — | 0% | 100th | $0.3893 | 97.7% |
| market | $20k–$50k • ODD | 4 | 200 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 464 | 467,202 | 50.2% | 50.2% | 28.0 bps | — | 0% | 100th | $0.2816 | 97.8% |
| market | $50k–$200k • ROUND | 258 | 456,769 | 66.4% | 60.1% | 15.3 bps | — | 0% | 99th | $0.6344 | 98.7% |
| market | ≥$200k • ROUND | 2,549,145 | 253,311,747 | 0.8% | 61.1% | 12.7 bps | -0.8 bps | 70% | 93rd | $-0.3239 | 14.8% |
| marketable_limit | <$250 • ODD | 76,020,379 | 640,075,777 | 6.6% | 28.4% | -34.2 bps | -8.3 bps | 100% | 4th | $0.1675 | 82.4% |
| marketable_limit | <$250 • ROUND | 10,231,430 | 2,021,729,746 | 5.3% | 21.6% | -116.6 bps | -33.4 bps | 100% | 6th | $0.0375 | 85.0% |
| marketable_limit | $250–$999 • ODD | 100,698,075 | 2,199,760,940 | 3.9% | 18.9% | -23.6 bps | -5.6 bps | 100% | 2nd | $0.2048 | 82.6% |
| marketable_limit | $250–$999 • ROUND | 52,756,718 | 11,639,563,728 | 3.1% | 29.7% | -49.4 bps | -11.8 bps | 100% | 4th | $0.0613 | 77.0% |
| marketable_limit | $1k–$5k • ODD | 131,635,085 | 4,738,320,664 | 2.8% | 15.0% | -15.2 bps | -3.0 bps | 99% | 4th | $0.3047 | 85.0% |
| marketable_limit | $1k–$5k • ROUND | 293,016,516 | 56,627,221,634 | 2.5% | 26.7% | -19.8 bps | -3.7 bps | 100% | 5th | $0.0974 | 78.6% |
| marketable_limit | $5k–$10k • ODD | 37,573,189 | 1,664,193,305 | 1.9% | 13.6% | -14.1 bps | -2.6 bps | 99% | 6th | $0.8049 | 87.1% |
| marketable_limit | $5k–$10k • ROUND | 175,977,171 | 51,144,879,023 | 1.6% | 25.9% | -13.6 bps | -2.2 bps | 99% | 2nd | $0.1332 | 80.4% |
| marketable_limit | $10k–$20k • ODD | 12,335,297 | 566,891,104 | 2.0% | 12.9% | -12.3 bps | -1.7 bps | 100% | 3rd | $1.1974 | 89.1% |
| marketable_limit | $10k–$20k • ROUND | 165,949,215 | 72,929,631,650 | 1.1% | 26.2% | -13.8 bps | -2.1 bps | 99% | 2nd | $0.2047 | 80.7% |
| marketable_limit | $20k–$50k • ODD | 448,292 | 27,383,860 | 1.9% | 12.7% | -12.5 bps | -1.1 bps | 97% | 4th | $1.6293 | 92.4% |
| marketable_limit | $20k–$50k • ROUND | 143,420,549 | 120,154,872,590 | 0.8% | 28.1% | -12.6 bps | -1.5 bps | 99% | 2nd | $0.2326 | 79.0% |
| marketable_limit | $50k–$200k • ROUND | 77,368,892 | 210,735,403,197 | 0.4% | 26.1% | -11.0 bps | -1.3 bps | 98% | 1st | $0.2124 | 78.0% |
| marketable_limit | ≥$200k • ROUND | 17,489,372 | 262,938,519,351 | 0.2% | 25.2% | -10.4 bps | -1.3 bps | 95% | 3rd | $0.2906 | 79.8% |
| nonmarketable_limit | <$250 • ODD | 584,383,366 | 4,066,241,474 | 2.9% | 98.4% | 158.1 bps | 58.6 bps | 100% | 95th | $3.0496 | 64.0% |
| nonmarketable_limit | <$250 • ROUND | 94,172,799 | 17,816,022,490 | 1.8% | 99.3% | 256.6 bps | 109.3 bps | 100% | 98th | $0.1675 | 67.4% |
