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Rule 605 Market Center Scorecard
Investors Exchange
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:21:33 GMT
Quarter:2026Q3
Covered Orders3,675,366,585Across all reported tiers
Covered Shares1,147,503,587,532In Q3 2026
Active Tiers78Order 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 | 371 | 3,841 | 80.3% | 30.9% | 3.0 bps | 2.8 bps | 21% | 12th | $0.0118 | 100.0% |
| market | <$250 • ROUND | 14 | 2,636 | — | — | — | — | — | — | — | — |
| market | $250–$999 • ODD | 93 | 2,450 | — | — | — | — | — | — | — | — |
| market | $250–$999 • ROUND | 38 | 19,827 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 42 | 1,308 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ROUND | 158 | 985,029 | 7.8% | 24.5% | 3.7 bps | — | 0% | 18th | $0.0040 | 100.0% |
| market | $5k–$10k • ODD | 6 | 255 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ROUND | 55 | 418,880 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ROUND | 43 | 604,879 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 21 | 317,570 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 13 | 18,855 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • ODD | 9,716,867 | 120,469,455 | 39.3% | 11.8% | 1.7 bps | 0.1 bps | 99% | 32nd | $0.0143 | 100.0% |
| marketable_limit | <$250 • ROUND | 1,898,881 | 349,884,144 | 19.7% | 6.5% | 1.0 bps | -14.5 bps | 99% | 15th | $0.0057 | 99.9% |
| marketable_limit | $250–$999 • ODD | 9,487,690 | 290,174,135 | 30.9% | 13.4% | 1.3 bps | -1.1 bps | 98% | 28th | $0.0204 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 6,157,025 | 1,115,102,165 | 21.4% | 4.3% | 0.5 bps | -4.5 bps | 99% | 13th | $0.0100 | 99.9% |
| marketable_limit | $1k–$5k • ODD | 9,185,418 | 448,127,884 | 26.3% | 17.1% | 0.8 bps | -1.8 bps | 98% | 27th | $0.0381 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 33,366,598 | 7,678,237,944 | 13.3% | 5.7% | 0.3 bps | -3.3 bps | 99% | 13th | $0.0134 | 99.9% |
| marketable_limit | $5k–$10k • ODD | 1,337,905 | 78,587,231 | 31.1% | 23.5% | 0.7 bps | -2.2 bps | 97% | 32nd | $0.0911 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 16,283,347 | 6,522,563,766 | 11.3% | 5.5% | 0.2 bps | -2.3 bps | 98% | 14th | $0.0166 | 99.9% |
| marketable_limit | $10k–$20k • ODD | 415,258 | 26,393,996 | 34.6% | 27.7% | 0.8 bps | -1.4 bps | 96% | 38th | $0.1786 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 12,628,208 | 8,573,894,866 | 10.5% | 4.6% | 0.1 bps | -2.1 bps | 98% | 16th | $0.0187 | 99.9% |
| marketable_limit | $20k–$50k • ODD | 37,747 | 2,818,350 | 36.4% | 34.4% | 1.0 bps | -0.2 bps | 88% | 43rd | $0.3903 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 9,594,777 | 13,364,548,375 | 9.2% | 3.4% | 0.1 bps | -1.6 bps | 98% | 16th | $0.0178 | 99.9% |
| marketable_limit | $50k–$200k • ROUND | 6,361,519 | 21,955,246,395 | 5.9% | 2.8% | -0.0 bps | -1.2 bps | 98% | 15th | $0.0140 | 99.9% |
| marketable_limit | ≥$200k • ROUND | 2,044,867 | 22,523,955,659 | 2.9% | 4.5% | -0.2 bps | -1.0 bps | 93% | 47th | $0.0143 | 99.7% |
| nonmarketable_limit | <$250 • ODD | 203,000,735 | 2,267,934,266 | 2.3% | 99.3% | 16.2 bps | 88.5 bps | 100% | 35th | $0.0054 | 81.8% |
| nonmarketable_limit | <$250 • ROUND | 24,633,147 | 4,716,195,587 | 1.2% | 99.8% | 32.9 bps | 136.2 bps | 100% | 10th | $0.0009 | 81.5% |
