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Rule 605 Market Center Scorecard
TWO SIGMA SECURITIES, LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:28:39 GMT
Quarter:2026Q3
Covered Orders7,339,153Across all reported tiers
Covered Shares5,022,577,451In Q3 2026
Active Tiers56Order 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 | 601,797 | 7,737,630 | 0.7% | 19.6% | 0.0 bps | -3.7 bps | 70% | 9th | $0.0257 | 100.0% |
| marketable_limit | <$250 • ROUND | 734,627 | 164,783,645 | 0.2% | 7.2% | 1.8 bps | -44.8 bps | 82% | 24th | $0.0155 | 100.0% |
| marketable_limit | $250–$999 • ODD | 214,191 | 5,783,505 | 2.1% | 38.5% | 0.1 bps | -3.9 bps | 62% | 9th | $0.0198 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 670,793 | 363,122,831 | 0.2% | 5.5% | 0.5 bps | -29.8 bps | 71% | 14th | $0.0219 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 161,444 | 6,978,187 | 4.7% | 47.7% | 0.0 bps | -2.1 bps | 70% | 8th | $0.0179 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 955,601 | 672,096,806 | 0.6% | 10.0% | 0.1 bps | -9.3 bps | 82% | 10th | $0.0188 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 27,741 | 1,651,956 | 6.4% | 40.2% | 0.0 bps | -1.7 bps | 81% | 11th | $0.0219 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 352,745 | 284,669,457 | 1.1% | 15.9% | 0.0 bps | -4.7 bps | 72% | 12th | $0.0168 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 7,797 | 503,898 | 2.7% | 16.1% | 0.0 bps | -2.6 bps | 45% | 9th | $0.0869 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 271,775 | 295,003,746 | 1.2% | 16.3% | 0.0 bps | -3.1 bps | 68% | 13th | $0.0189 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 794 | 51,045 | 1.5% | 0.0% | 0.0 bps | -0.3 bps | 23% | 11th | $0.0713 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 182,400 | 333,354,992 | 1.3% | 24.4% | 0.0 bps | -2.7 bps | 68% | 14th | $0.0224 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 89,356 | 367,683,185 | 1.1% | 38.9% | 0.0 bps | -2.2 bps | 63% | 16th | $0.0252 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 29,460 | 494,696,300 | 0.2% | 31.9% | 0.0 bps | -1.8 bps | 41% | 55th | $0.0509 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 265,442 | 3,334,717 | 0.0% | 100.0% | 2.3 bps | 7.8 bps | 28% | 0th | $0.0025 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 193,453 | 37,022,067 | 0.0% | 100.0% | 98.4 bps | — | 0% | 89th | $0.0028 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 136,850 | 4,191,462 | 0.0% | 100.0% | 2.4 bps | 10.1 bps | 30% | 0th | $0.0120 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 287,917 | 92,051,870 | 0.0% | 100.0% | 43.1 bps | — | 3% | 39th | $0.0093 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 108,726 | 4,601,240 | 0.0% | 100.0% | 2.8 bps | 19.9 bps | 61% | 0th | $0.0280 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 611,980 | 211,270,744 | 0.0% | 100.0% | 7.9 bps | 32.0 bps | 41% | 9th | $0.0069 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 24,863 | 1,393,313 | 0.0% | 100.0% | 0.4 bps | 24.2 bps | 3% | 0th | $0.0071 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 236,742 | 126,343,726 | 0.0% | 100.0% | 14.7 bps | 22.6 bps | 25% | 42nd | $0.0445 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 9,818 | 645,886 | 0.0% | 100.0% | 10.7 bps | 53.9 bps | 100% | 62nd | $0.4100 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 181,377 | 122,243,721 | 0.0% | 100.0% | 2.9 bps | 14.0 bps | 27% | 4th | $0.0661 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 1,687 | 132,480 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ROUND | 115,615 | 110,971,914 | 0.0% | 100.0% | 2.3 bps | 27.6 bps | 30% | 5th | $0.0187 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 57,644 | 245,345,761 | 0.0% | 100.0% | 1.1 bps | 20.0 bps | 31% | 3rd | $0.0274 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 24,840 | 897,214,115 | 0.0% | 100.0% | 0.5 bps | 13.0 bps | 25% | 0th | $0.0462 | 100.0% |
