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Rule 605 Market Center Scorecard
SG AMERICAS SECURITIES, LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:32:48 GMT
Quarter:2026Q3
Covered Orders1,042,802Across all reported tiers
Covered Shares77,970,428In Q3 2026
Active Tiers55Order 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| marketable_limit | <$250 • ODD | 178,653 | 861,815 | 22.0% | 24.8% | 0.8 bps | 0.4 bps | 79% | 19th | $0.0319 | 100.0% |
| marketable_limit | <$250 • ROUND | 945 | 96,949 | 2.5% | 37.9% | 1.7 bps | — | 0% | 22nd | $0.0092 | 100.0% |
| marketable_limit | $250–$999 • ODD | 86,894 | 1,559,167 | 36.1% | 37.9% | 0.8 bps | -0.6 bps | 57% | 23rd | $0.0385 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 10,715 | 1,462,739 | 15.2% | 35.3% | 0.6 bps | 0.2 bps | 43% | 18th | $0.0095 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 49,362 | 1,565,561 | 44.8% | 39.3% | 0.9 bps | -1.2 bps | 38% | 28th | $0.0812 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 40,903 | 10,158,199 | 29.6% | 39.5% | 0.4 bps | -4.0 bps | 62% | 17th | $0.0134 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 7,276 | 334,547 | 44.4% | 25.5% | 0.8 bps | -2.0 bps | 23% | 34th | $0.1501 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 19,371 | 5,511,094 | 32.3% | 27.4% | 0.3 bps | -2.8 bps | 32% | 21st | $0.0270 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 2,589 | 134,322 | 43.4% | 24.5% | 0.8 bps | -2.7 bps | 11% | 35th | $0.2251 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 16,026 | 4,941,471 | 31.7% | 20.7% | 0.5 bps | -2.4 bps | 46% | 30th | $0.0540 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 200 | 12,615 | 35.2% | 25.6% | 0.9 bps | — | 0% | 37th | $0.3521 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 9,300 | 4,519,032 | 18.8% | 18.2% | 0.3 bps | -1.3 bps | 42% | 28th | $0.0849 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 3,273 | 4,969,694 | 7.0% | 13.4% | 0.2 bps | -1.8 bps | 40% | 28th | $0.0785 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 271 | 1,949,931 | 0.2% | 27.5% | 0.1 bps | — | 0% | 68th | $0.1019 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 3,732 | 12,781 | 3.5% | 100.0% | 8.4 bps | — | 0% | 9th | $0.0328 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 3 | 300 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 2,809 | 41,478 | 7.3% | 100.0% | 7.2 bps | — | 0% | 10th | $0.0219 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 84 | 12,410 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ODD | 2,577 | 89,180 | 9.1% | 100.0% | 6.3 bps | — | 0% | 12th | $0.0468 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 726 | 144,321 | 5.6% | 100.0% | 6.2 bps | — | 0% | 6th | $0.0018 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 478 | 23,582 | 10.5% | 100.0% | 3.8 bps | — | 0% | 8th | $0.0958 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 541 | 108,651 | 13.2% | 100.0% | 4.8 bps | — | 0% | 6th | $0.0127 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 139 | 7,411 | 15.8% | 100.0% | 5.5 bps | — | 0% | 18th | $0.1896 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 694 | 150,945 | 12.3% | 100.0% | 4.0 bps | 5.9 bps | 13% | 6th | $0.0252 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 11 | 648 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ROUND | 344 | 115,672 | 7.6% | 100.0% | 2.6 bps | — | 0% | 6th | $0.0460 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 211 | 120,554 | 5.7% | 100.0% | 0.6 bps | — | 0% | 0th | $0.0339 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 26 | 63,640 | — | — | — | — | — | — | — | — |
| marketable_limit | <$250 • ODD | 119,070 | 193,515 | 97.1% | 20.2% | 0.6 bps | -0.5 bps | 96% | 31st | $0.0315 | 100.0% |
