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Rule 605 Market Center Scorecard
STIFEL, NICOLAUS & COMPANY, INCORPORATED
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:27:41 GMT
Quarter:2026Q3
Covered Orders1,938,081Across all reported tiers
Covered Shares4,199,944,067In 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 | 62,059 | 339,142 | 7.8% | 6.7% | 0.4 bps | 0.2 bps | 63% | 14th | $0.0308 | 100.0% |
| marketable_limit | <$250 • ROUND | 1,107 | 178,229 | 0.1% | 0.0% | 0.0 bps | — | 0% | 10th | $0.0100 | 100.0% |
| marketable_limit | $250–$999 • ODD | 39,070 | 624,237 | 9.8% | 5.7% | 0.3 bps | -1.3 bps | 33% | 13th | $0.0401 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 5,244 | 3,698,465 | 0.8% | 8.5% | 0.8 bps | -3.1 bps | 15% | 22nd | $0.0138 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 25,885 | 966,353 | 9.6% | 3.8% | 0.3 bps | 0.1 bps | 18% | 13th | $0.0835 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 23,599 | 5,497,365 | 6.8% | 8.6% | 0.3 bps | 0.4 bps | 38% | 14th | $0.0203 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 5,408 | 301,233 | 7.7% | 4.1% | 0.3 bps | -1.8 bps | 13% | 20th | $0.2565 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 14,930 | 4,765,534 | 5.4% | 4.9% | 0.2 bps | 2.9 bps | 6% | 15th | $0.0411 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 2,143 | 132,445 | 5.9% | 3.8% | 0.3 bps | — | 0% | 18th | $0.4239 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 13,659 | 6,385,120 | 4.2% | 3.2% | 0.1 bps | 0.1 bps | 7% | 15th | $0.0562 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 136 | 9,922 | 8.4% | 0.0% | 0.0 bps | — | 0% | 11th | $0.6091 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 12,944 | 21,321,626 | 1.3% | 2.2% | 0.1 bps | -1.5 bps | 9% | 17th | $0.0748 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 9,314 | 77,706,667 | 0.2% | 2.8% | 0.3 bps | 3.7 bps | 16% | 37th | $0.0961 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 18,290 | 686,319,100 | 0.0% | 4.5% | 0.1 bps | -0.1 bps | 14% | 61st | $0.0480 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 225,457 | 802,561 | 0.6% | 100.0% | 17.9 bps | 75.1 bps | 79% | 37th | $0.0000 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 2,495 | 348,994 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 161,602 | 1,489,002 | 0.6% | 100.0% | 18.7 bps | 60.2 bps | 37% | 63rd | $0.0001 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 13,946 | 2,885,228 | 0.5% | 100.0% | 18.3 bps | 121.6 bps | 62% | 13th | $0.0000 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 89,872 | 2,842,609 | 0.6% | 100.0% | 19.6 bps | 61.6 bps | 48% | 79th | $0.0002 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 85,259 | 37,016,042 | 0.7% | 100.0% | 16.4 bps | 89.4 bps | 91% | 33rd | $0.0001 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 21,486 | 1,157,575 | 0.4% | 100.0% | 12.4 bps | 53.3 bps | 47% | 71st | $0.0002 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 70,028 | 113,942,625 | 0.0% | 100.0% | 13.1 bps | 84.1 bps | 46% | 41st | $0.0021 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 7,653 | 465,029 | 0.5% | 100.0% | 21.8 bps | 32.7 bps | 23% | 84th | $0.0000 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 74,017 | 296,112,279 | 0.0% | 100.0% | 13.5 bps | 55.8 bps | 27% | 53rd | $0.0021 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 861 | 59,330 | 0.1% | 100.0% | 14.7 bps | — | 0% | 63rd | $0.0000 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 111,218 | 499,562,633 | 0.0% | 100.0% | 11.6 bps | 50.1 bps | 62% | 60th | $0.0018 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 158,669 | 734,594,816 | 0.0% | 100.0% | 11.9 bps | 79.1 bps | 63% | 76th | $0.0007 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 96,951 | 1,144,962,867 | 0.0% | 100.0% | 14.4 bps | 110.4 bps | 58% | 91st | $0.0082 | 100.0% |
| marketable_limit | <$250 • ODD | 6,119 | 10,642 | 13.6% | 4.7% | 0.0 bps | -3.7 bps | 60% | 11th | $0.0420 | 100.0% |
