EXECUTIONREPORTS.COM AMENDED SEC RULE 605 / FINRA 5310.09 ENGINE
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Rule 605 Market Center Scorecard

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC

Reporter ID: TCIS • Quarter: 2026Q3 • Methodology: exq-3
Status: ACTIVE
Generated: Thu, 15 Oct 2026 22:35:27 GMT
Quarter:2026Q3
Covered Orders68,420Across all reported tiers
Covered Shares18,811,360In Q3 2026
Active Tiers95Order 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.

ClassNotional × LotOrdersCovered ShFill RatePI RateNPI (bps)Peer Bench (bps)CoverageRank PctlEff SpreadSpeed <1s
Market<$250 • Fractional2,8991,315—19.9%0.6 bps——17th—100.0%
Market<$250 • Odd Lot5,99534,109—93.8%6.3 bps——50th—100.0%
Market<$250 • Round Lot779,551————————
Market$250–$999 • Fractional248173—49.5%0.9 bps——48th—100.0%
Market$250–$999 • Odd Lot5,90679,998—95.0%5.1 bps——47th—100.0%
Market$250–$999 • Round Lot499106,149—94.1%20.7 bps——77th—99.9%
Market$1k–$5k • Fractional43————————
Market$1k–$5k • Odd Lot6,814184,472—92.9%3.8 bps——46th—100.0%
Market$1k–$5k • Round Lot2,329702,328—95.5%8.5 bps——71st—100.0%
Market$5k–$10k • Odd Lot1,56667,946—94.8%3.8 bps——61st—100.0%
Market$5k–$10k • Round Lot1,801756,330—95.4%5.4 bps——68th—100.0%
Market$10k–$20k • Odd Lot63930,834—94.4%3.8 bps——56th—100.0%
Market$10k–$20k • Round Lot2,1251,114,390—89.1%4.6 bps——75th—100.0%
Market$20k–$50k • Odd Lot844,520————————
Market$20k–$50k • Round Lot2,2241,976,462—75.7%3.4 bps——63rd—99.9%
Market$50k–$200k • Round Lot1,5933,265,877—64.8%1.8 bps——42nd—98.8%
Market≥$200k • Round Lot4152,838,081—54.3%-0.1 bps——56th—89.0%
Marketable Limit<$250 • Fractional3817————————
Marketable Limit<$250 • Odd Lot3271,859—91.3%3.3 bps——48th—100.0%
Marketable Limit<$250 • Round Lot4821————————
Marketable Limit$250–$999 • Fractional32————————
Marketable Limit$250–$999 • Odd Lot2554,735—93.4%2.7 bps——49th—100.0%
Marketable Limit$250–$999 • Round Lot468,997————————
Marketable Limit$1k–$5k • Odd Lot2838,492—90.4%3.3 bps——64th—100.0%
Marketable Limit$1k–$5k • Round Lot20591,892—84.1%5.8 bps——60th—99.9%
Marketable Limit$5k–$10k • Odd Lot703,737————————
Marketable Limit$5k–$10k • Round Lot215244,360—69.2%7.2 bps——81st—97.7%
Marketable Limit$10k–$20k • Odd Lot20891————————
Marketable Limit$10k–$20k • Round Lot200389,360—61.5%3.4 bps——65th—95.3%
Marketable Limit$20k–$50k • Odd Lot4219————————
Marketable Limit$20k–$50k • Round Lot161746,004—55.9%3.5 bps——75th—98.0%
Marketable Limit$50k–$200k • Round Lot1621,021,644—46.4%1.3 bps——67th—95.9%
Marketable Limit≥$200k • Round Lot20149,511————————
Non-Marketable Limit<$250 • Fractional16359—100.0%4.8 bps——0th—40.0%
Non-Marketable Limit<$250 • Odd Lot1,5869,376—100.0%21.2 bps——46th—27.0%
Non-Marketable Limit<$250 • Round Lot232,320————————
Non-Marketable Limit$250–$999 • Fractional73————————
Non-Marketable Limit$250–$999 • Odd Lot1,12919,212—100.0%23.1 bps——78th—30.7%
Non-Marketable Limit$250–$999 • Round Lot21845,251—100.0%66.8 bps——78th—15.1%
Non-Marketable Limit$1k–$5k • Odd Lot97928,339—100.0%16.5 bps——77th—41.8%
Non-Marketable Limit$1k–$5k • Round Lot739323,773—100.0%29.1 bps——68th—17.1%
Non-Marketable Limit$5k–$10k • Odd Lot1947,665—100.0%10.8 bps——70th—51.5%
Non-Marketable Limit$5k–$10k • Round Lot576372,995—100.0%17.1 bps——50th—27.1%
Non-Marketable Limit$10k–$20k • Odd Lot844,149————————
Non-Marketable Limit$10k–$20k • Round Lot441376,637—100.0%29.2 bps——91st—19.8%
