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Rule 605 Market Center Scorecard
CHARLES SCHWAB & CO., INC.
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:28:33 GMT
Quarter:2026Q3
Covered Orders126,145,109Across all reported tiers
Covered Shares43,944,794,662In Q3 2026
Active Tiers94Order 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 | 608,094 | 196,098 | 25.7% | 87.0% | 2.2 bps | 3.5 bps | 75% | 35th | $0.0741 | 99.8% |
| market | <$250 • ODD | 4,645,822 | 35,830,027 | 0.2% | 96.4% | 9.1 bps | 9.2 bps | 96% | 70th | $0.0089 | 99.5% |
| market | <$250 • ROUND | 309,098 | 63,748,930 | 0.0% | 92.8% | 22.7 bps | 23.6 bps | 78% | 43rd | $0.0044 | 99.1% |
| market | $250–$999 • FRACT | 38,830 | 24,677 | 21.2% | 81.3% | 1.1 bps | 1.3 bps | 91% | 57th | $0.1659 | 99.9% |
| market | $250–$999 • ODD | 3,653,969 | 59,486,188 | 0.1% | 97.2% | 6.3 bps | 6.2 bps | 96% | 69th | $0.0134 | 99.5% |
| market | $250–$999 • ROUND | 963,286 | 385,977,271 | 0.0% | 92.6% | 17.2 bps | 17.0 bps | 89% | 67th | $0.0059 | 99.5% |
| market | $1k–$5k • FRACT | 947 | 691 | 28.0% | 88.7% | 2.4 bps | 3.6 bps | 96% | 22nd | $0.5678 | 100.0% |
| market | $1k–$5k • ODD | 3,905,453 | 120,172,922 | 0.0% | 97.1% | 4.8 bps | 4.8 bps | 97% | 68th | $0.0148 | 99.5% |
| market | $1k–$5k • ROUND | 2,523,137 | 2,413,245,958 | 0.0% | 87.7% | 9.8 bps | 10.0 bps | 89% | 75th | $0.0090 | 99.7% |
| market | $5k–$10k • ODD | 927,832 | 45,095,058 | 0.0% | 96.4% | 4.8 bps | 4.2 bps | 96% | 81st | $0.0207 | 99.5% |
| market | $5k–$10k • ROUND | 1,706,722 | 2,164,291,338 | 0.0% | 86.5% | 6.1 bps | 6.1 bps | 85% | 75th | $0.0101 | 99.6% |
| market | $10k–$20k • ODD | 326,059 | 17,587,144 | 0.0% | 97.3% | 7.2 bps | 6.0 bps | 97% | 94th | $0.0283 | 99.5% |
| market | $10k–$20k • ROUND | 1,955,359 | 2,039,657,560 | 0.0% | 88.8% | 4.4 bps | 4.3 bps | 87% | 68th | $0.0114 | 99.4% |
| market | $20k–$50k • ODD | 31,175 | 1,816,862 | 0.0% | 97.1% | 5.3 bps | 4.7 bps | 95% | 90th | $0.0498 | 99.6% |
| market | $20k–$50k • ROUND | 2,156,961 | 3,304,422,548 | 0.0% | 91.9% | 3.7 bps | 3.7 bps | 88% | 71st | $0.0167 | 99.3% |
| market | $50k–$200k • ROUND | 1,555,677 | 5,558,490,137 | 0.0% | 92.1% | 2.4 bps | 2.5 bps | 85% | 70th | $0.0202 | 99.1% |
| market | ≥$200k • ROUND | 191,341 | 1,675,786,473 | 0.0% | 53.9% | -1.5 bps | -0.2 bps | 41% | 23rd | $0.2790 | 81.2% |
| marketable_limit | <$250 • ODD | 2,441,890 | 24,756,929 | 0.0% | 96.6% | 9.5 bps | -14.9 bps | 89% | 80th | $0.0085 | 99.4% |