| nonmarketable_limit | $250–$999 • ODD | 1,122,152,068 | 18,235,375,051 | 1.5% | 98.5% | 122.6 bps | 32.8 bps | 100% | 98th | $2.9143 | 66.3% |
| nonmarketable_limit | $250–$999 • ROUND | 368,079,373 | 81,199,635,296 | 1.0% | 98.5% | 166.6 bps | 75.8 bps | 100% | 97th | $0.1991 | 59.9% |
| nonmarketable_limit | $1k–$5k • ODD | 1,238,913,204 | 37,046,159,964 | 1.3% | 98.8% | 110.1 bps | 26.0 bps | 100% | 99th | $1.3538 | 71.3% |
| nonmarketable_limit | $1k–$5k • ROUND | 2,072,075,581 | 344,902,858,950 | 0.9% | 98.7% | 101.6 bps | 40.6 bps | 100% | 94th | $2.2125 | 64.1% |
| nonmarketable_limit | $5k–$10k • ODD | 351,190,938 | 15,239,493,622 | 0.9% | 99.2% | 92.6 bps | 24.8 bps | 100% | 97th | $2.8802 | 74.2% |
| nonmarketable_limit | $5k–$10k • ROUND | 1,477,653,096 | 323,087,463,420 | 0.6% | 98.8% | 102.1 bps | 35.9 bps | 100% | 99th | $1.5699 | 66.1% |
| nonmarketable_limit | $10k–$20k • ODD | 118,747,728 | 5,826,002,888 | 0.8% | 99.5% | 86.3 bps | 24.2 bps | 100% | 97th | $4.4011 | 78.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 1,556,775,840 | 461,868,300,799 | 0.4% | 98.9% | 91.1 bps | 32.6 bps | 100% | 98th | $1.1497 | 67.2% |
| nonmarketable_limit | $20k–$50k • ODD | 5,140,451 | 339,947,183 | 0.6% | 99.7% | 92.4 bps | 25.3 bps | 100% | 96th | $6.7049 | 84.2% |
| nonmarketable_limit | $20k–$50k • ROUND | 1,343,669,593 | 739,184,493,562 | 0.3% | 98.9% | 84.6 bps | 26.9 bps | 99% | 98th | $1.3719 | 66.0% |
| nonmarketable_limit | $50k–$200k • ODD | 30 | 241 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 637,652,753 | 1,152,956,533,516 | 0.1% | 98.9% | 77.5 bps | 23.9 bps | 99% | 98th | $1.1452 | 62.8% |
| nonmarketable_limit | ≥$200k • ROUND | 104,072,711 | 733,078,095,340 | 0.1% | 98.3% | 67.0 bps | 22.4 bps | 97% | 100th | $1.2926 | 61.4% |
| market | <$250 • ODD | 11,794 | 412,215 | 0.1% | 65.9% | 28.2 bps | — | 0% | 97th | $0.3339 | 93.2% |
| market | <$250 • ROUND | 81,591 | 8,164,848 | 0.0% | 83.8% | 319.4 bps | — | 0% | 100th | $1.1651 | 0.0% |
| market | $250–$999 • ODD | 528 | 1,772 | 90.9% | 65.2% | 38.6 bps | — | 0% | 99th | $0.3542 | 100.0% |
| market | $1k–$5k • ODD | 642 | 11,353 | 97.9% | 60.4% | 26.0 bps | — | 0% | 99th | $0.8940 | 99.6% |
| market | $1k–$5k • ROUND | 43 | 4,664 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ODD | 293 | 11,379 | 99.2% | 69.9% | 33.3 bps | — | 0% | 99th | $0.7369 | 100.0% |
| market | $5k–$10k • ROUND | 108 | 12,162 | 97.7% | 72.2% | 40.6 bps | — | 0% | 100th | $0.3371 | 100.0% |
| market | $10k–$20k • ODD | 202 | 8,557 | 97.6% | 71.0% | 31.3 bps | — | 0% | 100th | $1.5734 | 100.0% |
