TRADESTATION SECURITIES, INC.

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

Status: ACTIVE

Generated: Thu, 15 Oct 2026 21:44:26 GMT

Quarter:2026Q3

Covered Orders6,549,941Across all reported tiers

Covered Shares2,095,821,733In Q3 2026

Active Tiers84Order 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 • Odd Lot	68,669	551,134	—	76.3%	5.5 bps	—	—	42nd	—	99.6%
Market	<$250 • Round Lot	4,045	926,966	—	68.0%	15.4 bps	—	—	24th	—	98.4%
Market	$250–$999 • Odd Lot	86,689	2,254,365	—	76.0%	2.9 bps	—	—	16th	—	99.8%
Market	$250–$999 • Round Lot	19,952	6,149,889	—	68.7%	7.8 bps	—	—	11th	—	99.8%
Market	$1k–$5k • Odd Lot	63,356	2,306,496	—	76.4%	2.2 bps	—	—	12th	—	99.7%
Market	$1k–$5k • Round Lot	97,328	44,920,115	—	64.4%	2.7 bps	—	—	10th	—	99.9%
Market	$5k–$10k • Odd Lot	12,522	616,201	—	79.9%	2.3 bps	—	—	18th	—	99.6%
Market	$5k–$10k • Round Lot	54,629	49,898,957	—	61.7%	1.7 bps	—	—	8th	—	99.9%
Market	$10k–$20k • Odd Lot	3,221	200,991	—	78.5%	3.3 bps	—	—	45th	—	99.7%
Market	$10k–$20k • Round Lot	38,057	31,408,186	—	55.7%	1.1 bps	—	—	8th	—	99.7%
Market	$20k–$50k • Odd Lot	417	29,525	—	79.9%	3.7 bps	—	—	60th	—	100.0%
Market	$20k–$50k • Round Lot	39,644	44,755,752	—	63.1%	0.6 bps	—	—	8th	—	99.6%
Market	$50k–$200k • Round Lot	17,055	34,013,809	—	58.0%	0.3 bps	—	—	15th	—	97.3%
Market	≥$200k • Round Lot	2,777	15,361,936	—	35.7%	-0.7 bps	—	—	41st	—	94.1%
Marketable Limit	<$250 • Odd Lot	67,368	577,235	—	72.3%	4.7 bps	—	—	56th	—	99.6%
Marketable Limit	<$250 • Round Lot	3,554	630,344	—	61.8%	13.2 bps	—	—	60th	—	99.2%
Marketable Limit	$250–$999 • Odd Lot	26,260	566,109	—	75.4%	3.2 bps	—	—	51st	—	99.3%
Marketable Limit	$250–$999 • Round Lot	19,489	4,579,507	—	57.5%	4.5 bps	—	—	45th	—	98.8%
Marketable Limit	$1k–$5k • Odd Lot	16,701	538,739	—	75.9%	1.6 bps	—	—	40th	—	99.2%
Marketable Limit	$1k–$5k • Round Lot	36,538	22,049,714	—	54.3%	3.0 bps	—	—	46th	—	98.5%
Marketable Limit	$5k–$10k • Odd Lot	3,487	175,382	—	77.3%	2.3 bps	—	—	60th	—	98.8%
Marketable Limit	$5k–$10k • Round Lot	18,731	18,276,247	—	60.3%	1.6 bps	—	—	42nd	—	95.2%
Marketable Limit	$10k–$20k • Odd Lot	894	54,785	—	77.6%	2.5 bps	—	—	55th	—	99.4%
Marketable Limit	$10k–$20k • Round Lot	10,418	14,809,999	—	53.0%	1.6 bps	—	—	50th	—	94.0%
Marketable Limit	$20k–$50k • Odd Lot	71	5,511	—	—	—	—	—	—	—	—
Marketable Limit	$20k–$50k • Round Lot	8,912	21,387,893	—	49.7%	1.0 bps	—	—	47th	—	93.4%
Marketable Limit	$50k–$200k • Round Lot	7,867	70,872,397	—	37.5%	0.9 bps	—	—	57th	—	96.1%
Marketable Limit	≥$200k • Round Lot	1,251	17,996,281	—	30.4%	-0.9 bps	—	—	29th	—	87.2%
