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Rule 605 Market Center Scorecard
MORGAN STANLEY & CO. LLC
MPID Firm: MORGAN STANLEY & CO. LLC(MSCO) • Location: NEW YORK NY
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:21:21 GMT
Quarter:2026Q3
Covered Orders3,949,816Across all reported tiers
Covered Shares633,133,559In Q3 2026
Active Tiers82Order 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 | 574,232 | 1,548,313 | 21.3% | 95.2% | 6.8 bps | 7.8 bps | 72% | 49th | $0.0334 | 100.0% |
| market | <$250 • ROUND | 429 | 107,244 | 9.2% | 79.1% | 39.7 bps | — | 0% | 80th | $0.0041 | 90.7% |
| market | $250–$999 • ODD | 457,917 | 4,775,969 | 18.0% | 94.9% | 5.8 bps | 6.1 bps | 51% | 58th | $0.0418 | 100.0% |
| market | $250–$999 • ROUND | 5,024 | 1,033,014 | 18.9% | 89.2% | 14.2 bps | 9.4 bps | 9% | 43rd | $0.0027 | 100.0% |
| market | $1k–$5k • ODD | 401,988 | 11,925,433 | 15.1% | 94.0% | 4.5 bps | 4.6 bps | 54% | 62nd | $0.0608 | 100.0% |
| market | $1k–$5k • ROUND | 66,280 | 15,907,527 | 17.0% | 91.4% | 7.1 bps | 4.1 bps | 17% | 54th | $0.0058 | 100.0% |
| market | $5k–$10k • ODD | 80,049 | 3,912,530 | 15.5% | 94.2% | 4.3 bps | 3.1 bps | 20% | 73rd | $0.0984 | 100.0% |
| market | $5k–$10k • ROUND | 77,613 | 23,915,682 | 15.8% | 91.2% | 5.0 bps | 1.6 bps | 6% | 59th | $0.0095 | 99.9% |
| market | $10k–$20k • ODD | 27,485 | 1,567,654 | 15.4% | 94.8% | 4.4 bps | 3.1 bps | 27% | 67th | $0.1470 | 100.0% |
| market | $10k–$20k • ROUND | 94,646 | 40,349,870 | 15.2% | 89.3% | 4.3 bps | 1.7 bps | 8% | 63rd | $0.0157 | 99.8% |
| market | $20k–$50k • ODD | 2,714 | 176,587 | 10.2% | 94.4% | 4.0 bps | 0.9 bps | 9% | 60th | $0.3288 | 100.0% |
| market | $20k–$50k • ROUND | 100,009 | 73,521,895 | 14.2% | 87.0% | 3.9 bps | 1.9 bps | 11% | 75th | $0.0231 | 99.9% |
| market | $50k–$200k • ROUND | 60,233 | 111,174,407 | 13.1% | 80.1% | 3.2 bps | 1.7 bps | 9% | 82nd | $0.0379 | 99.1% |
| market | ≥$200k • ROUND | 14,398 | 87,021,460 | 8.2% | 63.8% | 1.1 bps | -0.1 bps | 10% | 80th | $0.1135 | 97.0% |
| marketable_limit | <$250 • ODD | 350 | 2,392 | 25.8% | 95.4% | 8.8 bps | — | 0% | 78th | $0.0065 | 100.0% |
| marketable_limit | <$250 • ROUND | 2 | 276 | — | — | — | — | — | — | — | — |
| marketable_limit | $250–$999 • ODD | 557 | 12,838 | 28.5% | 95.1% | 4.4 bps | — | 0% | 66th | $0.0056 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 133 | 53,070 | 19.4% | 66.3% | 17.5 bps | — | 0% | 83rd | $0.0042 | 91.4% |
| marketable_limit | $1k–$5k • ODD | 818 | 28,797 | 32.4% | 95.5% | 5.3 bps | — | 0% | 89th | $0.0209 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 972 | 1,943,886 | 4.8% | 34.2% | 0.2 bps | -1.6 bps | 3% | 12th | $0.0032 | 88.2% |
| marketable_limit | $5k–$10k • ODD | 278 | 13,167 | 25.5% | 94.3% | 4.3 bps | — | 0% | 87th | $0.0605 | 99.8% |
| marketable_limit | $5k–$10k • ROUND | 874 | 1,841,320 | 10.4% | 45.6% | 3.4 bps | — | 0% | 63rd | $0.0070 | 83.1% |
| marketable_limit | $10k–$20k • ODD | 118 | 7,530 | 24.4% | 92.1% | 5.0 bps | — | 0% | 89th | $0.0860 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 1,408 | 3,241,529 | 12.6% | 43.6% | 4.4 bps | — | 0% | 76th | $0.0071 | 78.5% |
| marketable_limit | $20k–$50k • ODD | 5 | 256 | — | — | — | — | — | — | — | — |
