MORGAN STANLEY

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

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:28:14 GMT

Quarter:2026Q3

Covered Orders16,465,155Across all reported tiers

Covered Shares5,977,368,483In Q3 2026

Active Tiers95Order 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	67,027	22,032	—	94.9%	3.0 bps	—	—	72nd	—	99.6%
Market	<$250 • Odd Lot	1,574,522	8,317,607	—	92.1%	7.4 bps	—	—	64th	—	98.2%
Market	<$250 • Round Lot	23,320	5,769,793	—	71.0%	33.6 bps	—	—	68th	—	92.6%
Market	$250–$999 • Fractional	4,370	2,736	—	91.8%	1.7 bps	—	—	79th	—	99.9%
Market	$250–$999 • Odd Lot	1,127,294	15,513,610	—	94.5%	6.0 bps	—	—	70th	—	98.9%
Market	$250–$999 • Round Lot	129,709	38,200,400	—	85.3%	19.4 bps	—	—	66th	—	99.2%
Market	$1k–$5k • Fractional	141	108	—	96.7%	4.9 bps	—	—	100th	—	98.4%
Market	$1k–$5k • Odd Lot	967,660	28,236,543	—	93.9%	4.9 bps	—	—	73rd	—	98.3%
Market	$1k–$5k • Round Lot	545,423	266,474,565	—	87.6%	10.2 bps	—	—	81st	—	99.3%
Market	$5k–$10k • Odd Lot	201,138	9,529,492	—	93.8%	4.4 bps	—	—	78th	—	98.0%
Market	$5k–$10k • Round Lot	316,670	212,392,939	—	85.7%	6.6 bps	—	—	80th	—	99.0%
Market	$10k–$20k • Odd Lot	71,520	3,967,986	—	94.0%	4.8 bps	—	—	80th	—	97.9%
Market	$10k–$20k • Round Lot	341,639	260,763,805	—	82.4%	4.7 bps	—	—	77th	—	98.7%
Market	$20k–$50k • Odd Lot	6,614	424,512	—	93.7%	4.6 bps	—	—	76th	—	98.1%
Market	$20k–$50k • Round Lot	329,346	380,727,297	—	80.4%	4.0 bps	—	—	81st	—	98.2%
Market	$50k–$200k • Round Lot	211,256	500,348,022	—	68.6%	3.0 bps	—	—	81st	—	97.3%
Market	≥$200k • Round Lot	54,144	405,601,776	—	47.7%	0.4 bps	—	—	70th	—	90.3%
Marketable Limit	<$250 • Odd Lot	319,336	3,042,706	—	89.8%	8.6 bps	—	—	77th	—	99.9%
Marketable Limit	<$250 • Round Lot	39,218	15,611,792	—	67.7%	34.7 bps	—	—	94th	—	93.8%
Marketable Limit	$250–$999 • Odd Lot	183,359	3,848,034	—	91.0%	6.1 bps	—	—	78th	—	99.9%
Marketable Limit	$250–$999 • Round Lot	84,294	52,885,796	—	73.3%	18.9 bps	—	—	86th	—	96.4%
Marketable Limit	$1k–$5k • Odd Lot	140,970	4,423,492	—	92.7%	4.2 bps	—	—	78th	—	99.8%
Marketable Limit	$1k–$5k • Round Lot	181,663	198,872,694	—	65.0%	10.3 bps	—	—	79th	—	95.9%
Marketable Limit	$5k–$10k • Odd Lot	25,997	1,238,992	—	93.1%	3.4 bps	—	—	83rd	—	99.8%
Marketable Limit	$5k–$10k • Round Lot	82,577	150,898,456	—	58.8%	6.3 bps	—	—	74th	—	93.8%
Marketable Limit	$10k–$20k • Odd Lot	7,126	379,481	—	94.0%	4.0 bps	—	—	82nd	—	99.8%
Marketable Limit	$10k–$20k • Round Lot	78,162	163,806,135	—	57.2%	4.6 bps	—	—	74th	—	92.0%
Marketable Limit	$20k–$50k • Odd Lot	683	42,158	—	95.4%	3.7 bps	—	—	80th	—	99.9%
Marketable Limit	$20k–$50k • Round Lot	69,118	196,739,081	—	54.6%	3.2 bps	—	—	69th	—	90.7%
Marketable Limit	$50k–$200k • Round Lot	43,452	230,969,267	—	48.4%	1.7 bps	—	—	74th	—	89.1%
Marketable Limit	≥$200k • Round Lot	11,846	218,665,277	—	30.3%	-1.8 bps	—	—	16th	—	68.3%
