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Rule 605 Market Center Scorecard
TWO SIGMA SECURITIES, LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:21:20 GMT
Quarter:2026Q3
Covered Orders22,685,766Across all reported tiers
Covered Shares6,529,060,437In Q3 2026
Active Tiers93Order 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 • FRACT | 7,097 | 2,295 | 100.0% | 65.5% | 1.0 bps | 0.5 bps | 8% | 13th | $0.1187 | 99.9% |
| market | <$250 • ODD | 1,872,414 | 16,192,569 | 100.0% | 69.8% | 12.1 bps | 13.5 bps | 93% | 84th | $0.0123 | 99.9% |
| market | <$250 • ROUND | 160,974 | 45,892,058 | 99.9% | 76.6% | 30.6 bps | 27.1 bps | 91% | 69th | $0.0016 | 99.6% |
| market | $250–$999 • FRACT | 318 | 194 | 100.0% | 44.3% | 0.2 bps | 0.2 bps | 46% | 9th | $0.3094 | 100.0% |
| market | $250–$999 • ODD | 943,453 | 15,897,105 | 100.0% | 77.5% | 6.7 bps | 7.0 bps | 78% | 70th | $0.0223 | 99.9% |
| market | $250–$999 • ROUND | 281,291 | 156,043,430 | 99.8% | 76.1% | 23.2 bps | 20.7 bps | 91% | 88th | $0.0030 | 99.7% |
| market | $1k–$5k • FRACT | 5 | 3 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 799,429 | 23,828,803 | 100.0% | 76.5% | 4.3 bps | 4.8 bps | 78% | 54th | $0.0326 | 100.0% |
| market | $1k–$5k • ROUND | 555,209 | 422,818,161 | 99.9% | 70.6% | 12.4 bps | 12.0 bps | 86% | 95th | $0.0058 | 99.7% |
| market | $5k–$10k • ODD | 162,716 | 7,821,311 | 100.0% | 79.0% | 3.7 bps | 3.5 bps | 77% | 57th | $0.0444 | 100.0% |
| market | $5k–$10k • ROUND | 281,745 | 292,750,893 | 99.9% | 71.4% | 7.4 bps | 6.3 bps | 60% | 84th | $0.0070 | 99.5% |
| market | $10k–$20k • ODD | 50,837 | 2,789,017 | 100.0% | 81.4% | 4.5 bps | 4.3 bps | 76% | 70th | $0.0778 | 100.0% |
| market | $10k–$20k • ROUND | 286,951 | 283,882,627 | 99.7% | 75.6% | 4.6 bps | 3.8 bps | 58% | 74th | $0.0096 | 98.0% |
| market | $20k–$50k • ODD | 4,663 | 296,502 | 100.0% | 81.3% | 5.1 bps | 3.7 bps | 61% | 88th | $0.1707 | 100.0% |
| market | $20k–$50k • ROUND | 266,719 | 377,142,489 | 99.5% | 77.5% | 3.6 bps | 3.1 bps | 58% | 67th | $0.0120 | 97.8% |
| market | $50k–$200k • ROUND | 161,372 | 509,448,824 | 99.5% | 76.8% | 2.3 bps | 2.3 bps | 61% | 68th | $0.0140 | 97.1% |
| market | ≥$200k • ROUND | 25,918 | 214,136,438 | 99.4% | 46.1% | -1.3 bps | -0.2 bps | 24% | 25th | $0.0557 | 90.6% |
| marketable_limit | <$250 • ODD | 354,311 | 4,223,393 | 99.9% | 69.1% | 11.1 bps | -38.4 bps | 82% | 88th | $0.0081 | 99.9% |
| marketable_limit | <$250 • ROUND | 51,714 | 15,886,532 | 98.5% | 50.9% | 19.4 bps | -77.9 bps | 81% | 72nd | $0.0015 | 99.0% |
| marketable_limit | $250–$999 • ODD | 128,404 | 2,985,737 | 99.9% | 78.2% | 6.5 bps | -20.4 bps | 56% | 79th | $0.0228 | 99.8% |
| marketable_limit | $250–$999 • ROUND | 83,946 | 48,164,092 | 98.3% | 49.8% | 14.4 bps | -61.3 bps | 73% | 75th | $0.0035 | 98.8% |
| marketable_limit | $1k–$5k • ODD | 92,739 | 2,964,329 | 100.0% | 80.4% | 3.7 bps | -8.4 bps | 52% | 75th | $0.0337 | 99.9% |
