CODA MARKETS, INC.

Reporter ID: CODX • Quarter: 2026Q3 • Methodology: exq-2

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:31:53 GMT

Quarter:2026Q3

Covered Orders13,845,409Across all reported tiers

Covered Shares2,699,412,827In Q3 2026

Active Tiers56Order 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
marketable_limit	<$250 • ODD	117,379	1,808,686	—	13.5%	1.5 bps	—	—	25th	—	100.0%
marketable_limit	<$250 • ROUND	59,835	11,415,128	—	37.7%	2.1 bps	—	—	27th	—	100.0%
marketable_limit	$250–$999 • ODD	36,776	1,321,121	—	7.6%	0.6 bps	—	—	20th	—	100.0%
marketable_limit	$250–$999 • ROUND	93,845	39,236,199	—	8.1%	1.2 bps	—	—	24th	—	100.0%
marketable_limit	$1k–$5k • ODD	27,123	1,243,682	—	14.9%	0.5 bps	—	—	19th	—	100.0%
marketable_limit	$1k–$5k • ROUND	137,601	116,150,694	—	6.3%	0.7 bps	—	—	30th	—	100.0%
marketable_limit	$5k–$10k • ODD	6,134	357,013	—	20.7%	0.3 bps	—	—	21st	—	100.0%
marketable_limit	$5k–$10k • ROUND	42,433	48,473,983	—	5.9%	0.4 bps	—	—	22nd	—	100.0%
marketable_limit	$10k–$20k • ODD	1,966	139,146	—	19.3%	0.3 bps	—	—	14th	—	100.0%
marketable_limit	$10k–$20k • ROUND	37,666	71,936,256	—	6.2%	0.3 bps	—	—	22nd	—	100.0%
marketable_limit	$20k–$50k • ODD	94	7,360	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	29,858	79,798,357	—	6.1%	0.3 bps	—	—	22nd	—	100.0%
marketable_limit	$50k–$200k • ROUND	19,109	55,476,691	—	5.2%	0.1 bps	—	—	26th	—	100.0%
marketable_limit	≥$200k • ROUND	8,426	70,376,663	—	2.8%	0.1 bps	—	—	62nd	—	100.0%
nonmarketable_limit	<$250 • ODD	694,127	4,889,781	—	100.0%	15.6 bps	—	—	30th	—	100.0%
nonmarketable_limit	<$250 • ROUND	91,425	12,977,896	—	100.0%	62.9 bps	—	—	56th	—	100.0%
nonmarketable_limit	$250–$999 • ODD	751,172	10,764,146	—	100.0%	11.9 bps	—	—	35th	—	100.0%
nonmarketable_limit	$250–$999 • ROUND	401,881	68,813,622	—	100.0%	21.9 bps	—	—	21st	—	100.0%
nonmarketable_limit	$1k–$5k • ODD	1,315,756	31,714,377	—	100.0%	4.7 bps	—	—	7th	—	100.0%
nonmarketable_limit	$1k–$5k • ROUND	1,524,453	255,299,582	—	99.8%	12.3 bps	—	—	26th	—	100.0%
nonmarketable_limit	$5k–$10k • ODD	481,694	20,956,626	—	100.0%	2.0 bps	—	—	1st	—	100.0%
nonmarketable_limit	$5k–$10k • ROUND	1,026,406	203,419,922	—	100.0%	6.8 bps	—	—	13th	—	100.0%
nonmarketable_limit	$10k–$20k • ODD	300,106	19,174,779	—	100.0%	1.2 bps	—	—	1st	—	100.0%
nonmarketable_limit	$10k–$20k • ROUND	1,401,702	293,127,735	—	100.0%	2.9 bps	—	—	5th	—	100.0%
nonmarketable_limit	$20k–$50k • ODD	56,034	4,556,706	—	100.0%	1.9 bps	—	—	0th	—	100.0%
nonmarketable_limit	$20k–$50k • ROUND	2,014,245	523,521,619	—	100.0%	4.4 bps	—	—	12th	—	100.0%
nonmarketable_limit	$50k–$200k • ROUND	1,080,482	426,208,703	—	100.0%	5.2 bps	—	—	18th	—	100.0%