| marketable_limit | <$250 • ROUND | 225,071 | 50,132,695 | 0.0% | 89.8% | 23.8 bps | -45.9 bps | 84% | 79th | $0.0037 | 96.4% |
| marketable_limit | $250–$999 • ODD | 1,238,779 | 25,242,288 | 0.0% | 96.9% | 6.5 bps | -8.5 bps | 83% | 78th | $0.0118 | 99.5% |
| marketable_limit | $250–$999 • ROUND | 736,415 | 246,689,946 | 0.0% | 92.4% | 14.4 bps | -23.9 bps | 80% | 76th | $0.0054 | 98.4% |
| marketable_limit | $1k–$5k • ODD | 982,827 | 30,438,341 | 0.0% | 96.4% | 5.2 bps | -5.5 bps | 83% | 88th | $0.0170 | 99.5% |
| marketable_limit | $1k–$5k • ROUND | 1,453,719 | 1,091,089,927 | 0.0% | 89.7% | 9.2 bps | -11.8 bps | 71% | 79th | $0.0073 | 98.2% |
| marketable_limit | $5k–$10k • ODD | 187,296 | 8,988,433 | 0.0% | 95.7% | 5.0 bps | -7.0 bps | 75% | 94th | $0.0267 | 99.5% |
| marketable_limit | $5k–$10k • ROUND | 679,489 | 881,092,145 | 0.0% | 88.8% | 6.3 bps | -6.3 bps | 47% | 78th | $0.0181 | 97.2% |
| marketable_limit | $10k–$20k • ODD | 54,492 | 2,946,022 | 0.0% | 96.3% | 6.5 bps | -3.6 bps | 72% | 98th | $0.0387 | 99.4% |
| marketable_limit | $10k–$20k • ROUND | 685,739 | 1,269,781,619 | 0.0% | 91.0% | 4.9 bps | -4.8 bps | 46% | 80th | $0.0149 | 97.2% |
| marketable_limit | $20k–$50k • ODD | 3,798 | 240,237 | 0.0% | 96.4% | 5.0 bps | -0.2 bps | 77% | 96th | $0.0237 | 99.5% |
| marketable_limit | $20k–$50k • ROUND | 714,746 | 2,145,045,179 | 0.0% | 89.9% | 3.6 bps | -3.4 bps | 40% | 81st | $0.0090 | 97.1% |
| marketable_limit | $50k–$200k • ROUND | 454,332 | 2,451,931,735 | 0.0% | 81.7% | 2.4 bps | -3.4 bps | 84% | 89th | $0.0106 | 95.2% |
| marketable_limit | ≥$200k • ROUND | 73,261 | 1,146,682,395 | 0.0% | 54.8% | -0.6 bps | -3.3 bps | 37% | 32nd | $0.0419 | 73.6% |
| nonmarketable_limit | <$250 • FRACT | 213 | 51 | 32.5% | 100.0% | 82.0 bps | — | 0% | 92nd | $0.0198 | 95.9% |
| nonmarketable_limit | <$250 • ODD | 25,254,417 | 571,048,117 | 0.0% | 100.0% | 35.1 bps | 49.2 bps | 99% | 77th | $0.0238 | 77.5% |
| nonmarketable_limit | <$250 • ROUND | 3,079,296 | 363,474,535 | 0.0% | 100.0% | 59.9 bps | 214.0 bps | 100% | 49th | $0.0028 | 79.8% |
| nonmarketable_limit | $250–$999 • ODD | 6,936,419 | 220,211,466 | 0.0% | 100.0% | 19.0 bps | 39.3 bps | 92% | 65th | $0.0512 | 71.2% |
| nonmarketable_limit | $250–$999 • ROUND | 4,922,634 | 854,836,812 | 0.0% | 100.0% | 47.5 bps | 162.7 bps | 94% | 47th | $-0.0088 | 70.3% |
| nonmarketable_limit | $1k–$5k • ODD | 4,818,786 | 133,383,828 | 0.0% | 100.0% | 19.9 bps | 41.5 bps | 84% | 81st | $0.0622 | 61.6% |