| marketable_limit | $20k–$50k • ROUND | 2,007 | 6,415,682 | 14.6% | 49.8% | 5.2 bps | -5.6 bps | 1% | 94th | $0.0139 | 87.0% |
| marketable_limit | $50k–$200k • ROUND | 2,305 | 13,774,632 | 19.8% | 51.5% | 1.7 bps | -3.6 bps | 2% | 77th | $0.0239 | 89.8% |
| marketable_limit | ≥$200k • ROUND | 1,444 | 49,664,096 | 8.0% | 25.3% | -4.5 bps | -5.4 bps | 2% | 5th | $0.0633 | 56.4% |
| nonmarketable_limit | <$250 • ODD | 1,748 | 9,988 | 10.3% | 100.0% | 31.7 bps | — | 0% | 70th | $0.0518 | 20.7% |
| nonmarketable_limit | <$250 • ROUND | 19 | 4,968 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 2,185 | 42,465 | 17.9% | 100.0% | 33.7 bps | — | 0% | 94th | $0.0732 | 26.2% |
| nonmarketable_limit | $250–$999 • ROUND | 329 | 76,183 | 8.9% | 100.0% | 103.4 bps | — | 0% | 91st | $-0.0015 | 34.1% |
| nonmarketable_limit | $1k–$5k • ODD | 5,143 | 133,633 | 24.5% | 99.9% | 25.8 bps | 76.1 bps | 30% | 92nd | $0.4934 | 31.2% |
| nonmarketable_limit | $1k–$5k • ROUND | 3,158 | 1,395,420 | 10.7% | 100.0% | 61.9 bps | 230.6 bps | 7% | 89th | $-0.0021 | 24.5% |
| nonmarketable_limit | $5k–$10k • ODD | 2,169 | 80,257 | 27.6% | 100.0% | 26.0 bps | 88.1 bps | 69% | 91st | $0.7211 | 43.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 2,867 | 2,154,457 | 15.8% | 99.9% | 41.4 bps | — | 0% | 91st | $0.0053 | 24.5% |
| nonmarketable_limit | $10k–$20k • ODD | 1,106 | 60,026 | 28.5% | 100.0% | 29.9 bps | — | 58% | 91st | $0.8140 | 41.3% |
| nonmarketable_limit | $10k–$20k • ROUND | 4,482 | 5,641,925 | 8.5% | 100.0% | 27.0 bps | — | 4% | 87th | $0.1021 | 21.9% |
| nonmarketable_limit | $20k–$50k • ODD | 22 | 1,495 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ROUND | 5,444 | 6,694,635 | 17.4% | 99.9% | 26.6 bps | — | 3% | 91st | $0.0717 | 26.1% |
| nonmarketable_limit | $50k–$200k • ROUND | 4,394 | 13,613,284 | 16.1% | 100.0% | 21.6 bps | — | 2% | 95th | $0.0900 | 25.5% |
| nonmarketable_limit | ≥$200k • ROUND | 1,810 | 23,826,601 | 10.7% | 99.8% | 13.6 bps | — | 0% | 90th | $0.0799 | 24.3% |
| market | <$250 • ODD | 315,944 | 441,612 | 12.3% | 96.3% | 4.1 bps | 3.9 bps | 99% | 91st | $0.0537 | 100.0% |
| market | $250–$999 • ODD | 573,428 | 1,858,009 | 12.6% | 96.2% | 3.5 bps | 3.7 bps | 99% | 79th | $0.0777 | 100.0% |
| market | $250–$999 • ROUND | 2 | 207 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 535,683 | 7,423,480 | 12.6% | 96.1% | 2.9 bps | 3.4 bps | 99% | 63rd | $0.0616 | 100.0% |
| market | $1k–$5k • ROUND | 8,971 | 1,074,509 | 5.6% | 96.9% | 1.8 bps | 1.9 bps | 88% | 58th | $0.0012 | 100.0% |
| market | $5k–$10k • ODD | 154,829 | 4,866,641 | 15.5% | 96.2% | 2.8 bps | 3.2 bps | 79% | 61st | $0.0655 | 100.0% |
| market | $5k–$10k • ROUND | 21,088 | 3,394,165 | 7.8% | 96.4% | 1.8 bps | 1.6 bps | 65% | 66th | $0.0048 | 100.0% |
| market | $10k–$20k • ODD | 74,988 | 3,228,264 | 17.9% | 96.3% | 2.9 bps | 3.2 bps | 66% | 66th | $0.0867 | 100.0% |
| market | $10k–$20k • ROUND | 54,642 | 8,550,152 | 12.2% | 95.6% | 2.3 bps | 2.1 bps | 62% | 61st | $0.0173 | 100.0% |
| market | $20k–$50k • ODD | 14,669 | 709,659 | 18.0% | 96.5% | 3.3 bps | 3.7 bps | 53% | 65th | $0.1431 | 100.0% |
| market | $20k–$50k • ROUND | 87,203 | 18,203,482 | 14.5% | 95.1% | 2.6 bps | 2.4 bps | 61% | 73rd | $0.0335 | 100.0% |
| market | $50k–$200k • ODD | 88 | 3,296 | — | — | — | — | — | — | — | — |