| marketable_limit | $250–$999 • ODD | 194,099 | 627,555 | 96.2% | 29.4% | 0.4 bps | -1.6 bps | 92% | 26th | $0.0467 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 8 | 800 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 104,333 | 1,482,303 | 95.1% | 43.6% | 0.5 bps | -3.1 bps | 84% | 29th | $0.0558 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 8,285 | 906,321 | 90.5% | 27.0% | 0.2 bps | -7.1 bps | 75% | 31st | $0.0107 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 29,980 | 1,161,684 | 93.6% | 47.8% | 0.5 bps | -4.3 bps | 76% | 31st | $0.0717 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 12,632 | 2,014,373 | 93.6% | 24.9% | 0.3 bps | -3.1 bps | 68% | 34th | $0.0154 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 17,301 | 808,557 | 94.2% | 54.9% | 0.5 bps | -3.2 bps | 71% | 34th | $0.1055 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 30,290 | 4,351,394 | 91.8% | 31.0% | 0.4 bps | -3.4 bps | 65% | 34th | $0.0333 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 4,019 | 207,175 | 91.4% | 50.4% | 0.5 bps | -0.6 bps | 68% | 34th | $0.2269 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 41,639 | 8,204,386 | 87.5% | 31.5% | 0.3 bps | -3.1 bps | 67% | 29th | $0.0420 | 100.0% |
| marketable_limit | $50k–$200k • ODD | 116 | 4,410 | 84.3% | 58.6% | 0.3 bps | 1.3 bps | 92% | 27th | $1.0178 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 30,447 | 12,055,299 | 80.3% | 28.3% | 0.2 bps | -2.3 bps | 67% | 29th | $0.0546 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 2,227 | 5,948,138 | 29.8% | 17.9% | 0.3 bps | -5.0 bps | 24% | 65th | $0.0609 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 585 | 804 | 21.5% | 100.0% | 3.3 bps | 8.5 bps | 23% | 18th | $0.0813 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 1,616 | 7,012 | 18.2% | 100.0% | 5.5 bps | 18.2 bps | 28% | 82nd | $0.0292 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 1,706 | 29,223 | 22.1% | 100.0% | 2.2 bps | 12.0 bps | 24% | 6th | $0.0354 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 268 | 25,950 | 11.9% | 100.0% | 2.7 bps | 17.1 bps | 73% | 29th | $-0.0003 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 899 | 37,334 | 26.5% | 100.0% | 2.1 bps | 15.0 bps | 45% | 6th | $0.0291 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 323 | 43,745 | 17.1% | 100.0% | 2.2 bps | — | 0% | 19th | $0.0059 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 523 | 24,108 | 29.5% | 100.0% | 1.8 bps | 11.0 bps | 45% | 8th | $0.0524 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 926 | 105,029 | 24.9% | 100.0% | 1.4 bps | 18.0 bps | 32% | 3rd | $0.0223 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 164 | 8,243 | 17.8% | 100.0% | 1.6 bps | — | 0% | 6th | $0.1813 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 1,705 | 252,908 | 35.6% | 100.0% | 1.5 bps | 12.7 bps | 45% | 6th | $0.0230 | 100.0% |
| nonmarketable_limit | $50k–$200k • ODD | 8 | 296 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 1,384 | 393,011 | 35.4% | 100.0% | 1.4 bps | 10.8 bps | 39% | 6th | $0.0238 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 96 | 108,146 | — | — | — | — | — | — | — | — |
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 Name | Month | Kind | Status | Fetched At | Source URL |
|---|---|---|---|---|---|
| SGSD202608.zip | 202608 | detailed | stored | 2026-09-30T21:27:25.064158867+00:00 | File Link ↗ |
| SGSD202608.csv | 202608 | summary | stored | 2026-09-30T21:27:25.064131735+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
7
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.
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