CETERA FINANCIAL SPECIALISTS LLC

Reporter ID: TERA • Quarter: 2026Q3 • Methodology: exq-3

Status: ACTIVE

Generated: Thu, 15 Oct 2026 21:44:05 GMT

Quarter:2026Q3

Covered Orders20,041Across all reported tiers

Covered Shares3,922,330In Q3 2026

Active Tiers60Order 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 • Fractional	29	13	—	—	—	—	—	—	—	—
Market	<$250 • Odd Lot	538	1,887	—	89.9%	3.2 bps	—	—	15th	—	100.0%
Market	<$250 • Round Lot	2	872	—	—	—	—	—	—	—	—
Market	$250–$999 • Fractional	1	0	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	3,476	37,061	—	92.7%	3.0 bps	—	—	19th	—	100.0%
Market	$250–$999 • Round Lot	15	3,697	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	4,144	136,918	—	91.0%	2.3 bps	—	—	15th	—	100.0%
Market	$1k–$5k • Round Lot	614	145,424	—	96.5%	6.4 bps	—	—	47th	—	100.0%
Market	$5k–$10k • Odd Lot	851	45,227	—	89.6%	2.2 bps	—	—	13th	—	100.0%
Market	$5k–$10k • Round Lot	1,073	253,151	—	94.2%	3.1 bps	—	—	24th	—	100.0%
Market	$10k–$20k • Odd Lot	235	12,723	—	93.3%	1.8 bps	—	—	10th	—	100.0%
Market	$10k–$20k • Round Lot	1,297	447,656	—	93.1%	2.8 bps	—	—	32nd	—	100.0%
Market	$20k–$50k • Odd Lot	44	2,435	—	—	—	—	—	—	—	—
Market	$20k–$50k • Round Lot	1,118	817,842	—	89.0%	2.0 bps	—	—	29th	—	100.0%
Market	$50k–$200k • Round Lot	564	1,062,258	—	80.7%	1.3 bps	—	—	32nd	—	99.5%
Market	≥$200k • Round Lot	91	629,333	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	1	10	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	1	200	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	2	182	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Round Lot	4	3,075	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	3	1,325	—	—	—	—	—	—	—	—
Non-Marketable Limit	<$250 • Odd Lot	1	10	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	6	62	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	15	3,200	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	2	20	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	10	4,225	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	9	8,500	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	12	23,194	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	4	12,690	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	1	5,000	—	—	—	—	—	—	—	—
Market	<$250 • Fractional	15	6	—	—	—	—	—	—	—	—
Market	<$250 • Odd Lot	242	469	—	97.7%	2.9 bps	—	—	57th	—	100.0%
Market	$250–$999 • Fractional	9	6	—	—	—	—	—	—	—	—
Market	$250–$999 • Odd Lot	1,620	6,530	—	98.5%	3.5 bps	—	—	82nd	—	100.0%
Market	$1k–$5k • Odd Lot	2,147	33,751	—	98.3%	3.1 bps	—	—	70th	—	100.0%
Market	$1k–$5k • Round Lot	82	9,667	—	—	—	—	—	—	—	—
Market	$5k–$10k • Odd Lot	686	21,308	—	97.0%	3.2 bps	—	—	74th	—	100.0%
Market	$5k–$10k • Round Lot	122	19,658	—	99.3%	2.0 bps	—	—	74th	—	100.0%
Market	$10k–$20k • Odd Lot	327	14,078	—	97.4%	2.8 bps	—	—	52nd	—	100.0%
Market	$10k–$20k • Round Lot	224	38,057	—	98.7%	2.3 bps	—	—	58th	—	100.0%
Market	$20k–$50k • Odd Lot	40	2,033	—	—	—	—	—	—	—	—
Market	$20k–$50k • Round Lot	221	58,384	—	98.8%	2.1 bps	—	—	46th	—	100.0%
Market	$50k–$200k • Round Lot	85	35,509	—	—	—	—	—	—	—	—
Market	≥$200k • Round Lot	5	7,540	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	2	28	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Round Lot	2	200	—	—	—	—	—	—	—	—
Marketable Limit	$5k–$10k • Odd Lot	2	90	—	—	—	—	—	—	—	—
Marketable Limit	$10k–$20k • Round Lot	4	500	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	2	783	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	1	300	—	—	—	—	—	—	—	—
Non-Marketable Limit	$250–$999 • Odd Lot	2	90	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	4	70	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Round Lot	5	500	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Odd Lot	6	75	—	—	—	—	—	—	—	—
Non-Marketable Limit	$5k–$10k • Round Lot	8	990	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Odd Lot	1	11	—	—	—	—	—	—	—	—
Non-Marketable Limit	$10k–$20k • Round Lot	5	1,210	—	—	—	—	—	—	—	—
Non-Marketable Limit	$20k–$50k • Round Lot	6	3,140	—	—	—	—	—	—	—	—
Non-Marketable Limit	$50k–$200k • Round Lot	2	1,100	—	—	—	—	—	—	—	—
Non-Marketable Limit	≥$200k • Round Lot	1	8,055	—	—	—	—	—	—	—	—

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
TERA202608.zip	202608	detailed	stored	2026-10-15T19:56:27.953063576+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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