Non-Marketable Limit	<$250 • Fractional	137	56	—	100.0%	27.4 bps	—	—	88th	—	77.2%
Non-Marketable Limit	<$250 • Odd Lot	486,470	4,002,878	—	100.0%	29.8 bps	—	—	69th	—	33.4%
Non-Marketable Limit	<$250 • Round Lot	42,239	26,289,720	—	100.0%	91.8 bps	—	—	86th	—	31.0%
Non-Marketable Limit	$250–$999 • Fractional	9	7	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	393,662	7,283,258	—	100.0%	23.6 bps	—	—	81st	—	37.4%
Non-Marketable Limit	$250–$999 • Round Lot	104,352	59,385,982	—	100.0%	65.7 bps	—	—	76th	—	37.9%
Non-Marketable Limit	$1k–$5k • Odd Lot	804,892	26,941,251	—	100.0%	14.4 bps	—	—	67th	—	41.2%
Non-Marketable Limit	$1k–$5k • Round Lot	285,710	208,262,997	—	100.0%	34.1 bps	—	—	72nd	—	36.0%
Non-Marketable Limit	$5k–$10k • Odd Lot	67,364	3,534,097	—	100.0%	11.7 bps	—	—	73rd	—	48.4%
Non-Marketable Limit	$5k–$10k • Round Lot	172,479	162,005,536	—	100.0%	22.5 bps	—	—	69th	—	30.6%
Non-Marketable Limit	$10k–$20k • Odd Lot	21,670	1,102,934	—	100.0%	12.7 bps	—	—	70th	—	49.8%
Non-Marketable Limit	$10k–$20k • Round Lot	202,918	219,431,743	—	100.0%	15.7 bps	—	—	63rd	—	28.4%
Non-Marketable Limit	$20k–$50k • Odd Lot	1,386	87,899	—	100.0%	10.3 bps	—	—	51st	—	47.1%
Non-Marketable Limit	$20k–$50k • Round Lot	294,554	448,118,357	—	100.0%	13.1 bps	—	—	68th	—	28.2%
Non-Marketable Limit	$50k–$200k • Round Lot	153,249	413,452,372	—	100.0%	11.9 bps	—	—	74th	—	23.9%
Non-Marketable Limit	≥$200k • Round Lot	23,966	300,199,797	—	100.0%	8.0 bps	—	—	70th	—	20.2%
Market	<$250 • Fractional	109,788	28,168	—	95.0%	2.3 bps	—	—	58th	—	99.6%
Market	<$250 • Odd Lot	570,457	860,146	—	95.5%	3.5 bps	—	—	79th	—	97.5%
Market	$250–$999 • Fractional	13,979	8,306	—	93.2%	2.7 bps	—	—	65th	—	99.6%
Market	$250–$999 • Odd Lot	1,097,263	3,875,216	—	95.5%	3.1 bps	—	—	65th	—	98.2%
Market	$250–$999 • Round Lot	71	7,212	—	—	—	—	—	—	—	—
Market	$1k–$5k • Fractional	421	330	—	95.7%	3.3 bps	—	—	62nd	—	98.7%
Market	$1k–$5k • Odd Lot	1,224,679	16,108,446	—	95.3%	2.8 bps	—	—	53rd	—	98.3%
Market	$1k–$5k • Round Lot	30,745	3,714,657	—	96.1%	1.9 bps	—	—	58th	—	98.7%
Market	$5k–$10k • Odd Lot	404,861	11,612,128	—	95.2%	2.8 bps	—	—	51st	—	98.4%
Market	$5k–$10k • Round Lot	61,997	11,010,372	—	96.2%	1.8 bps	—	—	62nd	—	98.7%
Market	$10k–$20k • Odd Lot	222,431	8,698,851	—	95.1%	2.9 bps	—	—	59th	—	98.5%
Market	$10k–$20k • Round Lot	163,773	25,058,268	—	95.2%	2.4 bps	—	—	62nd	—	98.6%
Market	$20k–$50k • Odd Lot	71,374	2,891,347	—	95.6%	3.2 bps	—	—	54th	—	98.9%
Market	$20k–$50k • Round Lot	315,414	67,240,019	—	94.4%	2.4 bps	—	—	61st	—	98.9%
Market	$50k–$200k • Odd Lot	1,551	55,737	—	95.7%	2.9 bps	—	—	31st	—	99.5%
Market	$50k–$200k • Round Lot	263,334	124,576,936	—	91.4%	2.6 bps	—	—	63rd	—	99.0%
Market	≥$200k • Round Lot	106,642	204,995,621	—	75.8%	1.7 bps	—	—	72nd	—	97.3%
Marketable Limit	<$250 • Odd Lot	52,249	99,835	—	93.8%	2.1 bps	—	—	75th	—	99.9%
