CAMBRIDGE INVESTMENT RESEARCH, INC.

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

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:41:43 GMT

Quarter:2026Q3

Covered Orders193,545Across all reported tiers

Covered Shares45,112,118In Q3 2026

Active Tiers83Order 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	5,041	1,955	—	94.0%	3.7 bps	—	—	79th	—	100.0%
Market	<$250 • Odd Lot	14,278	49,057	—	96.0%	5.8 bps	—	—	46th	—	99.8%
Market	<$250 • Round Lot	20	3,552	—	—	—	—	—	—	—	—
Market	$250–$999 • Fractional	44	30	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	26,622	301,732	—	94.8%	4.7 bps	—	—	44th	—	99.8%
Market	$250–$999 • Round Lot	290	65,461	—	99.1%	19.6 bps	—	—	67th	—	100.0%
Market	$1k–$5k • Odd Lot	35,991	1,204,398	—	94.5%	3.8 bps	—	—	47th	—	99.8%
Market	$1k–$5k • Round Lot	5,991	1,307,296	—	96.5%	8.5 bps	—	—	69th	—	99.9%
Market	$5k–$10k • Odd Lot	7,255	372,577	—	94.9%	3.5 bps	—	—	53rd	—	99.7%
Market	$5k–$10k • Round Lot	8,990	2,464,747	—	93.3%	5.3 bps	—	—	65th	—	99.8%
Market	$10k–$20k • Odd Lot	2,264	119,847	—	95.4%	3.2 bps	—	—	41st	—	99.7%
Market	$10k–$20k • Round Lot	10,616	4,082,460	—	92.8%	4.1 bps	—	—	62nd	—	99.4%
Market	$20k–$50k • Odd Lot	311	17,533	—	94.4%	3.3 bps	—	—	51st	—	99.8%
Market	$20k–$50k • Round Lot	9,810	6,891,648	—	89.6%	3.6 bps	—	—	68th	—	99.7%
Market	$50k–$200k • Round Lot	4,903	8,974,603	—	85.0%	2.9 bps	—	—	78th	—	99.4%
Market	≥$200k • Round Lot	1,215	13,135,678	—	41.9%	-0.9 bps	—	—	34th	—	82.5%
Marketable Limit	<$250 • Odd Lot	7	15	—	—	—	—	—	—	—	—
Marketable Limit	<$250 • Round Lot	1	1,350	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	44	515	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Round Lot	2	250	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	183	6,187	—	91.7%	2.6 bps	—	—	57th	—	100.0%
Marketable Limit	$1k–$5k • Round Lot	39	20,975	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	43	2,243	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	96	29,885	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Odd Lot	11	715	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	134	97,414	—	90.8%	5.1 bps	—	—	79th	—	98.5%
Marketable Limit	$20k–$50k • Odd Lot	3	140	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	147	239,231	—	72.1%	4.4 bps	—	—	86th	—	97.1%
Marketable Limit	$50k–$200k • Round Lot	61	314,664	—	—	—	—	—	—	—	—
Marketable Limit	≥$200k • Round Lot	13	343,143	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Odd Lot	25	80	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	80	952	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Round Lot	7	790	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	258	7,913	—	100.0%	13.8 bps	—	—	64th	—	36.1%
Non-Marketable Limit	$1k–$5k • Round Lot	195	65,422	—	100.0%	28.8 bps	—	—	65th	—	16.9%
Non-Marketable Limit	$5k–$10k • Odd Lot	76	3,943	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	211	129,272	—	100.0%	22.6 bps	—	—	70th	—	15.8%
Non-Marketable Limit	$10k–$20k • Odd Lot	22	1,034	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	187	185,742	—	100.0%	19.7 bps	—	—	78th	—	35.7%
Non-Marketable Limit	$20k–$50k • Odd Lot	2	111	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	176	162,916	—	100.0%	12.1 bps	—	—	62nd	—	17.1%
Non-Marketable Limit	$50k–$200k • Round Lot	67	204,903	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	43	271,174	—	—	—	—	—	—	—	—
Market	<$250 • Fractional	2,362	717	—	95.0%	3.7 bps	—	—	84th	—	100.0%
Market	<$250 • Odd Lot	3,645	6,383	—	98.5%	4.7 bps	—	—	95th	—	99.6%
Market	$250–$999 • Fractional	184	131	—	94.2%	3.1 bps	—	—	69th	—	100.0%
Market	$250–$999 • Odd Lot	12,140	48,971	—	97.9%	4.3 bps	—	—	94th	—	99.7%
Market	$1k–$5k • Fractional	1	1	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	19,407	269,316	—	98.0%	3.8 bps	—	—	89th	—	99.5%
Market	$1k–$5k • Round Lot	395	48,542	—	98.8%	2.3 bps	—	—	89th	—	100.0%
Market	$5k–$10k • Odd Lot	6,526	193,777	—	98.0%	3.8 bps	—	—	90th	—	99.7%
Market	$5k–$10k • Round Lot	818	126,712	—	98.9%	2.2 bps	—	—	87th	—	99.6%
Market	$10k–$20k • Odd Lot	3,268	131,720	—	97.6%	3.4 bps	—	—	81st	—	99.8%
Market	$10k–$20k • Round Lot	2,020	307,751	—	98.1%	2.6 bps	—	—	81st	—	99.9%
Market	$20k–$50k • Odd Lot	625	27,571	—	97.8%	3.6 bps	—	—	70th	—	99.7%
Market	$20k–$50k • Round Lot	3,202	590,803	—	97.2%	2.5 bps	—	—	67th	—	99.8%
Market	$50k–$200k • Odd Lot	1	39	—	—	—	—	—	—	—	—
Market	$50k–$200k • Round Lot	1,743	858,361	—	96.7%	2.9 bps	—	—	81st	—	99.9%
Market	≥$200k • Round Lot	448	1,254,164	—	72.3%	1.8 bps	—	—	77th	—	100.0%
Marketable Limit	<$250 • Odd Lot	2	2	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	23	66	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	110	1,329	—	99.0%	2.3 bps	—	—	72nd	—	100.0%
Marketable Limit	$1k–$5k • Round Lot	3	682	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	62	1,755	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	1	592	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Odd Lot	30	1,333	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	23	2,615	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Odd Lot	6	192	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	34	9,719	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	23	11,656	—	—	—	—	—	—	—	—
Marketable Limit	≥$200k • Round Lot	4	12,116	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Odd Lot	24	43	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	53	393	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	180	2,971	—	100.0%	3.2 bps	—	—	19th	—	54.0%
Non-Marketable Limit	$1k–$5k • Round Lot	6	782	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	90	2,679	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	14	1,810	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	38	1,398	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	36	4,447	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Odd Lot	15	456	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	113	35,324	—	100.0%	16.4 bps	—	—	94th	—	51.1%
Non-Marketable Limit	$50k–$200k • Round Lot	71	32,258	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	25	38,987	—	—	—	—	—	—	—	—

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
CIRI202608.zip	202608	detailed	stored	2026-10-15T19:56:06.371170480+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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