| market | $50k–$200k • ROUND | 55,878 | 28,756,031 | 14.6% | 92.8% | 2.7 bps | 2.4 bps | 53% | 74th | $0.0391 | 100.0% |
| market | ≥$200k • ROUND | 15,609 | 33,854,921 | 10.8% | 74.0% | 2.0 bps | 0.6 bps | 31% | 82nd | $0.1048 | 97.3% |
| marketable_limit | <$250 • ODD | 199 | 651 | 4.3% | 95.4% | 2.1 bps | — | 0% | 76th | $0.0023 | 99.5% |
| marketable_limit | $250–$999 • ODD | 473 | 3,793 | 15.4% | 96.5% | 2.4 bps | — | 0% | 81st | $0.0121 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 993 | 17,343 | 21.4% | 95.3% | 2.1 bps | -3.7 bps | 7% | 73rd | $0.0183 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 87 | 12,925 | — | — | — | — | — | — | — | — |
| marketable_limit | $5k–$10k • ODD | 562 | 14,813 | 28.1% | 97.1% | 2.0 bps | — | 0% | 62nd | $0.0347 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 97 | 20,136 | — | — | — | — | — | — | — | — |
| marketable_limit | $10k–$20k • ODD | 424 | 17,118 | 30.4% | 96.5% | 2.0 bps | 0.1 bps | 35% | 64th | $0.0311 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 312 | 60,538 | 17.9% | 94.0% | 1.9 bps | — | 0% | 74th | $0.0156 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 128 | 7,155 | 21.8% | 94.9% | 1.9 bps | — | 0% | 58th | $0.0678 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 851 | 232,297 | 27.9% | 90.1% | 1.8 bps | — | 0% | 76th | $0.0100 | 99.5% |
| marketable_limit | $50k–$200k • ODD | 1 | 39 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 878 | 655,525 | 19.0% | 86.1% | 2.1 bps | — | 0% | 88th | $0.0182 | 99.3% |
| marketable_limit | ≥$200k • ROUND | 628 | 3,386,438 | 7.4% | 44.1% | -1.9 bps | — | 0% | 11th | $0.1875 | 87.2% |
| nonmarketable_limit | <$250 • ODD | 382 | 744 | 3.5% | 100.0% | 9.9 bps | — | 0% | 90th | $0.2300 | 34.2% |
| nonmarketable_limit | $250–$999 • ODD | 1,744 | 6,854 | 7.6% | 100.0% | 6.9 bps | — | 0% | 90th | $0.0407 | 39.9% |
| nonmarketable_limit | $1k–$5k • ODD | 4,624 | 61,185 | 5.1% | 100.0% | 7.5 bps | — | 0% | 88th | $0.0595 | 49.8% |
| nonmarketable_limit | $1k–$5k • ROUND | 135 | 18,464 | 1.1% | 100.0% | 13.7 bps | — | 0% | 93rd | $0.0000 | 23.8% |
| nonmarketable_limit | $5k–$10k • ODD | 2,731 | 72,467 | 5.4% | 100.0% | 8.5 bps | — | 0% | 92nd | $0.1240 | 55.6% |
| nonmarketable_limit | $5k–$10k • ROUND | 458 | 79,935 | 1.2% | 100.0% | 35.0 bps | — | 0% | 95th | $0.0010 | 32.9% |
| nonmarketable_limit | $10k–$20k • ODD | 2,132 | 82,191 | 4.6% | 100.0% | 8.2 bps | — | 0% | 89th | $-0.0102 | 61.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 1,433 | 259,714 | 2.1% | 100.0% | 19.3 bps | — | 0% | 93rd | $0.0374 | 32.7% |
| nonmarketable_limit | $20k–$50k • ODD | 627 | 29,769 | 2.9% | 100.0% | 6.5 bps | — | 0% | 87th | $-0.2072 | 65.6% |
| nonmarketable_limit | $20k–$50k • ROUND | 3,176 | 703,767 | 3.4% | 100.0% | 7.4 bps | — | 0% | 90th | $0.0318 | 43.2% |
| nonmarketable_limit | $50k–$200k • ODD | 1 | 28 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 2,874 | 1,516,626 | 3.2% | 100.0% | 5.7 bps | — | 0% | 91st | $0.0332 | 50.8% |
| nonmarketable_limit | ≥$200k • ROUND | 1,680 | 5,836,223 | 3.1% | 100.0% | 4.1 bps | — | 0% | 76th | $0.0906 | 36.7% |
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
10
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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