| nonmarketable_limit | $1k–$5k • ROUND | 4,038,722 | 1,672,818,228 | 0.0% | 100.0% | 22.8 bps | 72.1 bps | 88% | 46th | $0.0174 | 51.4% |
| nonmarketable_limit | $5k–$10k • ODD | 1,682,017 | 77,952,618 | 0.0% | 100.0% | 23.0 bps | 41.0 bps | 77% | 87th | $0.0519 | 73.2% |
| nonmarketable_limit | $5k–$10k • ROUND | 1,333,091 | 1,268,060,484 | 0.0% | 100.0% | 15.2 bps | 53.6 bps | 87% | 45th | $0.0291 | 46.2% |
| nonmarketable_limit | $10k–$20k • ODD | 971,577 | 50,807,819 | 0.0% | 100.0% | 21.4 bps | 30.2 bps | 84% | 82nd | $0.0754 | 78.4% |
| nonmarketable_limit | $10k–$20k • ROUND | 1,582,372 | 1,533,827,770 | 0.0% | 100.0% | 10.8 bps | 41.0 bps | 86% | 42nd | $0.0138 | 46.5% |
| nonmarketable_limit | $20k–$50k • ODD | 186,216 | 11,516,214 | 0.0% | 100.0% | 20.4 bps | 22.6 bps | 86% | 76th | $0.2699 | 85.3% |
| nonmarketable_limit | $20k–$50k • ROUND | 1,021,322 | 1,882,947,998 | 0.0% | 100.0% | 9.5 bps | 39.1 bps | 79% | 49th | $0.0458 | 41.2% |
| nonmarketable_limit | $50k–$200k • ROUND | 619,601 | 1,929,231,453 | 0.0% | 100.0% | 7.5 bps | 30.9 bps | 52% | 40th | $0.0168 | 33.7% |
| nonmarketable_limit | ≥$200k • ROUND | 151,433 | 1,720,348,290 | 0.0% | 100.0% | 5.5 bps | 30.9 bps | 32% | 34th | $0.0592 | 21.7% |
| market | <$250 • FRACT | 722,033 | 153,104 | 30.8% | 86.5% | 1.8 bps | 3.3 bps | 100% | 47th | $0.0896 | 99.9% |
| market | <$250 • ODD | 947,658 | 1,667,079 | 0.7% | 97.7% | 2.8 bps | 2.8 bps | 100% | 61st | $0.0040 | 99.6% |
| market | $250–$999 • FRACT | 86,175 | 52,011 | 30.1% | 86.3% | 2.0 bps | 3.8 bps | 97% | 41st | $0.2694 | 99.9% |
| market | $250–$999 • ODD | 2,624,900 | 11,126,684 | 0.3% | 97.6% | 3.0 bps | 3.0 bps | 100% | 68th | $0.0102 | 99.7% |
| market | $250–$999 • ROUND | 291 | 29,463 | — | 99.6% | 4.5 bps | — | — | 33rd | — | 94.7% |
| market | $1k–$5k • FRACT | 2,806 | 2,267 | 32.1% | 89.6% | 2.9 bps | 6.1 bps | 91% | 50th | $0.9409 | 99.9% |
| market | $1k–$5k • ODD | 4,292,108 | 55,469,625 | 0.1% | 96.8% | 3.1 bps | 3.1 bps | 100% | 72nd | $0.0187 | 99.5% |
| market | $1k–$5k • ROUND | 168,044 | 20,217,863 | 0.0% | 97.6% | 1.9 bps | 2.0 bps | 100% | 63rd | $0.0023 | 99.3% |
| market | $5k–$10k • FRACT | 4 | 4 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ODD | 1,858,482 | 47,216,691 | 0.0% | 96.3% | 2.9 bps | 2.8 bps | 100% | 66th | $0.0196 | 99.5% |
| market | $5k–$10k • ROUND | 297,838 | 48,107,851 | 0.0% | 96.4% | 1.6 bps | 1.7 bps | 100% | 52nd | $0.0037 | 99.4% |
| market | $10k–$20k • ODD | 1,167,530 | 39,209,191 | 0.0% | 95.5% | 3.0 bps | 2.9 bps | 100% | 72nd | $0.0206 | 99.6% |
