EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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Rule 605 Market Center Scorecard

COINBASE CAPITAL MARKETS CORP

Reporter ID: CNBS • Quarter: 2026Q3 • Methodology: exq-2
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:27:41 GMT
Quarter:2026Q3
Covered Orders197,837Across all reported tiers
Covered Shares16,362,453In Q3 2026
Active Tiers95Order 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.

ClassNotional × LotOrdersCovered ShFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <1s
market<$250 • FRACT6,8771,8330.1%99.6%2.4 bps—0%52nd$0.0063100.0%
market<$250 • ODD50,144189,4260.0%95.3%3.7 bps—0%16th$0.0078100.0%
market<$250 • ROUND13631,853—68.1%20.7 bps——39th—100.0%
market$250–$999 • FRACT10367—100.0%1.3 bps——78th—100.0%
market$250–$999 • ODD18,337191,669—94.9%3.0 bps——17th—99.9%
market$250–$999 • ROUND781168,181—82.3%9.6 bps——22nd—100.0%
market$1k–$5k • FRACT43————————
market$1k–$5k • ODD6,586174,489—93.4%2.9 bps——23rd—100.0%
market$1k–$5k • ROUND2,267741,658—87.5%4.8 bps——30th—100.0%
market$5k–$10k • ODD1,03448,971—96.0%2.5 bps——24th—100.0%
market$5k–$10k • ROUND1,080608,048—82.0%3.4 bps——29th—100.0%
market$10k–$20k • ODD34422,559—96.9%2.5 bps——25th—100.0%
market$10k–$20k • ROUND1,033866,433—81.6%3.1 bps——42nd—99.5%
market$20k–$50k • ODD171,022————————
market$20k–$50k • ROUND9281,253,026—69.4%2.3 bps——37th—99.5%
market$50k–$200k • ROUND5932,661,139—41.4%0.6 bps——26th—100.0%
market≥$200k • ROUND74318,622————————
marketable_limit<$250 • FRACT1,152342—99.2%1.9 bps——40th—99.9%
marketable_limit<$250 • ODD11,44181,745—86.8%7.3 bps——68th—100.0%
marketable_limit<$250 • ROUND17032,458—58.8%14.4 bps——63rd—100.0%
marketable_limit$250–$999 • FRACT129————————
marketable_limit$250–$999 • ODD2,76551,197—88.1%5.1 bps——72nd—100.0%
marketable_limit$250–$999 • ROUND569124,680—74.0%9.5 bps——57th—100.0%
marketable_limit$1k–$5k • ODD1,28136,945—90.1%3.4 bps——71st—99.8%
marketable_limit$1k–$5k • ROUND1,245625,532—76.8%5.2 bps——63rd—100.0%
marketable_limit$5k–$10k • ODD1848,887—91.2%2.4 bps——65th—100.0%
marketable_limit$5k–$10k • ROUND502445,889—83.5%3.9 bps——66th—99.7%
marketable_limit$10k–$20k • ODD663,974————————
marketable_limit$10k–$20k • ROUND444487,108—68.3%3.4 bps——71st—99.9%
marketable_limit$20k–$50k • ODD3220————————
marketable_limit$20k–$50k • ROUND3151,200,031—42.8%3.0 bps——72nd—99.9%
marketable_limit$50k–$200k • ROUND2431,734,602—41.2%0.8 bps——61st—94.7%
marketable_limit≥$200k • ROUND53144,459————————
nonmarketable_limit<$250 • FRACT611180—100.0%9.4 bps——31st—44.0%
nonmarketable_limit<$250 • ODD5,43729,082—100.0%19.2 bps——39th—26.6%
nonmarketable_limit<$250 • ROUND6010,663————————
nonmarketable_limit$250–$999 • FRACT86————————
nonmarketable_limit$250–$999 • ODD2,33337,655—100.0%10.0 bps——24th—34.0%
nonmarketable_limit$250–$999 • ROUND31665,568—100.0%40.3 bps——36th—29.4%
nonmarketable_limit$1k–$5k • ODD1,54445,893—100.0%7.3 bps——21st—48.6%
nonmarketable_limit$1k–$5k • ROUND1,236538,842—100.0%14.1 bps——29th—22.5%
nonmarketable_limit$5k–$10k • ODD28114,813—100.0%3.7 bps——7th—61.3%
nonmarketable_limit$5k–$10k • ROUND655417,616—100.0%12.4 bps——40th—23.2%
nonmarketable_limit$10k–$20k • ODD634,038————————
nonmarketable_limit$10k–$20k • ROUND424373,970—100.0%9.5 bps——39th—19.9%
nonmarketable_limit$20k–$50k • ODD3287————————
