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Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:30:04 GMT
Quarter:2026Q3
Covered Orders156,048,659Across all reported tiers
Covered Shares46,895,198,810In Q3 2026
Active Tiers27Order 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 • ROUND | 32 | 3,600 | — | — | — | — | — | — | — | — |
| marketable_limit | $250–$999 • ROUND | 804 | 103,800 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ROUND | 7,438 | 1,295,500 | — | — | — | — | — | — | — | — |
| marketable_limit | $5k–$10k • ROUND | 5,948 | 1,393,500 | — | — | — | — | — | — | — | — |
| marketable_limit | $10k–$20k • ROUND | 3,124 | 1,020,700 | — | — | — | — | — | — | — | — |
| marketable_limit | $20k–$50k • ROUND | 988 | 989,700 | 0.0% | 100.0% | 0.5 bps | — | 0% | 37th | $-0.0100 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 116 | 384,200 | — | — | — | — | — | — | — | — |
| marketable_limit | ≥$200k • ROUND | 1 | 6,800 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | <$250 • ROUND | 1,663,912 | 180,902,100 | 0.0% | 100.0% | 28.6 bps | 123.2 bps | 100% | 5th | $0.0000 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 13,539,796 | 1,911,061,800 | 0.0% | 100.0% | 10.8 bps | 67.7 bps | 100% | 3rd | $0.0000 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 56,303,385 | 10,351,174,200 | 0.0% | 99.7% | 9.5 bps | 67.2 bps | 100% | 16th | $-0.0002 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 26,642,894 | 7,462,960,900 | 0.0% | 99.2% | 9.2 bps | 55.9 bps | 100% | 27th | $0.0007 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 15,154,483 | 7,278,825,600 | 0.0% | 100.0% | 6.4 bps | 53.8 bps | 100% | 24th | $0.0026 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 8,037,077 | 9,392,039,890 | 0.0% | 100.0% | 9.6 bps | 46.8 bps | 85% | 50th | $-0.0008 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 1,383,051 | 5,539,216,460 | 0.0% | 100.0% | 8.8 bps | 32.3 bps | 100% | 51st | $0.0000 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 20,733 | 106,457,300 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ROUND | 662 | 74,400 | — | — | — | — | — | — | — | — |
| marketable_limit | $5k–$10k • ROUND | 809 | 130,100 | — | — | — | — | — | — | — | — |
| marketable_limit | $10k–$20k • ROUND | 458 | 180,600 | — | — | — | — | — | — | — | — |
| marketable_limit | $20k–$50k • ROUND | 176 | 153,300 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 63 | 11,100 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ROUND | 2,572,336 | 293,592,400 | 0.0% | 100.0% | 1.9 bps | 22.6 bps | 100% | 3rd | $-0.0002 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 6,739,572 | 812,071,600 | 0.0% | 99.2% | 1.8 bps | 17.8 bps | 100% | 3rd | $0.0001 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 9,864,139 | 1,304,885,100 | 0.0% | 100.0% | 3.1 bps | 37.5 bps | 100% | 31st | $-0.0007 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 10,530,708 | 1,646,615,100 | 0.0% | 99.9% | 3.7 bps | 35.7 bps | 100% | 58th | $0.0003 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 3,489,299 | 593,986,660 | 0.0% | 100.0% | 4.8 bps | 32.4 bps | 100% | 82nd | $0.0005 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 86,655 | 15,662,400 | 0.0% | 100.0% | 4.3 bps | 25.7 bps | 100% | 79th | $0.0000 | 100.0% |
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 |
|---|---|---|---|---|---|
| MOAT202608.csv | 202608 | summary | stored | 2026-09-30T21:17:18.985336337+00:00 | File Link ↗ |
| MOAT202608.zip | 202608 | detailed | stored | 2026-09-30T21:17:18.985338731+00:00 | File Link ↗ |
| MOAT202608.zip | 202608 | detailed | stored | 2026-10-01T07:24:00.981+00:00 | File Link ↗ |
| MOAT202608.csv | 202608 | summary | stored | 2026-10-01T08:17:48.325+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
3
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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