JANNEY MONTGOMERY SCOTT LLC

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:32:15 GMT

Quarter:2026Q3

Covered Orders270,827Across all reported tiers

Covered Shares67,125,336In 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	20,940	66,720	—	92.4%	5.1 bps	—	—	33rd	—	99.4%
market	<$250 • ROUND	31	25,353	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	25,978	298,626	—	91.9%	4.3 bps	—	—	36th	—	99.7%
market	$250–$999 • ROUND	301	74,613	—	77.2%	13.3 bps	—	—	39th	—	99.7%
market	$1k–$5k • ODD	33,965	1,096,861	—	91.6%	4.1 bps	—	—	51st	—	99.8%
market	$1k–$5k • ROUND	6,234	1,423,538	—	91.0%	6.0 bps	—	—	39th	—	99.1%
market	$5k–$10k • ODD	7,188	370,006	—	91.3%	3.5 bps	—	—	51st	—	99.7%
market	$5k–$10k • ROUND	8,456	2,343,190	—	89.4%	4.6 bps	—	—	48th	—	98.0%
market	$10k–$20k • ODD	2,287	129,531	—	92.8%	3.3 bps	—	—	44th	—	100.0%
market	$10k–$20k • ROUND	10,601	4,240,203	—	86.9%	4.3 bps	—	—	64th	—	96.2%
market	$20k–$50k • ODD	218	13,230	—	91.3%	1.8 bps	—	—	17th	—	100.0%
market	$20k–$50k • ROUND	10,506	8,327,085	—	81.4%	3.2 bps	—	—	56th	—	93.8%
market	$50k–$200k • ROUND	5,681	12,820,012	0.0%	70.9%	1.0 bps	—	0%	34th	$0.0597	91.1%
market	≥$200k • ROUND	1,114	15,222,088	—	44.3%	-3.2 bps	—	—	11th	—	20.8%
marketable_limit	<$250 • ODD	8	27	—	—	—	—	—	—	—	—
marketable_limit	<$250 • ROUND	1	100	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	24	565	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ROUND	11	11,596	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	63	2,590	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	87	46,770	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	14	644	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	110	89,411	—	81.4%	9.9 bps	—	—	97th	—	75.5%
marketable_limit	$10k–$20k • ODD	6	286	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	160	123,709	—	78.4%	8.7 bps	—	—	99th	—	97.1%
marketable_limit	$20k–$50k • ROUND	260	605,159	—	66.5%	4.0 bps	—	—	85th	—	68.0%
marketable_limit	$50k–$200k • ROUND	153	1,750,385	5.4%	21.9%	1.1 bps	—	0%	70th	$0.0465	26.2%
marketable_limit	≥$200k • ROUND	37	758,560	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • FRACT	443	208	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	103	781	—	100.0%	24.8 bps	—	—	56th	—	44.8%
nonmarketable_limit	<$250 • ROUND	1	125	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	414	9,548	—	100.0%	15.8 bps	—	—	48th	—	25.0%
nonmarketable_limit	$250–$999 • ROUND	12	1,379	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	385	13,556	—	100.0%	28.3 bps	—	—	95th	—	33.5%
nonmarketable_limit	$1k–$5k • ROUND	290	97,478	—	100.0%	36.6 bps	—	—	75th	—	32.1%
nonmarketable_limit	$5k–$10k • ODD	46	1,515	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	210	101,589	—	100.0%	43.8 bps	—	—	92nd	—	25.7%
nonmarketable_limit	$10k–$20k • ODD	15	863	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	244	181,819	—	100.0%	15.3 bps	—	—	62nd	—	34.0%
nonmarketable_limit	$20k–$50k • ROUND	376	556,958	0.9%	100.0%	24.2 bps	—	0%	90th	$0.0900	23.1%
nonmarketable_limit	$50k–$200k • ROUND	172	710,635	24.3%	100.0%	15.1 bps	—	0%	86th	$0.0246	22.7%
nonmarketable_limit	≥$200k • ROUND	42	367,920	—	—	—	—	—	—	—	—
market	<$250 • ODD	15,515	25,808	—	96.0%	2.5 bps	—	—	44th	—	100.0%
market	$250–$999 • ODD	35,959	146,746	—	96.2%	2.6 bps	—	—	47th	—	100.0%
market	$1k–$5k • ODD	43,525	665,895	—	96.1%	2.7 bps	—	—	58th	—	100.0%
market	$1k–$5k • ROUND	1,028	122,870	—	95.7%	1.5 bps	—	—	31st	—	100.0%
market	$5k–$10k • ODD	12,147	401,220	—	96.0%	2.7 bps	—	—	57th	—	99.9%
market	$5k–$10k • ROUND	1,923	327,714	—	94.7%	1.5 bps	—	—	43rd	—	99.8%
market	$10k–$20k • ODD	5,560	247,346	—	96.4%	2.7 bps	—	—	53rd	—	99.9%
market	$10k–$20k • ROUND	4,594	796,637	—	95.2%	1.8 bps	—	—	33rd	—	100.0%
market	$20k–$50k • ODD	882	42,580	—	96.9%	3.1 bps	—	—	57th	—	100.0%
market	$20k–$50k • ROUND	6,487	1,563,888	—	94.4%	2.0 bps	—	—	45th	—	99.9%
market	$50k–$200k • ODD	2	65	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	3,373	1,946,567	—	89.7%	1.9 bps	—	—	44th	—	99.3%
market	≥$200k • ROUND	1,062	8,258,306	—	29.2%	-1.8 bps	—	—	2nd	—	23.1%
marketable_limit	<$250 • ODD	2	3	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	3	42	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	24	451	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	14	451	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	5	660	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	8	330	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	10	1,325	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	11	6,594	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	28	34,023	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	27	227,396	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • FRACT	620	187	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	4	16	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • FRACT	44	34	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	52	371	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	181	3,874	—	100.0%	6.2 bps	—	—	80th	—	51.8%
nonmarketable_limit	$1k–$5k • ROUND	13	1,626	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	115	3,405	—	100.0%	4.2 bps	—	—	52nd	—	59.5%
nonmarketable_limit	$5k–$10k • ROUND	36	5,346	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	38	1,778	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	74	12,405	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	14	468	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	117	29,475	—	100.0%	40.5 bps	—	—	95th	—	41.4%
nonmarketable_limit	$50k–$200k • ROUND	75	45,353	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	68	318,850	—	—	—	—	—	—	—	—

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
TJANY202607.dat	202607	detailed	stored	2026-09-28T20:18:01.880+00:00	File Link ↗
TJANY202607.zip	202607	detailed	variant		File Link ↗
JANY202608.zip	202608	detailed	stored	2026-09-30T21:27:23.981320452+00:00	File Link ↗
JANY202608.csv	202608	summary	stored	2026-09-30T21:27:23.981321744+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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