EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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Rule 605 Market Center Scorecard

NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC

Reporter ID: NWML • Quarter: 2026Q3 • Methodology: exq-3
Status: ACTIVE
Generated: Thu, 15 Oct 2026 22:30:12 GMT
Quarter:2026Q3
Covered Orders333,913Across all reported tiers
Covered Shares101,022,433In Q3 2026
Active Tiers62Order 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.

ClassNotional × LotOrdersCovered ShFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <1s
Market<$250 • Fractional15,3887,086—0.7%-0.0 bps——2nd—100.0%
Market<$250 • Odd Lot10,60935,391—92.7%2.9 bps——11th—100.0%
Market<$250 • Round Lot2811,771————————
Market$250–$999 • Fractional663427—4.6%-0.0 bps——5th—100.0%
Market$250–$999 • Odd Lot41,028388,900—91.2%2.3 bps——11th—100.0%
Market$250–$999 • Round Lot12828,523—98.3%17.3 bps——63rd—100.0%
Market$1k–$5k • Odd Lot73,2882,322,027—90.4%1.8 bps——7th—100.0%
Market$1k–$5k • Round Lot5,459865,292—92.4%2.7 bps——10th—100.0%
Market$5k–$10k • Odd Lot16,934867,447—90.0%1.4 bps——8th—100.0%
Market$5k–$10k • Round Lot14,8952,666,668—93.6%1.7 bps——9th—100.0%
Market$10k–$20k • Odd Lot5,723276,439—91.2%1.3 bps——4th—100.0%
Market$10k–$20k • Round Lot19,6235,324,366—93.0%1.6 bps——17th—100.0%
Market$20k–$50k • Odd Lot1,18255,957—89.2%0.4 bps——0th—100.0%
Market$20k–$50k • Round Lot21,63310,988,271—92.7%1.4 bps——17th—100.0%
Market$50k–$200k • Round Lot14,52521,097,489—88.9%1.1 bps——27th—100.0%
Market≥$200k • Round Lot4,58649,944,585—51.4%-0.4 bps——49th—92.3%
Marketable Limit$250–$999 • Odd Lot2101————————
Marketable Limit$1k–$5k • Odd Lot110————————
Marketable Limit$5k–$10k • Round Lot42,921————————
Marketable Limit$10k–$20k • Round Lot4442————————
Marketable Limit$20k–$50k • Round Lot631,765————————
Marketable Limit$50k–$200k • Round Lot10154,368————————
Marketable Limit≥$200k • Round Lot445,143————————
Non-Marketable Limit$250–$999 • Odd Lot120————————
Non-Marketable Limit$1k–$5k • Odd Lot11219————————
Non-Marketable Limit$1k–$5k • Round Lot6655————————
Non-Marketable Limit$5k–$10k • Odd Lot11535————————
Non-Marketable Limit$5k–$10k • Round Lot1100————————
Non-Marketable Limit$10k–$20k • Odd Lot155————————
Non-Marketable Limit$10k–$20k • Round Lot1026,838————————
Non-Marketable Limit$20k–$50k • Round Lot913,545————————
Non-Marketable Limit$50k–$200k • Round Lot516,549————————
Non-Marketable Limit≥$200k • Round Lot870,283————————
Market<$250 • Fractional565164—2.2%0.0 bps——7th—100.0%
Market<$250 • Odd Lot3,1976,201—98.2%3.1 bps——63rd—100.0%
Market$250–$999 • Fractional212139—4.8%0.0 bps——0th—100.0%
Market$250–$999 • Odd Lot22,56782,595—97.9%3.2 bps——67th—100.0%
Market$1k–$5k • Odd Lot35,392434,367—97.7%3.1 bps——65th—100.0%
Market$1k–$5k • Round Lot57756,083—99.3%2.1 bps——72nd—100.0%
Market$5k–$10k • Odd Lot9,867271,957—97.5%2.6 bps——42nd—100.0%
Market$5k–$10k • Round Lot884136,380—97.3%1.9 bps——66th—100.0%
Market$10k–$20k • Odd Lot4,844195,482—96.6%2.5 bps——40th—99.9%
Market$10k–$20k • Round Lot2,212311,767—98.4%2.1 bps——42nd—100.0%
Market$20k–$50k • Odd Lot93445,106—95.2%2.4 bps——22nd—100.0%
Market$20k–$50k • Round Lot3,930683,940—97.1%2.0 bps——38th—99.9%
Market$50k–$200k • Odd Lot18————————
Market$50k–$200k • Round Lot2,195901,994—96.1%1.7 bps——28th—100.0%
Market≥$200k • Round Lot6622,615,421—45.4%-2.0 bps——2nd—93.1%
Marketable Limit$1k–$5k • Odd Lot329————————
Marketable Limit$5k–$10k • Odd Lot120————————
Marketable Limit$20k–$50k • Round Lot2503————————
Marketable Limit$50k–$200k • Round Lot3633————————
Marketable Limit≥$200k • Round Lot211,268————————
Non-Marketable Limit$1k–$5k • Odd Lot26467————————
Non-Marketable Limit$5k–$10k • Odd Lot8200————————
Non-Marketable Limit$5k–$10k • Round Lot1196————————
Non-Marketable Limit$10k–$20k • Odd Lot4165————————
Non-Marketable Limit$10k–$20k • Round Lot3502————————
Non-Marketable Limit$20k–$50k • Odd Lot125————————
Non-Marketable Limit$20k–$50k • Round Lot183,140————————
Non-Marketable Limit$50k–$200k • Round Lot1110,960————————
Non-Marketable Limit≥$200k • Round Lot58,531————————

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 NameMonthKindStatusFetched AtSource URL
NWML202608.zip202608detailedstored2026-10-15T19:56:14.877270924+00:00 File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells
33
Tiers with < 100 covered orders
Missing Files
0
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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