nonmarketable_limit$20k–$50k • ROUND301546,217—100.0%13.0 bps——70th—27.1%
nonmarketable_limit$50k–$200k • ROUND230938,788—100.0%5.2 bps——19th—32.5%
nonmarketable_limit≥$200k • ROUND66225,713————————
market<$250 • FRACT7,1981,251—99.5%1.4 bps——37th—100.0%
market<$250 • ODD19,57723,268—97.8%1.2 bps——8th—100.0%
market$250–$999 • FRACT460268—99.4%1.8 bps——37th—99.2%
market$250–$999 • ODD24,15740,858—97.5%1.5 bps——15th—100.0%
market$1k–$5k • FRACT1915————————
market$1k–$5k • ODD8,01160,045—96.7%1.6 bps——17th—100.0%
market$1k–$5k • ROUND708,999————————
market$5k–$10k • ODD1,25529,962—96.3%1.6 bps——16th—100.0%
market$5k–$10k • ROUND9918,420————————
market$10k–$20k • ODD72725,046—95.7%1.5 bps——15th—100.0%
market$10k–$20k • ROUND23635,928—91.1%1.2 bps——16th—100.0%
market$20k–$50k • ODD2088,493—95.7%1.8 bps——13th—100.0%
market$20k–$50k • ROUND39466,215—94.9%1.3 bps——25th—100.0%
market$50k–$200k • ODD8267————————
market$50k–$200k • ROUND310122,740—78.4%1.2 bps——27th—100.0%
market≥$200k • ROUND3013,903————————
marketable_limit<$250 • FRACT855163—99.4%1.4 bps——36th—100.0%
marketable_limit<$250 • ODD1,0891,634—91.0%2.0 bps——71st—100.0%
marketable_limit$250–$999 • FRACT8043————————
marketable_limit$250–$999 • ODD1,4544,080—94.1%2.1 bps——73rd—100.0%
marketable_limit$1k–$5k • FRACT54————————
marketable_limit$1k–$5k • ODD1,06811,000—93.5%1.9 bps——58th—100.0%
marketable_limit$1k–$5k • ROUND142,016————————
marketable_limit$5k–$10k • ODD1995,559—91.9%1.8 bps——55th—100.0%
marketable_limit$5k–$10k • ROUND313,410————————
marketable_limit$10k–$20k • ODD752,627————————
marketable_limit$10k–$20k • ROUND626,956————————
marketable_limit$20k–$50k • ODD291,180————————
marketable_limit$20k–$50k • ROUND12616,323—84.6%1.8 bps——78th—100.0%
marketable_limit$50k–$200k • ROUND6630,812————————
marketable_limit≥$200k • ROUND7691,721————————
nonmarketable_limit<$250 • FRACT906137—100.0%4.7 bps——29th—59.1%
nonmarketable_limit<$250 • ODD9241,202—100.0%3.6 bps——31st—52.3%
nonmarketable_limit$250–$999 • FRACT6040————————
nonmarketable_limit$250–$999 • ODD1,5623,746—100.0%3.5 bps——36th—54.2%
nonmarketable_limit$1k–$5k • FRACT43————————
nonmarketable_limit$1k–$5k • ODD1,06610,553—100.0%3.5 bps——27th—58.2%
nonmarketable_limit$1k–$5k • ROUND243,241————————
nonmarketable_limit$5k–$10k • ODD3148,202—100.0%2.4 bps——10th—54.8%
nonmarketable_limit$5k–$10k • ROUND253,331————————
nonmarketable_limit$10k–$20k • ODD1545,015—100.0%1.6 bps——4th—67.5%
nonmarketable_limit$10k–$20k • ROUND8611,046————————
nonmarketable_limit$20k–$50k • ODD551,870————————
nonmarketable_limit$20k–$50k • ROUND13422,039—100.0%2.0 bps——11th—53.1%
nonmarketable_limit$50k–$200k • ROUND136110,841—100.0%2.3 bps——14th—35.8%
nonmarketable_limit≥$200k • ROUND4841,577————————

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 NameMonthKindStatusFetched AtSource URL
CNBS202608.zip202608detailedstored2026-09-30T21:17:20.841274284+00:00 File Link ↗
CNBS202608.csv202608summarystored2026-09-30T21:17:20.841275537+00:00 File Link ↗
CNBS202608.zip202608detailedstored2026-10-01T08:17:54.573+00:00 File Link ↗
CNBS202608.csv202608summarystored2026-10-01T08:17:56.193+00:00 File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells
33
Tiers with < 100 covered orders
Missing Files
0
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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