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Rule 605 Market Center Scorecard
Cboe EDGA Exchange
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:30:59 GMT
Quarter:2026Q3
Covered Orders6,649,375,241Across all reported tiers
Covered Shares1,945,342,517,019In Q3 2026
Active Tiers84Order 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 • ODD | 922 | 30,046 | 14.0% | 53.9% | 152.2 bps | — | 0% | 100th | $-0.3142 | 97.6% |
| market | <$250 • ROUND | 14,478 | 14,511,378 | 8.3% | 65.1% | 16.0 bps | 24.7 bps | 71% | 28th | $0.5171 | 94.8% |
| market | $250–$999 • ODD | 160 | 2,600 | 98.1% | 16.3% | 1.9 bps | — | 0% | 9th | $-0.2005 | 100.0% |
| market | $250–$999 • ROUND | 267 | 193,362 | 45.1% | 63.3% | 137.2 bps | — | 0% | 100th | $-0.0161 | 100.0% |
| market | $1k–$5k • ODD | 546 | 21,617 | 99.5% | 78.7% | 24.6 bps | 1.0 bps | 28% | 97th | $0.0273 | 100.0% |
| market | $1k–$5k • ROUND | 366 | 807,505 | 33.4% | 59.2% | -31.2 bps | 1.6 bps | 39% | 0th | $0.0340 | 100.0% |
| market | $5k–$10k • ODD | 403 | 25,433 | 99.9% | 79.0% | 7.2 bps | 0.6 bps | 65% | 94th | $0.2379 | 100.0% |
| market | $5k–$10k • ROUND | 291 | 743,509 | 21.6% | 61.2% | -3.7 bps | — | 0% | 1st | $0.0543 | 100.0% |
| market | $10k–$20k • ODD | 3 | 206 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ROUND | 190 | 578,055 | 18.6% | 51.0% | -1.0 bps | — | 0% | 1st | $0.1984 | 100.0% |
| market | $20k–$50k • ROUND | 121 | 157,148 | 31.6% | 43.9% | 0.3 bps | — | 0% | 5th | $0.0039 | 100.0% |
| market | $50k–$200k • ROUND | 130 | 1,201,856 | 13.1% | 24.6% | -0.7 bps | — | 0% | 8th | $0.1720 | 100.0% |
| market | ≥$200k • ROUND | 29,460 | 2,944,141 | 1.7% | 88.8% | 64.2 bps | — | 0% | 100th | $-4.2043 | 18.2% |
| marketable_limit | <$250 • ODD | 33,293,238 | 364,159,357 | 4.2% | 21.7% | -50.8 bps | -13.2 bps | 99% | 2nd | $0.1269 | 82.9% |
| marketable_limit | <$250 • ROUND | 6,865,468 | 1,537,744,341 | 9.0% | 8.5% | -292.2 bps | -60.7 bps | 100% | 3rd | $0.0304 | 88.6% |
| marketable_limit | $250–$999 • ODD | 59,979,586 | 1,366,082,585 | 1.2% | 19.7% | -21.9 bps | -6.6 bps | 99% | 4th | $0.1784 | 81.0% |
| marketable_limit | $250–$999 • ROUND | 22,479,312 | 6,738,386,928 | 4.4% | 8.9% | -127.7 bps | -29.4 bps | 100% | 1st | $0.0516 | 86.4% |
| marketable_limit | $1k–$5k • ODD | 78,455,982 | 2,957,985,295 | 0.8% | 13.5% | -14.9 bps | -3.6 bps | 100% | 5th | $0.3085 | 81.4% |
| marketable_limit | $1k–$5k • ROUND | 132,634,832 | 29,307,902,864 | 1.4% | 18.3% | -23.2 bps | -5.4 bps | 99% | 2nd | $0.0779 | 82.7% |
| marketable_limit | $5k–$10k • ODD | 19,167,648 | 997,950,215 | 0.5% | 11.8% | -15.1 bps | -4.0 bps | 99% | 4th | $0.9368 | 81.3% |
| marketable_limit | $5k–$10k • ROUND | 90,585,809 | 27,831,015,338 | 0.5% | 26.7% | -10.0 bps | -2.4 bps | 95% | 7th | $0.1123 | 79.0% |