| market | $10k–$20k • ROUND | 911,448 | 142,666,222 | 0.0% | 96.8% | 2.4 bps | 2.4 bps | 100% | 67th | $0.0075 | 99.5% |
| market | $20k–$50k • ODD | 585,345 | 19,503,229 | 0.0% | 97.1% | 3.7 bps | 3.5 bps | 99% | 78th | $0.0388 | 99.7% |
| market | $20k–$50k • ROUND | 2,108,356 | 467,497,283 | 0.0% | 96.2% | 2.4 bps | 2.3 bps | 100% | 65th | $0.0116 | 99.5% |
| market | $50k–$200k • ODD | 11,202 | 387,358 | 0.0% | 97.4% | 4.1 bps | 3.9 bps | 98% | 79th | $0.1130 | 99.8% |
| market | $50k–$200k • ROUND | 2,214,474 | 1,066,572,485 | 0.0% | 96.1% | 3.4 bps | 3.2 bps | 99% | 89th | $0.0213 | 99.5% |
| market | ≥$200k • ROUND | 267,540 | 516,984,860 | 0.0% | 56.2% | -0.4 bps | 0.7 bps | 95% | 11th | $0.2933 | 94.2% |
| marketable_limit | <$250 • ODD | 372,501 | 731,557 | 0.1% | 97.2% | 2.6 bps | -3.2 bps | 98% | 84th | $0.0038 | 99.2% |
| marketable_limit | $250–$999 • ODD | 723,874 | 3,714,032 | 0.1% | 96.9% | 2.8 bps | -3.5 bps | 99% | 86th | $0.0031 | 99.4% |
| marketable_limit | $250–$999 • ROUND | 329 | 33,001 | 0.0% | 99.7% | 4.6 bps | -1.7 bps | 100% | 96th | $0.0019 | 99.7% |
| marketable_limit | $1k–$5k • ODD | 962,052 | 12,660,684 | 0.0% | 96.2% | 2.9 bps | -4.9 bps | 98% | 91st | $0.0065 | 99.5% |
| marketable_limit | $1k–$5k • ROUND | 86,387 | 10,453,342 | 0.0% | 98.2% | 1.8 bps | -6.2 bps | 97% | 82nd | $0.0019 | 99.4% |
| marketable_limit | $5k–$10k • ODD | 336,620 | 8,602,231 | 0.0% | 95.5% | 3.0 bps | -5.6 bps | 92% | 91st | $0.0091 | 99.5% |
| marketable_limit | $5k–$10k • ROUND | 94,940 | 15,945,690 | 0.0% | 97.1% | 1.7 bps | -5.6 bps | 96% | 81st | $0.0026 | 99.5% |
| marketable_limit | $10k–$20k • ODD | 197,617 | 6,765,474 | 0.0% | 94.2% | 3.0 bps | -4.0 bps | 90% | 90th | $0.0132 | 99.4% |
| marketable_limit | $10k–$20k • ROUND | 265,787 | 44,775,172 | 0.0% | 97.5% | 2.9 bps | -4.3 bps | 88% | 96th | $0.0047 | 99.6% |
| marketable_limit | $20k–$50k • ODD | 67,252 | 2,334,596 | 0.0% | 95.8% | 3.6 bps | -0.7 bps | 90% | 92nd | $0.0282 | 99.6% |
| marketable_limit | $20k–$50k • ROUND | 373,378 | 96,614,056 | 0.0% | 96.0% | 2.3 bps | -4.3 bps | 91% | 87th | $0.0080 | 99.5% |
| marketable_limit | $50k–$200k • ODD | 1,322 | 45,049 | 0.0% | 96.0% | 3.8 bps | 1.1 bps | 100% | 90th | $0.0781 | 99.8% |
| marketable_limit | $50k–$200k • ROUND | 303,571 | 196,341,430 | 0.0% | 94.6% | 2.4 bps | -3.2 bps | 93% | 90th | $0.0144 | 99.0% |
| marketable_limit | ≥$200k • ROUND | 83,216 | 270,959,628 | 0.0% | 54.0% | 0.0 bps | -4.8 bps | 90% | 36th | $0.2252 | 82.6% |
