STIFEL, NICOLAUS & COMPANY, INCORPORATED

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:27:55 GMT

Quarter:2026Q3

Covered Orders398,864Across all reported tiers

Covered Shares1,215,260,692In Q3 2026

Active Tiers80Order 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	9,079	32,407	—	99.1%	7.0 bps	—	—	51st	—	95.7%
market	<$250 • ROUND	14	2,840	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	9,851	110,228	—	98.9%	7.4 bps	—	—	79th	—	92.9%
market	$250–$999 • ROUND	273	43,870	—	99.5%	15.2 bps	—	—	49th	—	95.7%
market	$1k–$5k • ODD	11,560	332,919	—	98.4%	7.7 bps	—	—	92nd	—	98.7%
market	$1k–$5k • ROUND	4,323	1,230,437	—	95.2%	8.8 bps	—	—	69th	—	94.5%
market	$5k–$10k • ODD	2,531	116,429	—	97.1%	7.2 bps	—	—	96th	—	99.4%
market	$5k–$10k • ROUND	4,019	1,676,840	0.0%	95.3%	7.1 bps	—	0%	83rd	$0.4156	92.5%
market	$10k–$20k • ODD	775	41,943	—	98.2%	7.8 bps	—	—	95th	—	99.8%
market	$10k–$20k • ROUND	4,613	2,655,755	0.0%	92.9%	6.1 bps	—	0%	87th	$0.1395	89.7%
market	$20k–$50k • ODD	38	2,648	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	3,834	3,766,920	0.1%	88.2%	6.1 bps	—	0%	91st	$0.0877	84.6%
market	$50k–$200k • ROUND	1,492	3,298,003	0.4%	71.5%	4.6 bps	—	0%	92nd	$0.0453	67.9%
market	≥$200k • ROUND	296	2,037,310	0.5%	48.8%	1.8 bps	—	0%	85th	$0.0969	36.0%
marketable_limit	<$250 • ODD	6,873	11,449	—	93.8%	0.2 bps	—	—	10th	—	99.3%
marketable_limit	<$250 • ROUND	12	3,739	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	5,516	26,584	—	93.0%	0.1 bps	—	—	11th	—	98.5%
marketable_limit	$250–$999 • ROUND	42	10,720	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	3,347	64,831	0.2%	91.4%	0.2 bps	—	0%	12th	$0.0687	98.1%
marketable_limit	$1k–$5k • ROUND	1,762	1,340,697	0.1%	81.3%	2.8 bps	—	0%	49th	$0.0471	72.9%
marketable_limit	$5k–$10k • ODD	1,015	53,569	—	88.9%	0.1 bps	—	—	15th	—	99.0%
marketable_limit	$5k–$10k • ROUND	8,221	17,488,495	0.0%	75.3%	3.5 bps	—	0%	64th	$0.0524	76.4%
marketable_limit	$10k–$20k • ODD	311	22,373	—	91.4%	0.3 bps	—	—	21st	—	99.4%
marketable_limit	$10k–$20k • ROUND	5,751	9,974,053	0.0%	72.8%	0.8 bps	—	0%	40th	$0.0777	70.2%
marketable_limit	$20k–$50k • ODD	25	2,100	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	18,463	37,176,203	0.1%	51.2%	0.9 bps	—	0%	50th	$0.0580	41.7%
marketable_limit	$50k–$200k • ROUND	29,636	82,660,454	0.1%	46.4%	0.8 bps	—	0%	59th	$0.0247	41.3%
marketable_limit	≥$200k • ROUND	35,154	811,601,445	—	34.1%	-3.2 bps	—	—	9th	—	33.5%
nonmarketable_limit	<$250 • ODD	26,991	34,578	—	100.0%	3.6 bps	—	—	1st	—	69.2%
nonmarketable_limit	<$250 • ROUND	21	5,291	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	14,227	53,107	—	100.0%	3.3 bps	—	—	1st	—	71.1%
nonmarketable_limit	$250–$999 • ROUND	60	20,091	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	6,869	116,120	—	100.0%	3.9 bps	—	—	2nd	—	70.6%
nonmarketable_limit	$1k–$5k • ROUND	429	256,998	0.1%	100.0%	34.9 bps	—	0%	71st	$0.0246	19.0%
nonmarketable_limit	$5k–$10k • ODD	1,719	86,959	—	100.0%	3.6 bps	—	—	5th	—	72.3%
nonmarketable_limit	$5k–$10k • ROUND	687	387,501	0.1%	100.0%	29.3 bps	—	0%	87th	$0.0300	27.4%
nonmarketable_limit	$10k–$20k • ODD	391	29,820	—	100.0%	3.7 bps	—	—	6th	—	69.4%