Marketable Limit	$250–$999 • Odd Lot	98,004	458,162	—	94.6%	2.3 bps	—	—	80th	—	99.9%
Marketable Limit	$250–$999 • Round Lot	32	3,238	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	127,587	1,737,382	—	94.2%	2.4 bps	—	—	76th	—	99.8%
Marketable Limit	$1k–$5k • Round Lot	7,771	971,112	—	96.6%	1.9 bps	—	—	83rd	—	99.4%
Marketable Limit	$5k–$10k • Odd Lot	40,818	1,084,039	—	94.5%	2.4 bps	—	—	78th	—	99.8%
Marketable Limit	$5k–$10k • Round Lot	10,432	2,006,798	—	95.9%	1.7 bps	—	—	82nd	—	99.6%
Marketable Limit	$10k–$20k • Odd Lot	22,820	825,213	—	94.0%	2.3 bps	—	—	82nd	—	99.8%
Marketable Limit	$10k–$20k • Round Lot	19,576	3,679,268	—	95.2%	2.2 bps	—	—	78th	—	99.5%
Marketable Limit	$20k–$50k • Odd Lot	8,225	291,565	—	93.5%	2.6 bps	—	—	72nd	—	99.8%
Marketable Limit	$20k–$50k • Round Lot	37,985	9,593,379	—	93.3%	2.1 bps	—	—	79th	—	99.7%
Marketable Limit	$50k–$200k • Odd Lot	164	5,753	—	94.7%	2.6 bps	—	—	71st	—	100.0%
Marketable Limit	$50k–$200k • Round Lot	33,205	20,278,140	—	85.1%	2.1 bps	—	—	82nd	—	98.9%
Marketable Limit	≥$200k • Round Lot	13,664	38,758,643	—	53.6%	1.0 bps	—	—	89th	—	87.5%
Non-Marketable Limit	<$250 • Fractional	178	68	—	100.0%	59.2 bps	—	—	100th	—	45.4%
Non-Marketable Limit	<$250 • Odd Lot	100,812	162,642	—	100.0%	5.0 bps	—	—	63rd	—	41.7%
Non-Marketable Limit	$250–$999 • Fractional	27	20	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	198,553	758,584	—	100.0%	4.6 bps	—	—	67th	—	45.0%
Non-Marketable Limit	$250–$999 • Round Lot	19	1,910	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Fractional	1	1	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	268,373	3,307,338	—	100.0%	4.7 bps	—	—	68th	—	51.3%
Non-Marketable Limit	$1k–$5k • Round Lot	12,244	1,487,281	—	100.0%	4.6 bps	—	—	72nd	—	28.1%
Non-Marketable Limit	$5k–$10k • Odd Lot	96,967	2,427,419	—	100.0%	4.7 bps	—	—	65th	—	56.8%
Non-Marketable Limit	$5k–$10k • Round Lot	18,570	3,051,334	—	100.0%	3.6 bps	—	—	72nd	—	35.3%
Non-Marketable Limit	$10k–$20k • Odd Lot	62,603	2,069,613	—	100.0%	4.8 bps	—	—	72nd	—	59.7%
Non-Marketable Limit	$10k–$20k • Round Lot	44,732	6,875,510	—	100.0%	4.3 bps	—	—	65th	—	41.8%
Non-Marketable Limit	$20k–$50k • Odd Lot	26,061	906,860	—	100.0%	4.1 bps	—	—	56th	—	60.3%
Non-Marketable Limit	$20k–$50k • Round Lot	92,663	19,122,286	—	100.0%	3.9 bps	—	—	64th	—	45.7%
Non-Marketable Limit	$50k–$200k • Odd Lot	351	12,394	—	100.0%	3.6 bps	—	—	35th	—	67.0%
Non-Marketable Limit	$50k–$200k • Round Lot	82,534	39,748,824	—	100.0%	3.5 bps	—	—	61st	—	46.5%
Non-Marketable Limit	≥$200k • Round Lot	34,504	79,086,645	—	100.0%	3.0 bps	—	—	49th	—	41.3%

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
MSSB202608.zip	202608	detailed	stored	2026-10-02T02:18:33.087+00:00	File Link ↗
MSSB202608.csv	202608	summary	stored	2026-10-02T02:18:38.217+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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