| marketable_limit | $250–$999 • ODD | 15,500 | 76,273 | 12.7% | 3.0% | 0.0 bps | -2.6 bps | 40% | 12th | $0.0635 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 1 | 103 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 20,828 | 360,495 | 12.9% | 4.4% | 0.1 bps | -1.3 bps | 46% | 11th | $0.0847 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 2,262 | 291,881 | 16.5% | 1.9% | 0.0 bps | -3.7 bps | 51% | 10th | $0.0121 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 7,517 | 272,156 | 9.7% | 3.9% | 0.1 bps | -3.5 bps | 17% | 11th | $0.1084 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 4,149 | 637,009 | 11.1% | 2.9% | 0.0 bps | -0.9 bps | 25% | 13th | $0.0196 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 3,887 | 192,322 | 7.7% | 3.7% | 0.1 bps | -1.8 bps | 8% | 13th | $0.1685 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 9,113 | 1,560,754 | 8.6% | 4.9% | 0.1 bps | -1.8 bps | 28% | 17th | $0.0625 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 840 | 39,970 | 6.4% | 5.3% | 0.2 bps | — | 0% | 19th | $0.3829 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 9,032 | 2,501,378 | 8.3% | 3.7% | 0.1 bps | -1.6 bps | 25% | 12th | $0.0708 | 100.0% |
| marketable_limit | $50k–$200k • ODD | 4 | 139 | — | — | — | — | — | — | — | — |
| marketable_limit | $50k–$200k • ROUND | 4,643 | 3,204,560 | 3.0% | 3.6% | 0.1 bps | -2.8 bps | 3% | 18th | $0.1235 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 2,329 | 24,564,429 | 0.2% | 4.5% | 0.1 bps | — | 0% | 50th | $0.0893 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 42,990 | 71,875 | 0.3% | 100.0% | 4.6 bps | 20.0 bps | 73% | 54th | $0.0000 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 65,701 | 212,978 | 0.3% | 100.0% | 3.9 bps | 22.9 bps | 67% | 45th | $-0.0001 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 55,312 | 736,218 | 0.2% | 100.0% | 5.7 bps | 28.7 bps | 59% | 76th | $0.0001 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 5,666 | 832,741 | 0.3% | 100.0% | 2.9 bps | 18.6 bps | 96% | 34th | $0.0000 | 100.0% |
| nonmarketable_limit | $5k–$10k • ODD | 22,014 | 844,868 | 0.3% | 100.0% | 8.8 bps | 30.7 bps | 51% | 94th | $0.0001 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 14,932 | 2,337,397 | 0.2% | 100.0% | 3.9 bps | 30.4 bps | 63% | 76th | $0.0000 | 100.0% |
| nonmarketable_limit | $10k–$20k • ODD | 17,050 | 1,053,446 | 0.1% | 100.0% | 10.5 bps | 32.7 bps | 84% | 93rd | $0.0000 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 25,760 | 4,095,108 | 0.2% | 100.0% | 7.6 bps | 42.5 bps | 65% | 91st | $0.0005 | 100.0% |
| nonmarketable_limit | $20k–$50k • ODD | 3,253 | 190,105 | 0.1% | 100.0% | 3.1 bps | 3.6 bps | 100% | 25th | $0.0000 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 35,510 | 10,614,197 | 0.1% | 100.0% | 6.1 bps | 36.1 bps | 72% | 89th | $0.0000 | 100.0% |
| nonmarketable_limit | $50k–$200k • ODD | 28 | 1,001 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 83,088 | 128,108,453 | 0.0% | 100.0% | 3.7 bps | 28.2 bps | 53% | 63rd | $0.0014 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 127,251 | 372,646,541 | 0.0% | 100.0% | 3.8 bps | 36.4 bps | 76% | 69th | $0.0055 | 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.
| File Name | Month | Kind | Status | Fetched At | Source URL |
|---|---|---|---|---|---|
| SFMM202608.zip | 202608 | detailed | stored | 2026-09-30T21:30:44.375242961+00:00 | File Link ↗ |
| SFBD202608.zip | 202608 | detailed | stored | 2026-09-30T21:30:44.375240216+00:00 | File Link ↗ |
| STFX202608.csv | 202608 | summary | stored | 2026-09-30T21:30:44.375246819+00:00 | File Link ↗ |
| SFMM202608.csv | 202608 | summary | stored | 2026-09-30T21:30:44.375232521+00:00 | File Link ↗ |
| SFBD202608.csv | 202608 | summary | stored | 2026-09-30T21:30:44.375234816+00:00 | File Link ↗ |
| STFX202608.zip | 202608 | detailed | stored | 2026-09-30T21:30:44.375237631+00:00 | File Link ↗ |
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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