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Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:16:16 GMT
Quarter:2026Q3
Covered Orders7,823,502,684Across all reported tiers
Covered Shares2,174,296,907,856In Q3 2026
Active Tiers56Order 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| marketable_limit | <$250 • ODD | 7,528,195 | 81,726,868 | 8.0% | 15.4% | 1.5 bps | 3.7 bps | 99% | 28th | $0.0342 | 99.9% |
| marketable_limit | <$250 • ROUND | 1,647,748 | 348,915,082 | 2.1% | 17.2% | 1.1 bps | -12.8 bps | 98% | 16th | $0.0080 | 98.4% |
| marketable_limit | $250–$999 • ODD | 8,030,951 | 242,279,831 | 5.5% | 17.7% | 1.3 bps | 1.0 bps | 97% | 29th | $0.0442 | 99.9% |
| marketable_limit | $250–$999 • ROUND | 6,397,313 | 1,446,874,473 | 2.0% | 8.4% | 0.5 bps | -5.9 bps | 98% | 15th | $0.0126 | 98.4% |
| marketable_limit | $1k–$5k • ODD | 8,015,697 | 381,118,002 | 4.1% | 31.8% | 1.4 bps | -0.2 bps | 95% | 41st | $0.0862 | 99.9% |
| marketable_limit | $1k–$5k • ROUND | 28,800,121 | 5,859,984,211 | 2.2% | 9.9% | 0.5 bps | -3.1 bps | 99% | 20th | $0.0208 | 98.7% |
| marketable_limit | $5k–$10k • ODD | 1,780,487 | 100,768,842 | 4.3% | 45.1% | 1.3 bps | -2.4 bps | 91% | 48th | $0.1563 | 99.9% |
| marketable_limit | $5k–$10k • ROUND | 17,040,451 | 4,190,202,425 | 2.0% | 13.5% | 0.5 bps | -1.7 bps | 94% | 29th | $0.0333 | 99.1% |
| marketable_limit | $10k–$20k • ODD | 620,958 | 36,400,864 | 4.7% | 56.6% | 1.6 bps | -0.9 bps | 87% | 52nd | $0.2855 | 99.9% |
| marketable_limit | $10k–$20k • ROUND | 11,668,708 | 4,769,449,647 | 1.8% | 15.5% | 0.6 bps | -1.6 bps | 90% | 36th | $0.0490 | 99.3% |
| marketable_limit | $20k–$50k • ODD | 39,783 | 2,972,802 | 6.6% | 66.7% | 2.1 bps | 0.2 bps | 78% | 61st | $0.5694 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 8,179,556 | 6,808,211,796 | 1.4% | 15.9% | 0.6 bps | -1.6 bps | 90% | 41st | $0.0581 | 99.1% |
| marketable_limit | $50k–$200k • ROUND | 3,386,699 | 10,669,891,900 | 0.9% | 13.4% | 0.5 bps | -1.5 bps | 85% | 49th | $0.0508 | 98.9% |
| marketable_limit | ≥$200k • ROUND | 1,006,199 | 14,179,430,282 | 0.4% | 11.4% | 0.2 bps | -1.5 bps | 71% | 77th | $0.0415 | 98.1% |
| nonmarketable_limit | <$250 • ODD | 218,050,402 | 1,932,613,684 | 0.9% | 99.9% | 15.7 bps | 73.6 bps | 100% | 32nd | $0.0021 | 94.3% |
| nonmarketable_limit | <$250 • ROUND | 51,000,832 | 7,756,757,785 | 0.2% | 99.8% | 37.5 bps | 124.2 bps | 100% | 27th | $0.0011 | 82.8% |
| nonmarketable_limit | $250–$999 • ODD | 247,432,860 | 4,524,222,427 | 0.7% | 99.8% | 10.7 bps | 54.7 bps | 100% | 30th | $0.0041 | 95.2% |
| nonmarketable_limit | $250–$999 • ROUND | 154,350,436 | 22,997,843,879 | 0.2% | 99.8% | 17.4 bps | 80.5 bps | 100% | 10th | $0.0013 | 88.0% |
| nonmarketable_limit | $1k–$5k • ODD | 314,278,757 | 9,576,209,820 | 0.4% | 99.8% | 9.8 bps | 44.1 bps | 100% | 39th | $0.0121 | 92.5% |
