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Rule 605 Market Center Scorecard
TOWER PRINCIPAL MARKETS LLC
Status: ACTIVE
Generated: Wed, 14 Oct 2026 19:30:21 GMT
Quarter:2026Q3
Covered Orders5,526Across all reported tiers
Covered Shares4,469,921In Q3 2026
Active Tiers19Order 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 | 36 | 113 | — | — | — | — | — | — | — | — |
| marketable_limit | $250–$999 • ODD | 27 | 429 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ODD | 43 | 1,951 | — | — | — | — | — | — | — | — |
| marketable_limit | $1k–$5k • ROUND | 655 | 66,703 | 32.9% | 11.6% | 0.0 bps | — | 0% | 8th | $0.0116 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 7 | 540 | — | — | — | — | — | — | — | — |
| marketable_limit | $5k–$10k • ROUND | 553 | 70,634 | 27.8% | 60.4% | 0.1 bps | — | 0% | 13th | $0.0113 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 311 | 63,204 | 33.4% | 35.5% | 0.0 bps | 0.2 bps | 7% | 14th | $0.0105 | 100.0% |
| marketable_limit | $20k–$50k • ROUND | 206 | 133,212 | 25.8% | 33.4% | 0.0 bps | — | 0% | 15th | $0.0097 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 430 | 560,526 | 25.0% | 65.9% | 0.1 bps | — | 0% | 20th | $0.0094 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 242 | 2,528,036 | 46.1% | 71.5% | 0.1 bps | — | 0% | 59th | $0.0103 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 11 | 33 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $250–$999 • ODD | 8 | 111 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ODD | 5 | 250 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $1k–$5k • ROUND | 1,179 | 132,597 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $5k–$10k • ROUND | 810 | 147,521 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $10k–$20k • ROUND | 474 | 171,167 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $20k–$50k • ROUND | 436 | 377,540 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | $50k–$200k • ROUND | 87 | 170,592 | — | — | — | — | — | — | — | — |
| nonmarketable_limit | ≥$200k • ROUND | 6 | 44,762 | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| 202607_17857669014614632.zip | 202607 | detailed | stored | 2026-10-01T06:18:06.542+00:00 | File Link ↗ |
| 202607_17857966102643857.zip | 202607 | detailed | variant | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
9
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.
Does your firm route to TOWER PRINCIPAL MARKETS LLC? See which competing venues beat it on your symbol mix → Enter your Firm CRD