MORGAN STANLEY

Reporter ID: MSFR • Quarter: 2026Q3 • Methodology: exq-3

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:30:08 GMT

Quarter:2026Q3

Covered Orders109,567Across all reported tiers

Covered Shares49,609In Q3 2026

Active Tiers16Order 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 • Fractional	28,980	11,641	100.0%	99.3%	8.1 bps	6.8 bps	20%	98th	$0.0003	99.2%
Market	$250–$999 • Fractional	860	641	100.0%	99.4%	7.8 bps	6.1 bps	32%	100th	$0.0028	99.4%
Market	$1k–$5k • Fractional	54	44	—	—	—	—	—	—	—	—
Marketable Limit	<$250 • Fractional	4,405	1,849	100.0%	98.6%	6.2 bps	—	0%	92nd	$0.0006	99.0%
Marketable Limit	$250–$999 • Fractional	18	13	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Fractional	2,058	810	99.7%	100.0%	16.3 bps	—	0%	68th	$0.0054	30.3%
Non-Marketable Limit	$250–$999 • Fractional	45	35	—	—	—	—	—	—	—	—
Market	<$250 • Fractional	59,324	25,328	100.0%	98.9%	3.5 bps	2.9 bps	81%	81st	$-0.0004	99.4%
Market	$250–$999 • Fractional	9,080	6,849	100.0%	98.9%	5.8 bps	5.6 bps	74%	96th	$0.0000	99.5%
Market	$1k–$5k • Fractional	182	162	100.0%	99.4%	8.5 bps	—	0%	100th	$0.0149	97.4%
Marketable Limit	<$250 • Fractional	776	351	100.0%	97.6%	2.6 bps	0.5 bps	49%	65th	$0.0001	99.4%
Marketable Limit	$250–$999 • Fractional	103	81	100.0%	100.0%	6.3 bps	—	0%	100th	$0.0102	100.0%
Marketable Limit	$1k–$5k • Fractional	6	6	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Fractional	3,092	1,363	100.0%	99.7%	32.6 bps	3.8 bps	71%	93rd	$-0.4013	46.1%
Non-Marketable Limit	$250–$999 • Fractional	572	425	100.0%	100.0%	83.7 bps	2.2 bps	23%	100th	$-5.3220	50.2%
Non-Marketable Limit	$1k–$5k • Fractional	12	11	—	—	—	—	—	—	—	—

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
MSFR202608.csv	202608	summary	stored	2026-10-02T00:19:02.094+00:00	File Link ↗
MSFR202608.zip	202608	detailed	stored	2026-10-02T00:19:04.245+00:00	File Link ↗
MSFR202608.zip	202608	detailed	stored	2026-10-02T08:19:10.023+00:00	File Link ↗
MSFR202608.csv	202608	summary	stored	2026-10-02T08:19:11.811+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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