| marketable_limit | <$250 • ODD | 4,923 | 9,126 | 5.3% | 2.5% | 0.0 bps | -5.5 bps | 36% | 10th | $0.0391 | 100.0% |
| marketable_limit | $250–$999 • ODD | 16,801 | 74,462 | 5.5% | 2.2% | 0.0 bps | -1.1 bps | 65% | 10th | $0.0446 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 86 | 8,631 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 23,392 | 368,396 | 5.6% | 5.6% | 0.0 bps | -2.8 bps | 75% | 9th | $0.0559 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 18,483 | 2,052,004 | 5.0% | 4.9% | 0.0 bps | -3.8 bps | 94% | 11th | $0.0155 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 12,817 | 379,886 | 7.6% | 6.7% | 0.0 bps | -2.4 bps | 75% | 9th | $0.0595 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 24,715 | 3,779,875 | 5.9% | 3.5% | 0.0 bps | -2.3 bps | 88% | 11th | $0.0213 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 10,069 | 424,870 | 10.6% | 3.9% | 0.0 bps | -2.6 bps | 90% | 11th | $0.0514 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 55,461 | 7,420,473 | 7.5% | 4.0% | 0.0 bps | -3.1 bps | 87% | 10th | $0.0423 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 3,518 | 163,274 | 11.8% | 2.3% | 0.0 bps | -0.8 bps | 95% | 10th | $0.0718 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 101,023 | 16,507,785 | 10.6% | 1.8% | 0.0 bps | -2.4 bps | 92% | 8th | $0.0427 | 100.0% |
| marketable_limit | $50k–$200k • ODD | 68 | 2,761 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 62,661 | 27,453,804 | 7.3% | 0.6% | 0.0 bps | -1.7 bps | 93% | 8th | $0.0559 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 18,527 | 55,077,939 | 1.6% | 0.5% | -0.0 bps | -1.5 bps | 73% | 33rd | $0.0886 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 12,123 | 14,272 | 0.1% | 100.0% | 1.0 bps | 8.5 bps | 8% | 0th | $0.0050 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 28,846 | 77,007 | 0.1% | 100.0% | 0.3 bps | 10.2 bps | 23% | 0th | $0.0880 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 15 | 1,500 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ODD | 44,832 | 532,415 | 0.0% | 100.0% | 1.1 bps | 10.6 bps | 49% | 0th | $0.0135 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 13,191 | 1,162,854 | 0.1% | 100.0% | 2.1 bps | 1.4 bps | 19% | 7th | $0.0090 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 21,501 | 673,981 | 0.0% | 100.0% | 0.7 bps | 8.1 bps | 95% | 0th | $0.0190 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 31,854 | 3,260,078 | 0.1% | 100.0% | 2.3 bps | 12.8 bps | 48% | 25th | $0.0107 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 16,062 | 762,375 | 0.0% | 100.0% | 0.4 bps | 8.6 bps | 73% | 0th | $0.0205 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 88,749 | 7,579,167 | 0.1% | 100.0% | 1.1 bps | 19.9 bps | 52% | 0th | $0.0151 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 5,978 | 286,739 | 0.0% | 100.0% | 0.1 bps | — | 0% | 0th | $0.0151 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 109,652 | 12,955,439 | 0.2% | 100.0% | 0.9 bps | 24.6 bps | 76% | 1st | $0.0209 | 100.0% |
| nonmarketable_limit | $50k–$200k • ODD | 211 | 7,677 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 48,135 | 13,186,676 | 0.2% | 100.0% | 0.8 bps | 9.9 bps | 82% | 3rd | $0.0095 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 7,985 | 13,473,786 | 0.1% | 100.0% | 0.2 bps | 11.4 bps | 76% | 3rd | $0.0705 | 100.0% |
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
3
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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