VANGUARD MARKETING CORPORATION

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:30:30 GMT

Quarter:2026Q3

Covered Orders3,092,711Across all reported tiers

Covered Shares817,060,357In Q3 2026

Active Tiers86Order 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	149,485	34,760	0.1%	99.3%	0.7 bps	0.4 bps	99%	6th	$-0.0001	99.2%
market	<$250 • ODD	292,097	1,499,659	0.1%	95.3%	6.5 bps	0.9 bps	52%	46th	$-0.0004	99.6%
market	<$250 • ROUND	4,559	1,105,567	—	69.6%	33.7 bps	—	—	74th	—	98.3%
market	$250–$999 • FRACT	22,104	14,579	0.1%	99.4%	0.3 bps	0.2 bps	100%	13th	$-0.0008	99.2%
market	$250–$999 • ODD	315,264	3,463,186	0.1%	96.7%	4.5 bps	0.7 bps	71%	39th	$0.0004	99.5%
market	$250–$999 • ROUND	19,506	5,961,892	—	81.4%	20.4 bps	—	—	74th	—	97.2%
market	$1k–$5k • ODD	315,402	7,690,873	0.2%	94.8%	4.0 bps	0.8 bps	98%	49th	$-0.0000	99.2%
market	$1k–$5k • ROUND	90,294	35,070,486	0.0%	84.6%	9.6 bps	0.6 bps	100%	73rd	$-0.0000	98.1%
market	$5k–$10k • ODD	74,204	2,931,581	0.2%	95.2%	3.4 bps	0.6 bps	97%	49th	$0.0012	99.2%
market	$5k–$10k • ROUND	76,973	36,933,489	0.0%	84.5%	6.1 bps	0.6 bps	100%	72nd	$0.0004	98.3%
market	$10k–$20k • ODD	27,979	1,270,968	0.3%	95.5%	3.2 bps	0.6 bps	86%	42nd	$-0.0001	99.0%
market	$10k–$20k • ROUND	86,072	57,323,830	0.0%	84.4%	4.9 bps	0.8 bps	97%	79th	$0.0006	98.5%
market	$20k–$50k • ODD	3,926	190,875	0.4%	95.7%	2.2 bps	0.2 bps	18%	31st	$-0.0048	98.8%
market	$20k–$50k • ROUND	95,367	76,543,061	0.0%	79.8%	3.7 bps	0.6 bps	100%	69th	$0.0001	98.2%
market	$50k–$200k • ROUND	63,708	126,836,533	0.0%	69.6%	2.2 bps	0.4 bps	98%	67th	$0.0005	96.5%
market	≥$200k • ROUND	12,799	80,525,860	0.1%	37.6%	0.0 bps	0.1 bps	95%	56th	$0.0058	74.4%
marketable_limit	<$250 • ODD	18,273	131,244	—	93.3%	6.7 bps	—	—	63rd	—	99.5%
marketable_limit	<$250 • ROUND	584	148,905	—	72.6%	28.9 bps	—	—	90th	—	90.3%
marketable_limit	$250–$999 • ODD	16,164	259,819	—	95.2%	4.6 bps	—	—	68th	—	98.7%
marketable_limit	$250–$999 • ROUND	2,524	896,676	—	76.6%	19.5 bps	—	—	92nd	—	98.0%
marketable_limit	$1k–$5k • ODD	16,998	514,273	—	92.1%	3.6 bps	—	—	73rd	—	99.4%
marketable_limit	$1k–$5k • ROUND	10,693	5,814,827	—	72.3%	8.9 bps	—	—	76th	—	94.5%
marketable_limit	$5k–$10k • ODD	3,998	188,063	—	93.4%	3.2 bps	—	—	83rd	—	99.4%
marketable_limit	$5k–$10k • ROUND	9,065	6,849,183	—	70.4%	6.5 bps	—	—	79th	—	93.6%
marketable_limit	$10k–$20k • ODD	1,345	65,879	—	92.5%	3.9 bps	—	—	79th	—	98.9%
marketable_limit	$10k–$20k • ROUND	8,555	9,160,377	—	66.6%	5.2 bps	—	—	83rd	—	90.3%
