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Rule 605 Market Center Scorecard
MORGAN STANLEY & CO. LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:31:28 GMT
Quarter:2026Q3
Covered Orders3,203,251Across all reported tiers
Covered Shares565,069,771In Q3 2026
Active Tiers56Order 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 • ODD | 71,136 | 530,881 | 2.3% | 98.0% | 7.4 bps | — | 0% | 69th | $0.0029 | 100.0% |
| marketable_limit | <$250 • ROUND | 44,567 | 11,547,657 | 0.7% | 99.9% | 27.3 bps | -7.6 bps | 70% | 88th | $0.0000 | 100.0% |
| marketable_limit | $250–$999 • ODD | 55,293 | 803,892 | 2.6% | 97.2% | 3.8 bps | — | 0% | 60th | $0.0031 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 40,088 | 28,934,208 | 1.5% | 99.4% | 23.5 bps | -19.5 bps | 52% | 96th | $0.0003 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 46,512 | 1,402,484 | 1.1% | 99.2% | 1.9 bps | — | 0% | 46th | $0.0005 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 77,886 | 52,391,184 | 3.0% | 99.0% | 10.7 bps | -22.0 bps | 37% | 87th | $0.0002 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 10,658 | 519,671 | 0.6% | 99.7% | 1.3 bps | — | 0% | 46th | $0.0000 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 40,624 | 22,903,453 | 3.1% | 98.8% | 5.1 bps | — | 0% | 71st | $0.0002 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 3,240 | 174,432 | 0.9% | 99.9% | 1.1 bps | — | 0% | 47th | $0.0009 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 41,691 | 23,486,279 | 2.5% | 98.7% | 3.3 bps | — | 0% | 69th | $0.0008 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 481 | 23,401 | — | 100.0% | 0.6 bps | — | — | 26th | — | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 33,828 | 32,130,518 | 1.9% | 99.0% | 2.7 bps | — | 0% | 71st | $0.0012 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 16,588 | 40,376,457 | 1.1% | 98.7% | 2.4 bps | — | 0% | 88th | $0.0017 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 3,791 | 45,663,494 | 1.0% | 98.9% | 5.0 bps | — | 0% | 97th | $0.0006 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 598,099 | 3,814,352 | 23.2% | 99.3% | 14.3 bps | 85.6 bps | 73% | 27th | $0.0003 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 40,862 | 8,526,900 | 2.5% | 99.9% | 34.3 bps | 98.1 bps | 48% | 16th | $0.0000 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 324,055 | 5,281,313 | 34.9% | 98.5% | 12.3 bps | 61.3 bps | 42% | 39th | $0.0006 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 87,785 | 26,374,987 | 8.0% | 99.6% | 21.7 bps | 63.6 bps | 49% | 20th | $0.0003 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 220,626 | 6,700,676 | 35.7% | 98.4% | 10.3 bps | 53.2 bps | 39% | 41st | $0.0008 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 226,488 | 55,971,625 | 15.8% | 98.6% | 11.7 bps | 82.1 bps | 52% | 25th | $0.0007 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 44,588 | 2,155,323 | 31.3% | 99.5% | 9.2 bps | 50.5 bps | 4% | 45th | $0.0009 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 82,731 | 22,325,571 | 16.9% | 98.5% | 9.6 bps | 70.9 bps | 19% | 28th | $0.0011 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 13,812 | 831,993 | 23.4% | 99.4% | 9.8 bps | — | 0% | 50th | $0.0039 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 73,875 | 20,846,545 | 13.1% | 98.8% | 7.3 bps | 77.1 bps | 14% | 26th | $0.0016 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 851 | 58,066 | 13.5% | 99.9% | 6.8 bps | — | 0% | 16th | $0.0017 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 43,092 | 24,492,356 | 7.3% | 99.6% | 7.1 bps | 61.8 bps | 5% | 28th | $0.0010 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 13,708 | 17,085,702 | 4.9% | 99.6% | 6.1 bps | — | 0% | 33rd | $0.0006 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 2,046 | 24,018,464 | 6.1% | 99.6% | 9.5 bps | — | 0% | 82nd | $-0.0034 | 100.0% |
