HILLTOP SECURITIES INC.

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 18:30:04 GMT

Quarter:2026Q3

Covered Orders45,773Across all reported tiers

Covered Shares20,347,611In 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	545	222	26.9%	45.9%	3.4 bps	—	0%	74th	$0.0385	98.2%
market	<$250 • ODD	2,801	8,448	0.0%	90.9%	2.6 bps	—	0%	9th	$0.0045	76.8%
market	<$250 • ROUND	12	2,547	—	—	—	—	—	—	—	—
market	$250–$999 • FRACT	3	1	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	3,334	39,033	0.0%	89.9%	2.1 bps	—	0%	12th	$0.0098	75.5%
market	$250–$999 • ROUND	185	68,526	—	79.3%	12.9 bps	—	—	35th	—	76.3%
market	$1k–$5k • ODD	4,656	149,681	0.0%	86.1%	1.5 bps	—	0%	7th	$0.0050	70.8%
market	$1k–$5k • ROUND	2,090	895,411	0.0%	77.6%	7.9 bps	—	0%	60th	$0.0173	66.5%
market	$5k–$10k • ODD	1,177	58,651	—	82.9%	1.2 bps	—	—	6th	—	51.8%
market	$5k–$10k • ROUND	2,163	1,029,911	0.0%	74.5%	3.5 bps	—	0%	35th	$0.0233	39.5%
market	$10k–$20k • ODD	463	26,489	—	82.8%	1.9 bps	—	—	14th	—	51.4%
market	$10k–$20k • ROUND	2,674	1,649,812	0.0%	72.4%	2.2 bps	—	0%	30th	$0.0119	22.4%
market	$20k–$50k • ODD	39	2,314	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	2,294	2,071,280	0.0%	67.8%	1.7 bps	—	0%	31st	$0.0051	22.6%
market	$50k–$200k • ROUND	959	2,213,228	—	54.3%	0.7 bps	—	—	29th	—	32.2%
market	≥$200k • ROUND	388	3,299,723	—	24.2%	-0.5 bps	—	—	46th	—	22.2%
marketable_limit	<$250 • FRACT	6	0	—	—	—	—	—	—	—	—
marketable_limit	<$250 • ODD	11	134	—	—	—	—	—	—	—	—
marketable_limit	<$250 • ROUND	3	1,100	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	10	334	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ROUND	17	9,597	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	38	1,682	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	130	304,675	—	55.4%	10.5 bps	—	—	86th	—	57.4%
marketable_limit	$5k–$10k • ODD	19	974	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	113	163,837	—	68.9%	15.6 bps	—	—	100th	—	38.0%
marketable_limit	$10k–$20k • ODD	11	626	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	161	337,098	—	47.3%	4.2 bps	—	—	75th	—	22.2%
marketable_limit	$20k–$50k • ROUND	140	488,078	—	32.2%	1.9 bps	—	—	65th	—	28.6%
marketable_limit	$50k–$200k • ROUND	111	614,225	—	25.0%	3.9 bps	—	—	98th	—	20.5%
marketable_limit	≥$200k • ROUND	53	652,354	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	3	16	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	17	338	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ROUND	13	5,075	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	148	6,250	—	100.0%	24.4 bps	—	—	91st	—	17.3%
nonmarketable_limit	$1k–$5k • ROUND	203	150,255	0.1%	100.0%	122.2 bps	—	0%	97th	$0.8800	46.9%
nonmarketable_limit	$5k–$10k • ODD	55	2,556	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	254	202,868	—	100.0%	29.1 bps	—	—	86th	—	17.6%
nonmarketable_limit	$10k–$20k • ODD	38	1,875	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	282	263,151	—	100.0%	28.7 bps	—	—	88th	—	7.2%
nonmarketable_limit	$20k–$50k • ODD	2	160	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	234	359,063	—	100.0%	9.3 bps	—	—	47th	—	24.7%
nonmarketable_limit	$50k–$200k • ROUND	178	880,464	—	100.0%	15.7 bps	—	—	88th	—	26.0%
nonmarketable_limit	≥$200k • ROUND	106	881,957	—	100.0%	10.5 bps	—	—	87th	—	34.0%
market	<$250 • FRACT	321	109	24.7%	14.6%	0.5 bps	—	0%	13th	$0.1600	99.9%
market	<$250 • ODD	1,003	1,606	—	94.6%	1.3 bps	—	—	12th	—	95.2%
market	$250–$999 • FRACT	23	17	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	2,996	11,559	0.0%	93.7%	1.4 bps	—	0%	11th	$1.5128	85.5%
market	$1k–$5k • ODD	5,610	77,268	0.0%	88.1%	1.1 bps	—	0%	4th	$0.0072	66.7%
market	$1k–$5k • ROUND	216	24,535	—	84.8%	0.9 bps	—	—	10th	—	27.6%
market	$5k–$10k • ODD	2,253	70,568	0.0%	85.7%	1.1 bps	—	0%	4th	$0.0294	48.3%
market	$5k–$10k • ROUND	397	67,471	0.0%	86.1%	1.0 bps	—	0%	15th	$-0.0011	24.1%
market	$10k–$20k • ODD	1,325	58,963	0.0%	84.7%	0.9 bps	—	0%	1st	$0.0349	46.6%
market	$10k–$20k • ROUND	1,156	196,021	0.0%	79.1%	1.3 bps	—	0%	22nd	$0.0373	34.0%
market	$20k–$50k • ODD	271	14,368	—	80.8%	1.2 bps	—	—	2nd	—	49.9%
market	$20k–$50k • ROUND	1,566	420,692	0.0%	79.7%	1.1 bps	—	0%	17th	$0.0243	34.1%
market	$50k–$200k • ODD	3	105	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	931	561,747	—	64.7%	0.9 bps	—	—	17th	—	50.9%
market	≥$200k • ROUND	551	1,327,206	—	47.7%	1.1 bps	—	—	62nd	—	53.1%
marketable_limit	<$250 • FRACT	1	0	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	7	55	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	21	393	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	1	100	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	24	747	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	15	2,280	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	20	780	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	14	3,001	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	5	125	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	37	13,508	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	63	60,491	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	41	140,328	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	1	1	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	14	92	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	43	590	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	1	100	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	73	2,097	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	13	2,016	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	75	2,519	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	42	8,311	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	10	358	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	127	48,518	—	100.0%	3.1 bps	—	—	38th	—	47.9%
nonmarketable_limit	$50k–$200k • ROUND	225	102,060	—	100.0%	3.2 bps	—	—	51st	—	43.9%
nonmarketable_limit	≥$200k • ROUND	139	282,885	—	100.0%	4.4 bps	—	—	82nd	—	48.2%

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
SWST202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841303580+00:00	File Link ↗
SWST202608.csv	202608	summary	stored	2026-09-30T21:17:20.841304953+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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