Non-Marketable Limit	<$250 • Odd Lot	276,210	1,337,240	—	100.0%	18.0 bps	—	—	39th	—	48.4%
Non-Marketable Limit	<$250 • Round Lot	4,941	932,941	—	100.0%	71.9 bps	—	—	69th	—	55.8%
Non-Marketable Limit	$250–$999 • Odd Lot	893,198	5,829,985	—	100.0%	13.0 bps	—	—	43rd	—	63.6%
Non-Marketable Limit	$250–$999 • Round Lot	44,231	8,196,617	—	100.0%	49.8 bps	—	—	53rd	—	49.8%
Non-Marketable Limit	$1k–$5k • Odd Lot	824,910	9,716,042	—	100.0%	12.7 bps	—	—	57th	—	74.7%
Non-Marketable Limit	$1k–$5k • Round Lot	549,546	368,595,904	—	100.0%	28.2 bps	—	—	63rd	—	62.0%
Non-Marketable Limit	$5k–$10k • Odd Lot	134,072	6,905,046	—	100.0%	15.7 bps	—	—	82nd	—	85.3%
Non-Marketable Limit	$5k–$10k • Round Lot	739,438	869,363,822	—	100.0%	19.3 bps	—	—	64th	—	68.5%
Non-Marketable Limit	$10k–$20k • Odd Lot	130,429	8,876,639	—	100.0%	12.9 bps	—	—	72nd	—	92.0%
Non-Marketable Limit	$10k–$20k • Round Lot	182,665	192,154,116	—	100.0%	19.2 bps	—	—	78th	—	55.4%
Non-Marketable Limit	$20k–$50k • Odd Lot	38,748	3,244,326	—	100.0%	14.7 bps	—	—	68th	—	96.3%
Non-Marketable Limit	$20k–$50k • Round Lot	87,020	33,490,860	—	100.0%	22.4 bps	—	—	90th	—	50.1%
Non-Marketable Limit	$50k–$200k • Round Lot	15,256	56,208,781	—	100.0%	8.5 bps	—	—	48th	—	42.8%
Non-Marketable Limit	≥$200k • Round Lot	1,875	16,657,810	—	100.0%	7.6 bps	—	—	69th	—	27.6%
Market	<$250 • Odd Lot	13,351	20,998	—	80.5%	1.6 bps	—	—	13th	—	99.8%
Market	$250–$999 • Odd Lot	46,948	189,881	—	79.5%	1.4 bps	—	—	11th	—	99.7%
Market	$250–$999 • Round Lot	2	200	—	—	—	—	—	—	—	—
Market	$1k–$5k • Odd Lot	61,075	808,390	—	80.0%	1.4 bps	—	—	8th	—	99.8%
Market	$1k–$5k • Round Lot	5,733	766,922	—	79.6%	0.8 bps	—	—	6th	—	99.9%
Market	$5k–$10k • Odd Lot	30,905	690,162	—	80.0%	1.3 bps	—	—	4th	—	99.8%
Market	$5k–$10k • Round Lot	7,076	1,400,116	—	79.9%	0.9 bps	—	—	6th	—	99.9%
Market	$10k–$20k • Odd Lot	19,854	668,562	—	79.8%	1.1 bps	—	—	5th	—	99.8%
Market	$10k–$20k • Round Lot	12,815	1,930,317	—	79.5%	1.2 bps	—	—	13th	—	99.9%
Market	$20k–$50k • Odd Lot	7,642	260,394	—	80.3%	1.7 bps	—	—	8th	—	99.9%
Market	$20k–$50k • Round Lot	37,547	6,632,154	—	78.9%	0.7 bps	—	—	2nd	—	99.8%
Market	$50k–$200k • Odd Lot	168	5,562	—	80.6%	2.0 bps	—	—	4th	—	100.0%
Market	$50k–$200k • Round Lot	25,350	9,943,339	—	74.4%	0.7 bps	—	—	6th	—	99.6%
Market	≥$200k • Round Lot	5,403	7,516,384	—	45.9%	-0.3 bps	—	—	16th	—	98.5%
Marketable Limit	<$250 • Odd Lot	18,077	21,574	—	64.3%	-1.2 bps	—	—	5th	—	83.1%
Marketable Limit	$250–$999 • Odd Lot	70,303	146,171	—	61.0%	-0.5 bps	—	—	5th	—	87.6%
