J.P. MORGAN SECURITIES LLC

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:30:06 GMT

Quarter:2026Q3

Covered Orders2,891,703Across all reported tiers

Covered Shares890,312,373In 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	426,597	2,074,963	3.3%	96.0%	9.2 bps	4.6 bps	62%	72nd	$0.0013	92.9%
market	<$250 • ROUND	11,282	3,394,147	1.2%	81.3%	54.5 bps	23.4 bps	19%	91st	$0.0000	95.5%
market	$250–$999 • ODD	297,256	3,327,260	3.2%	96.2%	5.3 bps	2.6 bps	57%	49th	$0.0011	91.6%
market	$250–$999 • ROUND	27,634	9,547,910	1.6%	88.6%	29.7 bps	9.5 bps	30%	96th	$-0.0000	93.9%
market	$1k–$5k • ODD	233,497	6,209,108	2.9%	95.5%	4.9 bps	3.0 bps	67%	72nd	$0.0018	92.4%
market	$1k–$5k • ROUND	92,001	49,236,334	2.1%	86.7%	13.4 bps	6.4 bps	62%	96th	$0.0002	81.6%
market	$5k–$10k • ODD	47,961	2,166,895	2.5%	94.4%	4.3 bps	2.4 bps	61%	74th	$-0.0009	92.6%
market	$5k–$10k • ROUND	60,499	38,719,156	1.6%	82.7%	7.8 bps	2.9 bps	41%	85th	$-0.0004	86.0%
market	$10k–$20k • ODD	15,208	759,559	2.5%	93.8%	4.6 bps	2.8 bps	64%	75th	$0.0094	91.9%
market	$10k–$20k • ROUND	67,490	51,542,944	1.4%	80.2%	5.6 bps	2.1 bps	39%	86th	$-0.0002	83.8%
market	$20k–$50k • ODD	1,997	109,054	2.7%	91.8%	3.7 bps	0.2 bps	54%	52nd	$0.0497	91.4%
market	$20k–$50k • ROUND	70,580	80,373,055	0.9%	81.6%	4.4 bps	1.9 bps	57%	84th	$0.0006	82.1%
market	$50k–$200k • ROUND	46,298	112,949,220	0.4%	75.1%	2.9 bps	1.4 bps	68%	78th	$0.0030	83.5%
market	≥$200k • ROUND	12,443	107,315,513	0.0%	58.4%	0.3 bps	-0.1 bps	51%	66th	$0.0914	78.4%
marketable_limit	<$250 • ODD	32,627	258,241	1.6%	94.3%	10.5 bps	-7.3 bps	15%	85th	$-0.0006	90.2%
marketable_limit	<$250 • ROUND	2,906	918,038	0.2%	61.2%	38.5 bps	—	0%	99th	$-0.0008	87.8%
marketable_limit	$250–$999 • ODD	16,519	326,355	2.4%	94.7%	7.5 bps	-8.0 bps	12%	85th	$-0.0013	92.5%
marketable_limit	$250–$999 • ROUND	5,062	1,767,811	0.8%	82.0%	24.2 bps	—	0%	97th	$-0.0029	89.4%
marketable_limit	$1k–$5k • ODD	13,215	416,662	3.2%	93.5%	4.7 bps	-6.9 bps	20%	86th	$-0.0013	93.0%
marketable_limit	$1k–$5k • ROUND	13,408	8,291,102	1.1%	79.7%	12.8 bps	-19.1 bps	3%	94th	$-0.0004	86.7%
marketable_limit	$5k–$10k • ODD	2,790	137,370	2.5%	94.0%	3.8 bps	-8.2 bps	38%	86th	$-0.0036	92.9%
marketable_limit	$5k–$10k • ROUND	7,900	8,378,209	1.0%	77.1%	9.2 bps	-3.5 bps	18%	94th	$0.0001	79.5%
marketable_limit	$10k–$20k • ODD	795	43,810	2.3%	93.0%	5.0 bps	-6.2 bps	0%	88th	$0.0048	93.3%
marketable_limit	$10k–$20k • ROUND	8,771	12,458,684	0.9%	72.8%	6.1 bps	-6.0 bps	11%	87th	$-0.0019	75.1%
marketable_limit	$20k–$50k • ODD	92	5,373	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	9,635	23,824,883	0.8%	70.2%	4.2 bps	-2.4 bps	57%	90th	$-0.0005	73.3%
marketable_limit	$50k–$200k • ROUND	6,797	40,598,444	0.1%	60.7%	2.3 bps	-3.1 bps	30%	85th	$0.0009	71.4%