| marketable_limit | $1k–$5k • ROUND | 136,707 | 150,719,319 | 96.0% | 48.9% | 8.7 bps | -26.3 bps | 65% | 75th | $0.0051 | 97.6% |
| marketable_limit | $5k–$10k • ODD | 17,223 | 835,667 | 100.0% | 81.6% | 3.2 bps | -9.7 bps | 60% | 82nd | $0.0522 | 99.9% |
| marketable_limit | $5k–$10k • ROUND | 63,793 | 112,201,614 | 94.4% | 51.8% | 6.0 bps | -8.9 bps | 28% | 76th | $0.0066 | 96.6% |
| marketable_limit | $10k–$20k • ODD | 4,785 | 270,281 | 100.0% | 81.6% | 3.9 bps | -5.3 bps | 56% | 82nd | $0.0804 | 99.9% |
| marketable_limit | $10k–$20k • ROUND | 61,517 | 140,862,161 | 90.7% | 58.0% | 4.9 bps | -5.1 bps | 38% | 79th | $0.0077 | 96.3% |
| marketable_limit | $20k–$50k • ODD | 317 | 19,784 | 100.0% | 77.7% | 3.4 bps | -0.2 bps | 17% | 78th | $0.0937 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 62,362 | 209,772,356 | 90.6% | 60.2% | 3.3 bps | -3.2 bps | 50% | 77th | $0.0093 | 96.1% |
| marketable_limit | $50k–$200k • ROUND | 40,234 | 258,125,130 | 88.8% | 49.1% | 1.7 bps | -2.5 bps | 52% | 78th | $0.0126 | 94.2% |
| marketable_limit | ≥$200k • ROUND | 8,057 | 146,459,842 | 87.5% | 30.0% | -0.9 bps | -3.5 bps | 23% | 28th | $0.0318 | 82.6% |
| nonmarketable_limit | <$250 • FRACT | 8 | 6 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | <$250 • ODD | 4,672,801 | 89,041,312 | 20.9% | 100.0% | 34.9 bps | 85.2 bps | 94% | 76th | $0.0269 | 67.5% |
| nonmarketable_limit | <$250 • ROUND | 486,528 | 67,469,944 | 24.4% | 100.0% | 67.1 bps | 3.0 bps | 76% | 63rd | $0.0019 | 53.3% |
| nonmarketable_limit | $250–$999 • ODD | 1,193,080 | 31,138,299 | 31.4% | 100.0% | 20.1 bps | 44.6 bps | 77% | 70th | $0.0515 | 51.7% |
| nonmarketable_limit | $250–$999 • ROUND | 885,709 | 170,809,490 | 27.9% | 100.0% | 56.6 bps | 110.9 bps | 71% | 69th | $0.0052 | 50.9% |
| nonmarketable_limit | $1k–$5k • ODD | 930,617 | 26,612,963 | 43.5% | 100.0% | 19.5 bps | 52.2 bps | 76% | 78th | $0.1280 | 60.1% |
| nonmarketable_limit | $1k–$5k • ROUND | 777,846 | 374,269,741 | 37.0% | 100.0% | 27.0 bps | 78.1 bps | 64% | 55th | $0.0100 | 41.1% |
| nonmarketable_limit | $5k–$10k • ODD | 325,940 | 15,114,702 | 35.7% | 100.0% | 23.2 bps | 60.4 bps | 82% | 88th | $0.3156 | 74.8% |
| nonmarketable_limit | $5k–$10k • ROUND | 271,327 | 280,383,402 | 32.5% | 100.0% | 18.0 bps | 46.9 bps | 38% | 58th | $0.0174 | 36.4% |
| nonmarketable_limit | $10k–$20k • ODD | 185,309 | 9,688,558 | 25.5% | 100.0% | 22.2 bps | 50.1 bps | 84% | 85th | $0.5248 | 77.3% |
| nonmarketable_limit | $10k–$20k • ROUND | 316,158 | 317,384,410 | 33.5% | 100.0% | 13.3 bps | 39.3 bps | 41% | 49th | $0.0260 | 35.6% |
| nonmarketable_limit | $20k–$50k • ODD | 35,873 | 2,054,005 | 20.4% | 100.0% | 26.8 bps | 37.8 bps | 81% | 90th | $1.3360 | 84.5% |
| nonmarketable_limit | $20k–$50k • ROUND | 208,234 | 360,033,589 | 38.0% | 100.0% | 11.4 bps | 40.2 bps | 41% | 59th | $0.0395 | 30.6% |
| nonmarketable_limit | $50k–$200k • ROUND | 126,331 | 406,129,102 | 47.2% | 100.0% | 9.0 bps | 26.7 bps | 37% | 55th | $0.0466 | 28.8% |
