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Rule 605 Market Center Scorecard
HRT FINANCIAL LP
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:30:45 GMT
Quarter:2026Q3
Covered Orders19,544,577Across all reported tiers
Covered Shares9,160,058,379In 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 • ODD | 42,386 | 170,129 | 16.3% | 93.0% | 5.0 bps | 1.5 bps | 15% | 32nd | $0.0022 | 100.0% |
| market | <$250 • ROUND | 255 | 63,026 | 10.2% | 39.6% | 41.2 bps | — | 0% | 81st | $0.0028 | 100.0% |
| market | $250–$999 • ODD | 50,767 | 619,367 | 16.7% | 99.3% | 4.1 bps | 1.6 bps | 23% | 31st | $0.0005 | 100.0% |
| market | $250–$999 • ROUND | 2,014 | 624,037 | 12.1% | 62.4% | 19.7 bps | — | 0% | 71st | $0.0028 | 100.0% |
| market | $1k–$5k • ODD | 64,035 | 2,081,113 | 16.0% | 99.8% | 3.4 bps | 1.5 bps | 48% | 34th | $0.0001 | 100.0% |
| market | $1k–$5k • ROUND | 13,141 | 3,995,759 | 10.2% | 87.3% | 11.9 bps | 5.4 bps | 3% | 93rd | $0.0016 | 100.0% |
| market | $5k–$10k • ODD | 13,741 | 732,783 | 18.6% | 99.9% | 2.7 bps | 1.6 bps | 37% | 33rd | $0.0000 | 100.0% |
| market | $5k–$10k • ROUND | 14,292 | 4,769,338 | 8.4% | 98.4% | 5.4 bps | 0.7 bps | 6% | 61st | $0.0008 | 100.0% |
| market | $10k–$20k • ODD | 4,337 | 260,235 | 22.6% | 100.0% | 2.6 bps | 0.6 bps | 31% | 34th | $0.0001 | 100.0% |
| market | $10k–$20k • ROUND | 16,140 | 7,459,402 | 8.5% | 97.7% | 4.2 bps | 1.3 bps | 10% | 62nd | $0.0028 | 100.0% |
| market | $20k–$50k • ODD | 480 | 29,113 | 23.5% | 100.0% | 1.2 bps | 0.2 bps | 14% | 5th | $0.0000 | 100.0% |
| market | $20k–$50k • ROUND | 14,519 | 11,175,948 | 8.0% | 94.1% | 4.2 bps | 1.2 bps | 12% | 80th | $0.0047 | 100.0% |
| market | $50k–$200k • ROUND | 7,430 | 12,838,414 | 5.0% | 97.5% | 2.9 bps | 1.2 bps | 14% | 77th | $0.0025 | 100.0% |
| market | ≥$200k • ROUND | 1,689 | 9,139,919 | 1.9% | 80.0% | 3.2 bps | -0.5 bps | 19% | 90th | $0.0240 | 100.0% |
| marketable_limit | <$250 • ODD | 1,364,291 | 18,516,095 | 31.4% | 67.9% | 1.3 bps | -17.8 bps | 89% | 21st | $0.0177 | 100.0% |
| marketable_limit | <$250 • ROUND | 1,177,911 | 343,165,525 | 35.7% | 46.8% | 3.1 bps | -77.5 bps | 99% | 37th | $0.0023 | 100.0% |
| marketable_limit | $250–$999 • ODD | 643,707 | 17,810,678 | 40.9% | 82.4% | 0.8 bps | -8.8 bps | 75% | 22nd | $0.0301 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 1,398,519 | 800,072,597 | 30.6% | 54.2% | 2.6 bps | -44.2 bps | 99% | 39th | $0.0052 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 469,311 | 20,464,165 | 42.3% | 77.8% | 0.4 bps | -5.2 bps | 73% | 18th | $0.0456 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 2,263,741 | 1,501,696,990 | 23.3% | 59.9% | 1.2 bps | -9.9 bps | 97% | 35th | $0.0113 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 86,696 | 4,980,260 | 48.4% | 62.3% | 0.3 bps | -6.2 bps | 68% | 18th | $0.0822 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 914,909 | 720,467,395 | 21.3% | 69.3% | 0.7 bps | -5.1 bps | 79% | 34th | $0.0177 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 28,469 | 1,840,534 | 53.4% | 56.9% | 0.3 bps | -3.5 bps | 69% | 15th | $0.1408 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 707,007 | 729,075,241 | 22.0% | 74.0% | 0.5 bps | -4.4 bps | 74% | 32nd | $0.0210 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 3,367 | 242,061 | 51.5% | 54.7% | 0.7 bps | 0.2 bps | 45% | 30th | $0.3215 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 529,768 | 877,422,493 | 23.3% | 73.7% | 0.4 bps | -3.4 bps | 74% | 30th | $0.0233 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 251,292 | 970,743,321 | 23.1% | 65.5% | 0.3 bps | -2.7 bps | 69% | 40th | $0.0249 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 59,212 | 811,323,759 | 17.1% | 36.0% | 0.1 bps | -2.1 bps | 59% | 70th | $0.0343 