marketable_limit	≥$200k • ROUND	2,694	42,477,951	0.0%	48.3%	-0.5 bps	0.2 bps	0%	34th	$0.0609	74.7%
nonmarketable_limit	<$250 • ODD	66,122	529,692	0.1%	100.0%	31.5 bps	—	10%	68th	$-0.0012	23.7%
nonmarketable_limit	<$250 • ROUND	5,050	1,107,914	0.0%	100.0%	117.4 bps	—	0%	95th	—	35.3%
nonmarketable_limit	$250–$999 • ODD	40,532	737,494	0.1%	100.0%	19.9 bps	—	10%	67th	$0.0007	26.7%
nonmarketable_limit	$250–$999 • ROUND	10,262	2,747,462	0.0%	100.0%	78.8 bps	—	1%	87th	$-0.0046	28.3%
nonmarketable_limit	$1k–$5k • ODD	33,734	1,001,047	0.2%	100.0%	13.1 bps	—	17%	56th	$0.0420	34.7%
nonmarketable_limit	$1k–$5k • ROUND	29,104	13,438,411	0.0%	100.0%	30.6 bps	—	10%	66th	$-0.0118	23.4%
nonmarketable_limit	$5k–$10k • ODD	6,502	290,758	0.2%	100.0%	12.0 bps	—	18%	69th	$-0.0763	44.6%
nonmarketable_limit	$5k–$10k • ROUND	16,301	13,777,797	0.0%	100.0%	23.9 bps	—	8%	75th	$-0.0994	23.8%
nonmarketable_limit	$10k–$20k • ODD	2,180	112,964	0.1%	100.0%	10.7 bps	—	4%	59th	$0.0795	44.2%
nonmarketable_limit	$10k–$20k • ROUND	15,757	16,979,019	0.0%	100.0%	15.6 bps	—	8%	65th	$-0.0097	20.6%
nonmarketable_limit	$20k–$50k • ODD	208	12,352	0.4%	100.0%	11.7 bps	—	0%	47th	$0.0066	43.2%
nonmarketable_limit	$20k–$50k • ROUND	15,101	27,759,516	0.0%	100.0%	14.7 bps	—	14%	78th	$0.0031	20.1%
nonmarketable_limit	$50k–$200k • ROUND	10,406	47,563,794	0.0%	100.0%	11.8 bps	—	1%	75th	$0.0335	19.6%
nonmarketable_limit	≥$200k • ROUND	3,408	44,714,589	0.0%	96.7%	8.5 bps	—	6%	75th	$0.0100	23.7%
market	<$250 • ODD	111,788	182,933	35.7%	96.4%	3.1 bps	2.6 bps	96%	69th	$-0.0026	87.4%
market	$250–$999 • ODD	259,405	876,380	31.8%	96.5%	3.2 bps	2.7 bps	94%	74th	$-0.0056	90.7%
market	$250–$999 • ROUND	12	1,201	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	281,994	3,549,817	30.6%	96.8%	3.6 bps	3.0 bps	95%	82nd	$-0.0134	93.0%
market	$1k–$5k • ROUND	7,835	939,706	40.5%	97.8%	2.7 bps	2.0 bps	84%	98th	$-0.0025	88.3%
market	$5k–$10k • ODD	79,280	2,210,692	31.3%	96.2%	3.6 bps	2.7 bps	90%	81st	$-0.0200	90.8%
market	$5k–$10k • ROUND	11,540	1,958,490	37.2%	96.9%	2.5 bps	1.6 bps	72%	95th	$-0.0032	85.8%
market	$10k–$20k • ODD	40,364	1,557,783	30.5%	95.3%	3.6 bps	2.6 bps	86%	84th	$-0.0236	89.4%
market	$10k–$20k • ROUND	29,466	4,812,466	35.4%	95.6%	3.1 bps	2.1 bps	77%	88th	$-0.0063	82.5%
market	$20k–$50k • ODD	9,948	404,810	33.0%	94.6%	4.2 bps	3.5 bps	92%	87th	$-0.0415	86.7%
market	$20k–$50k • ROUND	51,800	11,262,590	30.9%	93.7%	2.9 bps	2.1 bps	80%	80th	$-0.0051	79.9%
market	$50k–$200k • ODD	151	5,449	44.8%	94.9%	4.2 bps	4.0 bps	92%	84th	$0.0846	86.2%
market	$50k–$200k • ROUND	41,028	21,970,904	21.3%	88.6%	2.7 bps	2.1 bps	85%	76th	$0.0017	75.5%
market	≥$200k • ROUND	13,215	29,164,529	6.1%	71.3%	1.7 bps	0.4 bps	83%	72nd	$0.0684	73.9%
