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Rule 605 Market Center Scorecard
J.P. MORGAN SECURITIES LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:27:14 GMT
Quarter:2026Q3
Covered Orders336,693Across all reported tiers
Covered Shares22,292,893In Q3 2026
Active Tiers81Order 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 | 9,422 | 51,754 | 100.0% | 100.0% | 12.4 bps | 3.4 bps | 4% | 85th | $-0.0075 | 99.9% |
| market | <$250 • ROUND | 157 | 38,984 | 100.0% | 100.0% | 60.3 bps | — | 0% | 94th | $-0.0012 | 100.0% |
| market | $250–$999 • ODD | 6,785 | 92,950 | 100.0% | 99.8% | 7.1 bps | 0.7 bps | 7% | 78th | $-0.0109 | 100.0% |
| market | $250–$999 • ROUND | 636 | 151,662 | 100.0% | 100.0% | 31.7 bps | — | 0% | 97th | $-0.0029 | 100.0% |
| market | $1k–$5k • ODD | 5,937 | 166,274 | 100.0% | 99.9% | 6.5 bps | 0.7 bps | 8% | 91st | $-0.0201 | 99.9% |
| market | $1k–$5k • ROUND | 2,723 | 1,035,589 | 100.0% | 99.9% | 15.7 bps | — | 0% | 98th | $-0.0043 | 100.0% |
| market | $5k–$10k • ODD | 1,194 | 50,716 | 100.0% | 99.9% | 6.3 bps | 0.3 bps | 20% | 91st | $-0.0427 | 100.0% |
| market | $5k–$10k • ROUND | 1,636 | 629,049 | 100.0% | 99.8% | 9.8 bps | — | 0% | 92nd | $-0.0072 | 100.0% |
| market | $10k–$20k • ODD | 367 | 17,065 | 100.0% | 100.0% | 6.8 bps | — | 0% | 92nd | $-0.0711 | 99.7% |
| market | $10k–$20k • ROUND | 1,627 | 698,842 | 100.0% | 99.9% | 8.1 bps | 0.4 bps | 2% | 91st | $-0.0098 | 100.0% |
| market | $20k–$50k • ODD | 50 | 2,538 | — | — | — | — | — | — | — | — |
| market | $20k–$50k • ROUND | 1,353 | 710,177 | 100.0% | 99.7% | 6.3 bps | 0.4 bps | 5% | 92nd | $-0.0118 | 99.9% |
| market | $50k–$200k • ROUND | 628 | 492,434 | 100.0% | 99.5% | 4.7 bps | — | 0% | 95th | $-0.0113 | 99.9% |
| market | ≥$200k • ROUND | 47 | 47,106 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • ODD | 643 | 4,045 | 100.0% | 99.8% | 9.1 bps | — | 0% | 79th | $-0.0057 | 100.0% |
| marketable_limit | <$250 • ROUND | 14 | 1,553 | — | — | — | — | — | — | — | — |
| marketable_limit | $250–$999 • ODD | 453 | 7,891 | 100.0% | 99.9% | 7.9 bps | — | 0% | 89th | $-0.0097 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 81 | 13,492 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 418 | 13,506 | 100.0% | 100.0% | 6.0 bps | — | 0% | 94th | $-0.0136 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 312 | 86,957 | 100.0% | 100.0% | 11.9 bps | — | 0% | 93rd | $-0.0039 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 81 | 3,613 | — | — | — | — | — | — | — | — |
| marketable_limit | $5k–$10k • ROUND | 198 | 87,309 | 100.0% | 100.0% | 9.4 bps | — | 0% | 95th | $-0.0058 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 20 | 1,049 | — | — | — | — | — | — | — | — |
| marketable_limit | $10k–$20k • ROUND | 182 | 112,778 | 100.0% | 100.0% | 6.3 bps | — | 0% | 89th | $-0.0061 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 7 | 354 | — | — | — | — | — | — | — | — |
| marketable_limit | $20k–$50k • ROUND | 201 | 183,185 | 100.0% | 100.0% | 4.8 bps | — | 0% | 91st | $-0.0067 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 71 | 58,531 | — | — | — | — | — | — | — | — |
| marketable_limit | ≥$200k • ROUND | 9 | 33,426 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | <$250 • ODD | 27 | 124 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 29 | 358 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ROUND | 2 | 350 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ODD | 34 | 1,008 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ROUND | 11 | 1,571 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $5k–$10k • ODD | 4 | 110 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $5k–$10k • ROUND | 4 | 1,457 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $10k–$20k • ODD | 1 | 60 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $10k–$20k • ROUND | 8 | 3,650 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ODD | 1 | 39 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ROUND | 11 | 2,436 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 6 | 2,900 | — | — | — | — | — | — | — | — |
| market | <$250 • ODD | 32,140 | 58,107 | 100.0% | 100.0% | 3.7 bps | 1.8 bps | 78% | 84th | $-0.0165 | 99.9% |
| market | $250–$999 • ODD | 68,612 | 271,745 | 100.0% | 100.0% | 4.0 bps | 2.3 bps | 79% | 88th | $-0.0308 | 100.0% |
| market | $250–$999 • ROUND | 6 | 600 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 84,379 | 1,072,612 | 100.0% | 100.0% | 4.3 bps | 2.5 bps | 83% | 95th | $-0.0417 | 99.9% |
| market | $1k–$5k • ROUND | 3,242 | 384,501 | 100.0% | 100.0% | 3.5 bps | 2.0 bps | 72% | 100th | $-0.0056 | 99.9% |