nonmarketable_limit	$10k–$20k • ROUND	1,672	677,368	0.1%	100.0%	14.8 bps	—	0%	59th	$0.1400	36.2%
nonmarketable_limit	$20k–$50k • ODD	5	364	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	2,493	2,434,500	0.1%	100.0%	15.0 bps	—	0%	79th	$0.0457	37.9%
nonmarketable_limit	$50k–$200k • ROUND	4,718	9,417,407	0.1%	100.0%	8.3 bps	—	0%	49th	—	22.2%
nonmarketable_limit	≥$200k • ROUND	6,690	83,693,184	—	100.0%	5.7 bps	—	—	39th	—	21.6%
market	<$250 • ODD	16,105	26,257	—	99.3%	2.8 bps	—	—	51st	—	99.9%
market	$250–$999 • ODD	32,640	135,166	—	98.6%	3.0 bps	—	—	64th	—	99.8%
market	$250–$999 • ROUND	1	103	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	39,044	630,381	—	97.9%	3.1 bps	—	—	74th	—	99.8%
market	$1k–$5k • ROUND	974	121,598	—	95.4%	1.5 bps	—	—	32nd	—	99.6%
market	$5k–$10k • ODD	10,675	377,229	—	97.1%	3.1 bps	—	—	74th	—	99.4%
market	$5k–$10k • ROUND	2,180	360,384	—	96.1%	1.5 bps	—	—	38th	—	99.8%
market	$10k–$20k • ODD	4,611	219,158	—	96.3%	3.2 bps	—	—	76th	—	99.6%
market	$10k–$20k • ROUND	4,368	783,363	—	94.1%	2.0 bps	—	—	41st	—	99.7%
market	$20k–$50k • ODD	698	35,827	—	95.6%	3.4 bps	—	—	70th	—	100.0%
market	$20k–$50k • ROUND	5,682	1,481,367	—	93.4%	2.3 bps	—	—	61st	—	99.6%
market	$50k–$200k • ODD	2	76	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	2,515	1,613,788	—	93.9%	2.6 bps	—	—	70th	—	98.8%
market	≥$200k • ROUND	665	2,332,874	—	55.0%	1.0 bps	—	—	59th	—	61.0%
marketable_limit	<$250 • ODD	2	2	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	44	176	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	214	3,997	—	99.8%	1.8 bps	—	—	55th	—	100.0%
marketable_limit	$1k–$5k • ROUND	12	1,315	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	124	3,967	—	87.3%	0.8 bps	—	—	34th	—	100.0%
marketable_limit	$5k–$10k • ROUND	80	11,924	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	105	4,466	—	100.0%	2.2 bps	—	—	79th	—	100.0%
marketable_limit	$10k–$20k • ROUND	488	76,513	—	86.9%	1.4 bps	—	—	54th	—	100.0%
marketable_limit	$20k–$50k • ODD	31	1,529	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	2,117	739,063	—	76.3%	1.7 bps	—	—	70th	—	98.2%
marketable_limit	$50k–$200k • ROUND	11,533	16,250,781	—	76.3%	1.3 bps	—	—	58th	—	100.0%
marketable_limit	≥$200k • ROUND	22,343	97,847,464	—	36.0%	-3.8 bps	—	—	9th	—	34.8%
nonmarketable_limit	<$250 • ODD	4	17	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	84	346	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	206	4,000	—	100.0%	7.3 bps	—	—	87th	—	50.2%
nonmarketable_limit	$1k–$5k • ROUND	31	4,357	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	144	4,339	—	100.0%	8.2 bps	—	—	91st	—	47.4%
nonmarketable_limit	$5k–$10k • ROUND	59	8,848	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	73	3,055	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	175	28,441	—	100.0%	4.5 bps	—	—	69th	—	38.9%
nonmarketable_limit	$20k–$50k • ODD	13	424	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	383	125,217	—	100.0%	9.7 bps	—	—	93rd	—	50.5%
nonmarketable_limit	$50k–$200k • ROUND	1,380	1,509,352	—	100.0%	5.8 bps	—	—	92nd	—	41.1%
nonmarketable_limit	≥$200k • ROUND	3,261	17,514,979	—	100.0%	3.2 bps	—	—	56th	—	37.1%

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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