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 570,697 | 6,838,154 | 11.8% | 100.0% | 20.6 bps | 68.2 bps | 77% | 43rd | $0.0329 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 718,220 | 134,559,625 | 18.6% | 100.0% | 21.3 bps | 81.1 bps | 98% | 2nd | $0.0019 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 332,671 | 8,299,102 | 11.1% | 100.0% | 13.8 bps | 61.1 bps | 64% | 43rd | $0.0722 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 572,851 | 210,031,258 | 16.7% | 100.0% | 31.6 bps | 148.5 bps | 90% | 26th | $0.0060 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 382,133 | 13,410,335 | 11.1% | 100.0% | 7.6 bps | 33.6 bps | 59% | 26th | $0.0879 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 1,551,662 | 420,380,099 | 11.0% | 100.0% | 16.5 bps | 92.4 bps | 82% | 36th | $0.0209 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 86,478 | 4,661,306 | 18.8% | 100.0% | 4.2 bps | 27.4 bps | 57% | 13th | $0.0941 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 789,115 | 206,033,707 | 8.3% | 100.0% | 9.2 bps | 68.4 bps | 52% | 26th | $0.0467 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 39,715 | 2,645,687 | 18.8% | 100.0% | 3.9 bps | 25.8 bps | 64% | 9th | $0.1351 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 628,332 | 198,799,168 | 8.0% | 100.0% | 5.3 bps | 46.1 bps | 56% | 11th | $0.0633 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 7,443 | 562,801 | 10.3% | 100.0% | 4.2 bps | 15.3 bps | 45% | 4th | $0.2863 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 437,847 | 197,244,289 | 8.0% | 100.0% | 4.4 bps | 39.7 bps | 56% | 10th | $0.0902 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 155,442 | 173,498,789 | 7.4% | 100.0% | 3.8 bps | 27.6 bps | 58% | 10th | $0.0824 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 29,296 | 132,087,073 | 3.8% | 100.0% | 3.0 bps | 20.9 bps | 59% | 13th | $0.0824 | 100.0% |
| market | <$250 • ODD | 4,351 | 7,107 | 26.7% | 96.1% | 3.1 bps | 1.0 bps | 17% | 68th | $0.0036 | 100.0% |
| market | $250–$999 • ODD | 13,312 | 51,475 | 27.2% | 98.5% | 3.1 bps | 2.1 bps | 27% | 73rd | $0.0014 | 100.0% |
| market | $1k–$5k • ODD | 23,075 | 311,549 | 25.7% | 99.6% | 3.0 bps | 2.3 bps | 47% | 70th | $0.0001 | 100.0% |
| market | $1k–$5k • ROUND | 390 | 50,752 | 22.8% | 98.3% | 2.0 bps | — | 0% | 73rd | $0.0002 | 100.0% |
| market | $5k–$10k • ODD | 9,208 | 292,355 | 25.0% | 99.9% | 2.6 bps | 1.4 bps | 39% | 47th | $0.0003 | 100.0% |
| market | $5k–$10k • ROUND | 902 | 161,025 | 21.3% | 99.7% | 2.1 bps | — | 0% | 84th | $0.0002 | 100.0% |
| market | $10k–$20k • ODD | 5,283 | 233,708 | 23.5% | 99.8% | 2.6 bps | 1.3 bps | 47% | 49th | $0.0002 | 100.0% |
| market | $10k–$20k • ROUND | 3,127 | 481,214 | 20.6% | 99.2% | 2.3 bps | 1.0 bps | 20% | 62nd | $0.0002 | 100.0% |
| market | $20k–$50k • ODD | 1,498 | 64,225 | 23.0% | 99.7% | 3.4 bps | 3.4 bps | 27% | 73rd | $0.0008 | 100.0% |
| market | $20k–$50k • ROUND | 6,855 | 1,416,591 | 21.4% | 99.1% | 1.9 bps | 0.9 bps | 39% | 39th | $0.0010 | 100.0% |
| market | $50k–$200k • ODD | 59 | 2,104 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 8,194 | 3,688,428 | 16.6% | 98.4% | 1.9 bps | 1.2 bps | 52% | 39th | $0.0013 | 100.0% |
| market | ≥$200k • ROUND | 2,580 | 5,778,068 | 5.3% | 91.8% | 1.8 bps | 0.3 bps | 19% | 74th | $0.0064 | 100.0% |
| marketable_limit | <$250 • ODD | 78,896 | 151,393 | 65.4% | 72.3% | 0.2 bps | -1.9 bps | 92% | 20th | $0.0300 | 100.0% |
