MCAP LLC

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

MPID Firm: MCAP LLC(MCAP) • Location: Desk Orlando, FL

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:29:21 GMT

Quarter:2026Q3

Covered Orders8,457Across all reported tiers

Covered Shares56,569,903In Q3 2026

Active Tiers52Order class × notional buckets

Routing Brokers1Disclosed 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	76	166	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	74	736	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	56	1,933	—	—	—	—	—	—	—	—
market	$5k–$10k • ODD	2	115	—	—	—	—	—	—	—	—
market	$5k–$10k • ROUND	8	3,737	—	—	—	—	—	—	—	—
market	$10k–$20k • ROUND	9	6,208	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	124	187,118	—	27.6%	1.4 bps	—	—	21st	—	8.7%
market	$50k–$200k • ROUND	757	2,697,455	—	26.9%	1.0 bps	—	—	33rd	—	2.3%
market	≥$200k • ROUND	1,316	21,381,684	—	20.6%	0.2 bps	—	—	62nd	—	0.0%
marketable_limit	<$250 • ODD	4	27	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	8	102	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	239	8,567	—	29.6%	1.0 bps	—	—	31st	—	11.9%
marketable_limit	$1k–$5k • ROUND	346	46,727	—	12.9%	0.9 bps	—	—	33rd	—	14.2%
marketable_limit	$5k–$10k • ODD	115	6,676	—	37.3%	0.7 bps	—	—	30th	—	8.5%
marketable_limit	$5k–$10k • ROUND	570	99,172	—	25.0%	1.3 bps	—	—	44th	—	23.8%
marketable_limit	$10k–$20k • ODD	108	7,951	—	46.8%	0.7 bps	—	—	32nd	—	7.4%
marketable_limit	$10k–$20k • ROUND	946	211,694	—	26.7%	0.9 bps	—	—	44th	—	16.3%
marketable_limit	$20k–$50k • ODD	5	282	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	857	612,182	—	28.3%	1.3 bps	—	—	58th	—	23.8%
marketable_limit	$50k–$200k • ROUND	1,223	3,032,531	—	33.0%	1.7 bps	—	—	76th	—	10.7%
marketable_limit	≥$200k • ROUND	960	27,099,422	0.6%	20.7%	0.2 bps	—	0%	78th	$0.0148	1.5%
nonmarketable_limit	<$250 • ODD	1	4	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	7	84	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	37	1,081	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	16	6,052	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	5	223	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	27	12,334	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	19	1,341	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	63	24,989	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	1	98	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	57	32,648	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	59	107,778	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	57	801,385	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	4	7	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	2	10	—	—	—	—	—	—	—	—
market	$5k–$10k • ODD	3	119	—	—	—	—	—	—	—	—
market	$10k–$20k • ODD	1	91	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	2	425	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	1	5,352	—	—	—	—	—	—	—	—
market	≥$200k • ROUND	8	28,443	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	18	70	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	5	51	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	26	491	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	19	646	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	62	2,595	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	78	10,756	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	37	101,262	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	4	80	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	5	164	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	10	400	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	10	1,249	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	10	25,190	—	—	—	—	—	—	—	—

2. Broker-Dealers Routing Here (Reverse 606 Index) — 7-

Firms directing customer order flow to this market center under SEC Rule 606(a), with route percentages and PFOF rates.

Broker-Dealer	CRD	Section	Route %	Mkt %	Limit %	PFOF Mkt (¢/100)	PFOF Mkt ($)	Action
CGIS SECURITIES LLC	155984	other_stocks	0.4%	0.6%	0.0%	0.00 ¢	$0.00	Firm Review →

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
MCAP202608.csv	202608	summary	stored	2026-09-30T21:17:15.593445287+00:00	File Link ↗
MCAP202608.zip	202608	detailed	stored	2026-09-30T21:17:15.593446169+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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