Muriel Siebert & Co., Inc.

Reporter ID: STXG • Quarter: 2026Q3 • Methodology: exq-2

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:29:28 GMT

Quarter:2026Q3

Covered Orders672,612Across all reported tiers

Covered Shares211,253,384In Q3 2026

Active Tiers82Order 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	16	8	—	—	—	—	—	—	—	—
market	<$250 • ODD	742	4,865	—	79.6%	3.7 bps	—	—	17th	—	100.0%
market	<$250 • ROUND	32	5,353	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	1,030	15,958	—	87.5%	3.4 bps	—	—	19th	—	99.7%
market	$250–$999 • ROUND	138	51,119	—	59.0%	15.6 bps	—	—	52nd	—	100.0%
market	$1k–$5k • ODD	1,135	32,588	—	83.5%	2.5 bps	—	—	16th	—	100.0%
market	$1k–$5k • ROUND	905	404,627	—	57.7%	5.3 bps	—	—	34th	—	100.0%
market	$5k–$10k • ODD	327	14,804	—	81.1%	2.6 bps	—	—	31st	—	99.7%
market	$5k–$10k • ROUND	763	426,260	—	77.8%	3.9 bps	—	—	40th	—	99.2%
market	$10k–$20k • ODD	101	5,484	—	83.7%	2.6 bps	—	—	33rd	—	100.0%
market	$10k–$20k • ROUND	870	610,048	—	75.4%	2.8 bps	—	—	37th	—	99.5%
market	$20k–$50k • ODD	7	435	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	829	870,443	—	74.0%	2.5 bps	—	—	41st	—	99.5%
market	$50k–$200k • ROUND	649	1,481,783	—	61.5%	1.3 bps	—	—	42nd	—	99.5%
market	≥$200k • ROUND	161	886,744	—	47.8%	-0.4 bps	—	—	51st	—	95.3%
marketable_limit	<$250 • ODD	292,709	4,011,945	—	42.7%	7.5 bps	—	—	72nd	—	99.8%
marketable_limit	<$250 • ROUND	55,371	17,270,457	—	32.9%	6.9 bps	—	—	46th	—	99.8%
marketable_limit	$250–$999 • ODD	15,780	574,247	—	69.6%	6.5 bps	—	—	77th	—	99.5%
marketable_limit	$250–$999 • ROUND	40,288	37,843,339	—	31.7%	6.4 bps	—	—	50th	—	99.6%
marketable_limit	$1k–$5k • ODD	5,357	281,069	—	62.2%	2.0 bps	—	—	47th	—	99.8%
marketable_limit	$1k–$5k • ROUND	16,252	45,584,941	—	28.3%	2.6 bps	—	—	48th	—	98.3%
marketable_limit	$5k–$10k • ODD	82	5,224	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	3,046	11,969,256	—	21.3%	-3.4 bps	—	—	9th	—	92.6%
marketable_limit	$10k–$20k • ODD	7	479	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	1,042	6,473,943	—	21.9%	-6.0 bps	—	—	8th	—	85.5%
marketable_limit	$20k–$50k • ROUND	687	3,603,241	—	23.9%	-4.8 bps	—	—	7th	—	85.5%
marketable_limit	$50k–$200k • ROUND	294	3,243,649	—	26.3%	-3.2 bps	—	—	9th	—	82.8%
marketable_limit	≥$200k • ROUND	47	833,354	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	141,257	2,178,331	—	100.0%	42.6 bps	—	—	89th	—	60.4%
nonmarketable_limit	<$250 • ROUND	29,467	9,558,864	—	100.0%	31.5 bps	—	—	8th	—	61.6%
nonmarketable_limit	$250–$999 • ODD	13,681	459,559	—	100.0%	31.0 bps	—	—	86th	—	59.4%
nonmarketable_limit	$250–$999 • ROUND	22,395	20,425,851	—	100.0%	39.2 bps	—	—	34th	—	60.6%
nonmarketable_limit	$1k–$5k • ODD	4,913	236,270	—	100.0%	8.8 bps	—	—	34th	—	57.7%
nonmarketable_limit	$1k–$5k • ROUND	10,306	25,280,282	—	100.0%	35.5 bps	—	—	72nd	—	55.3%
nonmarketable_limit	$5k–$10k • ODD	193	10,156	—	100.0%	9.5 bps	—	—	52nd	—	47.6%
nonmarketable_limit	$5k–$10k • ROUND	2,118	5,971,325	—	100.0%	18.0 bps	—	—	59th	—	43.2%
nonmarketable_limit	$10k–$20k • ODD	47	2,931	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	1,244	3,803,413	—	100.0%	15.3 bps	—	—	64th	—	37.2%
nonmarketable_limit	$20k–$50k • ODD	1	70	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	1,028	1,818,187	—	100.0%	8.9 bps	—	—	42nd	—	31.3%
nonmarketable_limit	$50k–$200k • ROUND	494	2,281,448	—	100.0%	11.6 bps	—	—	74th	—	39.8%
nonmarketable_limit	≥$200k • ROUND	79	1,004,544	—	—	—	—	—	—	—	—
market	<$250 • FRACT	17	7	—	—	—	—	—	—	—	—
