MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:27:54 GMT

Quarter:2026Q3

Covered Orders5,626,594Across all reported tiers

Covered Shares1,718,193,869In 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	428,880	2,174,260	0.2%	89.0%	5.7 bps	2.6 bps	76%	40th	$0.0044	43.8%
market	<$250 • ROUND	5,013	1,519,084	0.0%	65.7%	30.6 bps	21.6 bps	100%	67th	$0.0014	23.3%
market	$250–$999 • ODD	527,924	6,959,598	0.3%	89.5%	5.3 bps	3.7 bps	82%	48th	$0.0078	54.8%
market	$250–$999 • ROUND	31,127	8,011,862	0.0%	84.8%	13.9 bps	6.4 bps	13%	41st	$0.0141	39.6%
market	$1k–$5k • ODD	574,144	16,870,976	0.3%	87.3%	4.6 bps	3.0 bps	89%	65th	$0.0084	54.9%
market	$1k–$5k • ROUND	167,987	57,749,133	0.1%	83.6%	7.7 bps	2.9 bps	42%	58th	$0.0041	43.1%
market	$5k–$10k • ODD	125,449	5,971,820	0.3%	84.8%	4.2 bps	2.1 bps	82%	70th	$0.0141	50.9%
market	$5k–$10k • ROUND	144,891	62,069,462	0.1%	82.8%	5.3 bps	1.1 bps	43%	60th	$0.0010	41.0%
market	$10k–$20k • ODD	41,767	2,290,992	0.3%	84.2%	4.4 bps	1.6 bps	78%	66th	$0.0182	49.8%
market	$10k–$20k • ROUND	176,983	95,012,978	0.1%	78.3%	4.2 bps	1.6 bps	48%	59th	$0.0054	40.4%
market	$20k–$50k • ODD	3,858	252,720	0.6%	84.4%	4.0 bps	0.4 bps	61%	62nd	$0.0142	52.0%
market	$20k–$50k • ROUND	184,879	162,431,647	0.1%	72.7%	3.4 bps	1.3 bps	75%	64th	$0.0058	38.6%
market	$50k–$200k • ROUND	120,764	251,155,160	0.1%	63.2%	2.2 bps	1.0 bps	61%	64th	$0.0169	41.4%
market	≥$200k • ROUND	32,202	246,375,660	0.1%	53.7%	0.5 bps	-0.0 bps	39%	70th	$0.1074	50.0%
marketable_limit	<$250 • ODD	24,747	182,836	—	67.7%	2.1 bps	—	—	37th	—	30.0%
marketable_limit	<$250 • ROUND	736	263,253	—	48.5%	18.3 bps	—	—	70th	—	30.5%
marketable_limit	$250–$999 • ODD	20,160	357,734	—	83.1%	2.7 bps	—	—	50th	—	39.2%
marketable_limit	$250–$999 • ROUND	3,913	1,876,613	—	51.9%	1.6 bps	—	—	28th	—	36.7%
marketable_limit	$1k–$5k • ODD	19,864	601,966	—	79.7%	2.4 bps	—	—	57th	—	37.6%
marketable_limit	$1k–$5k • ROUND	15,345	7,770,922	—	64.9%	5.0 bps	—	—	62nd	—	36.5%
marketable_limit	$5k–$10k • ODD	4,627	239,859	—	79.2%	2.0 bps	—	—	56th	—	41.2%
marketable_limit	$5k–$10k • ROUND	10,052	10,564,500	—	58.5%	3.6 bps	—	—	65th	—	31.7%
marketable_limit	$10k–$20k • ODD	1,182	60,908	—	79.5%	2.9 bps	—	—	67th	—	41.4%
marketable_limit	$10k–$20k • ROUND	11,610	18,303,522	—	53.2%	2.6 bps	—	—	64th	—	34.9%
marketable_limit	$20k–$50k • ODD	112	6,688	—	71.9%	1.8 bps	—	—	54th	—	35.1%
marketable_limit	$20k–$50k • ROUND	12,759	36,064,589	—	45.5%	1.9 bps	—	—	64th	—	30.8%
marketable_limit	$50k–$200k • ROUND	11,512	69,422,989	—	40.1%	0.8 bps	—	—	56th	—	25.8%
