NATIONAL FINANCIAL SERVICES LLC

Reporter ID: NFSC • Quarter: 2026Q3 • Methodology: exq-2

MPID Firm: National Financial Services LLC(NFSC) • Location: PRINCIPAL

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:31:28 GMT

Quarter:2026Q3

Covered Orders51,108,766Across all reported tiers

Covered Shares12,016,129,981In Q3 2026

Active Tiers103Order 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 • FRACT	6,107,434	1,538,895	50.4%	97.5%	2.3 bps	2.1 bps	96%	48th	$-0.0009	99.6%
market	<$250 • ODD	4,279,829	21,931,113	1.2%	97.5%	8.4 bps	6.4 bps	97%	60th	$-0.0027	98.7%
market	<$250 • ROUND	43,383	8,443,170	0.0%	82.1%	42.7 bps	23.1 bps	55%	85th	$0.0010	96.2%
market	$250–$999 • FRACT	267,282	174,189	28.0%	95.4%	1.1 bps	0.9 bps	97%	48th	$-0.0050	98.9%
market	$250–$999 • ODD	3,859,773	51,861,375	0.5%	97.2%	6.7 bps	5.2 bps	97%	73rd	$-0.0056	97.2%
market	$250–$999 • ROUND	284,014	60,826,786	0.0%	92.8%	21.4 bps	13.4 bps	82%	78th	$0.0019	98.6%
market	$1k–$5k • FRACT	1,901	1,387	68.4%	99.4%	4.7 bps	3.4 bps	95%	100th	$-0.0181	100.0%
market	$1k–$5k • ODD	3,673,414	105,404,960	0.2%	97.0%	6.0 bps	4.8 bps	97%	85th	$-0.0069	97.1%
market	$1k–$5k • ROUND	1,316,393	425,237,051	0.0%	91.8%	11.5 bps	8.0 bps	89%	89th	$0.0016	98.5%
market	$5k–$10k • ODD	755,323	34,439,037	0.1%	96.9%	5.4 bps	4.1 bps	94%	87th	$-0.0099	97.7%
market	$5k–$10k • ROUND	1,008,041	459,262,620	0.0%	90.2%	8.2 bps	5.2 bps	84%	87th	$0.0008	98.5%
market	$10k–$20k • ODD	270,085	13,974,341	0.1%	97.4%	5.8 bps	4.3 bps	95%	88th	$-0.0159	98.1%
market	$10k–$20k • ROUND	1,107,113	656,510,334	0.0%	88.7%	6.7 bps	4.2 bps	84%	88th	$-0.0011	98.6%
market	$20k–$50k • ODD	34,360	2,034,597	0.2%	97.3%	4.7 bps	3.3 bps	95%	83rd	$-0.0064	98.7%
market	$20k–$50k • ROUND	1,152,531	1,099,036,514	0.0%	86.4%	6.1 bps	4.2 bps	84%	89th	$-0.0016	98.8%
market	$50k–$200k • ROUND	834,865	2,686,108,933	0.0%	84.4%	4.6 bps	3.4 bps	85%	90th	$0.0023	99.4%
market	≥$200k • ROUND	114,506	871,353,242	0.0%	39.9%	-1.0 bps	-0.4 bps	70%	33rd	$0.0779	94.4%
marketable_limit	<$250 • FRACT	76,220	17,549	64.3%	98.2%	4.3 bps	1.9 bps	44%	73rd	$-0.0008	99.8%
marketable_limit	<$250 • ODD	663,677	3,409,256	0.3%	91.1%	10.1 bps	-9.7 bps	65%	84th	$-0.0021	99.9%
marketable_limit	<$250 • ROUND	41,311	11,449,282	0.0%	67.3%	37.1 bps	-38.2 bps	68%	97th	$0.0008	95.1%
marketable_limit	$250–$999 • FRACT	2,231	1,397	44.2%	97.0%	2.1 bps	0.5 bps	68%	89th	$-0.0016	99.7%
marketable_limit	$250–$999 • ODD	250,433	4,975,550	0.1%	95.9%	7.0 bps	-7.7 bps	65%	84th	$-0.0035	99.9%
marketable_limit	$250–$999 • ROUND	90,103	42,988,222	0.0%	74.0%	21.5 bps	-30.7 bps	61%	93rd	$0.0015	98.2%
marketable_limit	$1k–$5k • FRACT	49	34	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	230,367	7,355,372	0.1%	95.3%	5.4 bps	-6.4 bps	68%	92nd	$-0.0031	99.9%