| nonmarketable_limit | ≥$200k • ROUND | 31,181 | 365,290,249 | 50.3% | 100.0% | 6.1 bps | 24.0 bps | 27% | 45th | $0.0468 | 28.0% |
| market | <$250 • FRACT | 8,274 | 1,877 | 100.0% | 52.4% | 0.5 bps | 1.2 bps | 28% | 10th | $0.1537 | 99.9% |
| market | <$250 • ODD | 246,655 | 401,803 | 100.0% | 69.4% | 2.2 bps | 3.0 bps | 99% | 35th | $0.0217 | 100.0% |
| market | $250–$999 • FRACT | 978 | 568 | 100.0% | 52.1% | 0.5 bps | 3.2 bps | 21% | 7th | $0.5446 | 99.9% |
| market | $250–$999 • ODD | 575,713 | 2,230,539 | 100.0% | 74.3% | 2.3 bps | 3.2 bps | 99% | 34th | $0.0341 | 100.0% |
| market | $250–$999 • ROUND | 51 | 5,173 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • FRACT | 34 | 25 | — | — | — | — | — | — | — | — |
| market | $1k–$5k • ODD | 767,521 | 9,947,590 | 100.0% | 74.8% | 2.3 bps | 3.2 bps | 100% | 34th | $0.0444 | 100.0% |
| market | $1k–$5k • ROUND | 24,366 | 2,902,396 | 100.0% | 95.0% | 1.8 bps | 2.0 bps | 96% | 46th | $0.0032 | 100.0% |
| market | $5k–$10k • ODD | 267,891 | 7,193,999 | 100.0% | 77.8% | 2.3 bps | 3.0 bps | 93% | 31st | $0.0583 | 100.0% |
| market | $5k–$10k • ROUND | 40,999 | 6,771,163 | 100.0% | 95.4% | 1.5 bps | 1.7 bps | 89% | 41st | $0.0057 | 100.0% |
| market | $10k–$20k • ODD | 142,498 | 5,219,569 | 100.0% | 80.9% | 2.4 bps | 3.1 bps | 93% | 38th | $0.0805 | 100.0% |
| market | $10k–$20k • ROUND | 107,791 | 17,111,827 | 100.0% | 94.8% | 2.0 bps | 2.4 bps | 90% | 38th | $0.0160 | 100.0% |
| market | $20k–$50k • ODD | 52,384 | 1,852,856 | 100.0% | 86.5% | 2.8 bps | 3.6 bps | 92% | 38th | $0.1844 | 100.0% |
| market | $20k–$50k • ROUND | 198,301 | 43,383,153 | 100.0% | 94.7% | 2.0 bps | 2.4 bps | 90% | 48th | $0.0240 | 100.0% |
| market | $50k–$200k • ODD | 955 | 33,005 | 100.0% | 82.4% | 2.8 bps | 4.0 bps | 97% | 21st | $0.5148 | 100.0% |
| market | $50k–$200k • ROUND | 182,445 | 90,564,741 | 100.0% | 93.0% | 2.5 bps | 2.9 bps | 87% | 62nd | $0.0330 | 100.0% |
| market | ≥$200k • ROUND | 34,893 | 70,565,820 | 100.0% | 62.5% | 0.4 bps | 0.6 bps | 64% | 31st | $0.1164 | 94.4% |
| marketable_limit | <$250 • ODD | 29,747 | 55,381 | 100.0% | 82.7% | 1.8 bps | -4.1 bps | 78% | 67th | $0.0155 | 100.0% |
| marketable_limit | $250–$999 • ODD | 59,435 | 284,847 | 100.0% | 83.8% | 1.8 bps | -3.9 bps | 77% | 63rd | $0.0274 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 17 | 1,723 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 80,928 | 1,090,546 | 100.0% | 79.5% | 1.8 bps | -5.1 bps | 80% | 54th | $0.0437 | 99.9% |
| marketable_limit | $1k–$5k • ROUND | 6,830 | 805,369 | 99.8% | 75.1% | 1.4 bps | -9.7 bps | 80% | 63rd | $0.0041 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 27,387 | 715,836 | 100.0% | 80.7% | 1.9 bps | -5.8 bps | 76% | 61st | $0.0639 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 8,778 | 1,366,561 | 99.9% | 74.7% | 1.0 bps | -7.1 bps | 66% | 59th | $0.0071 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 15,657 | 553,482 | 99.9% | 81.4% | 1.9 bps | -4.1 bps | 75% | 61st | $0.0873 | 99.9% |