market	<$250 • ODD	72	164	—	—	—	—	—	—	—	—
market	$250–$999 • FRACT	7	5	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	530	2,861	—	92.3%	2.5 bps	—	—	41st	—	100.0%
market	$1k–$5k • ODD	1,093	16,302	—	85.8%	1.5 bps	—	—	14th	—	99.9%
market	$1k–$5k • ROUND	143	17,009	—	89.7%	0.9 bps	—	—	8th	—	100.0%
market	$5k–$10k • ODD	530	16,851	—	88.4%	1.4 bps	—	—	6th	—	100.0%
market	$5k–$10k • ROUND	145	22,903	—	89.7%	0.8 bps	—	—	8th	—	100.0%
market	$10k–$20k • ODD	301	11,450	—	86.6%	1.5 bps	—	—	12th	—	100.0%
market	$10k–$20k • ROUND	385	56,676	—	89.1%	1.1 bps	—	—	10th	—	100.0%
market	$20k–$50k • ODD	95	3,560	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	664	170,429	—	86.0%	0.9 bps	—	—	10th	—	100.0%
market	$50k–$200k • ODD	4	134	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	477	311,945	—	74.1%	0.8 bps	—	—	14th	—	100.0%
market	≥$200k • ROUND	210	338,977	—	62.0%	0.6 bps	—	—	38th	—	100.0%
marketable_limit	<$250 • ODD	2	2	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	21	200	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	59	1,499	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	16	1,904	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	42	1,237	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	12	2,837	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	21	709	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	59	13,166	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	8	256	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	98	19,836	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	57	38,802	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	53	91,314	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	10	12	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	60	347	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	147	2,565	—	100.0%	23.9 bps	—	—	95th	—	50.1%
nonmarketable_limit	$1k–$5k • ROUND	28	3,251	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	133	3,380	—	100.0%	5.9 bps	—	—	81st	—	45.9%
nonmarketable_limit	$5k–$10k • ROUND	33	5,496	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	99	2,684	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	158	31,945	—	100.0%	4.0 bps	—	—	60th	—	45.8%
nonmarketable_limit	$20k–$50k • ODD	25	1,055	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	408	67,051	—	100.0%	4.6 bps	—	—	76th	—	55.0%
nonmarketable_limit	$50k–$200k • ODD	1	35	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	363	162,948	—	100.0%	2.9 bps	—	—	37th	—	52.0%
nonmarketable_limit	≥$200k • ROUND	136	294,686	—	100.0%	3.8 bps	—	—	71st	—	54.2%

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
TSTXG202607.dat	202607	detailed	stored	2026-09-30T21:19:03.761+00:00	File Link ↗
TSTXG202607.zip	202607	detailed	variant		File Link ↗
TSTXG202607.dat	202607	detailed	stored	2026-10-01T06:17:58.961+00:00	File Link ↗
TSTXG202607.zip	202607	detailed	variant		File Link ↗
STXG202608.csv	202608	summary	stored	2026-09-30T21:27:23.981327365+00:00	File Link ↗
STXG202608.zip	202608	detailed	stored	2026-09-30T21:27:23.981326674+00:00	File Link ↗
STXG202608.csv	202608	summary	stored	2026-09-30T21:17:20.841404603+00:00	File Link ↗
STXG202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841405545+00:00	File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells

Tiers with < 100 covered orders

Missing Files

Months unretrievable

Methodological 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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