marketable_limit	<$250 • ODD	5,155	9,973	50.9%	96.1%	3.2 bps	-5.3 bps	38%	94th	$-0.0085	92.9%
marketable_limit	$250–$999 • ODD	9,728	43,734	49.2%	96.4%	3.3 bps	-4.7 bps	37%	93rd	$-0.0136	93.2%
marketable_limit	$250–$999 • ROUND	2	200	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	12,749	168,133	51.4%	95.1%	3.4 bps	-5.7 bps	51%	96th	$-0.0191	93.4%
marketable_limit	$1k–$5k • ROUND	782	93,036	50.7%	97.2%	3.1 bps	-14.3 bps	31%	98th	$-0.0033	94.0%
marketable_limit	$5k–$10k • ODD	4,258	111,827	46.9%	95.2%	3.5 bps	-5.4 bps	40%	97th	$-0.0322	92.7%
marketable_limit	$5k–$10k • ROUND	944	180,136	51.6%	95.2%	2.5 bps	-9.8 bps	6%	97th	$-0.0036	94.9%
marketable_limit	$10k–$20k • ODD	2,273	82,568	43.4%	93.1%	3.4 bps	-3.8 bps	50%	97th	$-0.0385	91.7%
marketable_limit	$10k–$20k • ROUND	2,061	365,354	50.3%	93.8%	3.3 bps	-12.2 bps	9%	99th	$-0.0083	89.3%
marketable_limit	$20k–$50k • ODD	596	21,895	44.2%	93.2%	4.2 bps	-0.2 bps	34%	98th	$-0.0519	85.7%
marketable_limit	$20k–$50k • ROUND	4,018	1,000,715	44.0%	92.2%	2.8 bps	-4.0 bps	24%	93rd	$-0.0052	86.5%
marketable_limit	$50k–$200k • ODD	21	730	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	3,699	2,621,740	20.2%	84.7%	2.9 bps	-4.3 bps	40%	97th	$-0.0056	78.6%
marketable_limit	≥$200k • ROUND	2,071	8,306,063	5.1%	53.1%	1.0 bps	-3.8 bps	56%	89th	$0.0570	65.8%
nonmarketable_limit	<$250 • ODD	11,633	21,169	1.4%	100.0%	7.2 bps	—	21%	86th	$0.0096	33.5%
nonmarketable_limit	$250–$999 • ODD	25,025	102,167	1.7%	100.0%	5.7 bps	—	16%	83rd	$0.0012	38.0%
nonmarketable_limit	$250–$999 • ROUND	3	310	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	33,977	415,997	1.7%	100.0%	5.4 bps	30.8 bps	18%	71st	$0.0143	44.1%
nonmarketable_limit	$1k–$5k • ROUND	1,509	177,450	0.5%	100.0%	7.6 bps	—	33%	86th	$-0.0170	21.7%
nonmarketable_limit	$5k–$10k • ODD	10,768	285,053	1.9%	100.0%	5.2 bps	—	10%	73rd	$-0.0133	48.8%
nonmarketable_limit	$5k–$10k • ROUND	2,012	346,287	1.0%	100.0%	4.7 bps	—	13%	86th	$-0.0118	26.9%
nonmarketable_limit	$10k–$20k • ODD	5,772	205,695	2.2%	100.0%	5.1 bps	—	8%	74th	$-0.0195	52.2%
nonmarketable_limit	$10k–$20k • ROUND	5,181	810,926	1.3%	100.0%	4.6 bps	—	3%	77th	$-0.0152	35.2%
nonmarketable_limit	$20k–$50k • ODD	1,702	63,364	1.8%	100.0%	5.0 bps	—	8%	75th	$0.0162	56.7%
nonmarketable_limit	$20k–$50k • ROUND	9,051	2,099,812	1.2%	100.0%	4.5 bps	—	15%	74th	$0.0047	37.3%
nonmarketable_limit	$50k–$200k • ODD	48	1,689	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	7,177	4,222,795	1.1%	100.0%	4.4 bps	—	9%	77th	$0.0298	40.0%
nonmarketable_limit	≥$200k • ROUND	3,041	11,254,945	0.2%	100.0%	3.7 bps	—	25%	68th	$0.0940	37.0%

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
TMSCO202607.dat	202607	detailed	stored	2026-10-01T06:17:49.058+00:00	File Link ↗
THRTF202607.dat	202607	detailed	stored	2026-10-01T06:17:51.035+00:00	File Link ↗