marketable_limit	$20k–$50k • ODD	139	7,334	—	91.6%	2.9 bps	—	—	74th	—	98.8%
marketable_limit	$20k–$50k • ROUND	9,187	19,655,160	—	61.1%	3.4 bps	—	—	78th	—	84.5%
marketable_limit	$50k–$200k • ROUND	7,131	32,318,501	—	49.1%	1.9 bps	—	—	84th	—	83.0%
marketable_limit	≥$200k • ROUND	1,916	32,708,567	—	22.7%	-2.4 bps	—	—	11th	—	70.9%
nonmarketable_limit	<$250 • ODD	77,745	456,522	—	100.0%	24.6 bps	—	—	54th	—	31.7%
nonmarketable_limit	<$250 • ROUND	1,639	410,057	—	100.0%	101.0 bps	—	—	90th	—	36.6%
nonmarketable_limit	$250–$999 • ODD	65,302	937,238	—	100.0%	20.1 bps	—	—	69th	—	36.8%
nonmarketable_limit	$250–$999 • ROUND	8,542	2,448,247	—	100.0%	73.4 bps	—	—	84th	—	29.3%
nonmarketable_limit	$1k–$5k • ODD	61,644	1,662,791	—	100.0%	15.2 bps	—	—	64th	—	41.4%
nonmarketable_limit	$1k–$5k • ROUND	34,939	14,395,042	—	100.0%	31.7 bps	—	—	68th	—	27.5%
nonmarketable_limit	$5k–$10k • ODD	13,154	540,396	—	100.0%	10.1 bps	—	—	59th	—	48.1%
nonmarketable_limit	$5k–$10k • ROUND	25,221	14,226,365	—	100.0%	20.5 bps	—	—	68th	—	26.7%
nonmarketable_limit	$10k–$20k • ODD	5,984	286,604	—	100.0%	11.6 bps	—	—	63rd	—	48.4%
nonmarketable_limit	$10k–$20k • ROUND	24,061	19,062,644	—	100.0%	16.4 bps	—	—	69th	—	23.9%
nonmarketable_limit	$20k–$50k • ODD	545	30,872	—	100.0%	9.8 bps	—	—	39th	—	49.4%
nonmarketable_limit	$20k–$50k • ROUND	24,358	32,978,239	—	100.0%	12.9 bps	—	—	67th	—	23.8%
nonmarketable_limit	$50k–$200k • ROUND	15,383	46,491,972	—	100.0%	11.1 bps	—	—	73rd	—	21.8%
nonmarketable_limit	≥$200k • ROUND	3,425	38,248,020	—	100.0%	6.9 bps	—	—	60th	—	25.5%
market	<$250 • ODD	61,132	106,406	—	88.8%	2.8 bps	—	—	56th	—	99.5%
market	$250–$999 • ODD	154,232	605,739	—	89.3%	3.0 bps	—	—	66th	—	99.6%
market	$250–$999 • ROUND	8	835	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	222,393	2,868,616	—	89.0%	3.2 bps	—	—	78th	—	99.5%
market	$1k–$5k • ROUND	7,378	898,052	—	92.1%	2.2 bps	—	—	78th	—	99.6%
market	$5k–$10k • ODD	76,546	2,036,973	—	89.6%	3.3 bps	—	—	79th	—	99.6%
market	$5k–$10k • ROUND	11,744	1,915,339	—	92.0%	2.2 bps	—	—	85th	—	99.6%
market	$10k–$20k • ODD	40,857	1,504,244	—	89.3%	3.2 bps	—	—	78th	—	99.7%
market	$10k–$20k • ROUND	27,235	4,297,465	—	90.9%	2.9 bps	—	—	84th	—	99.5%
market	$20k–$50k • ODD	10,816	418,278	—	91.1%	4.0 bps	—	—	85th	—	99.6%
market	$20k–$50k • ROUND	50,646	10,810,240	—	90.3%	2.9 bps	—	—	79th	—	99.5%
market	$50k–$200k • ODD	258	9,345	—	93.0%	4.6 bps	—	—	89th	—	100.0%
market	$50k–$200k • ROUND	36,436	17,271,013	—	87.0%	2.9 bps	—	—	82nd	—	99.3%
