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Rule 605 Market Center Scorecard
The Nasdaq Stock Market
Status: ACTIVE
Generated: Thu, 15 Oct 2026 21:47:08 GMT
Quarter:2026Q3
Covered Orders4,860,536,559Across all reported tiers
Covered Shares1,388,979,132,924In Q3 2026
Active Tiers58Order class × notional buckets
Routing Brokers2Disclosed 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 Lot | 49,106,903 | 205,981,041 | 58.1% | 22.3% | 1.9 bps | -4.5 bps | 99% | 33rd | $0.0179 | 99.8% |
| Marketable Limit | <$250 • Round Lot | 2,434,498 | 636,964,388 | 34.4% | 15.6% | 3.2 bps | -42.8 bps | 98% | 41st | $0.0040 | 99.2% |
| Marketable Limit | $250–$999 • Odd Lot | 15,985,239 | 478,505,632 | 35.7% | 12.8% | 1.3 bps | -5.1 bps | 98% | 29th | $0.0292 | 99.7% |
| Marketable Limit | $250–$999 • Round Lot | 6,937,675 | 2,084,848,056 | 31.2% | 8.3% | 1.2 bps | -22.0 bps | 98% | 27th | $0.0102 | 99.1% |
| Marketable Limit | $1k–$5k • Odd Lot | 19,084,740 | 871,650,541 | 39.7% | 13.7% | 0.7 bps | -2.5 bps | 99% | 24th | $0.0498 | 99.7% |
| Marketable Limit | $1k–$5k • Round Lot | 35,897,947 | 9,526,566,989 | 34.4% | 5.6% | 0.4 bps | -5.0 bps | 99% | 18th | $0.0168 | 99.3% |
| Marketable Limit | $5k–$10k • Odd Lot | 4,018,827 | 224,182,369 | 45.7% | 19.0% | 0.6 bps | -3.0 bps | 99% | 28th | $0.1026 | 99.8% |
| Marketable Limit | $5k–$10k • Round Lot | 20,830,456 | 7,806,857,272 | 33.5% | 5.6% | 0.3 bps | -2.9 bps | 97% | 18th | $0.0230 | 99.5% |
| Marketable Limit | $10k–$20k • Odd Lot | 1,567,808 | 96,834,087 | 49.1% | 21.3% | 0.5 bps | -1.9 bps | 99% | 29th | $0.1668 | 99.9% |
| Marketable Limit | $10k–$20k • Round Lot | 18,260,337 | 9,200,654,893 | 30.9% | 5.8% | 0.2 bps | -2.5 bps | 97% | 18th | $0.0297 | 99.6% |
| Marketable Limit | $20k–$50k • Odd Lot | 144,761 | 10,868,924 | 48.2% | 23.3% | 0.6 bps | -0.0 bps | 98% | 31st | $0.3583 | 99.9% |
| Marketable Limit | $20k–$50k • Round Lot | 12,914,323 | 11,588,347,059 | 27.2% | 5.5% | 0.2 bps | -2.1 bps | 96% | 17th | $0.0366 | 99.6% |
| Marketable Limit | $50k–$200k • Round Lot | 6,033,505 | 14,777,804,554 | 19.7% | 4.2% | 0.1 bps | -1.9 bps | 96% | 22nd | $0.0321 | 99.6% |
| Marketable Limit | ≥$200k • Round Lot | 1,772,620 | 18,164,737,788 | 7.5% | 4.2% | 0.1 bps | -2.8 bps | 91% | 65th | $0.0320 | 99.7% |
| Non-Marketable Limit | <$250 • Odd Lot | 375,708,071 | 2,895,540,806 | 3.6% | 100.0% | 18.8 bps | 64.4 bps | 100% | 40th | $0.0217 | 84.3% |
| Non-Marketable Limit | <$250 • Round Lot | 21,836,505 | 4,430,553,607 | 3.8% | 100.0% | 36.0 bps | 112.6 bps | 100% | 27th | $0.0025 | 77.0% |