TETMM202607.dat	202607	detailed	stored	2026-10-01T06:17:53.457+00:00	File Link ↗
TMSCO202607.zip	202607	detailed	variant		File Link ↗
THRTF202607.zip	202607	detailed	variant		File Link ↗
TETMM202607.zip	202607	detailed	variant		File Link ↗
JPBD202608.csv	202608	summary	stored	2026-09-30T21:27:27.105990047+00:00	File Link ↗
JPBD202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064176080+00:00	File Link ↗
XCIS202608.csv	202608	summary	stored	2026-09-30T21:27:23.981328878+00:00	File Link ↗
XASE202608.csv	202608	summary	stored	2026-09-30T21:27:25.064169818+00:00	File Link ↗
HRTS202608.csv	202608	summary	stored	2026-09-30T21:27:25.064151483+00:00	File Link ↗
VGRD202608.zip	202608	detailed	stored	2026-09-30T21:27:23.981325892+00:00	File Link ↗
ETMM202608.csv	202608	summary	stored	2026-09-30T21:27:23.981328127+00:00	File Link ↗
HRTF202608.csv	202608	summary	stored	2026-09-30T21:27:25.064140261+00:00	File Link ↗
VGRD202608.csv	202608	summary	stored	2026-09-30T21:27:23.981330170+00:00	File Link ↗
MSPL202608.zip	202608	detailed	stored	2026-09-30T21:27:25.069551971+00:00	File Link ↗
MLWM202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064171932+00:00	File Link ↗
XCIS202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064152765+00:00	File Link ↗
XNYS202608.csv	202608	summary	stored	2026-09-30T21:27:25.064153787+00:00	File Link ↗
MSPL202608.csv	202608	summary	stored	2026-09-30T21:27:23.981329549+00:00	File Link ↗
HRTF202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064173885+00:00	File Link ↗
XASE202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064172964+00:00	File Link ↗
MSCO202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064148267+00:00	File Link ↗
ARCX202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064146934+00:00	File Link ↗
MSRP202608.zip	202608	detailed	stored	2026-09-30T21:27:27.105991430+00:00	File Link ↗
HRTS202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064141884+00:00	File Link ↗
HOOD202608.zip	202608	detailed	stored	2026-09-30T21:27:27.105988394+00:00	File Link ↗
ETMM202608.zip	202608	detailed	stored	2026-09-30T21:27:27.105981801+00:00	File Link ↗
ARCX202608.csv	202608	summary	stored	2026-09-30T21:27:25.064177102+00:00	File Link ↗
MLWM202608.csv	202608	summary	stored	2026-09-30T21:27:27.105983595+00:00	File Link ↗
HOOD202608.csv	202608	summary	stored	2026-09-30T21:27:25.064168936+00:00	File Link ↗
MSRP202608.csv	202608	summary	stored	2026-09-30T21:27:25.064143598+00:00	File Link ↗
MSCO202608.csv	202608	summary	stored	2026-09-30T21:27:25.064133969+00:00	File Link ↗
XNYS202608.zip	202608	detailed	stored	2026-09-30T21:27:25.064157665+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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