| nonmarketable_limit | $250–$999 • ODD | 646,499,669 | 8,159,418,152 | 1.4% | 99.1% | 10.3 bps | 69.4 bps | 100% | 25th | $0.0088 | 82.9% |
| nonmarketable_limit | $250–$999 • ROUND | 73,595,101 | 15,912,829,174 | 1.2% | 99.3% | 15.8 bps | 91.9 bps | 100% | 4th | $0.0013 | 72.6% |
| nonmarketable_limit | $1k–$5k • ODD | 433,330,557 | 9,476,890,196 | 2.0% | 99.4% | 8.7 bps | 60.9 bps | 100% | 33rd | $0.0254 | 85.4% |
| nonmarketable_limit | $1k–$5k • ROUND | 352,399,371 | 81,719,368,389 | 1.0% | 99.0% | 7.5 bps | 66.8 bps | 100% | 7th | $0.0027 | 74.2% |
| nonmarketable_limit | $5k–$10k • ODD | 60,791,616 | 3,000,155,641 | 1.6% | 99.8% | 7.9 bps | 58.2 bps | 100% | 41st | $0.0522 | 84.4% |
| nonmarketable_limit | $5k–$10k • ROUND | 267,361,569 | 74,148,975,389 | 0.6% | 99.0% | 6.3 bps | 63.6 bps | 100% | 8th | $0.0059 | 78.6% |
| nonmarketable_limit | $10k–$20k • ODD | 23,403,546 | 1,318,139,443 | 1.4% | 99.9% | 7.8 bps | 47.6 bps | 100% | 37th | $0.0804 | 87.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 275,563,776 | 99,898,050,989 | 0.4% | 99.1% | 5.8 bps | 59.1 bps | 100% | 18th | $0.0113 | 81.5% |
| nonmarketable_limit | $20k–$50k • ODD | 2,468,817 | 179,235,750 | 1.1% | 99.9% | 9.8 bps | 28.1 bps | 100% | 41st | $0.1526 | 91.7% |
| nonmarketable_limit | $20k–$50k • ROUND | 253,524,631 | 147,572,511,947 | 0.2% | 98.8% | 6.1 bps | 54.6 bps | 99% | 21st | $0.0201 | 83.8% |
| nonmarketable_limit | $50k–$200k • ROUND | 131,917,622 | 146,983,630,949 | 0.2% | 98.9% | 4.9 bps | 42.3 bps | 98% | 16th | $0.0249 | 81.8% |
| nonmarketable_limit | ≥$200k • ROUND | 14,869,901 | 326,223,502,307 | 0.0% | 98.9% | 2.6 bps | 26.0 bps | 96% | 10th | $0.0078 | 76.0% |
| market | <$250 • ODD | 118 | 143 | 94.4% | 35.9% | 0.3 bps | — | 0% | 0th | $0.0217 | 100.0% |
| market | $250–$999 • ODD | 53 | 237 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 118 | 1,096 | 84.8% | 43.2% | 0.5 bps | — | 0% | 1st | $0.0463 | 100.0% |
| market | $5k–$10k • ODD | 60 | 1,217 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • ROUND | 2 | 150 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ODD | 37 | 1,089 | — | — | — | — | — | — | — | — |
| market | $10k–$20k • ROUND | 7 | 490 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ODD | 44 | 1,101 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 47 | 5,410 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 14 | 1,890 | — | — | — | — | — | — | — | — |
| market | ≥$200k • ROUND | 1 | 6,027 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • ODD | 1,505,783 | 3,044,215 | 60.1% | 17.1% | 0.6 bps | -0.6 bps | 100% | 30th | $0.0212 | 100.0% |
| marketable_limit | $250–$999 • ODD | 2,214,565 | 16,319,039 | 47.2% | 18.3% | 0.6 bps | -1.2 bps | 100% | 33rd | $0.0305 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 4,927 | 495,411 | 36.5% | 3.2% | 0.0 bps | -1.8 bps | 100% | 25th | $0.0103 | 99.9% |
| marketable_limit | $1k–$5k • ODD | 4,574,545 | 139,126,259 | 29.3% | 16.3% | 0.4 bps | -2.2 bps | 100% | 25th | $0.0373 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 2,908,412 | 291,024,614 | 21.3% | 6.6% | 0.1 bps | -2.6 bps | 100% | 23rd | $0.0115 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 2,042,277 | 96,443,728 | 25.4% | 21.0% | 0.4 bps | -2.5 bps | 100% | 26th | $0.0666 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 5,562,010 | 858,789,272 | 15.8% | 8.3% | 0.1 bps | -2.5 bps | 100% | 17th | $0.0156 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 947,830 | 48,794,979 | 28.9% | 26.7% | 0.4 bps | -2.2 bps | 100% | 29th | $0.1198 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 8,061,795 | 1,479,845,330 | 14.1% | 10.2% | 0.1 bps | -2.2 bps | 100% | 19th | $0.0346 | 99.9% |