marketable_limit	$1k–$5k • ROUND	270,267	194,920,966	0.0%	69.7%	11.8 bps	-13.2 bps	60%	92nd	$0.0021	97.6%
marketable_limit	$5k–$10k • ODD	46,474	2,162,215	0.1%	95.7%	4.6 bps	-7.5 bps	64%	92nd	$-0.0073	99.8%
marketable_limit	$5k–$10k • ROUND	152,957	163,007,927	0.0%	64.7%	8.3 bps	-7.1 bps	42%	92nd	$0.0005	95.8%
marketable_limit	$10k–$20k • ODD	15,034	796,931	0.1%	96.5%	5.1 bps	-3.0 bps	66%	92nd	$-0.0115	99.9%
marketable_limit	$10k–$20k • ROUND	158,066	225,663,708	0.0%	62.5%	6.6 bps	-6.1 bps	45%	92nd	$0.0001	94.8%
marketable_limit	$20k–$50k • ODD	1,492	89,800	0.2%	96.5%	4.1 bps	-0.2 bps	61%	91st	$0.0027	100.0%
marketable_limit	$20k–$50k • ROUND	137,081	314,534,034	0.0%	63.8%	5.4 bps	-4.6 bps	48%	97th	$0.0001	94.0%
marketable_limit	$50k–$200k • ROUND	90,757	391,128,168	0.0%	58.5%	3.4 bps	-3.7 bps	48%	95th	$0.0025	93.4%
marketable_limit	≥$200k • ROUND	22,711	361,443,085	0.0%	30.7%	-1.2 bps	-4.1 bps	29%	18th	$0.0532	83.5%
nonmarketable_limit	<$250 • FRACT	148,021	35,514	63.3%	100.0%	16.6 bps	9.7 bps	61%	77th	$-0.1629	15.4%
nonmarketable_limit	<$250 • ODD	1,095,760	7,434,048	0.2%	100.0%	24.2 bps	50.4 bps	83%	51st	$0.0270	33.6%
nonmarketable_limit	<$250 • ROUND	61,275	15,537,006	0.0%	100.0%	76.0 bps	107.4 bps	70%	75th	$0.0017	28.4%
nonmarketable_limit	$250–$999 • FRACT	5,000	3,008	43.7%	100.0%	11.3 bps	4.4 bps	76%	100th	$-0.6199	18.2%
nonmarketable_limit	$250–$999 • ODD	805,055	13,169,434	0.1%	100.0%	16.4 bps	37.8 bps	83%	51st	$0.0574	38.2%
nonmarketable_limit	$250–$999 • ROUND	203,768	59,319,171	0.0%	100.0%	57.0 bps	123.5 bps	69%	71st	$0.0091	26.7%
nonmarketable_limit	$1k–$5k • FRACT	105	76	59.0%	100.0%	8.2 bps	—	0%	50th	$-1.2970	3.6%
nonmarketable_limit	$1k–$5k • ODD	703,161	19,874,179	0.1%	100.0%	12.8 bps	36.8 bps	85%	54th	$0.0801	45.2%
nonmarketable_limit	$1k–$5k • ROUND	696,267	256,223,946	0.0%	100.0%	25.6 bps	77.1 bps	76%	51st	$0.0184	24.5%
nonmarketable_limit	$5k–$10k • ODD	139,566	6,022,122	0.1%	100.0%	10.1 bps	34.8 bps	79%	57th	$0.0960	53.3%
nonmarketable_limit	$5k–$10k • ROUND	380,321	207,594,191	0.0%	100.0%	18.6 bps	64.4 bps	60%	64th	$0.0311	22.2%
nonmarketable_limit	$10k–$20k • ODD	43,894	2,266,549	0.1%	100.0%	9.9 bps	28.8 bps	79%	53rd	$0.1427	51.9%
nonmarketable_limit	$10k–$20k • ROUND	403,487	299,998,671	0.0%	100.0%	15.1 bps	51.6 bps	61%	60th	$0.0442	22.1%
nonmarketable_limit	$20k–$50k • ODD	3,377	224,233	0.1%	100.0%	9.0 bps	16.6 bps	67%	31st	$0.0935	47.4%
nonmarketable_limit	$20k–$50k • ROUND	332,430	408,700,104	0.0%	100.0%	12.7 bps	46.7 bps	64%	64th	$0.0626	21.0%
nonmarketable_limit	$50k–$200k • ROUND	166,607	466,188,560	0.0%	100.0%	9.9 bps	39.7 bps	61%	58th	$0.0751	21.5%
nonmarketable_limit	≥$200k • ROUND	35,804	386,504,094	0.0%	99.9%	7.0 bps	36.7 bps	24%	61st	$0.0802	23.6%