| Non-Marketable Limit | $250–$999 • Odd Lot | 295,025,044 | 5,689,637,620 | 4.0% | 100.0% | 10.9 bps | 46.8 bps | 100% | 31st | $0.0249 | 87.3% |
| Non-Marketable Limit | $250–$999 • Round Lot | 62,753,194 | 14,782,810,347 | 2.8% | 100.0% | 23.0 bps | 96.7 bps | 100% | 21st | $0.0049 | 70.9% |
| Non-Marketable Limit | $1k–$5k • Odd Lot | 482,172,979 | 14,261,848,243 | 3.1% | 100.0% | 6.9 bps | 37.5 bps | 100% | 18th | $0.0484 | 87.0% |
| Non-Marketable Limit | $1k–$5k • Round Lot | 420,870,591 | 84,328,986,386 | 1.4% | 100.0% | 9.6 bps | 55.4 bps | 100% | 18th | $0.0101 | 68.2% |
| Non-Marketable Limit | $5k–$10k • Odd Lot | 113,442,500 | 5,282,548,431 | 2.6% | 100.0% | 5.6 bps | 35.0 bps | 100% | 25th | $0.0957 | 88.1% |
| Non-Marketable Limit | $5k–$10k • Round Lot | 373,790,575 | 93,795,489,554 | 0.8% | 100.0% | 7.3 bps | 50.3 bps | 99% | 17th | $0.0173 | 70.0% |
| Non-Marketable Limit | $10k–$20k • Odd Lot | 46,506,050 | 2,703,425,523 | 2.1% | 100.0% | 5.6 bps | 29.3 bps | 100% | 21st | $0.1608 | 89.3% |
| Non-Marketable Limit | $10k–$20k • Round Lot | 444,089,669 | 135,907,586,215 | 0.6% | 100.0% | 5.8 bps | 41.8 bps | 99% | 16th | $0.0259 | 73.1% |
| Non-Marketable Limit | $20k–$50k • Odd Lot | 4,924,255 | 356,229,543 | 2.0% | 100.0% | 7.0 bps | 20.7 bps | 100% | 22nd | $0.3044 | 90.7% |
| Non-Marketable Limit | $20k–$50k • Round Lot | 435,130,730 | 205,230,777,280 | 0.3% | 100.0% | 5.5 bps | 37.3 bps | 98% | 15th | $0.0398 | 73.7% |
| Non-Marketable Limit | $50k–$200k • Odd Lot | 6 | 439 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | $50k–$200k • Round Lot | 238,289,469 | 257,024,155,410 | 0.2% | 100.0% | 4.5 bps | 32.0 bps | 98% | 13th | $0.0483 | 72.5% |
| Non-Marketable Limit | ≥$200k • Round Lot | 46,418,310 | 287,349,434,313 | 0.1% | 99.9% | 3.6 bps | 26.4 bps | 92% | 19th | $0.0542 | 84.0% |
| Marketable Limit | <$250 • Odd Lot | 10,020,992 | 12,919,455 | 58.3% | 24.0% | 0.5 bps | -1.2 bps | 100% | 30th | $0.0260 | 99.9% |
| Marketable Limit | $250–$999 • Odd Lot | 7,613,622 | 30,129,014 | 54.1% | 19.1% | 0.5 bps | -1.3 bps | 100% | 29th | $0.0511 | 99.8% |
| Marketable Limit | $250–$999 • Round Lot | 3,169 | 319,543 | 55.2% | 13.5% | 0.8 bps | -1.4 bps | 100% | 62nd | $0.0089 | 98.2% |
| Marketable Limit | $1k–$5k • Odd Lot | 11,935,777 | 312,826,033 | 39.3% | 14.5% | 0.4 bps | -2.2 bps | 100% | 24th | $0.0492 | 99.8% |
| Marketable Limit | $1k–$5k • Round Lot | 3,155,089 | 304,846,537 | 36.3% | 7.7% | 0.1 bps | -2.4 bps | 100% | 29th | $0.0127 | 99.2% |