| market | $5k–$10k • ODD | 25,412 | 682,917 | 100.0% | 100.0% | 4.4 bps | 2.5 bps | 76% | 93rd | $-0.0569 | 99.9% |
| market | $5k–$10k • ROUND | 4,364 | 731,540 | 100.0% | 100.0% | 3.2 bps | 1.5 bps | 49% | 98th | $-0.0079 | 100.0% |
| market | $10k–$20k • ODD | 12,575 | 461,046 | 100.0% | 100.0% | 4.4 bps | 2.5 bps | 71% | 96th | $-0.0711 | 100.0% |
| market | $10k–$20k • ROUND | 10,537 | 1,705,344 | 100.0% | 100.0% | 3.9 bps | 2.0 bps | 61% | 94th | $-0.0172 | 99.9% |
| market | $20k–$50k • ODD | 3,428 | 128,714 | 100.0% | 100.0% | 4.8 bps | 3.3 bps | 70% | 93rd | $-0.0936 | 100.0% |
| market | $20k–$50k • ROUND | 17,245 | 3,486,556 | 100.0% | 100.0% | 3.3 bps | 1.7 bps | 67% | 89th | $-0.0162 | 99.9% |
| market | $50k–$200k • ODD | 68 | 2,380 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 12,449 | 4,661,735 | 100.0% | 100.0% | 3.2 bps | 1.8 bps | 62% | 86th | $-0.0084 | 100.0% |
| market | ≥$200k • ROUND | 2,541 | 1,782,951 | 100.0% | 100.0% | 3.0 bps | 0.8 bps | 60% | 90th | $-0.0039 | 99.9% |
| marketable_limit | <$250 • ODD | 2,577 | 5,078 | 100.0% | 100.0% | 3.6 bps | -3.2 bps | 18% | 99th | $-0.0152 | 99.9% |
| marketable_limit | $250–$999 • ODD | 4,738 | 21,716 | 100.0% | 100.0% | 3.8 bps | -3.8 bps | 20% | 99th | $-0.0241 | 99.8% |
| marketable_limit | $250–$999 • ROUND | 2 | 200 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 6,368 | 87,236 | 100.0% | 100.0% | 3.7 bps | -4.8 bps | 34% | 99th | $-0.0326 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 413 | 47,664 | 100.0% | 100.0% | 3.3 bps | — | 0% | 100th | $-0.0054 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 2,017 | 53,357 | 100.0% | 100.0% | 3.9 bps | -6.9 bps | 14% | 99th | $-0.0497 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 500 | 94,201 | 100.0% | 100.0% | 3.1 bps | — | 0% | 100th | $-0.0062 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 1,024 | 36,360 | 100.0% | 100.0% | 3.9 bps | -4.5 bps | 33% | 99th | $-0.0586 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 993 | 185,724 | 100.0% | 100.0% | 3.5 bps | — | 0% | 100th | $-0.0138 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 258 | 9,881 | 100.0% | 100.0% | 5.0 bps | — | 0% | 100th | $-0.0886 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 1,859 | 448,000 | 100.0% | 100.0% | 2.9 bps | -4.3 bps | 18% | 95th | $-0.0110 | 100.0% |
| marketable_limit | $50k–$200k • ODD | 12 | 420 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 1,391 | 535,489 | 100.0% | 100.0% | 2.9 bps | -4.9 bps | 16% | 99th | $-0.0077 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 480 | 430,897 | 100.0% | 100.0% | 2.6 bps | -4.0 bps | 34% | 98th | $-0.0019 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 126 | 158 | 100.0% | 100.0% | 6.9 bps | — | 0% | 82nd | $-0.0505 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 376 | 1,066 | 100.0% | 100.0% | 6.8 bps | — | 0% | 88th | $-0.0807 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 520 | 5,465 | 100.0% | 100.0% | 7.6 bps | — | 0% | 89th | $-0.0948 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 4 | 400 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $5k–$10k • ODD | 173 | 4,143 | 100.0% | 100.0% | 7.5 bps | — | 0% | 87th | $-0.1122 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 15 | 2,117 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $10k–$20k • ODD | 102 | 3,754 | 100.0% | 100.0% | 7.2 bps | — | 0% | 88th | $-0.1229 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 79 | 8,764 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ODD | 25 | 886 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ROUND | 118 | 16,944 | 100.0% | 100.0% | 5.5 bps | — | 0% | 84th | $-0.0365 | 100.0% |
| nonmarketable_limit | $50k–$200k • ODD | 3 | 105 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 110 | 38,768 | 100.0% | 100.0% | 5.2 bps | — | 0% | 88th | $-0.0132 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 22 | 16,460 | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| TRBC202607.dat | 202607 | detailed | stored | 2026-10-01T07:23:50.905+00:00 | File Link ↗ |
| TRBC202607.zip | 202607 | detailed | variant | File Link ↗ | |
| JPDA202608.csv | 202608 | summary | stored | 2026-09-30T21:27:25.064174787+00:00 | File Link ↗ |
| JPDA202608.zip | 202608 | detailed | stored | 2026-09-30T21:27:25.064163586+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
31
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.
Does your firm route to J.P. MORGAN SECURITIES LLC? See which competing venues beat it on your symbol mix → Enter your Firm CRD