market	<$250 • FRACT	3,686,012	642,927	71.4%	98.1%	3.0 bps	2.7 bps	100%	70th	$-0.0019	99.9%
market	<$250 • ODD	887,929	1,658,502	2.3%	98.0%	3.4 bps	2.9 bps	100%	76th	$-0.0043	97.9%
market	$250–$999 • FRACT	267,311	165,535	57.0%	96.8%	3.6 bps	3.2 bps	99%	74th	$-0.0089	99.7%
market	$250–$999 • ODD	2,457,551	11,252,784	1.2%	97.8%	3.6 bps	3.0 bps	100%	82nd	$-0.0119	96.8%
market	$250–$999 • ROUND	166	16,754	0.0%	100.0%	5.5 bps	5.2 bps	100%	83rd	$0.0007	100.0%
market	$1k–$5k • FRACT	7,294	5,848	56.9%	99.2%	7.3 bps	5.9 bps	95%	93rd	$-0.1000	100.0%
market	$1k–$5k • ODD	3,401,288	44,501,804	0.4%	97.4%	3.8 bps	3.1 bps	100%	86th	$-0.0220	96.4%
market	$1k–$5k • ROUND	95,421	11,173,878	0.0%	98.2%	2.4 bps	1.9 bps	100%	90th	$-0.0015	96.6%
market	$5k–$10k • FRACT	2	2	—	—	—	—	—	—	—	—
market	$5k–$10k • ODD	1,116,385	30,220,027	0.2%	97.2%	3.8 bps	3.2 bps	100%	89th	$-0.0240	96.9%
market	$5k–$10k • ROUND	161,137	25,841,651	0.0%	97.6%	2.3 bps	1.9 bps	99%	90th	$-0.0017	96.2%
market	$10k–$20k • ODD	601,202	22,048,947	0.2%	96.9%	3.9 bps	3.2 bps	99%	90th	$-0.0274	97.5%
market	$10k–$20k • ROUND	420,669	64,167,757	0.0%	96.8%	3.2 bps	2.7 bps	99%	90th	$-0.0066	96.7%
market	$20k–$50k • ODD	213,871	7,929,677	0.1%	97.5%	4.9 bps	4.1 bps	98%	95th	$-0.0376	98.8%
market	$20k–$50k • ROUND	771,561	157,933,549	0.0%	95.7%	3.2 bps	2.6 bps	99%	85th	$-0.0095	97.5%
market	$50k–$200k • ODD	5,020	182,286	0.3%	98.0%	4.6 bps	3.8 bps	100%	95th	$-0.0763	99.9%
market	$50k–$200k • ROUND	748,197	523,020,757	0.0%	92.0%	3.4 bps	2.8 bps	99%	91st	$-0.0068	99.1%
market	≥$200k • ROUND	153,142	309,804,474	0.0%	68.9%	1.1 bps	0.5 bps	94%	61st	$0.1784	98.1%
marketable_limit	<$250 • FRACT	62,413	10,769	72.2%	98.3%	3.2 bps	1.8 bps	80%	57th	$-0.0030	99.7%
marketable_limit	<$250 • ODD	56,023	110,833	0.9%	97.2%	2.7 bps	-3.3 bps	85%	90th	$-0.0035	99.8%
marketable_limit	$250–$999 • FRACT	5,333	3,011	58.5%	98.0%	3.7 bps	2.2 bps	70%	55th	$-0.0091	99.6%
marketable_limit	$250–$999 • ODD	132,828	844,852	0.4%	96.9%	2.9 bps	-3.5 bps	90%	88th	$-0.0088	99.8%
marketable_limit	$250–$999 • ROUND	43	4,300	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • FRACT	201	158	47.8%	99.0%	6.0 bps	3.1 bps	79%	75th	$-0.0919	100.0%
marketable_limit	$1k–$5k • ODD	194,373	2,710,450	0.2%	96.2%	3.0 bps	-4.4 bps	93%	95th	$-0.0161	99.8%
marketable_limit	$1k–$5k • ROUND	17,680	2,003,037	0.0%	95.5%	2.6 bps	-4.5 bps	87%	95th	$-0.0017	99.8%
marketable_limit	$5k–$10k • ODD	69,239	1,836,065	0.1%	95.8%	3.2 bps	-5.1 bps	87%	92nd	$-0.0207	99.8%
marketable_limit	$5k–$10k • ROUND	18,267	2,982,016	0.0%	94.8%	2.1 bps	-5.0 bps	72%	94th	$-0.0014	99.7%
marketable_limit	$10k–$20k • ODD	38,468	1,373,503	0.1%	95.4%	3.2 bps	-3.7 bps	83%	96th	$-0.0266	99.8%
marketable_limit	$10k–$20k • ROUND	36,172	6,796,001	0.0%	94.7%	2.8 bps	-5.2 bps	72%	90th	$-0.0034	99.7%