| marketable_limit | $10k–$20k • ODD | 4,347,634 | 240,990,167 | 0.5% | 8.5% | -12.1 bps | -2.6 bps | 99% | 5th | $1.0573 | 81.4% |
| marketable_limit | $10k–$20k • ROUND | 79,557,596 | 36,956,819,021 | 0.3% | 31.0% | -8.7 bps | -2.4 bps | 95% | 6th | $0.2132 | 77.4% |
| marketable_limit | $20k–$50k • ODD | 109,391 | 7,052,802 | 0.5% | 9.2% | -13.5 bps | -1.4 bps | 90% | 2nd | $2.2418 | 89.7% |
| marketable_limit | $20k–$50k • ROUND | 65,288,601 | 61,000,118,067 | 0.2% | 37.2% | -7.3 bps | -1.6 bps | 96% | 6th | $0.1962 | 74.7% |
| marketable_limit | $50k–$200k • ROUND | 31,699,290 | 95,004,017,187 | 0.1% | 36.2% | -6.0 bps | -1.0 bps | 97% | 6th | $0.1512 | 76.0% |
| marketable_limit | ≥$200k • ROUND | 6,506,072 | 115,334,190,051 | 0.1% | 41.4% | -3.2 bps | -0.6 bps | 95% | 7th | $0.1282 | 74.7% |
| nonmarketable_limit | <$250 • ODD | 228,728,839 | 2,143,513,212 | 1.8% | 99.0% | 200.7 bps | 73.7 bps | 100% | 99th | $0.4348 | 68.9% |
| nonmarketable_limit | <$250 • ROUND | 53,616,683 | 10,991,929,436 | 4.0% | 99.7% | 354.7 bps | 85.1 bps | 100% | 100th | $0.0951 | 73.4% |
| nonmarketable_limit | $250–$999 • ODD | 759,904,567 | 11,940,993,086 | 0.4% | 98.3% | 138.2 bps | 46.8 bps | 100% | 99th | $0.6732 | 71.0% |
| nonmarketable_limit | $250–$999 • ROUND | 148,648,027 | 44,482,517,888 | 2.0% | 99.6% | 243.2 bps | 101.1 bps | 100% | 99th | $0.1203 | 71.9% |
| nonmarketable_limit | $1k–$5k • ODD | 710,513,670 | 22,327,099,019 | 0.4% | 98.0% | 106.7 bps | 36.9 bps | 100% | 98th | $1.0916 | 70.3% |
| nonmarketable_limit | $1k–$5k • ROUND | 757,808,990 | 153,587,395,192 | 0.6% | 99.2% | 130.0 bps | 59.9 bps | 100% | 99th | $0.2569 | 67.9% |
| nonmarketable_limit | $5k–$10k • ODD | 163,790,388 | 8,193,245,925 | 0.3% | 98.2% | 93.1 bps | 33.5 bps | 100% | 99th | $2.6007 | 71.5% |
| nonmarketable_limit | $5k–$10k • ROUND | 603,607,257 | 145,772,113,762 | 0.2% | 98.7% | 100.9 bps | 48.4 bps | 98% | 98th | $0.5601 | 66.9% |
| nonmarketable_limit | $10k–$20k • ODD | 43,852,156 | 2,382,436,765 | 0.2% | 98.8% | 95.0 bps | 32.9 bps | 100% | 99th | $4.0942 | 71.7% |
| nonmarketable_limit | $10k–$20k • ROUND | 589,891,081 | 183,770,617,159 | 0.1% | 98.7% | 93.7 bps | 43.5 bps | 97% | 99th | $1.0718 | 67.4% |
| nonmarketable_limit | $20k–$50k • ODD | 1,111,824 | 77,620,655 | 0.2% | 99.8% | 137.5 bps | 41.8 bps | 100% | 100th | $7.6377 | 81.7% |
| nonmarketable_limit | $20k–$50k • ROUND | 497,647,338 | 282,340,776,100 | 0.1% | 97.4% | 96.0 bps | 41.3 bps | 96% | 100th | $1.2717 | 62.3% |
| nonmarketable_limit | $50k–$200k • ODD | 2 | 18 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 240,767,072 | 339,800,936,756 | 0.1% | 98.5% | 78.7 bps | 33.7 bps | 95% | 100th | $1.0075 | 63.8% |
| nonmarketable_limit | ≥$200k • ROUND | 28,331,135 | 210,314,282,293 | 0.0% | 97.4% | 48.4 bps | 23.4 bps | 95% | 96th | $0.6554 | 60.8% |