| marketable_limit | $20k–$50k • ODD | 218,581 | 11,499,323 | 31.6% | 31.0% | 0.4 bps | -0.6 bps | 100% | 31st | $0.2472 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 6,964,610 | 2,210,783,649 | 12.6% | 10.0% | 0.1 bps | -2.4 bps | 100% | 18th | $0.0449 | 99.9% |
| marketable_limit | $50k–$200k • ODD | 3,337 | 122,161 | 25.4% | 31.6% | 0.4 bps | 1.3 bps | 93% | 30th | $0.8665 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 2,242,735 | 1,944,255,150 | 11.3% | 8.5% | 0.1 bps | -1.5 bps | 100% | 16th | $0.0390 | 99.8% |
| marketable_limit | ≥$200k • ROUND | 392,246 | 2,873,880,736 | 3.0% | 11.1% | -0.1 bps | -2.2 bps | 98% | 29th | $0.0470 | 98.9% |
| nonmarketable_limit | <$250 • ODD | 10,288,384 | 18,932,926 | 9.9% | 99.6% | 2.9 bps | 26.8 bps | 100% | 7th | $0.0138 | 74.1% |
| nonmarketable_limit | $250–$999 • ODD | 33,748,929 | 190,741,853 | 4.1% | 99.3% | 3.2 bps | 28.2 bps | 100% | 23rd | $0.0252 | 63.8% |
| nonmarketable_limit | $250–$999 • ROUND | 14,802 | 1,487,294 | 12.7% | 97.5% | 5.6 bps | 56.2 bps | 100% | 5th | $0.0003 | 54.8% |
| nonmarketable_limit | $1k–$5k • ODD | 68,750,171 | 1,655,910,625 | 4.0% | 99.1% | 4.0 bps | 30.7 bps | 100% | 46th | $0.0230 | 84.6% |
| nonmarketable_limit | $1k–$5k • ROUND | 18,212,487 | 1,748,316,709 | 4.2% | 98.5% | 2.2 bps | 20.5 bps | 100% | 12th | $0.0007 | 66.2% |
| nonmarketable_limit | $5k–$10k • ODD | 74,417,624 | 2,817,048,258 | 2.2% | 99.7% | 3.9 bps | 34.7 bps | 100% | 43rd | $0.0376 | 88.6% |
| nonmarketable_limit | $5k–$10k • ROUND | 56,726,390 | 6,792,170,193 | 2.0% | 98.6% | 2.2 bps | 27.0 bps | 100% | 14th | $0.0016 | 77.8% |
| nonmarketable_limit | $10k–$20k • ODD | 40,337,519 | 1,666,388,462 | 2.1% | 99.9% | 3.7 bps | 29.9 bps | 100% | 41st | $0.0516 | 90.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 119,736,177 | 16,033,447,989 | 1.2% | 99.1% | 2.8 bps | 38.2 bps | 100% | 21st | $0.0089 | 83.4% |
| nonmarketable_limit | $20k–$50k • ODD | 7,852,406 | 306,014,317 | 1.9% | 99.9% | 4.2 bps | 15.3 bps | 100% | 62nd | $0.1139 | 92.4% |
| nonmarketable_limit | $20k–$50k • ROUND | 203,836,005 | 38,255,533,565 | 0.6% | 99.5% | 3.2 bps | 49.7 bps | 100% | 44th | $0.0236 | 88.3% |
| nonmarketable_limit | $50k–$200k • ODD | 104,744 | 3,383,368 | 1.7% | 100.0% | 3.9 bps | 3.8 bps | 100% | 38th | $0.2880 | 97.7% |
| nonmarketable_limit | $50k–$200k • ROUND | 118,196,814 | 41,901,481,235 | 0.4% | 99.6% | 3.3 bps | 35.5 bps | 100% | 59th | $0.0490 | 90.5% |
| nonmarketable_limit | ≥$200k • ROUND | 3,622,960 | 21,509,069,948 | 0.2% | 99.3% | 3.1 bps | 31.6 bps | 100% | 53rd | $0.0268 | 74.8% |
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 |
|---|---|---|---|---|---|
| IEXG_202607.zip | 202607 | detailed | stored | 2026-09-28T20:18:26.609+00:00 | File Link ↗ |
| IEXG_202608.zip | 202608 | detailed | stored | 2026-09-28T17:55:08.468+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
18
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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