marketable_limit	$20k–$50k • ODD	12,220	447,235	0.1%	96.0%	4.0 bps	-0.5 bps	80%	94th	$-0.0313	99.9%
marketable_limit	$20k–$50k • ROUND	64,371	15,707,363	0.0%	94.3%	2.6 bps	-4.4 bps	83%	89th	$-0.0066	99.6%
marketable_limit	$50k–$200k • ODD	159	5,776	0.1%	97.6%	4.2 bps	1.2 bps	100%	97th	$-0.0353	100.0%
marketable_limit	$50k–$200k • ROUND	57,260	33,094,537	0.0%	91.0%	2.7 bps	-2.9 bps	85%	95th	$-0.0029	99.1%
marketable_limit	≥$200k • ROUND	20,858	72,255,841	0.0%	50.4%	0.5 bps	-4.4 bps	77%	82nd	$0.1199	88.3%
nonmarketable_limit	<$250 • FRACT	167,399	29,846	69.0%	100.0%	8.3 bps	6.6 bps	92%	76th	$-0.1943	27.3%
nonmarketable_limit	<$250 • ODD	223,865	384,163	0.5%	100.0%	5.7 bps	23.5 bps	97%	75th	$0.0202	43.9%
nonmarketable_limit	$250–$999 • FRACT	15,352	8,293	59.3%	100.0%	8.4 bps	5.9 bps	83%	100th	$-0.5035	27.9%
nonmarketable_limit	$250–$999 • ODD	531,920	2,018,808	0.4%	100.0%	5.0 bps	24.3 bps	98%	73rd	$0.0536	49.6%
nonmarketable_limit	$250–$999 • ROUND	111	11,157	0.0%	100.0%	36.5 bps	50.4 bps	100%	81st	—	20.0%
nonmarketable_limit	$1k–$5k • FRACT	461	366	55.6%	100.0%	11.2 bps	4.8 bps	74%	83rd	$-1.1573	25.4%
nonmarketable_limit	$1k–$5k • ODD	717,298	8,402,710	0.2%	100.0%	4.7 bps	26.9 bps	99%	61st	$0.1018	54.7%
nonmarketable_limit	$1k–$5k • ROUND	53,401	5,827,836	0.0%	100.0%	4.9 bps	18.8 bps	97%	76th	$0.0105	18.1%
nonmarketable_limit	$5k–$10k • ODD	240,005	5,963,983	0.1%	100.0%	4.6 bps	28.7 bps	95%	58th	$0.1117	58.2%
nonmarketable_limit	$5k–$10k • ROUND	78,113	10,289,673	0.0%	100.0%	4.3 bps	24.2 bps	91%	81st	$0.0089	28.3%
nonmarketable_limit	$10k–$20k • ODD	125,986	4,297,784	0.1%	100.0%	4.3 bps	23.2 bps	93%	56th	$0.1330	61.4%
nonmarketable_limit	$10k–$20k • ROUND	139,689	20,008,976	0.0%	100.0%	4.6 bps	34.1 bps	90%	76th	$0.0455	34.8%
nonmarketable_limit	$20k–$50k • ODD	42,893	1,525,110	0.1%	100.0%	4.2 bps	10.3 bps	90%	60th	$0.2363	61.6%
nonmarketable_limit	$20k–$50k • ROUND	203,804	38,632,498	0.0%	100.0%	4.1 bps	38.7 bps	94%	70th	$0.0768	39.6%
nonmarketable_limit	$50k–$200k • ODD	499	17,385	0.2%	100.0%	4.5 bps	2.9 bps	97%	50th	$0.3588	70.4%
nonmarketable_limit	$50k–$200k • ROUND	151,552	73,443,818	0.0%	100.0%	3.8 bps	30.8 bps	93%	64th	$0.1028	39.4%
nonmarketable_limit	≥$200k • ROUND	52,977	123,337,719	0.0%	100.0%	3.0 bps	28.9 bps	88%	49th	$0.1432	41.6%

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
TNFSC202607.dat	202607	detailed	stored	2026-10-01T00:17:42.087+00:00	File Link ↗
TNFSC202607.zip	202607	detailed	variant		File Link ↗
NFSC202608.zip	202608	detailed	stored	2026-09-30T21:27:23.981307187+00:00	File Link ↗
NFSC202608.csv	202608	summary	stored	2026-09-30T21:27:23.981305884+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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