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Rule 605 Market Center Scorecard
NATIONAL FINANCIAL SERVICES LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:31:34 GMT
Quarter:2026Q3
Covered Orders17,990,099Across all reported tiers
Covered Shares6,029,585In Q3 2026
Active Tiers33Order 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 | 10,743,278 | 3,681,530 | 50.4% | 97.4% | 3.1 bps | 2.6 bps | 93% | 71st | $-0.0008 | 99.6% |
| market | <$250 • ODD | 1,112 | 1,113 | 55.2% | 99.2% | 32.8 bps | — | 0% | 95th | $-0.0198 | 100.0% |
| market | $250–$999 • FRACT | 503,617 | 337,901 | 32.1% | 95.5% | 1.3 bps | 1.0 bps | 96% | 74th | $-0.0038 | 99.2% |
| market | $250–$999 • ODD | 66 | 66 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • FRACT | 4,168 | 3,113 | 62.1% | 99.3% | 4.3 bps | 3.2 bps | 95% | 67th | $-0.0163 | 100.0% |
| market | $1k–$5k • ODD | 1 | 1 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • FRACT | 217,856 | 85,379 | 69.7% | 97.6% | 4.6 bps | 1.4 bps | 40% | 87th | $-0.0093 | 99.3% |
| marketable_limit | <$250 • ODD | 33 | 33 | — | — | — | — | — | — | — | — |
| marketable_limit | $250–$999 • FRACT | 6,723 | 4,603 | 57.3% | 97.3% | 1.8 bps | 0.5 bps | 79% | 67th | $-0.0287 | 99.8% |
| marketable_limit | $250–$999 • ODD | 1 | 1 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • FRACT | 109 | 82 | 62.4% | 100.0% | 5.0 bps | — | 0% | 50th | $-0.3116 | 100.0% |
| nonmarketable_limit | <$250 • FRACT | 366,724 | 138,717 | 68.8% | 100.0% | 13.8 bps | 10.2 bps | 50% | 46th | $-0.0374 | 30.3% |
| nonmarketable_limit | <$250 • ODD | 38 | 38 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • FRACT | 13,696 | 9,184 | 55.4% | 100.0% | 10.4 bps | 4.1 bps | 79% | 67th | $-0.2117 | 35.9% |
| nonmarketable_limit | $250–$999 • ODD | 1 | 1 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • FRACT | 291 | 218 | 66.4% | 100.0% | 8.2 bps | — | 0% | 100th | $-0.4480 | 37.3% |
| market | <$250 • FRACT | 5,098,873 | 1,227,387 | 70.3% | 98.0% | 3.1 bps | 2.6 bps | 100% | 80th | $-0.0020 | 99.9% |
| market | <$250 • ODD | 105 | 105 | 41.0% | 99.0% | 7.5 bps | — | 0% | 95th | $-0.0297 | 100.0% |
| market | $250–$999 • FRACT | 591,387 | 391,313 | 57.3% | 96.9% | 3.4 bps | 2.9 bps | 99% | 67th | $-0.0100 | 99.8% |
| market | $250–$999 • ODD | 82 | 82 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • FRACT | 20,151 | 16,666 | 51.9% | 98.9% | 6.1 bps | 4.9 bps | 97% | 86th | $-0.0695 | 100.0% |
| market | $1k–$5k • ODD | 17 | 17 | — | — | — | — | — | — | — | — |
| market | $5k–$10k • FRACT | 6 | 5 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • FRACT | 102,441 | 27,365 | 75.5% | 98.3% | 3.2 bps | 1.6 bps | 88% | 64th | $-0.0159 | 99.8% |
| marketable_limit | <$250 • ODD | 2 | 2 | — | — | — | — | — | — | — | — |
| marketable_limit | $250–$999 • FRACT | 14,033 | 9,111 | 68.1% | 97.8% | 3.4 bps | 1.6 bps | 85% | 45th | $-0.0579 | 99.7% |
| marketable_limit | $250–$999 • ODD | 1 | 1 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • FRACT | 567 | 465 | 59.1% | 98.6% | 6.0 bps | 2.3 bps | 85% | 88th | $-0.2582 | 99.6% |
| nonmarketable_limit | <$250 • FRACT | 263,672 | 68,742 | 74.7% | 100.0% | 6.6 bps | 6.7 bps | 90% | 59th | $-0.0790 | 43.4% |
| nonmarketable_limit | $250–$999 • FRACT | 39,435 | 25,009 | 70.6% | 100.0% | 6.5 bps | 5.8 bps | 84% | 67th | $-0.1846 | 51.7% |
| nonmarketable_limit | $250–$999 • ODD | 1 | 1 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • FRACT | 1,610 | 1,330 | 69.2% | 100.0% | 7.7 bps | 4.6 bps | 81% | 67th | $-0.3552 | 54.3% |
| nonmarketable_limit | $5k–$10k • FRACT | 2 | 2 | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| NFSF202608.zip | 202608 | detailed | stored | 2026-09-30T21:17:20.841406226+00:00 | File Link ↗ |
| NFSF202608.csv | 202608 | summary | stored | 2026-09-30T21:17:20.841407038+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
13
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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