| nonmarketable_limit | $1k–$5k • ROUND | 1,140,200,521 | 169,297,940,021 | 0.1% | 99.6% | 10.3 bps | 71.5 bps | 100% | 21st | $0.0037 | 83.1% |
| nonmarketable_limit | $5k–$10k • ODD | 125,734,916 | 5,763,602,477 | 0.2% | 99.8% | 9.2 bps | 41.9 bps | 100% | 47th | $0.0160 | 88.2% |
| nonmarketable_limit | $5k–$10k • ROUND | 932,388,723 | 163,716,377,615 | 0.1% | 99.6% | 9.0 bps | 68.9 bps | 100% | 25th | $0.0080 | 80.2% |
| nonmarketable_limit | $10k–$20k • ODD | 68,492,957 | 3,591,164,102 | 0.1% | 99.9% | 10.0 bps | 35.7 bps | 100% | 54th | $0.0315 | 87.8% |
| nonmarketable_limit | $10k–$20k • ROUND | 939,862,204 | 209,480,927,499 | 0.1% | 99.7% | 8.6 bps | 60.1 bps | 99% | 35th | $0.0138 | 83.0% |
| nonmarketable_limit | $20k–$50k • ODD | 6,341,023 | 394,452,183 | 0.1% | 99.9% | 12.7 bps | 20.6 bps | 100% | 55th | $0.0642 | 87.6% |
| nonmarketable_limit | $20k–$50k • ROUND | 862,169,566 | 307,839,235,578 | 0.0% | 99.7% | 8.4 bps | 51.0 bps | 99% | 37th | $0.0188 | 85.9% |
| nonmarketable_limit | $50k–$200k • ROUND | 375,481,945 | 341,657,220,631 | 0.0% | 99.8% | 5.8 bps | 39.6 bps | 99% | 28th | $0.0152 | 90.0% |
| nonmarketable_limit | ≥$200k • ROUND | 34,832,993 | 581,404,934,692 | 0.0% | 99.6% | 3.6 bps | 27.4 bps | 95% | 19th | $0.0078 | 93.6% |
| marketable_limit | <$250 • ODD | 794,108 | 1,790,582 | 11.2% | 20.2% | 0.4 bps | 0.6 bps | 100% | 29th | $0.0453 | 100.0% |
| marketable_limit | $250–$999 • ODD | 1,925,168 | 16,885,058 | 7.0% | 23.0% | 0.5 bps | 0.0 bps | 100% | 30th | $0.0589 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 9,803 | 984,379 | 3.1% | 5.0% | 0.1 bps | -1.7 bps | 100% | 33rd | $0.0100 | 98.0% |
| marketable_limit | $1k–$5k • ODD | 4,006,399 | 126,889,422 | 5.0% | 23.7% | 0.5 bps | -1.4 bps | 100% | 30th | $0.0608 | 99.9% |
| marketable_limit | $1k–$5k • ROUND | 2,635,531 | 266,739,515 | 3.6% | 5.1% | 0.1 bps | -2.4 bps | 100% | 18th | $0.0129 | 99.5% |
| marketable_limit | $5k–$10k • ODD | 1,686,135 | 75,963,379 | 5.4% | 39.0% | 0.6 bps | -2.0 bps | 100% | 32nd | $0.1059 | 99.9% |
| marketable_limit | $5k–$10k • ROUND | 3,800,711 | 503,072,495 | 3.5% | 10.6% | 0.1 bps | -1.9 bps | 100% | 22nd | $0.0216 | 99.4% |
| marketable_limit | $10k–$20k • ODD | 975,198 | 46,689,520 | 6.3% | 54.1% | 0.7 bps | -1.7 bps | 99% | 36th | $0.1766 | 99.9% |
| marketable_limit | $10k–$20k • ROUND | 6,366,137 | 821,754,270 | 3.7% | 21.0% | 0.3 bps | -1.8 bps | 100% | 31st | $0.0662 | 99.7% |
| marketable_limit | $20k–$50k • ODD | 368,777 | 16,273,346 | 4.5% | 60.0% | 0.8 bps | -0.4 bps | 98% | 40th | $0.3628 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 7,662,672 | 1,285,519,443 | 2.8% | 25.1% | 0.3 bps | -2.1 bps | 100% | 32nd | $0.1036 | 99.7% |
| marketable_limit | $50k–$200k • ODD | 7,726 | 283,445 | 2.0% | 74.4% | 1.5 bps | 1.2 bps | 96% | 50th | $1.7721 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 3,039,641 | 1,302,533,763 | 2.3% | 27.5% | 0.3 bps | -1.6 bps | 100% | 32nd | $0.1126 | 99.2% |