| marketable_limit | $10k–$20k • ROUND | 19,895 | 3,329,235 | 99.9% | 78.6% | 1.8 bps | -4.7 bps | 74% | 66th | $0.0158 | 99.9% |
| marketable_limit | $20k–$50k • ODD | 5,142 | 178,814 | 100.0% | 83.3% | 2.4 bps | -0.2 bps | 78% | 71st | $0.2159 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 39,365 | 9,078,891 | 99.7% | 73.3% | 1.1 bps | -4.0 bps | 76% | 49th | $0.0190 | 99.8% |
| marketable_limit | $50k–$200k • ODD | 98 | 3,426 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 28,851 | 16,282,188 | 99.3% | 75.2% | 1.4 bps | -3.0 bps | 71% | 62nd | $0.0258 | 98.7% |
| marketable_limit | ≥$200k • ROUND | 6,553 | 18,589,725 | 96.0% | 44.3% | -0.2 bps | -4.1 bps | 42% | 17th | $0.1120 | 86.6% |
| nonmarketable_limit | <$250 • FRACT | 2 | 1 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | <$250 • ODD | 190,823 | 641,802 | 59.8% | 100.0% | 4.5 bps | 18.6 bps | 95% | 49th | $0.0332 | 65.9% |
| nonmarketable_limit | $250–$999 • FRACT | 1 | 1 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 575,269 | 6,400,053 | 43.0% | 100.0% | 4.0 bps | 21.2 bps | 97% | 49th | $0.0547 | 70.1% |
| nonmarketable_limit | $250–$999 • ROUND | 48 | 4,800 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ODD | 555,575 | 6,220,425 | 80.1% | 100.0% | 3.6 bps | 25.0 bps | 94% | 28th | $0.0702 | 59.3% |
| nonmarketable_limit | $1k–$5k • ROUND | 70,631 | 7,931,999 | 30.6% | 100.0% | 4.6 bps | 17.2 bps | 94% | 73rd | $0.0028 | 45.0% |
| nonmarketable_limit | $5k–$10k • ODD | 221,803 | 5,168,932 | 73.3% | 100.0% | 3.9 bps | 27.4 bps | 89% | 42nd | $0.1004 | 64.8% |
| nonmarketable_limit | $5k–$10k • ROUND | 30,782 | 5,198,200 | 67.4% | 100.0% | 3.1 bps | 20.8 bps | 81% | 56th | $0.0106 | 40.8% |
| nonmarketable_limit | $10k–$20k • ODD | 166,918 | 5,636,275 | 55.4% | 100.0% | 4.1 bps | 22.6 bps | 89% | 51st | $0.1596 | 69.7% |
| nonmarketable_limit | $10k–$20k • ROUND | 85,249 | 13,521,011 | 68.2% | 100.0% | 3.1 bps | 29.5 bps | 82% | 33rd | $0.0382 | 47.8% |
| nonmarketable_limit | $20k–$50k • ODD | 60,625 | 2,474,799 | 52.3% | 100.0% | 3.8 bps | 11.2 bps | 93% | 44th | $0.3103 | 71.3% |
| nonmarketable_limit | $20k–$50k • ROUND | 168,501 | 41,466,156 | 55.7% | 100.0% | 2.6 bps | 29.0 bps | 85% | 21st | $0.0581 | 53.2% |
| nonmarketable_limit | $50k–$200k • ODD | 906 | 23,630 | 80.7% | 100.0% | 10.9 bps | 2.9 bps | 93% | 85th | $1.9297 | 69.1% |
| nonmarketable_limit | $50k–$200k • ROUND | 127,423 | 57,593,904 | 80.0% | 100.0% | 2.6 bps | 28.1 bps | 83% | 18th | $0.0812 | 52.0% |
| nonmarketable_limit | ≥$200k • ROUND | 36,616 | 88,403,594 | 87.3% | 100.0% | 2.7 bps | 25.4 bps | 59% | 37th | $0.0827 | 54.4% |
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
9
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.
Does your firm route to TWO SIGMA SECURITIES, LLC? See which competing venues beat it on your symbol mix → Enter your Firm CRD