BENJAMIN F. EDWARDS & COMPANY, INC.

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

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:33:31 GMT

Quarter:2026Q3

Covered Orders28,997Across all reported tiers

Covered Shares7,544,199In 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 • Fractional	398	192	—	9.2%	0.2 bps	—	—	16th	—	100.0%
Market	<$250 • Odd Lot	1,490	5,682	—	92.3%	3.5 bps	—	—	18th	—	100.0%
Market	<$250 • Round Lot	7	717	—	—	—	—	—	—	—	—
Market	$250–$999 • Fractional	5	3	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	2,332	28,246	—	92.4%	2.9 bps	—	—	17th	—	100.0%
Market	$250–$999 • Round Lot	65	16,990	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	3,262	114,135	—	92.3%	3.4 bps	—	—	36th	—	100.0%
Market	$1k–$5k • Round Lot	885	252,990	—	91.8%	6.6 bps	—	—	50th	—	100.0%
Market	$5k–$10k • Odd Lot	905	44,806	—	91.7%	3.2 bps	—	—	45th	—	99.9%
Market	$5k–$10k • Round Lot	1,328	449,254	—	94.5%	4.9 bps	—	—	57th	—	100.0%
Market	$10k–$20k • Odd Lot	243	14,126	—	89.0%	4.2 bps	—	—	66th	—	99.5%
Market	$10k–$20k • Round Lot	1,781	886,138	—	90.3%	5.0 bps	—	—	82nd	—	99.9%
Market	$20k–$50k • Odd Lot	24	1,684	—	—	—	—	—	—	—	—
Market	$20k–$50k • Round Lot	1,659	1,415,698	—	90.3%	4.1 bps	—	—	83rd	—	99.8%
Market	$50k–$200k • Round Lot	621	1,706,715	—	75.1%	2.6 bps	—	—	70th	—	98.5%
Market	≥$200k • Round Lot	65	618,780	—	—	—	—	—	—	—	—
Marketable Limit	<$250 • Odd Lot	3	120	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Round Lot	5	1,298	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	9	379	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	17	5,724	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	1	91	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	21	10,062	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	24	39,138	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	35	84,396	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	21	118,519	—	—	—	—	—	—	—	—
Marketable Limit	≥$200k • Round Lot	7	73,965	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Odd Lot	1	3	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Round Lot	1	200	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	4	159	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Round Lot	4	400	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	19	617	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	36	12,109	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	23	1,000	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	74	37,841	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	2	158	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	107	54,196	—	100.0%	16.8 bps	—	—	67th	—	22.4%
Non-Marketable Limit	$20k–$50k • Round Lot	73	50,273	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	24	73,040	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	13	47,000	—	—	—	—	—	—	—	—
Market	<$250 • Fractional	872	336	—	0.5%	0.0 bps	—	—	11th	—	100.0%
Market	<$250 • Odd Lot	644	1,282	—	97.2%	2.2 bps	—	—	29th	—	100.0%
Market	$250–$999 • Fractional	70	47	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	2,183	11,003	—	96.3%	2.7 bps	—	—	45th	—	100.0%
Market	$1k–$5k • Fractional	1	1	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	4,135	65,694	—	97.1%	2.8 bps	—	—	51st	—	100.0%
Market	$1k–$5k • Round Lot	151	20,641	—	100.0%	1.9 bps	—	—	59th	—	100.0%
Market	$5k–$10k • Odd Lot	1,688	56,558	—	97.0%	2.8 bps	—	—	50th	—	99.8%
Market	$5k–$10k • Round Lot	292	54,451	—	98.7%	1.7 bps	—	—	55th	—	100.0%
Market	$10k–$20k • Odd Lot	709	32,701	—	96.6%	2.7 bps	—	—	50th	—	100.0%
Market	$10k–$20k • Round Lot	750	140,802	—	98.0%	2.2 bps	—	—	50th	—	100.0%
Market	$20k–$50k • Odd Lot	110	5,386	—	94.9%	3.9 bps	—	—	79th	—	100.0%
Market	$20k–$50k • Round Lot	1,016	253,824	—	95.4%	2.6 bps	—	—	70th	—	99.5%
Market	$50k–$200k • Odd Lot	2	78	—	—	—	—	—	—	—	—
Market	$50k–$200k • Round Lot	481	262,762	—	97.2%	2.8 bps	—	—	76th	—	100.0%
Market	≥$200k • Round Lot	62	258,071	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	4	78	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	1	100	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	2	90	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	3	500	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Odd Lot	1	50	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	3	900	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	7	1,981	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	14	13,285	—	—	—	—	—	—	—	—
Marketable Limit	≥$200k • Round Lot	6	23,591	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	3	30	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	38	499	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	1	150	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	18	598	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	18	3,587	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	14	566	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	33	9,145	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Odd Lot	9	244	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	35	6,970	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	13	6,746	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	14	144,609	—	—	—	—	—	—	—	—

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
BFEC202608.zip	202608	detailed	stored	2026-10-15T19:56:04.852953746+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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