Non-Marketable Limit$20k–$50k • Odd Lot5280————————
Non-Marketable Limit$20k–$50k • Round Lot394558,509—100.0%13.0 bps——66th—16.3%
Non-Marketable Limit$50k–$200k • Round Lot255590,464—100.0%4.9 bps——17th—26.8%
Non-Marketable Limit≥$200k • Round Lot62441,894————————
Market<$250 • Fractional1,029287—57.7%1.6 bps——46th—99.8%
Market<$250 • Odd Lot1,4172,522—96.5%2.7 bps——45th—100.0%
Market$250–$999 • Fractional193111—56.7%1.9 bps——42nd—100.0%
Market$250–$999 • Odd Lot3,47314,694—96.9%2.8 bps——50th—100.0%
Market$250–$999 • Round Lot2200————————
Market$1k–$5k • Fractional1411————————
Market$1k–$5k • Odd Lot6,18977,657—96.1%2.5 bps——38th—99.9%
Market$1k–$5k • Round Lot18123,965—97.4%2.1 bps——74th—100.0%
Market$5k–$10k • Odd Lot2,18256,644—95.4%2.9 bps——61st—99.7%
Market$5k–$10k • Round Lot29444,696—99.2%1.9 bps——71st—100.0%
Market$10k–$20k • Odd Lot1,23646,372—96.7%3.2 bps——73rd—100.0%
Market$10k–$20k • Round Lot695103,378—97.8%2.8 bps——86th—99.9%
Market$20k–$50k • Odd Lot42915,197—97.1%3.5 bps——67th—100.0%
Market$20k–$50k • Round Lot1,405280,291—96.2%2.9 bps——82nd—99.3%
Market$50k–$200k • Odd Lot15695————————
Market$50k–$200k • Round Lot813355,466—94.3%2.9 bps——79th—99.9%
Market≥$200k • Round Lot182478,938—76.2%1.9 bps——80th—100.0%
Marketable Limit<$250 • Fractional5813————————
Marketable Limit<$250 • Odd Lot73113————————
Marketable Limit$250–$999 • Fractional22————————
Marketable Limit$250–$999 • Odd Lot130643—98.5%2.1 bps——71st—100.0%
Marketable Limit$1k–$5k • Odd Lot1742,604—94.4%2.4 bps——80th—99.8%
Marketable Limit$1k–$5k • Round Lot6562————————
Marketable Limit$5k–$10k • Odd Lot912,202————————
Marketable Limit$5k–$10k • Round Lot142,090————————
Marketable Limit$10k–$20k • Odd Lot591,898————————
Marketable Limit$10k–$20k • Round Lot4610,526————————
Marketable Limit$20k–$50k • Odd Lot12463————————
Marketable Limit$20k–$50k • Round Lot6621,367————————
Marketable Limit$50k–$200k • Round Lot6465,348————————
Marketable Limit≥$200k • Round Lot2964,309————————
Non-Marketable Limit<$250 • Fractional20444—100.0%2.9 bps——7th—49.9%
Non-Marketable Limit<$250 • Odd Lot277435—100.0%6.6 bps——82nd—44.4%
Non-Marketable Limit$250–$999 • Fractional125————————
Non-Marketable Limit$250–$999 • Odd Lot6903,272—100.0%5.2 bps——79th—53.4%
Non-Marketable Limit$1k–$5k • Odd Lot96212,421—100.0%5.5 bps——77th—58.7%
Non-Marketable Limit$1k–$5k • Round Lot394,721————————
Non-Marketable Limit$5k–$10k • Odd Lot3588,537—100.0%3.7 bps——42nd—52.8%
Non-Marketable Limit$5k–$10k • Round Lot11816,892—100.0%5.0 bps——87th—36.6%
Non-Marketable Limit$10k–$20k • Odd Lot2498,061—100.0%2.5 bps——16th—60.7%
Non-Marketable Limit$10k–$20k • Round Lot19631,818—100.0%5.7 bps——87th—37.8%
Non-Marketable Limit$20k–$50k • Odd Lot522,250————————
Non-Marketable Limit$20k–$50k • Round Lot31263,856—100.0%3.6 bps——56th—47.1%
Non-Marketable Limit$50k–$200k • Odd Lot138————————
Non-Marketable Limit$50k–$200k • Round Lot190126,212—100.0%6.3 bps——93rd—44.2%
Non-Marketable Limit≥$200k • Round Lot101233,533—100.0%8.9 bps——95th—67.8%

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 NameMonthKindStatusFetched AtSource URL
TCIS202608.zip202608detailedstored2026-10-15T19:56:26.641809186+00:00 File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells
35
Tiers with < 100 covered orders
Missing Files
0
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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