| market | <$250 • ODD | 242 | 7,801 | 1.3% | 86.0% | 33.7 bps | — | 0% | 99th | $-5.5353 | 38.0% |
| market | <$250 • ROUND | 402 | 44,860 | 15.7% | 85.6% | 68.7 bps | — | 0% | 50th | $0.9218 | 32.5% |
| market | $250–$999 • ODD | 47 | 140 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 75 | 1,412 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ROUND | 2 | 200 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ODD | 68 | 1,947 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ROUND | 3 | 300 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ODD | 4 | 209 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ROUND | 104 | 4,808 | 97.6% | 64.5% | 0.2 bps | — | 0% | 0th | $-1.7901 | 100.0% |
| market | $20k–$50k • ODD | 1 | 35 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 167 | 15,921 | 99.1% | 59.8% | 7.6 bps | 8.2 bps | 96% | 96th | $-1.1421 | 100.0% |
| market | $50k–$200k • ROUND | 13 | 8,547 | — | — | — | — | — | — | — | — |
| market | ≥$200k • ROUND | 791 | 67,876 | 17.8% | 87.6% | 63.2 bps | — | 0% | 100th | $-0.4991 | 19.0% |
| marketable_limit | <$250 • ODD | 1,908,160 | 3,734,211 | 10.5% | 26.5% | -1.2 bps | -1.1 bps | 100% | 6th | $0.1889 | 64.3% |
| marketable_limit | $250–$999 • ODD | 7,964,105 | 46,597,437 | 3.8% | 20.1% | -6.0 bps | -1.9 bps | 100% | 5th | $0.3552 | 71.4% |
| marketable_limit | $250–$999 • ROUND | 11,568 | 1,161,275 | 6.8% | 14.4% | -9.3 bps | -1.3 bps | 100% | 0th | $0.0745 | 78.9% |
| marketable_limit | $1k–$5k • ODD | 19,746,832 | 535,693,063 | 2.0% | 9.8% | -12.0 bps | -3.3 bps | 100% | 4th | $0.4476 | 76.7% |
| marketable_limit | $1k–$5k • ROUND | 8,666,672 | 991,617,106 | 2.1% | 30.4% | -7.5 bps | -3.1 bps | 100% | 6th | $0.1045 | 75.2% |
| marketable_limit | $5k–$10k • ODD | 11,932,062 | 504,210,791 | 1.4% | 5.4% | -13.0 bps | -3.4 bps | 100% | 4th | $0.8007 | 77.3% |
| marketable_limit | $5k–$10k • ROUND | 14,036,907 | 2,100,978,546 | 1.2% | 28.8% | -5.4 bps | -2.2 bps | 100% | 6th | $0.1388 | 76.1% |
| marketable_limit | $10k–$20k • ODD | 7,593,969 | 321,329,779 | 0.9% | 5.6% | -13.0 bps | -3.5 bps | 100% | 4th | $1.3489 | 83.9% |
| marketable_limit | $10k–$20k • ROUND | 24,363,626 | 3,974,423,702 | 0.8% | 23.5% | -7.9 bps | -3.0 bps | 100% | 6th | $0.5771 | 75.0% |
| marketable_limit | $20k–$50k • ODD | 615,610 | 20,439,021 | 0.9% | 8.3% | -11.2 bps | -2.4 bps | 99% | 5th | $2.4544 | 93.3% |
| marketable_limit | $20k–$50k • ROUND | 34,453,417 | 6,254,752,735 | 0.5% | 20.0% | -10.0 bps | -2.9 bps | 100% | 4th | $1.0587 | 76.8% |
| marketable_limit | $50k–$200k • ODD | 62 | 510 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 26,529,312 | 6,726,661,453 | 0.3% | 15.6% | -12.0 bps | -1.4 bps | 100% | 3rd | $2.0846 | 78.5% |
