STIFEL, NICOLAUS & COMPANY, INCORPORATED

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:27:41 GMT

Quarter:2026Q3

Covered Orders1,368,740Across all reported tiers

Covered Shares2,361,770,454In Q3 2026

Active Tiers81Order 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 • ODD	43,415	131,816	—	98.6%	4.7 bps	—	—	28th	—	96.6%
market	<$250 • ROUND	84	33,325	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	48,964	488,512	—	98.8%	4.2 bps	—	—	34th	—	96.2%
market	$250–$999 • ROUND	806	192,043	—	97.9%	14.4 bps	—	—	45th	—	97.0%
market	$1k–$5k • ODD	60,118	1,812,228	—	98.4%	4.2 bps	—	—	53rd	—	98.9%
market	$1k–$5k • ROUND	13,397	3,576,384	—	95.1%	6.7 bps	—	—	50th	—	92.8%
market	$5k–$10k • ODD	13,614	676,835	—	97.5%	3.9 bps	—	—	60th	—	99.5%
market	$5k–$10k • ROUND	17,796	6,115,171	0.0%	93.6%	4.7 bps	—	0%	52nd	$0.4156	91.2%
market	$10k–$20k • ODD	4,000	220,149	—	96.7%	4.1 bps	—	—	58th	—	99.7%
market	$10k–$20k • ROUND	21,087	9,931,631	0.0%	94.7%	4.0 bps	—	0%	57th	$0.3975	91.2%
market	$20k–$50k • ODD	394	24,812	—	97.0%	2.3 bps	—	—	36th	—	99.8%
market	$20k–$50k • ROUND	18,856	15,273,976	0.1%	91.1%	3.3 bps	—	0%	60th	$0.0825	88.5%
market	$50k–$200k • ROUND	8,665	16,190,573	0.1%	82.0%	2.2 bps	—	0%	66th	$0.0845	80.8%
market	≥$200k • ROUND	1,659	12,887,824	0.1%	50.0%	0.8 bps	—	0%	75th	$0.0651	36.4%
marketable_limit	<$250 • ODD	68,063	243,491	—	73.1%	0.3 bps	—	—	12th	—	99.2%
marketable_limit	<$250 • ROUND	2,341	702,770	—	14.0%	2.4 bps	—	—	33rd	—	99.7%
marketable_limit	$250–$999 • ODD	26,219	270,831	—	91.6%	0.2 bps	—	—	12th	—	98.9%
marketable_limit	$250–$999 • ROUND	2,493	2,109,630	—	18.7%	2.1 bps	—	—	36th	—	99.3%
marketable_limit	$1k–$5k • ODD	14,148	414,703	0.0%	87.8%	0.2 bps	—	0%	11th	$0.0687	99.2%
marketable_limit	$1k–$5k • ROUND	8,692	7,876,797	0.0%	31.1%	0.7 bps	—	0%	29th	$0.0716	96.7%
marketable_limit	$5k–$10k • ODD	2,626	139,139	—	87.7%	0.1 bps	—	—	13th	—	99.2%
marketable_limit	$5k–$10k • ROUND	12,877	20,604,214	0.0%	54.0%	1.1 bps	—	0%	38th	$0.0578	82.8%
marketable_limit	$10k–$20k • ODD	737	50,285	—	92.2%	0.3 bps	—	—	20th	—	99.7%
marketable_limit	$10k–$20k • ROUND	14,082	19,722,311	0.1%	67.0%	1.3 bps	—	0%	54th	$0.0378	65.8%
marketable_limit	$20k–$50k • ODD	59	3,893	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	42,135	88,791,799	0.1%	60.4%	1.1 bps	—	0%	53rd	$0.0705	65.7%
marketable_limit	$50k–$200k • ROUND	82,821	314,663,687	0.0%	51.6%	0.2 bps	—	0%	35th	$0.0601	51.8%
marketable_limit	≥$200k • ROUND	73,040	1,167,707,590	—	25.6%	-2.2 bps	—	—	12th	—	43.2%
nonmarketable_limit	<$250 • ODD	137,757	373,918	—	100.0%	6.3 bps	—	—	5th	—	44.3%
nonmarketable_limit	<$250 • ROUND	2,505	713,510	—	100.0%	60.2 bps	—	—	51st	—	64.5%
nonmarketable_limit	$250–$999 • ODD	54,274	469,913	—	100.0%	4.9 bps	—	—	6th	—	38.6%
nonmarketable_limit	$250–$999 • ROUND	2,857	1,922,408	—	100.0%	36.6 bps	—	—	31st	—	65.2%
nonmarketable_limit	$1k–$5k • ODD	25,111	631,401	—	100.0%	4.2 bps	—	—	4th	—	50.2%
nonmarketable_limit	$1k–$5k • ROUND	7,579	4,293,907	0.0%	100.0%	21.8 bps	—	0%	43rd	—	45.3%
nonmarketable_limit	$5k–$10k • ODD	4,224	214,998	—	100.0%	3.9 bps	—	—	11th	—	65.8%
nonmarketable_limit	$5k–$10k • ROUND	5,356	3,395,087	0.0%	100.0%	16.7 bps	—	0%	51st	$0.0492	33.7%
nonmarketable_limit	$10k–$20k • ODD	944	67,538	—	100.0%	4.0 bps	—	—	10th	—	67.0%
nonmarketable_limit	$10k–$20k • ROUND	6,227	3,861,248	0.1%	99.8%	14.1 bps	—	0%	56th	$0.0284	37.9%