market	≥$200k • ROUND	7,236	15,472,841	—	37.6%	-0.4 bps	—	—	15th	—	97.1%
marketable_limit	<$250 • ODD	4,557	9,151	—	86.5%	2.5 bps	—	—	83rd	—	99.1%
marketable_limit	$250–$999 • ODD	9,519	45,496	—	86.9%	2.7 bps	—	—	85th	—	98.1%
marketable_limit	$250–$999 • ROUND	2	200	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	14,541	212,564	—	86.5%	2.8 bps	—	—	90th	—	99.1%
marketable_limit	$1k–$5k • ROUND	796	95,636	—	85.6%	2.3 bps	—	—	94th	—	99.1%
marketable_limit	$5k–$10k • ODD	5,200	147,567	—	85.9%	2.8 bps	—	—	89th	—	99.5%
marketable_limit	$5k–$10k • ROUND	1,265	215,832	—	86.9%	2.1 bps	—	—	92nd	—	99.0%
marketable_limit	$10k–$20k • ODD	2,821	107,348	—	85.4%	3.1 bps	—	—	91st	—	99.3%
marketable_limit	$10k–$20k • ROUND	2,433	444,836	—	86.3%	2.6 bps	—	—	84th	—	99.2%
marketable_limit	$20k–$50k • ODD	715	27,034	—	90.1%	4.0 bps	—	—	95th	—	99.6%
marketable_limit	$20k–$50k • ROUND	4,338	1,065,018	—	84.7%	2.7 bps	—	—	92nd	—	98.4%
marketable_limit	$50k–$200k • ODD	12	423	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	3,382	2,202,693	—	80.4%	2.5 bps	—	—	93rd	—	97.8%
marketable_limit	≥$200k • ROUND	1,293	6,119,407	—	27.2%	-0.1 bps	—	—	24th	—	85.8%
nonmarketable_limit	<$250 • ODD	21,397	36,840	—	100.0%	8.0 bps	—	—	89th	—	47.5%
nonmarketable_limit	$250–$999 • ODD	45,362	183,584	—	100.0%	7.0 bps	—	—	91st	—	52.7%
nonmarketable_limit	$250–$999 • ROUND	4	400	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	64,596	829,514	—	100.0%	6.4 bps	—	—	81st	—	58.2%
nonmarketable_limit	$1k–$5k • ROUND	3,107	398,510	—	100.0%	10.3 bps	—	—	90th	—	27.4%
nonmarketable_limit	$5k–$10k • ODD	22,206	614,723	—	100.0%	5.9 bps	—	—	79th	—	61.4%
nonmarketable_limit	$5k–$10k • ROUND	4,594	787,915	—	100.0%	8.2 bps	—	—	92nd	—	31.8%
nonmarketable_limit	$10k–$20k • ODD	11,823	430,187	—	100.0%	5.1 bps	—	—	75th	—	65.5%
nonmarketable_limit	$10k–$20k • ROUND	9,549	1,685,970	—	100.0%	6.2 bps	—	—	88th	—	37.3%
nonmarketable_limit	$20k–$50k • ODD	3,082	114,008	—	100.0%	6.7 bps	—	—	90th	—	65.1%
nonmarketable_limit	$20k–$50k • ROUND	15,314	3,394,796	—	100.0%	5.6 bps	—	—	86th	—	44.0%
nonmarketable_limit	$50k–$200k • ODD	36	1,353	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	11,538	6,699,533	—	100.0%	4.4 bps	—	—	76th	—	45.1%
nonmarketable_limit	≥$200k • ROUND	4,059	14,683,417	—	100.0%	7.1 bps	—	—	93rd	—	37.8%

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.

No raw Rule 605 files stored for this market center.

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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