CETERA ADVISORS LLC

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

Status: ACTIVE

Generated: Thu, 15 Oct 2026 22:28:47 GMT

Quarter:2026Q3

Covered Orders107,467Across all reported tiers

Covered Shares21,773,237In Q3 2026

Active Tiers79Order 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	362	169	—	0.0%	0.0 bps	—	—	5th	—	100.0%
Market	<$250 • Odd Lot	2,919	10,049	—	94.3%	5.1 bps	—	—	37th	—	100.0%
Market	<$250 • Round Lot	8	856	—	—	—	—	—	—	—	—
Market	$250–$999 • Fractional	27	18	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	13,725	157,686	—	92.9%	4.2 bps	—	—	37th	—	100.0%
Market	$250–$999 • Round Lot	107	27,241	—	95.7%	15.8 bps	—	—	48th	—	100.0%
Market	$1k–$5k • Odd Lot	21,913	740,393	—	91.6%	3.1 bps	—	—	28th	—	100.0%
Market	$1k–$5k • Round Lot	3,212	676,780	—	96.4%	5.3 bps	—	—	32nd	—	100.0%
Market	$5k–$10k • Odd Lot	4,359	219,490	—	92.2%	2.7 bps	—	—	32nd	—	100.0%
Market	$5k–$10k • Round Lot	5,559	1,312,600	—	94.0%	3.5 bps	—	—	32nd	—	100.0%
Market	$10k–$20k • Odd Lot	1,350	73,708	—	91.0%	2.3 bps	—	—	21st	—	100.0%
Market	$10k–$20k • Round Lot	6,602	2,272,579	—	93.3%	3.0 bps	—	—	38th	—	99.9%
Market	$20k–$50k • Odd Lot	156	8,930	—	88.8%	1.0 bps	—	—	6th	—	100.0%
Market	$20k–$50k • Round Lot	5,780	3,853,972	—	90.3%	2.6 bps	—	—	42nd	—	99.8%
Market	$50k–$200k • Round Lot	2,605	4,771,752	—	85.1%	1.9 bps	—	—	46th	—	99.4%
Market	≥$200k • Round Lot	481	4,213,417	—	53.0%	0.4 bps	—	—	75th	—	96.3%
Marketable Limit	<$250 • Odd Lot	3	30	—	—	—	—	—	—	—	—
Marketable Limit	<$250 • Round Lot	2	12,000	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	8	206	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Round Lot	1	300	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	47	2,314	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	62	16,558	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	13	766	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	63	25,502	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	39	26,299	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	58	243,127	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	56	471,797	—	—	—	—	—	—	—	—
Marketable Limit	≥$200k • Round Lot	4	60,000	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Odd Lot	8	85	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Round Lot	15	120,770	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	8	163	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Round Lot	4	780	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	72	2,354	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	27	14,839	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	51	2,123	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	64	28,253	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	19	1,247	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	92	46,893	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	83	147,054	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	36	103,528	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	1	1,850	—	—	—	—	—	—	—	—
Market	<$250 • Fractional	229	96	—	0.8%	0.0 bps	—	—	16th	—	100.0%
Market	<$250 • Odd Lot	1,885	3,045	—	97.6%	2.6 bps	—	—	43rd	—	100.0%
Market	$250–$999 • Fractional	35	25	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	10,192	37,644	—	97.5%	3.3 bps	—	—	76th	—	100.0%
Market	$1k–$5k • Fractional	3	3	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	13,708	178,498	—	97.8%	3.0 bps	—	—	63rd	—	100.0%
Market	$1k–$5k • Round Lot	281	33,321	—	96.6%	1.8 bps	—	—	44th	—	100.0%
Market	$5k–$10k • Odd Lot	3,987	116,182	—	98.2%	3.0 bps	—	—	63rd	—	100.0%
Market	$5k–$10k • Round Lot	561	92,683	—	98.8%	1.7 bps	—	—	54th	—	99.5%
Market	$10k–$20k • Odd Lot	1,846	72,664	—	97.7%	2.9 bps	—	—	58th	—	100.0%
Market	$10k–$20k • Round Lot	1,229	217,048	—	96.8%	2.2 bps	—	—	47th	—	99.5%
Market	$20k–$50k • Odd Lot	331	14,351	—	96.4%	2.8 bps	—	—	35th	—	100.0%
Market	$20k–$50k • Round Lot	1,835	387,540	—	97.3%	2.1 bps	—	—	47th	—	100.0%
Market	$50k–$200k • Odd Lot	3	168	—	—	—	—	—	—	—	—
Market	$50k–$200k • Round Lot	798	406,723	—	97.8%	2.4 bps	—	—	55th	—	100.0%
Market	≥$200k • Round Lot	170	469,029	—	74.3%	2.1 bps	—	—	87th	—	100.0%
Marketable Limit	<$250 • Odd Lot	1	2	—	—	—	—	—	—	—	—
Marketable Limit	$250–$999 • Odd Lot	3	18	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	15	424	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	1	164	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	12	345	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	2	252	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Odd Lot	7	380	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	12	2,209	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Odd Lot	1	20	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	11	3,973	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	3	797	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	11	62	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	35	737	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	2	365	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	39	1,086	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	19	4,608	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	47	2,106	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	45	14,345	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Odd Lot	4	110	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	76	31,063	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	23	9,529	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	4	3,145	—	—	—	—	—	—	—	—

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
MULT202608.zip	202608	detailed	stored	2026-10-15T19:56:13.622175003+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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