| market | $10k–$20k • ROUND | 223 | 23,707 | 94.4% | 69.0% | 37.4 bps | — | 0% | 100th | $0.7826 | 100.0% |
| market | $20k–$50k • ODD | 27 | 1,101 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 293 | 43,859 | 78.8% | 57.6% | 31.6 bps | — | 0% | 99th | $0.7056 | 100.0% |
| market | $50k–$200k • ROUND | 158 | 62,020 | 55.6% | 53.3% | 24.8 bps | — | 0% | 100th | $0.3040 | 100.0% |
| market | ≥$200k • ROUND | 146,556 | 13,920,143 | 1.1% | 48.7% | 6.7 bps | 0.1 bps | 98% | 97th | $2.9273 | 54.2% |
| marketable_limit | <$250 • ODD | 10,207,935 | 16,741,410 | 14.6% | 32.2% | -6.4 bps | -0.8 bps | 100% | 4th | $0.3073 | 78.5% |
| marketable_limit | $250–$999 • ODD | 30,042,926 | 136,550,086 | 8.2% | 18.3% | -9.1 bps | -1.0 bps | 100% | 4th | $0.4044 | 75.1% |
| marketable_limit | $250–$999 • ROUND | 60,888 | 6,098,580 | 5.2% | 33.6% | -6.1 bps | -0.7 bps | 100% | 8th | $0.0533 | 66.9% |
| marketable_limit | $1k–$5k • ODD | 52,872,958 | 1,083,906,210 | 5.1% | 11.6% | -12.1 bps | -2.0 bps | 100% | 3rd | $0.5653 | 81.0% |
| marketable_limit | $1k–$5k • ROUND | 23,371,000 | 2,596,051,627 | 4.3% | 26.4% | -10.2 bps | -2.0 bps | 100% | 3rd | $0.1108 | 73.0% |
| marketable_limit | $5k–$10k • ODD | 34,108,124 | 1,054,014,896 | 3.4% | 7.8% | -13.9 bps | -2.1 bps | 100% | 3rd | $1.0543 | 84.6% |
| marketable_limit | $5k–$10k • ROUND | 35,739,832 | 4,823,935,227 | 3.5% | 18.5% | -10.1 bps | -1.5 bps | 100% | 3rd | $0.1887 | 79.1% |
| marketable_limit | $10k–$20k • ODD | 17,994,059 | 602,216,438 | 3.4% | 7.7% | -14.6 bps | -2.5 bps | 100% | 3rd | $1.7087 | 88.3% |
| marketable_limit | $10k–$20k • ROUND | 58,339,503 | 7,851,251,311 | 2.8% | 15.6% | -11.8 bps | -2.2 bps | 100% | 3rd | $0.6016 | 82.4% |
| marketable_limit | $20k–$50k • ODD | 2,492,362 | 73,971,843 | 3.0% | 9.7% | -15.7 bps | -1.7 bps | 100% | 2nd | $3.2108 | 93.2% |
| marketable_limit | $20k–$50k • ROUND | 82,874,359 | 12,965,860,045 | 2.0% | 13.4% | -13.0 bps | -1.9 bps | 100% | 3rd | $1.0176 | 84.9% |
| marketable_limit | $50k–$200k • ODD | 119 | 1,004 | 7.7% | 35.1% | -1.9 bps | 2.0 bps | 100% | 3rd | $55.9600 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 41,296,101 | 9,580,202,424 | 1.8% | 11.6% | -0.6 bps | -1.7 bps | 100% | 5th | $1.4579 | 83.1% |
| marketable_limit | ≥$200k • ROUND | 5,856,756 | 5,396,710,932 | 1.7% | 9.7% | -13.8 bps | -1.5 bps | 100% | 2nd | $2.6668 | 79.5% |
| nonmarketable_limit | <$250 • ODD | 68,698,286 | 95,844,450 | 6.4% | 98.5% | 75.0 bps | 17.0 bps | 100% | 99th | $4.2005 | 55.6% |