| marketable_limit | ≥$200k • ROUND | 993,096 | 2,422,738,544 | 0.3% | 15.7% | -8.5 bps | -2.1 bps | 98% | 5th | $1.7720 | 69.0% |
| nonmarketable_limit | <$250 • ODD | 12,080,634 | 17,796,634 | 5.1% | 98.9% | 78.1 bps | 25.6 bps | 100% | 100th | $1.1437 | 59.5% |
| nonmarketable_limit | <$250 • ROUND | 77 | 32,200 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 63,906,467 | 362,016,675 | 1.1% | 98.3% | 67.0 bps | 21.8 bps | 100% | 99th | $1.3324 | 64.5% |
| nonmarketable_limit | $250–$999 • ROUND | 70,575 | 7,073,788 | 3.4% | 98.2% | 65.1 bps | 49.0 bps | 100% | 95th | $0.2037 | 63.9% |
| nonmarketable_limit | $1k–$5k • ODD | 137,504,204 | 3,157,702,251 | 1.1% | 97.7% | 58.7 bps | 21.3 bps | 100% | 98th | $1.4263 | 69.2% |
| nonmarketable_limit | $1k–$5k • ROUND | 24,799,206 | 2,719,652,502 | 1.1% | 98.4% | 38.3 bps | 20.8 bps | 100% | 100th | $0.3715 | 68.8% |
| nonmarketable_limit | $5k–$10k • ODD | 91,910,270 | 3,849,027,750 | 0.7% | 98.0% | 56.6 bps | 22.4 bps | 100% | 97th | $2.3093 | 67.4% |
| nonmarketable_limit | $5k–$10k • ROUND | 53,992,767 | 7,071,807,460 | 0.7% | 98.7% | 57.4 bps | 24.8 bps | 100% | 100th | $0.6178 | 73.5% |
| nonmarketable_limit | $10k–$20k • ODD | 52,955,037 | 2,185,278,327 | 0.5% | 98.4% | 57.2 bps | 22.5 bps | 100% | 97th | $3.6534 | 74.9% |
| nonmarketable_limit | $10k–$20k • ROUND | 152,038,339 | 19,182,284,596 | 0.4% | 99.0% | 75.4 bps | 35.4 bps | 100% | 99th | $2.1601 | 73.9% |
| nonmarketable_limit | $20k–$50k • ODD | 4,061,100 | 132,578,660 | 0.4% | 99.5% | 56.5 bps | 21.0 bps | 100% | 97th | $7.1763 | 88.3% |
| nonmarketable_limit | $20k–$50k • ROUND | 262,985,900 | 36,359,805,142 | 0.2% | 99.3% | 70.4 bps | 41.8 bps | 100% | 98th | $3.2332 | 76.4% |
| nonmarketable_limit | $50k–$200k • ODD | 4,390 | 36,650 | 0.1% | 100.0% | 24.5 bps | 25.5 bps | 100% | 93rd | $28.1593 | 63.6% |
| nonmarketable_limit | $50k–$200k • ROUND | 169,661,466 | 42,144,750,141 | 0.1% | 99.3% | 53.7 bps | 22.7 bps | 100% | 97th | $5.2361 | 78.0% |
| nonmarketable_limit | ≥$200k • ROUND | 5,350,667 | 6,457,073,674 | 0.2% | 97.9% | 47.0 bps | 21.6 bps | 99% | 99th | $4.4640 | 62.0% |
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 |
|---|---|---|---|---|---|
| EDGJ202607.zip | 202607 | detailed | stored | 2026-09-28T20:18:23.632+00:00 | File Link ↗ |
| EDGJ202608.zip | 202608 | detailed | stored | 2026-09-29T17:30:25.253545+00:00 | File Link ↗ |
| EDGJ202608.csv | 202608 | summary | stored | 2026-09-28T17:55:07.638+00:00 | File Link ↗ |
| EDGJ202609.csv | 202609 | summary | stored | 2026-10-05T20:24:29.122+00:00 | File Link ↗ |
| EDGJ202609.zip | 202609 | detailed | too_large | 2026-10-05T20:24:31.193+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
12
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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