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Rule 605 Market Center Scorecard
MORGAN STANLEY & CO. LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:29:03 GMT
Quarter:2026Q3
Covered Orders7,674,857Across all reported tiers
Covered Shares1,505,765,093In Q3 2026
Active Tiers30Order 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 | 236,585 | 25,046,700 | 12.6% | 19.8% | 4.3 bps | 6.8 bps | 99% | 39th | $0.0085 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 746,096 | 89,678,540 | 26.4% | 14.6% | 2.2 bps | -0.5 bps | 99% | 38th | $0.0108 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 1,733,529 | 266,035,060 | 30.1% | 21.1% | 2.3 bps | 0.7 bps | 97% | 45th | $0.0415 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 772,790 | 151,887,480 | 31.5% | 23.7% | 2.2 bps | 1.5 bps | 79% | 52nd | $0.0975 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 568,595 | 132,813,705 | 25.6% | 22.1% | 2.0 bps | 1.7 bps | 59% | 59th | $0.1761 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 279,735 | 115,057,353 | 16.2% | 19.1% | 1.6 bps | 1.0 bps | 35% | 63rd | $0.2479 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 58,631 | 85,490,196 | 9.6% | 18.3% | 0.8 bps | -0.6 bps | 6% | 60th | $0.2365 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 6,966 | 45,155,090 | 3.5% | 20.7% | 0.5 bps | — | 0% | 89th | $0.2489 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 35,327 | 4,523,424 | 8.2% | 99.8% | 35.8 bps | 123.7 bps | 72% | 22nd | $0.0001 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 128,270 | 18,556,574 | 24.0% | 99.5% | 17.3 bps | 71.5 bps | 75% | 9th | $0.0002 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 480,199 | 78,199,119 | 30.4% | 98.9% | 10.8 bps | 90.0 bps | 81% | 22nd | $0.0018 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 236,429 | 48,091,238 | 28.1% | 98.9% | 9.7 bps | 84.0 bps | 43% | 29th | $0.0060 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 176,734 | 43,968,778 | 25.2% | 99.0% | 9.9 bps | 73.5 bps | 29% | 40th | $0.0114 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 100,742 | 41,678,060 | 19.7% | 99.4% | 10.4 bps | 61.6 bps | 16% | 52nd | $0.0161 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 28,523 | 32,847,209 | 12.5% | 99.8% | 10.0 bps | 46.6 bps | 3% | 61st | $0.0128 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 3,139 | 15,020,112 | 6.2% | 100.0% | 9.7 bps | — | 0% | 84th | $0.0041 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 1,364 | 136,400 | — | 10.6% | 0.6 bps | — | — | 54th | — | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 187,065 | 19,163,110 | 0.3% | 14.4% | 0.4 bps | -0.6 bps | 100% | 42nd | $0.0518 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 245,572 | 30,591,450 | 7.9% | 23.0% | 0.7 bps | 0.2 bps | 100% | 50th | $0.0539 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 596,010 | 59,446,320 | 14.8% | 31.3% | 1.1 bps | 0.6 bps | 100% | 44th | $0.1968 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 437,132 | 64,396,110 | 14.0% | 28.6% | 1.0 bps | 0.6 bps | 96% | 45th | $0.3133 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 110,614 | 41,585,890 | 8.8% | 23.3% | 0.7 bps | 0.1 bps | 47% | 41st | $0.4348 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 11,873 | 15,727,290 | 8.4% | 22.0% | 0.5 bps | 0.5 bps | 1% | 79th | $0.4093 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 220 | 22,000 | — | 99.5% | 6.7 bps | — | — | 43rd | — | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 46,917 | 4,581,962 | 0.3% | 97.8% | 2.5 bps | 36.8 bps | 100% | 19th | $0.0009 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 87,562 | 10,714,340 | 6.8% | 97.7% | 3.1 bps | 34.6 bps | 96% | 52nd | $0.0019 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 169,916 | 18,686,752 | 11.3% | 98.5% | 4.3 bps | 46.0 bps | 92% | 67th | $0.0077 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 136,511 | 22,445,806 | 12.2% | 98.8% | 4.7 bps | 46.4 bps | 74% | 78th | $0.0136 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 46,341 | 17,745,687 | 9.0% | 99.3% | 5.5 bps | 38.9 bps | 25% | 90th | $0.0268 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 5,470 | 6,473,338 | 9.4% | 99.9% | 6.8 bps | — | 0% | 90th | $0.0254 | 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 |
|---|---|---|---|---|---|
| TMSCO202607.dat | 202607 | detailed | stored | 2026-10-01T00:17:36.600+00:00 | File Link ↗ |
| TMSCO202607.zip | 202607 | detailed | variant | File Link ↗ | |
| MSRP202608.csv | 202608 | summary | stored | 2026-09-30T21:30:39.695133071+00:00 | File Link ↗ |
| MSRP202608.zip | 202608 | detailed | stored | 2026-09-30T21:30:39.695135756+00:00 | File Link ↗ |
| MSPL202608.csv | 202608 | summary | stored | 2026-09-30T21:30:39.695136978+00:00 | File Link ↗ |
| MSPL202608.zip | 202608 | detailed | stored | 2026-09-30T21:30:39.695134824+00:00 | File Link ↗ |
| MSCO202608.csv | 202608 | summary | stored | 2026-09-30T21:30:39.695126669+00:00 | File Link ↗ |
| MSCO202608.zip | 202608 | detailed | stored | 2026-09-30T21:30:39.695137730+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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