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

RBC CAPITAL MARKETS, LLC

Reporter ID: RBCM • Quarter: 2026Q3 • Methodology: exq-2
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:24:28 GMT
Quarter:2026Q3
Covered Orders21,288Across all reported tiers
Covered Shares60,043,170In Q3 2026
Active Tiers71Order 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 • ODD571,503————————
market<$250 • ROUND171,900————————
market$250–$999 • ODD1294,853—57.2%16.3 bps——97th—100.0%
market$250–$999 • ROUND5814,273————————
market$1k–$5k • ODD531,542————————
market$1k–$5k • ROUND10865,977—7.3%1.0 bps——8th—100.0%
market$5k–$10k • ODD391,950————————
market$5k–$10k • ROUND6348,989————————
market$10k–$20k • ROUND10056,539—9.3%0.7 bps——5th—96.1%
market$20k–$50k • ROUND8099,343————————
market$50k–$200k • ROUND35279,061————————
market≥$200k • ROUND505,154,007————————
marketable_limit<$250 • ODD64412,048—14.7%-888.6 bps——0th—100.0%
marketable_limit<$250 • ROUND32135,371—10.1%-2650.6 bps——0th—100.0%
marketable_limit$250–$999 • ODD81741,389—13.4%-1700.0 bps——0th—99.9%
marketable_limit$250–$999 • ROUND2,215327,618—12.7%-2098.0 bps——0th—100.0%
marketable_limit$1k–$5k • ODD69231,246—32.4%-1235.8 bps——0th—96.1%
marketable_limit$1k–$5k • ROUND3,9201,589,082—15.0%-1411.6 bps——0th—99.8%
marketable_limit$5k–$10k • ODD23014,016—42.9%-975.3 bps——0th—98.0%
marketable_limit$5k–$10k • ROUND1,6461,163,291—9.3%-1320.9 bps——0th—99.6%
marketable_limit$10k–$20k • ODD564,070————————
marketable_limit$10k–$20k • ROUND1,5381,637,816—12.7%-509.7 bps——0th—99.7%
marketable_limit$20k–$50k • ODD196————————
marketable_limit$20k–$50k • ROUND1,5443,050,940—13.4%-191.5 bps——0th—99.1%
marketable_limit$50k–$200k • ROUND1,5543,866,776—30.9%-6.0 bps——7th—75.3%
marketable_limit≥$200k • ROUND1,29528,713,704—29.1%-0.9 bps——23rd—41.8%
nonmarketable_limit<$250 • ODD12188————————
nonmarketable_limit<$250 • ROUND8800————————
nonmarketable_limit$250–$999 • ODD7290————————
nonmarketable_limit$250–$999 • ROUND263,476————————
nonmarketable_limit$1k–$5k • ODD6190————————
nonmarketable_limit$1k–$5k • ROUND4616,858————————
nonmarketable_limit$5k–$10k • ODD172————————
nonmarketable_limit$5k–$10k • ROUND75,100————————
nonmarketable_limit$10k–$20k • ODD3271————————
nonmarketable_limit$10k–$20k • ROUND209,367————————
nonmarketable_limit$20k–$50k • ROUND92,680————————
nonmarketable_limit$50k–$200k • ROUND1114,303————————
nonmarketable_limit≥$200k • ROUND9380,564————————
market<$250 • ODD8080————————
market$250–$999 • ODD310————————
market$1k–$5k • ODD1561,635—83.3%2.5 bps——42nd—100.0%
market$5k–$10k • ODD461,167————————
market$5k–$10k • ROUND4500————————
market$10k–$20k • ODD15673————————
market$10k–$20k • ROUND355,104————————
market$20k–$50k • ODD3175————————
market$20k–$50k • ROUND578,265————————
market$50k–$200k • ROUND204,700————————
market≥$200k • ROUND12475,824————————
marketable_limit<$250 • ODD4952————————
marketable_limit$250–$999 • ODD69298————————
marketable_limit$1k–$5k • ODD3934,729—68.3%1.9 bps——65th—96.9%
marketable_limit$1k–$5k • ROUND171,999————————
marketable_limit$5k–$10k • ODD1435,421—62.9%2.7 bps——85th—99.2%
marketable_limit$5k–$10k • ROUND344,596————————
marketable_limit$10k–$20k • ODD1114,334—55.4%2.0 bps——66th—100.0%
marketable_limit$10k–$20k • ROUND27035,703—46.4%2.7 bps——89th—99.3%
marketable_limit$20k–$50k • ODD351,608————————
marketable_limit$20k–$50k • ROUND594126,603—50.1%1.7 bps——68th—97.2%
marketable_limit$50k–$200k • ROUND782475,803—40.9%0.8 bps——44th—85.0%
marketable_limit≥$200k • ROUND90112,225,026—37.6%0.0 bps——44th—58.3%
nonmarketable_limit$1k–$5k • ODD225————————
nonmarketable_limit$5k–$10k • ODD4237————————
nonmarketable_limit$5k–$10k • ROUND3240————————
nonmarketable_limit$10k–$20k • ODD3135————————
nonmarketable_limit$10k–$20k • ROUND5440————————
nonmarketable_limit$20k–$50k • ODD497————————
nonmarketable_limit$20k–$50k • ROUND4380————————
nonmarketable_limit$50k–$200k • ROUND54,072————————
nonmarketable_limit≥$200k • ROUND21,680————————

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
TRBCM202607.dat202607detailedstored2026-09-28T18:18:23.088+00:00 File Link ↗
TRBCM202607.zip202607detailedvariant File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells
48
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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