marketable_limit	≥$200k • ROUND	3,481	66,451,295	—	28.6%	-1.1 bps	—	—	19th	—	25.8%
nonmarketable_limit	<$250 • ODD	88,137	582,593	—	100.0%	25.4 bps	—	—	59th	—	15.5%
nonmarketable_limit	<$250 • ROUND	1,850	383,086	—	100.0%	103.8 bps	—	—	92nd	—	18.9%
nonmarketable_limit	$250–$999 • ODD	77,599	1,232,278	—	100.0%	15.0 bps	—	—	46th	—	18.7%
nonmarketable_limit	$250–$999 • ROUND	10,531	2,536,976	—	100.0%	55.3 bps	—	—	64th	—	12.3%
nonmarketable_limit	$1k–$5k • ODD	74,234	1,985,158	—	100.0%	12.3 bps	—	—	52nd	—	26.7%
nonmarketable_limit	$1k–$5k • ROUND	45,352	16,880,461	—	100.0%	23.6 bps	—	—	48th	—	14.1%
nonmarketable_limit	$5k–$10k • ODD	15,590	676,017	—	100.0%	10.3 bps	—	—	63rd	—	37.1%
nonmarketable_limit	$5k–$10k • ROUND	28,172	17,561,407	—	100.0%	18.1 bps	—	—	60th	—	13.6%
nonmarketable_limit	$10k–$20k • ODD	5,473	285,352	—	100.0%	12.3 bps	—	—	65th	—	33.5%
nonmarketable_limit	$10k–$20k • ROUND	30,910	26,452,550	—	100.0%	18.5 bps	—	—	78th	—	13.7%
nonmarketable_limit	$20k–$50k • ODD	345	22,152	—	100.0%	9.1 bps	—	—	33rd	—	30.7%
nonmarketable_limit	$20k–$50k • ROUND	30,480	45,100,552	—	100.0%	14.3 bps	—	—	77th	—	14.5%
nonmarketable_limit	$50k–$200k • ROUND	21,940	94,207,009	—	100.0%	12.2 bps	—	—	79th	—	12.2%
nonmarketable_limit	≥$200k • ROUND	5,315	54,307,817	—	100.0%	8.3 bps	—	—	72nd	—	17.5%
market	<$250 • ODD	154,259	287,911	0.4%	86.7%	3.1 bps	2.8 bps	100%	71st	$0.0073	37.9%
market	$250–$999 • ODD	445,162	2,010,143	0.5%	86.8%	3.0 bps	3.2 bps	100%	67th	$0.0136	47.5%
market	$250–$999 • ROUND	38	3,846	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	661,296	9,976,266	0.3%	87.1%	3.0 bps	3.2 bps	100%	71st	$0.0163	51.7%
market	$1k–$5k • ROUND	21,539	2,685,139	0.1%	90.5%	2.0 bps	2.1 bps	100%	69th	$0.0013	49.3%
market	$5k–$10k • ODD	224,986	6,905,811	0.3%	86.2%	3.1 bps	2.9 bps	98%	73rd	$0.0265	50.7%
market	$5k–$10k • ROUND	39,552	6,731,555	0.2%	87.8%	1.8 bps	1.6 bps	97%	72nd	$0.0028	50.2%
market	$10k–$20k • ODD	116,951	4,825,395	0.2%	85.6%	3.2 bps	3.0 bps	97%	79th	$0.0335	49.4%
market	$10k–$20k • ROUND	95,739	16,300,152	0.1%	86.6%	2.5 bps	2.0 bps	99%	71st	$0.0054	49.4%
market	$20k–$50k • ODD	28,078	1,199,723	0.2%	86.1%	3.5 bps	3.6 bps	85%	75th	$0.0633	48.8%
market	$20k–$50k • ROUND	165,366	38,828,652	0.1%	84.9%	2.6 bps	2.1 bps	90%	75th	$0.0180	49.0%
market	$50k–$200k • ODD	361	13,285	—	80.9%	3.4 bps	—	—	53rd	—	45.4%
market	$50k–$200k • ROUND	127,553	71,713,957	0.1%	80.5%	2.6 bps	2.1 bps	81%	68th	$0.0204	50.4%