| nonmarketable_limit | <$250 • FRACT | 131 | 39 | 34.2% | 100.0% | 28.6 bps | — | 0% | 94th | $-0.0795 | 95.3% |
| nonmarketable_limit | <$250 • ODD | 1,013,859 | 3,406,184 | 0.0% | 100.0% | 4.2 bps | 21.5 bps | 100% | 45th | $0.0194 | 63.2% |
| nonmarketable_limit | $250–$999 • FRACT | 4 | 3 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 3,082,076 | 36,615,461 | 0.0% | 100.0% | 3.9 bps | 22.8 bps | 100% | 47th | $0.0501 | 70.2% |
| nonmarketable_limit | $250–$999 • ROUND | 282 | 28,287 | — | 100.0% | 19.0 bps | — | — | 71st | — | 36.0% |
| nonmarketable_limit | $1k–$5k • ODD | 2,956,972 | 31,924,771 | 0.0% | 100.0% | 3.7 bps | 25.6 bps | 100% | 37th | $0.0941 | 58.7% |
| nonmarketable_limit | $1k–$5k • ROUND | 424,123 | 48,224,328 | 0.0% | 100.0% | 4.2 bps | 17.5 bps | 100% | 66th | $0.0092 | 64.5% |
| nonmarketable_limit | $5k–$10k • ODD | 1,110,860 | 25,766,422 | 0.0% | 100.0% | 3.9 bps | 27.9 bps | 98% | 44th | $0.0960 | 62.3% |
| nonmarketable_limit | $5k–$10k • ROUND | 160,479 | 27,416,879 | 0.0% | 100.0% | 3.0 bps | 22.4 bps | 100% | 48th | $0.0130 | 45.5% |
| nonmarketable_limit | $10k–$20k • ODD | 841,928 | 28,443,325 | 0.0% | 100.0% | 4.3 bps | 23.0 bps | 93% | 53rd | $0.1431 | 67.6% |
| nonmarketable_limit | $10k–$20k • ROUND | 427,001 | 68,999,589 | 0.0% | 100.0% | 3.1 bps | 30.7 bps | 99% | 39th | $0.0354 | 48.9% |
| nonmarketable_limit | $20k–$50k • ODD | 302,130 | 12,303,996 | 0.0% | 100.0% | 4.0 bps | 10.9 bps | 96% | 56th | $0.2404 | 69.5% |
| nonmarketable_limit | $20k–$50k • ROUND | 841,852 | 214,756,921 | 0.0% | 100.0% | 2.7 bps | 35.0 bps | 97% | 24th | $0.0669 | 54.9% |
| nonmarketable_limit | $50k–$200k • ODD | 4,241 | 102,020 | 0.0% | 100.0% | 7.3 bps | 2.9 bps | 93% | 73rd | $0.3926 | 68.6% |
| nonmarketable_limit | $50k–$200k • ROUND | 624,864 | 285,897,136 | 0.0% | 100.0% | 2.7 bps | 29.0 bps | 98% | 32nd | $0.1169 | 50.8% |
| nonmarketable_limit | ≥$200k • ROUND | 189,495 | 502,716,630 | 0.0% | 100.0% | 2.4 bps | 28.3 bps | 92% | 29th | $0.1370 | 40.1% |
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 |
|---|---|---|---|---|---|
| CHAS202608.csv | 202608 | summary | stored | 2026-09-30T21:27:25.064122447+00:00 | File Link ↗ |
| CHAS202608.zip | 202608 | detailed | stored | 2026-09-30T21:27:27.105971231+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
2
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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