COMMONWEALTH FINANCIAL NETWORK

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

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:32:20 GMT

Quarter:2026Q3

Covered Orders245,358Across all reported tiers

Covered Shares52,389,677In Q3 2026

Active Tiers81Order 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	25,958	10,872	100.0%	98.6%	2.8 bps	1.5 bps	48%	69th	$0.0001	100.0%
Market	<$250 • Odd Lot	12,716	48,263	0.0%	98.4%	6.5 bps	—	0%	53rd	$-0.0012	96.2%
Market	<$250 • Round Lot	17	2,660	—	—	—	—	—	—	—	—
Market	$250–$999 • Fractional	523	365	100.0%	97.1%	1.2 bps	0.2 bps	39%	67th	$0.0003	100.0%
Market	$250–$999 • Odd Lot	20,888	234,721	—	98.1%	5.0 bps	—	—	45th	—	98.3%
Market	$250–$999 • Round Lot	240	51,802	—	94.8%	16.9 bps	—	—	59th	—	99.3%
Market	$1k–$5k • Fractional	11	8	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	35,276	1,188,772	—	97.6%	3.8 bps	—	—	45th	—	99.7%
Market	$1k–$5k • Round Lot	5,332	1,163,234	—	95.7%	6.2 bps	—	—	42nd	—	99.4%
Market	$5k–$10k • Odd Lot	8,538	440,340	—	96.8%	3.5 bps	—	—	52nd	—	99.8%
Market	$5k–$10k • Round Lot	10,496	2,470,385	—	96.9%	4.2 bps	—	—	45th	—	99.8%
Market	$10k–$20k • Odd Lot	3,067	171,166	—	97.3%	3.4 bps	—	—	49th	—	99.9%
Market	$10k–$20k • Round Lot	13,105	4,479,568	—	94.7%	3.5 bps	—	—	47th	—	99.7%
Market	$20k–$50k • Odd Lot	405	24,219	—	96.8%	1.3 bps	—	—	16th	—	99.7%
Market	$20k–$50k • Round Lot	13,644	8,458,137	0.0%	94.1%	3.3 bps	—	0%	57th	$-0.0086	99.8%
Market	$50k–$200k • Round Lot	7,017	11,228,390	—	91.5%	2.6 bps	—	—	73rd	—	99.0%
Market	≥$200k • Round Lot	1,188	10,880,438	—	42.9%	-5.5 bps	—	—	2nd	—	88.6%
Marketable Limit	<$250 • Odd Lot	8	39	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	24	360	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Round Lot	3	360	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	163	6,739	—	98.2%	3.3 bps	—	—	68th	—	100.0%
Marketable Limit	$1k–$5k • Round Lot	84	22,657	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	52	2,333	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	214	101,566	—	47.6%	4.9 bps	—	—	65th	—	100.0%
Marketable Limit	$10k–$20k • Odd Lot	34	1,855	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	221	113,761	—	94.4%	5.4 bps	—	—	82nd	—	99.5%
Marketable Limit	$20k–$50k • Odd Lot	6	403	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	347	490,708	—	66.9%	7.1 bps	—	—	98th	—	76.5%
Marketable Limit	$50k–$200k • Round Lot	291	711,040	—	82.6%	3.6 bps	—	—	96th	—	94.7%
Marketable Limit	≥$200k • Round Lot	79	1,892,524	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Odd Lot	17	60	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Round Lot	1	125	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	23	419	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Round Lot	13	3,629	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	93	3,454	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	62	25,577	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	44	1,850	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	103	115,441	—	100.0%	23.8 bps	—	—	74th	—	35.4%
Non-Marketable Limit	$10k–$20k • Odd Lot	29	1,362	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	168	89,916	—	100.0%	11.0 bps	—	—	43rd	—	20.8%
Non-Marketable Limit	$20k–$50k • Odd Lot	1	93	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	164	215,784	—	100.0%	8.6 bps	—	—	38th	—	14.2%
Non-Marketable Limit	$50k–$200k • Round Lot	127	402,830	—	100.0%	21.0 bps	—	—	93rd	—	20.6%
Non-Marketable Limit	≥$200k • Round Lot	38	225,589	—	—	—	—	—	—	—	—
Market	<$250 • Fractional	13,565	3,573	100.0%	98.8%	4.1 bps	2.3 bps	39%	86th	$-0.0002	100.0%
Market	<$250 • Odd Lot	5,180	9,997	—	98.9%	3.5 bps	—	—	78th	—	97.3%
Market	$250–$999 • Fractional	1,207	854	100.0%	95.8%	3.5 bps	0.5 bps	24%	73rd	$0.0011	100.0%
Market	$250–$999 • Odd Lot	15,440	68,201	—	98.6%	3.5 bps	—	—	81st	—	97.3%
Market	$250–$999 • Round Lot	1	100	—	—	—	—	—	—	—	—
Market	$1k–$5k • Fractional	8	7	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	24,151	346,918	0.0%	98.4%	3.4 bps	1.6 bps	100%	79th	$-0.0258	99.2%
Market	$1k–$5k • Round Lot	666	76,922	—	99.5%	2.2 bps	—	—	80th	—	100.0%
Market	$5k–$10k • Odd Lot	8,339	249,144	—	98.3%	3.4 bps	—	—	82nd	—	99.7%
Market	$5k–$10k • Round Lot	1,223	208,048	—	99.2%	2.0 bps	—	—	77th	—	99.7%
Market	$10k–$20k • Odd Lot	4,213	175,998	—	97.9%	3.4 bps	—	—	80th	—	99.9%
Market	$10k–$20k • Round Lot	2,770	427,599	—	98.5%	2.9 bps	—	—	88th	—	99.9%
Market	$20k–$50k • Odd Lot	683	31,290	—	96.6%	3.9 bps	—	—	78th	—	99.5%
Market	$20k–$50k • Round Lot	4,067	826,787	0.0%	98.0%	2.9 bps	—	0%	80th	$0.0137	99.9%
Market	$50k–$200k • Round Lot	1,913	886,937	—	96.6%	3.1 bps	—	—	84th	—	100.0%
Market	≥$200k • Round Lot	528	2,296,011	—	47.0%	-5.2 bps	—	—	0th	—	82.6%
Marketable Limit	$250–$999 • Odd Lot	2	8	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	49	479	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	5	650	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	61	1,190	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	12	1,940	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Odd Lot	50	1,335	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	25	6,701	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Odd Lot	2	75	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	43	10,630	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	18	7,057	—	—	—	—	—	—	—	—
Marketable Limit	≥$200k • Round Lot	17	1,375,591	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	1	5	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	34	508	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	57	1,383	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	7	1,193	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	44	1,579	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	34	7,231	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Odd Lot	13	391	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	50	8,899	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	36	22,593	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	14	48,037	—	—	—	—	—	—	—	—

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
CMMW202608.txt	202608	detailed	stored	2026-10-15T20:12:55.494147302+00:00	File Link ↗
CMMW202608.csv	202608	summary	too_large	2026-10-15T22:24:24.211+00:00	File Link ↗
CMMW202609.txt	202609	detailed	stored	2026-10-15T20:12:56.867176196+00:00	File Link ↗
CMMW202609.csv	202609	summary	too_large	2026-10-15T22:24:23.056+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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