| nonmarketable_limit | <$250 • ROUND | 5,032 | 565,969 | 0.0% | — | — | — | 0% | — | — | 0.0% |
| nonmarketable_limit | $250–$999 • ODD | 228,985,012 | 927,515,821 | 3.9% | 98.3% | 64.4 bps | 15.3 bps | 100% | 97th | $12.4839 | 58.8% |
| nonmarketable_limit | $250–$999 • ROUND | 252,407 | 25,447,569 | 3.6% | 97.4% | 71.5 bps | 38.3 bps | 100% | 100th | $0.1728 | 54.0% |
| nonmarketable_limit | $1k–$5k • ODD | 424,701,295 | 7,329,358,258 | 2.8% | 99.0% | 70.6 bps | 16.7 bps | 100% | 99th | $2.7142 | 69.9% |
| nonmarketable_limit | $1k–$5k • ROUND | 88,399,692 | 9,452,925,883 | 2.5% | 98.3% | 33.7 bps | 15.8 bps | 100% | 98th | $3.1421 | 62.2% |
| nonmarketable_limit | $5k–$10k • ODD | 284,151,564 | 8,225,100,009 | 1.8% | 99.3% | 72.3 bps | 17.4 bps | 100% | 99th | $3.0206 | 74.6% |
| nonmarketable_limit | $5k–$10k • ROUND | 199,515,411 | 23,437,282,951 | 1.8% | 98.9% | 47.4 bps | 16.3 bps | 100% | 97th | $2.8737 | 70.1% |
| nonmarketable_limit | $10k–$20k • ODD | 126,437,247 | 4,328,935,947 | 1.9% | 99.5% | 67.7 bps | 16.9 bps | 100% | 99th | $4.3745 | 79.9% |
| nonmarketable_limit | $10k–$20k • ROUND | 505,535,193 | 52,898,325,935 | 1.2% | 99.3% | 67.8 bps | 25.0 bps | 100% | 97th | $2.4281 | 72.5% |
| nonmarketable_limit | $20k–$50k • ODD | 13,867,933 | 410,342,282 | 1.9% | 99.7% | 67.6 bps | 16.2 bps | 100% | 98th | $8.7508 | 85.9% |
| nonmarketable_limit | $20k–$50k • ROUND | 746,478,082 | 97,933,638,162 | 0.8% | 99.4% | 64.3 bps | 31.0 bps | 100% | 96th | $3.4327 | 77.8% |
| nonmarketable_limit | $50k–$200k • ODD | 11,743 | 99,344 | 1.0% | 100.0% | 82.7 bps | 24.3 bps | 100% | 100th | $41.7643 | 78.6% |
| nonmarketable_limit | $50k–$200k • ROUND | 297,456,709 | 64,756,793,202 | 0.7% | 99.4% | 54.6 bps | 17.3 bps | 100% | 99th | $5.6100 | 76.8% |
| nonmarketable_limit | ≥$200k • ROUND | 32,970,605 | 20,443,707,283 | 1.1% | 99.0% | 45.6 bps | 15.9 bps | 100% | 97th | $5.9340 | 68.5% |
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 |
|---|---|---|---|---|---|
| BATS202607.zip | 202607 | detailed | stored | 2026-09-28T20:18:13.832+00:00 | File Link ↗ |
| BATS202608.zip | 202608 | detailed | stored | 2026-09-28T17:55:00.985+00:00 | File Link ↗ |
| BATS202608.csv | 202608 | summary | stored | 2026-09-28T17:55:04.271+00:00 | File Link ↗ |
| BATS202609.zip | 202609 | detailed | too_large | 2026-10-05T20:24:19.032+00:00 | File Link ↗ |
| BATS202609.csv | 202609 | summary | stored | 2026-10-05T20:24:20.125+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
5
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.
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