| marketable_limit | ≥$200k • ROUND | 342,124 | 594,835,350 | 2.8% | 25.3% | 0.2 bps | -2.1 bps | 83% | 61st | $0.1184 | 98.3% |
| nonmarketable_limit | <$250 • ODD | 21,693,176 | 35,896,203 | 1.1% | 99.6% | 3.3 bps | 23.6 bps | 100% | 20th | $0.0012 | 97.8% |
| nonmarketable_limit | $250–$999 • ODD | 69,056,103 | 318,743,896 | 0.8% | 99.6% | 3.7 bps | 24.3 bps | 100% | 38th | $0.0021 | 96.7% |
| nonmarketable_limit | $250–$999 • ROUND | 71,865 | 7,199,135 | 0.3% | 100.0% | 6.1 bps | 51.7 bps | 100% | 33rd | $-0.0001 | 91.5% |
| nonmarketable_limit | $1k–$5k • ODD | 162,240,629 | 3,063,347,136 | 0.6% | 99.8% | 4.5 bps | 26.8 bps | 100% | 58th | $0.0118 | 95.3% |
| nonmarketable_limit | $1k–$5k • ROUND | 47,589,945 | 4,975,869,030 | 0.2% | 99.6% | 2.6 bps | 20.9 bps | 100% | 24th | $0.0005 | 91.9% |
| nonmarketable_limit | $5k–$10k • ODD | 86,177,604 | 2,643,156,596 | 0.4% | 99.9% | 4.4 bps | 27.9 bps | 100% | 53rd | $0.0113 | 93.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 155,267,835 | 17,196,712,807 | 0.2% | 99.4% | 3.1 bps | 30.3 bps | 100% | 54th | $0.0028 | 85.7% |
| nonmarketable_limit | $10k–$20k • ODD | 76,514,729 | 2,725,642,818 | 0.2% | 99.9% | 4.6 bps | 24.2 bps | 100% | 66th | $0.0180 | 91.9% |
| nonmarketable_limit | $10k–$20k • ROUND | 333,966,838 | 38,008,631,531 | 0.2% | 99.6% | 4.5 bps | 42.4 bps | 100% | 72nd | $0.0115 | 80.4% |
| nonmarketable_limit | $20k–$50k • ODD | 41,851,836 | 1,531,685,338 | 0.1% | 99.9% | 5.1 bps | 13.3 bps | 100% | 76th | $0.0583 | 92.1% |
| nonmarketable_limit | $20k–$50k • ROUND | 693,527,925 | 98,980,587,228 | 0.1% | 99.7% | 4.3 bps | 47.3 bps | 100% | 73rd | $0.0211 | 82.5% |
| nonmarketable_limit | $50k–$200k • ODD | 588,385 | 21,034,451 | 0.1% | 100.0% | 6.8 bps | 6.0 bps | 100% | 70th | $0.1098 | 93.8% |
| nonmarketable_limit | $50k–$200k • ROUND | 492,557,313 | 107,114,287,579 | 0.0% | 99.7% | 4.1 bps | 33.0 bps | 100% | 72nd | $0.0307 | 91.3% |
| nonmarketable_limit | ≥$200k • ROUND | 34,017,370 | 13,562,170,723 | 0.1% | 99.5% | 2.8 bps | 25.2 bps | 99% | 41st | $0.0207 | 94.6% |
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 |
|---|---|---|---|---|---|
| TMLIX202607.dat | 202607 | detailed | stored | 2026-10-01T02:17:45.039+00:00 | File Link ↗ |
| TMLCO202607.dat | 202607 | detailed | stored | 2026-10-01T02:17:48.072+00:00 | File Link ↗ |
| TMLIX202607.zip | 202607 | detailed | variant | File Link ↗ | |
| TMLCO202607.zip | 202607 | detailed | variant | File Link ↗ | |
| MLIX202608.csv | 202608 | summary | stored | 2026-09-30T21:17:18.985369811+00:00 | File Link ↗ |
| MLIX202608.zip | 202608 | detailed | stored | 2026-09-30T21:17:20.841216203+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
0
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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