| marketable_limit | $250–$999 • ODD | 126,348 | 827,842 | 65.8% | 76.1% | 0.3 bps | -2.3 bps | 92% | 22nd | $0.0422 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 210 | 21,056 | 60.9% | 82.8% | 1.2 bps | -1.6 bps | 100% | 71st | $0.0090 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 177,399 | 4,389,494 | 58.5% | 75.1% | 0.2 bps | -3.3 bps | 95% | 15th | $0.0470 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 86,825 | 9,597,048 | 61.8% | 77.5% | 0.4 bps | -3.9 bps | 100% | 44th | $0.0095 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 71,507 | 2,845,734 | 64.9% | 61.4% | 0.1 bps | -3.8 bps | 77% | 12th | $0.0661 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 142,594 | 20,707,486 | 58.9% | 70.8% | 0.2 bps | -3.2 bps | 99% | 30th | $0.0145 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 48,315 | 2,305,476 | 60.6% | 60.7% | 0.1 bps | -3.0 bps | 76% | 16th | $0.1044 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 238,361 | 36,966,516 | 55.9% | 68.3% | 0.2 bps | -2.8 bps | 98% | 20th | $0.0314 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 13,903 | 714,465 | 62.0% | 53.1% | 0.1 bps | -0.6 bps | 78% | 15th | $0.1916 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 329,000 | 69,610,185 | 53.7% | 67.3% | 0.1 bps | -2.7 bps | 95% | 17th | $0.0420 | 100.0% |
| marketable_limit | $50k–$200k • ODD | 194 | 7,668 | 38.4% | 44.8% | 0.1 bps | 1.3 bps | 79% | 10th | $0.8630 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 188,958 | 107,989,759 | 52.2% | 59.4% | 0.1 bps | -2.1 bps | 87% | 21st | $0.0447 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 52,103 | 131,522,634 | 32.8% | 44.2% | 0.0 bps | -1.6 bps | 71% | 41st | $0.0661 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 39,869 | 50,988 | 29.1% | 100.0% | 4.8 bps | 20.4 bps | 49% | 58th | $0.0731 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 97,048 | 248,810 | 27.2% | 100.0% | 3.1 bps | 20.1 bps | 61% | 19th | $0.0940 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 17 | 1,700 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ODD | 126,433 | 1,762,849 | 21.0% | 100.0% | 2.6 bps | 22.7 bps | 71% | 10th | $0.0802 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 38,769 | 3,411,107 | 14.1% | 100.0% | 2.6 bps | 12.3 bps | 84% | 25th | $0.0146 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 66,270 | 2,145,295 | 24.5% | 100.0% | 2.1 bps | 22.6 bps | 59% | 8th | $0.0756 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 111,511 | 11,458,492 | 18.6% | 100.0% | 2.2 bps | 24.5 bps | 91% | 17th | $0.0213 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 48,458 | 2,198,506 | 21.3% | 100.0% | 1.9 bps | 18.7 bps | 70% | 10th | $0.1024 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 327,383 | 29,633,671 | 18.1% | 100.0% | 1.8 bps | 32.7 bps | 89% | 5th | $0.0551 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 19,910 | 925,981 | 17.5% | 100.0% | 1.9 bps | 9.8 bps | 79% | 10th | $0.2156 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 401,085 | 45,784,975 | 20.9% | 100.0% | 1.6 bps | 36.0 bps | 86% | 8th | $0.0837 | 100.0% |
| nonmarketable_limit | $50k–$200k • ODD | 911 | 35,818 | 7.2% | 100.0% | 1.8 bps | 2.9 bps | 82% | 3rd | $0.6855 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 161,619 | 39,963,223 | 22.4% | 100.0% | 1.5 bps | 25.0 bps | 75% | 8th | $0.0979 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 26,519 | 41,410,517 | 9.2% | 100.0% | 1.1 bps | 16.2 bps | 65% | 10th | $0.0826 | 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 |
|---|---|---|---|---|---|
| HRTS202608.zip | 202608 | detailed | stored | 2026-09-30T21:17:20.841410274+00:00 | File Link ↗ |
| HRTF202608.csv | 202608 | summary | stored | 2026-09-30T21:17:20.841411366+00:00 | File Link ↗ |
| HRTF202608.zip | 202608 | detailed | stored | 2026-09-30T21:17:20.841412057+00:00 | File Link ↗ |
| HRTS202608.csv | 202608 | summary | stored | 2026-09-30T21:17:20.841412979+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
2
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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