| Marketable Limit | $5k–$10k • Odd Lot | 6,014,693 | 248,141,399 | 40.2% | 17.1% | 0.3 bps | -2.6 bps | 100% | 24th | $0.0771 | 99.9% |
| Marketable Limit | $5k–$10k • Round Lot | 6,254,594 | 920,924,050 | 36.0% | 6.8% | 0.1 bps | -2.2 bps | 100% | 18th | $0.0179 | 99.7% |
| Marketable Limit | $10k–$20k • Odd Lot | 3,463,032 | 165,599,725 | 44.8% | 20.7% | 0.3 bps | -2.0 bps | 100% | 25th | $0.1282 | 99.9% |
| Marketable Limit | $10k–$20k • Round Lot | 11,560,938 | 1,891,253,038 | 36.4% | 9.2% | 0.1 bps | -2.1 bps | 100% | 18th | $0.0391 | 99.9% |
| Marketable Limit | $20k–$50k • Odd Lot | 990,112 | 48,685,422 | 46.0% | 23.7% | 0.3 bps | -0.3 bps | 100% | 24th | $0.2698 | 99.9% |
| Marketable Limit | $20k–$50k • Round Lot | 14,667,012 | 3,018,063,422 | 37.8% | 10.5% | 0.1 bps | -2.3 bps | 100% | 19th | $0.0628 | 99.9% |
| Marketable Limit | $50k–$200k • Odd Lot | 21,380 | 786,948 | 46.8% | 26.8% | 0.3 bps | 1.3 bps | 100% | 31st | $0.8617 | 100.0% |
| Marketable Limit | $50k–$200k • Round Lot | 6,667,941 | 2,478,402,505 | 39.2% | 10.3% | 0.1 bps | -1.7 bps | 100% | 22nd | $0.0925 | 99.9% |
| Marketable Limit | ≥$200k • Round Lot | 1,379,073 | 4,673,501,433 | 11.4% | 7.6% | 0.1 bps | -2.4 bps | 99% | 47th | $0.0993 | 99.8% |
| Non-Marketable Limit | <$250 • Odd Lot | 41,459,631 | 59,737,903 | 8.5% | 100.0% | 3.1 bps | 22.4 bps | 100% | 14th | $0.0345 | 84.4% |
| Non-Marketable Limit | $250–$999 • Odd Lot | 97,375,385 | 311,058,171 | 7.1% | 100.0% | 3.0 bps | 21.4 bps | 100% | 20th | $0.0565 | 82.6% |
| Non-Marketable Limit | $250–$999 • Round Lot | 25,931 | 2,601,902 | 5.3% | 100.0% | 6.5 bps | 44.8 bps | 100% | 41st | $0.0002 | 77.9% |
| Non-Marketable Limit | $1k–$5k • Odd Lot | 136,029,467 | 2,817,308,289 | 6.3% | 100.0% | 3.0 bps | 22.0 bps | 100% | 16th | $0.0505 | 89.8% |
| Non-Marketable Limit | $1k–$5k • Round Lot | 14,284,288 | 1,376,261,120 | 4.2% | 100.0% | 2.6 bps | 13.8 bps | 100% | 23rd | $0.0030 | 69.6% |
| Non-Marketable Limit | $5k–$10k • Odd Lot | 89,307,605 | 2,901,967,324 | 5.0% | 100.0% | 2.7 bps | 23.4 bps | 100% | 16th | $0.0702 | 91.2% |
| Non-Marketable Limit | $5k–$10k • Round Lot | 57,583,495 | 6,618,528,715 | 2.3% | 100.0% | 2.4 bps | 21.1 bps | 100% | 21st | $0.0076 | 71.2% |
| Non-Marketable Limit | $10k–$20k • Odd Lot | 53,411,408 | 2,079,892,001 | 4.8% | 100.0% | 2.5 bps | 19.4 bps | 100% | 17th | $0.1083 | 90.4% |
