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Rule 605 Market Center Scorecard
STEPHENS, INC.
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:13:30 GMT
Quarter:2026Q3
Covered Orders170Across all reported tiers
Covered Shares1,819In Q3 2026
Active Tiers3Order 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 | 118 | 1,476 | — | 89.7% | 8.0 bps | — | — | 58th | — | 100.0% |
| market | <$250 • ROUND | 2 | 225 | — | — | — | — | — | — | — | — |
| market | <$250 • ODD | 50 | 118 | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| tsphn202607.dat | 202607 | detailed | stored | 2026-09-22T04:19:22.534+00:00 | File Link ↗ |
| 605_sphn_202608.csv | 202608 | summary | stored | 2026-09-30T21:23:46.642700346+00:00 | File Link ↗ |
| SPHN202608.gz | 202608 | detailed | stored | 2026-09-30T21:23:46.642702059+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
2
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 STEPHENS, INC.? See which competing venues beat it on your symbol mix → Enter your Firm CRD