| marketable_limit | <$250 • ODD | 3,057 | 5,042 | 2.1% | 92.9% | 1.4 bps | — | 0% | 47th | $-0.0002 | 100.0% |
| marketable_limit | $250–$999 • ODD | 15,363 | 38,027 | 1.8% | 93.8% | 0.7 bps | — | 0% | 37th | $0.0001 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 6 | 600 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 17,211 | 182,539 | 2.0% | 96.7% | 0.9 bps | — | 0% | 35th | $0.0005 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 2,963 | 277,451 | 0.0% | 85.2% | 1.8 bps | — | 0% | 77th | $0.0000 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 7,689 | 160,174 | 1.7% | 99.1% | 0.8 bps | — | 0% | 35th | $0.0021 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 4,701 | 700,568 | 0.6% | 94.9% | 1.9 bps | — | 0% | 89th | $0.0005 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 5,384 | 165,274 | 0.9% | 99.5% | 0.7 bps | — | 0% | 37th | $0.0000 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 14,720 | 1,858,933 | 0.9% | 98.8% | 2.1 bps | — | 0% | 80th | $0.0000 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 1,681 | 59,906 | 0.6% | 99.6% | 0.9 bps | — | 0% | 44th | $0.0000 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 27,945 | 4,930,816 | 0.7% | 99.0% | 1.4 bps | — | 0% | 57th | $0.0011 | 100.0% |
| marketable_limit | $50k–$200k • ODD | 11 | 391 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 17,215 | 8,072,789 | 0.5% | 98.5% | 1.3 bps | — | 0% | 59th | $0.0023 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 4,070 | 14,903,931 | 1.8% | 97.8% | 2.5 bps | — | 0% | 97th | $-0.0299 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 105,179 | 168,572 | 13.6% | 99.4% | 4.2 bps | 40.7 bps | 98% | 44th | $0.0002 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 169,900 | 786,949 | 12.2% | 98.9% | 4.3 bps | 35.5 bps | 97% | 63rd | $0.0005 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 119 | 11,928 | — | 95.7% | 6.0 bps | — | — | 19th | — | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 188,365 | 2,986,826 | 12.9% | 98.5% | 4.1 bps | 32.0 bps | 98% | 48th | $0.0008 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 30,244 | 2,953,439 | 0.3% | 96.3% | 2.0 bps | — | 0% | 5th | $0.0020 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 64,903 | 2,217,978 | 15.8% | 98.6% | 4.0 bps | 29.3 bps | 31% | 45th | $0.0015 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 42,041 | 4,987,795 | 6.0% | 94.9% | 2.1 bps | 35.2 bps | 86% | 10th | $0.0020 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 29,876 | 1,293,019 | 13.4% | 99.1% | 3.9 bps | — | 0% | 44th | $0.0033 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 80,084 | 7,984,602 | 8.6% | 97.0% | 3.1 bps | 43.9 bps | 56% | 40th | $0.0036 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 6,866 | 305,344 | 8.9% | 99.6% | 4.0 bps | — | 0% | 52nd | $0.0044 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 74,645 | 10,429,499 | 7.9% | 98.5% | 3.2 bps | 46.7 bps | 50% | 43rd | $0.0051 | 100.0% |
| nonmarketable_limit | $50k–$200k • ODD | 131 | 4,466 | 0.4% | 100.0% | 5.6 bps | — | 0% | 65th | $0.0000 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 25,777 | 8,811,421 | 3.3% | 99.5% | 3.3 bps | 43.3 bps | 5% | 54th | $0.0062 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 4,104 | 11,399,608 | 3.2% | 99.3% | 4.1 bps | — | 0% | 74th | $-0.0011 | 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.
No raw Rule 605 files stored for this market center.
4. Coverage Gaps & Review Limitations
Suppressed Cells
2
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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