market	≥$200k • ROUND	37,685	100,419,024	0.1%	64.6%	1.8 bps	0.5 bps	77%	75th	$0.0488	48.5%
marketable_limit	<$250 • ODD	6,725	14,532	—	70.5%	1.2 bps	—	—	43rd	—	25.8%
marketable_limit	$250–$999 • ODD	13,743	71,238	—	76.5%	1.6 bps	—	—	49th	—	33.2%
marketable_limit	$250–$999 • ROUND	3	300	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	19,026	285,530	—	77.6%	1.9 bps	—	—	61st	—	37.9%
marketable_limit	$1k–$5k • ROUND	1,351	165,697	—	81.2%	1.8 bps	—	—	76th	—	38.7%
marketable_limit	$5k–$10k • ODD	6,368	175,341	—	76.2%	2.0 bps	—	—	66th	—	36.6%
marketable_limit	$5k–$10k • ROUND	1,840	341,693	—	79.0%	1.6 bps	—	—	80th	—	40.7%
marketable_limit	$10k–$20k • ODD	3,786	139,942	—	73.6%	2.1 bps	—	—	70th	—	34.6%
marketable_limit	$10k–$20k • ROUND	3,579	706,372	—	77.2%	1.9 bps	—	—	71st	—	35.8%
marketable_limit	$20k–$50k • ODD	1,056	40,875	—	72.3%	2.7 bps	—	—	79th	—	32.1%
marketable_limit	$20k–$50k • ROUND	6,250	1,758,823	—	71.0%	1.4 bps	—	—	61st	—	35.7%
marketable_limit	$50k–$200k • ODD	20	754	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	5,488	4,068,081	—	63.2%	1.4 bps	—	—	66th	—	37.2%
marketable_limit	≥$200k • ROUND	2,489	12,397,792	—	39.8%	0.2 bps	—	—	59th	—	28.2%
nonmarketable_limit	<$250 • ODD	29,160	57,351	—	100.0%	7.0 bps	—	—	85th	—	33.4%
nonmarketable_limit	$250–$999 • ODD	64,450	285,343	—	100.0%	5.8 bps	—	—	85th	—	29.5%
nonmarketable_limit	$250–$999 • ROUND	15	1,500	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	81,374	1,083,954	—	100.0%	5.7 bps	—	—	77th	—	33.6%
nonmarketable_limit	$1k–$5k • ROUND	4,637	550,395	—	100.0%	8.1 bps	—	—	88th	—	18.4%
nonmarketable_limit	$5k–$10k • ODD	26,955	729,797	—	100.0%	5.4 bps	—	—	75th	—	37.8%
nonmarketable_limit	$5k–$10k • ROUND	6,206	1,016,382	—	100.0%	5.1 bps	—	—	87th	—	23.9%
nonmarketable_limit	$10k–$20k • ODD	14,851	533,177	—	100.0%	6.3 bps	—	—	85th	—	41.5%
nonmarketable_limit	$10k–$20k • ROUND	14,369	2,431,447	—	100.0%	5.0 bps	—	—	83rd	—	25.9%
nonmarketable_limit	$20k–$50k • ODD	4,206	162,477	—	100.0%	5.6 bps	—	—	79th	—	43.2%
nonmarketable_limit	$20k–$50k • ROUND	23,144	5,280,167	—	100.0%	5.6 bps	—	—	85th	—	31.1%
nonmarketable_limit	$50k–$200k • ODD	77	2,747	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	17,654	10,695,693	—	100.0%	5.2 bps	—	—	86th	—	27.8%
nonmarketable_limit	≥$200k • ROUND	7,311	20,069,176	—	100.0%	3.5 bps	—	—	63rd	—	29.5%

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.

No raw Rule 605 files stored for this market center.

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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