| Non-Marketable Limit | $10k–$20k • Round Lot | 174,263,564 | 20,167,619,277 | 1.5% | 100.0% | 2.8 bps | 27.0 bps | 100% | 22nd | $0.0267 | 74.8% |
| Non-Marketable Limit | $20k–$50k • Odd Lot | 18,161,745 | 678,110,406 | 4.6% | 100.0% | 2.6 bps | 9.7 bps | 100% | 14th | $0.2292 | 90.2% |
| Non-Marketable Limit | $20k–$50k • Round Lot | 308,603,225 | 44,695,554,881 | 1.1% | 100.0% | 2.7 bps | 32.1 bps | 100% | 23rd | $0.0456 | 80.2% |
| Non-Marketable Limit | $50k–$200k • Odd Lot | 217,692 | 7,590,513 | 7.6% | 100.0% | 2.5 bps | 3.1 bps | 100% | 11th | $0.6473 | 95.3% |
| Non-Marketable Limit | $50k–$200k • Round Lot | 190,369,510 | 64,789,426,346 | 0.5% | 100.0% | 2.6 bps | 24.1 bps | 100% | 18th | $0.0873 | 79.3% |
| Non-Marketable Limit | ≥$200k • Odd Lot | 1 | 5 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | ≥$200k • Round Lot | 39,748,601 | 38,653,250,237 | 0.3% | 100.0% | 2.4 bps | 22.4 bps | 100% | 27th | $0.1297 | 82.8% |
2. Broker-Dealers Routing Here (Reverse 606 Index)
Firms directing customer order flow to this market center under SEC Rule 606(a), with route percentages and PFOF rates.
| Broker-Dealer | CRD | Month | Section | Route % | Mkt % | Limit % | PFOF Mkt (¢/100) | PFOF Mkt ($) | Action |
|---|---|---|---|---|---|---|---|---|---|
| Johnson Rice | 19524 | 7- | other_stocks | 8.6% | 0.0% | 0.0% | 0.00 ¢ | $0.00 | Firm Review → |
| Johnson Rice | 19524 | 7- | sp500 | 13.8% | 0.0% | 0.0% | 0.00 ¢ | $0.00 | Firm Review → |
| Johnson Rice | 19524 | 8- | other_stocks | 15.1% | 0.0% | 0.0% | 0.00 ¢ | $0.00 | Firm Review → |
| Johnson Rice | 19524 | 8- | sp500 | 5.9% | 0.0% | 0.0% | 0.00 ¢ | $0.00 | Firm Review → |
| Johnson Rice | 19524 | 9- | other_stocks | 5.3% | 0.0% | 0.0% | 0.00 ¢ | $0.00 | Firm Review → |
| Johnson Rice | 19524 | 9- | sp500 | 1.7% | 0.0% | 0.0% | 0.00 ¢ | $0.00 | Firm Review → |
| FENX | 159481 | 7- | other_stocks | 1.0% | 1.1% | 0.7% | -29.96 ¢ | $-19.19 | Firm Review → |
| FENX | 159481 | 7- | sp500 | 1.0% | 1.3% | 0.0% | -0.96 ¢ | $-0.36 | Firm Review → |
| FENX | 159481 | 8- | other_stocks | 1.1% | 1.3% | 1.5% | -20.85 ¢ | $-13.35 | Firm Review → |
| FENX | 159481 | 8- | sp500 | 2.5% | 3.6% | 2.4% | -28.15 ¢ | $-29.59 | Firm Review → |
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 |
|---|---|---|---|---|---|
| eqreport_202608.zip | 202608 | detailed | stored | 2026-10-15T18:10:20.570330465+00:00 | File Link ↗ |
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.
Does your firm route to The Nasdaq Stock Market? See which competing venues beat it on your symbol mix → Enter your Firm CRD