nonmarketable_limit	≥$200k • ROUND	22,715	74,133,879	—	100.0%	1.5 bps	—	—	6th	—	100.0%
marketable_limit	<$250 • ODD	3,966	5,761	—	10.5%	0.2 bps	—	—	14th	—	100.0%
marketable_limit	$250–$999 • ODD	5,346	28,096	—	10.3%	0.1 bps	—	—	15th	—	100.0%
marketable_limit	$250–$999 • ROUND	25	2,511	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	9,209	161,417	—	21.5%	0.3 bps	—	—	20th	—	100.0%
marketable_limit	$1k–$5k • ROUND	2,764	295,552	—	1.2%	0.0 bps	—	—	15th	—	100.0%
marketable_limit	$5k–$10k • ODD	5,153	157,077	—	29.9%	0.3 bps	—	—	24th	—	100.0%
marketable_limit	$5k–$10k • ROUND	3,008	441,995	—	15.8%	0.3 bps	—	—	41st	—	100.0%
marketable_limit	$10k–$20k • ODD	4,019	155,597	—	26.6%	0.3 bps	—	—	26th	—	100.0%
marketable_limit	$10k–$20k • ROUND	6,127	937,201	—	26.5%	0.4 bps	—	—	36th	—	100.0%
marketable_limit	$20k–$50k • ODD	1,081	51,992	—	34.9%	0.4 bps	—	—	27th	—	100.0%
marketable_limit	$20k–$50k • ROUND	14,968	2,549,816	—	26.0%	0.3 bps	—	—	26th	—	100.0%
marketable_limit	$50k–$200k • ODD	21	728	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	12,529	5,307,631	—	21.5%	0.2 bps	—	—	26th	—	100.0%
marketable_limit	≥$200k • ROUND	6,765	15,549,513	—	14.1%	0.1 bps	—	—	47th	—	100.0%
nonmarketable_limit	<$250 • ODD	20,794	26,683	—	100.0%	1.9 bps	—	—	1st	—	100.0%
nonmarketable_limit	$250–$999 • ODD	96,136	259,333	—	100.0%	2.3 bps	—	—	8th	—	100.0%
nonmarketable_limit	$250–$999 • ROUND	21	2,100	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	225,267	2,611,629	—	100.0%	1.8 bps	—	—	4th	—	100.0%
nonmarketable_limit	$1k–$5k • ROUND	11,277	729,646	—	100.0%	1.5 bps	—	—	0th	—	100.0%
nonmarketable_limit	$5k–$10k • ODD	123,286	3,124,386	—	100.0%	1.1 bps	—	—	1st	—	100.0%
nonmarketable_limit	$5k–$10k • ROUND	38,708	4,061,764	—	100.0%	1.8 bps	—	—	5th	—	100.0%
nonmarketable_limit	$10k–$20k • ODD	89,827	3,567,588	—	100.0%	0.9 bps	—	—	1st	—	100.0%
nonmarketable_limit	$10k–$20k • ROUND	242,854	21,296,152	—	100.0%	1.4 bps	—	—	1st	—	100.0%
nonmarketable_limit	$20k–$50k • ODD	45,506	2,212,900	—	100.0%	0.7 bps	—	—	2nd	—	100.0%
nonmarketable_limit	$20k–$50k • ROUND	555,070	71,248,038	—	100.0%	1.3 bps	—	—	4th	—	100.0%
nonmarketable_limit	$50k–$200k • ODD	409	14,095	—	100.0%	1.7 bps	—	—	0th	—	100.0%
nonmarketable_limit	$50k–$200k • ROUND	467,581	92,058,662	—	100.0%	0.8 bps	—	—	4th	—	100.0%
nonmarketable_limit	≥$200k • ROUND	73,249	25,254,612	—	100.0%	0.5 bps	—	—	6th	—	100.0%

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
CODX202608.zip	202608	detailed	stored	2026-09-30T21:17:15.593447050+00:00	File Link ↗
CODX202608.csv	202608	summary	stored	2026-09-30T21:17:15.593447732+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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