nonmarketable_limit	$20k–$50k • ODD	46	2,444	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	7,382	9,786,443	0.1%	99.7%	13.1 bps	—	0%	71st	$0.0067	33.7%
nonmarketable_limit	$50k–$200k • ROUND	15,288	33,383,023	0.0%	99.4%	7.7 bps	—	0%	44th	—	26.9%
nonmarketable_limit	≥$200k • ROUND	12,912	130,484,854	—	93.3%	5.5 bps	—	—	33rd	—	23.7%
market	<$250 • ODD	35,595	58,002	—	99.1%	2.8 bps	—	—	53rd	—	99.8%
market	$250–$999 • ODD	73,981	301,766	—	98.6%	2.9 bps	—	—	62nd	—	99.7%
market	$250–$999 • ROUND	1	103	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	90,816	1,437,490	—	98.0%	3.0 bps	—	—	64th	—	99.6%
market	$1k–$5k • ROUND	2,463	306,418	—	97.1%	1.5 bps	—	—	36th	—	99.8%
market	$5k–$10k • ODD	25,873	891,132	—	97.2%	2.9 bps	—	—	69th	—	99.4%
market	$5k–$10k • ROUND	5,263	924,686	—	97.6%	1.5 bps	—	—	39th	—	99.8%
market	$10k–$20k • ODD	11,239	517,059	—	96.9%	2.9 bps	—	—	71st	—	99.5%
market	$10k–$20k • ROUND	10,493	1,902,898	—	96.4%	2.0 bps	—	—	39th	—	99.5%
market	$20k–$50k • ODD	1,698	81,929	—	95.6%	3.0 bps	—	—	50th	—	99.8%
market	$20k–$50k • ROUND	12,986	3,291,266	—	95.3%	2.2 bps	—	—	52nd	—	99.5%
market	$50k–$200k • ODD	10	341	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	6,251	3,862,275	—	92.5%	2.3 bps	—	—	53rd	—	98.4%
market	≥$200k • ROUND	1,685	5,595,767	—	57.0%	0.3 bps	—	—	28th	—	61.5%
marketable_limit	<$250 • ODD	71	107	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	646	1,299	—	94.4%	0.1 bps	—	—	14th	—	99.4%
marketable_limit	$1k–$5k • ODD	904	14,880	—	90.2%	0.5 bps	—	—	31st	—	99.6%
marketable_limit	$1k–$5k • ROUND	78	8,299	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	520	18,906	—	91.2%	1.1 bps	—	—	41st	—	100.0%
marketable_limit	$5k–$10k • ROUND	430	67,515	—	88.0%	1.0 bps	—	—	56th	—	98.7%
marketable_limit	$10k–$20k • ODD	414	20,916	—	92.9%	1.2 bps	—	—	43rd	—	100.0%
marketable_limit	$10k–$20k • ROUND	2,120	507,406	—	78.0%	1.6 bps	—	—	57th	—	97.9%
marketable_limit	$20k–$50k • ODD	190	11,219	—	78.0%	0.7 bps	—	—	37th	—	100.0%
marketable_limit	$20k–$50k • ROUND	9,101	5,086,162	—	79.4%	1.0 bps	—	—	46th	—	99.5%
marketable_limit	$50k–$200k • ODD	2	74	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	63,241	111,532,142	—	85.0%	1.1 bps	—	—	49th	—	100.0%
marketable_limit	≥$200k • ROUND	103,946	298,701,667	—	21.8%	-6.5 bps	—	—	6th	—	24.1%
nonmarketable_limit	<$250 • ODD	81	182	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	1,280	2,539	—	100.0%	2.2 bps	—	—	6th	—	43.9%
nonmarketable_limit	$1k–$5k • ODD	1,126	14,295	—	100.0%	4.1 bps	—	—	49th	—	49.5%
nonmarketable_limit	$1k–$5k • ROUND	88	11,133	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	545	15,626	—	100.0%	7.8 bps	—	—	90th	—	53.9%
nonmarketable_limit	$5k–$10k • ROUND	171	28,930	—	100.0%	2.5 bps	—	—	29th	—	41.5%
nonmarketable_limit	$10k–$20k • ODD	270	10,836	—	100.0%	3.9 bps	—	—	48th	—	60.0%
nonmarketable_limit	$10k–$20k • ROUND	468	83,848	—	100.0%	5.5 bps	—	—	85th	—	37.7%
nonmarketable_limit	$20k–$50k • ODD	71	2,711	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	1,262	447,190	—	100.0%	5.9 bps	—	—	88th	—	45.1%
nonmarketable_limit	$50k–$200k • ROUND	5,220	5,945,178	—	100.0%	6.2 bps	—	—	94th	—	46.4%
nonmarketable_limit	≥$200k • ROUND	12,491	39,609,151	—	100.0%	2.3 bps	—	—	25th	—	36.6%

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.

No raw Rule 605 files stored for this market center.

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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