Marketable Limit	$250–$999 • Round Lot	1	100	—	—	—	—	—	—	—	—
Marketable Limit	$1k–$5k • Odd Lot	41,278	293,018	—	76.8%	0.7 bps	—	—	34th	—	99.3%
Marketable Limit	$1k–$5k • Round Lot	2,884	370,522	—	77.0%	0.6 bps	—	—	49th	—	99.8%
Marketable Limit	$5k–$10k • Odd Lot	9,182	216,366	—	77.0%	0.9 bps	—	—	41st	—	99.4%
Marketable Limit	$5k–$10k • Round Lot	4,201	802,302	—	77.7%	0.7 bps	—	—	52nd	—	94.4%
Marketable Limit	$10k–$20k • Odd Lot	5,477	184,419	—	72.3%	1.0 bps	—	—	44th	—	99.4%
Marketable Limit	$10k–$20k • Round Lot	4,417	727,651	—	74.8%	0.9 bps	—	—	43rd	—	99.6%
Marketable Limit	$20k–$50k • Odd Lot	1,159	42,370	—	76.6%	1.6 bps	—	—	49th	—	99.5%
Marketable Limit	$20k–$50k • Round Lot	7,507	1,321,439	—	74.9%	0.6 bps	—	—	36th	—	99.1%
Marketable Limit	$50k–$200k • Odd Lot	22	745	—	—	—	—	—	—	—	—
Marketable Limit	$50k–$200k • Round Lot	4,725	2,039,909	—	69.5%	0.7 bps	—	—	42nd	—	97.4%
Marketable Limit	≥$200k • Round Lot	1,270	4,600,874	—	33.0%	-0.6 bps	—	—	13th	—	81.6%
Non-Marketable Limit	<$250 • Odd Lot	52,673	61,515	—	100.0%	5.3 bps	—	—	71st	—	55.3%
Non-Marketable Limit	$250–$999 • Odd Lot	274,784	926,209	—	100.0%	3.8 bps	—	—	43rd	—	66.5%
Non-Marketable Limit	$250–$999 • Round Lot	1	100	—	—	—	—	—	—	—	—
Non-Marketable Limit	$1k–$5k • Odd Lot	665,631	4,224,513	—	100.0%	3.8 bps	—	—	46th	—	73.7%
Non-Marketable Limit	$1k–$5k • Round Lot	18,291	2,604,463	—	100.0%	2.9 bps	—	—	33rd	—	62.4%
Non-Marketable Limit	$5k–$10k • Odd Lot	91,462	2,117,864	—	100.0%	4.1 bps	—	—	55th	—	75.6%
Non-Marketable Limit	$5k–$10k • Round Lot	69,394	18,143,584	—	100.0%	2.5 bps	—	—	24th	—	63.7%
Non-Marketable Limit	$10k–$20k • Odd Lot	88,000	3,950,185	—	100.0%	5.4 bps	—	—	83rd	—	83.0%
Non-Marketable Limit	$10k–$20k • Round Lot	42,433	8,193,436	—	100.0%	3.0 bps	—	—	25th	—	62.8%
Non-Marketable Limit	$20k–$50k • Odd Lot	38,603	2,721,104	—	100.0%	7.3 bps	—	—	95th	—	87.1%
Non-Marketable Limit	$20k–$50k • Round Lot	74,933	7,654,162	—	100.0%	2.7 bps	—	—	22nd	—	67.4%
Non-Marketable Limit	$50k–$200k • Odd Lot	208	3,947	—	100.0%	13.5 bps	—	—	91st	—	82.1%
Non-Marketable Limit	$50k–$200k • Round Lot	32,307	7,203,576	—	100.0%	3.0 bps	—	—	38th	—	60.3%
Non-Marketable Limit	≥$200k • Round Lot	4,408	8,991,640	—	100.0%	3.4 bps	—	—	64th	—	48.8%

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 Name	Month	Kind	Status	Fetched At	Source URL
TRAD202608_605_publication.zip	202608	detailed	stored	2026-10-15T20:10:48.554805786+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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