Wedbush Securities, Inc.

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:23:37 GMT

Quarter:2026Q3

Covered Orders270,713Across all reported tiers

Covered Shares58,133,522In Q3 2026

Active Tiers77Order 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	3,242	27,971	—	29.9%	2.1 bps	—	—	5th	—	100.0%
market	<$250 • ROUND	171	63,038	—	26.0%	4.9 bps	—	—	7th	—	95.4%
market	$250–$999 • ODD	279	6,516	—	41.8%	5.8 bps	—	—	57th	—	100.0%
market	$250–$999 • ROUND	258	198,990	—	15.0%	5.2 bps	—	—	4th	—	100.0%
market	$1k–$5k • ODD	211	7,782	—	50.7%	4.8 bps	—	—	69th	—	100.0%
market	$1k–$5k • ROUND	189	378,254	—	15.7%	-0.8 bps	—	—	5th	—	93.5%
market	$5k–$10k • ODD	26	1,463	—	—	—	—	—	—	—	—
market	$5k–$10k • ROUND	57	172,397	—	—	—	—	—	—	—	—
market	$10k–$20k • ODD	7	417	—	—	—	—	—	—	—	—
market	$10k–$20k • ROUND	42	333,981	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	33	124,022	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	11	155,407	—	—	—	—	—	—	—	—
market	≥$200k • ROUND	4	116,833	—	—	—	—	—	—	—	—
marketable_limit	<$250 • ODD	36,458	255,245	—	32.2%	6.3 bps	—	—	62nd	—	99.7%
marketable_limit	<$250 • ROUND	2,034	784,702	—	19.9%	5.7 bps	—	—	45th	—	99.6%
marketable_limit	$250–$999 • ODD	12,167	148,136	—	46.2%	10.2 bps	—	—	96th	—	99.9%
marketable_limit	$250–$999 • ROUND	2,799	2,386,057	—	18.1%	5.3 bps	—	—	44th	—	98.6%
marketable_limit	$1k–$5k • ODD	12,269	241,524	—	57.0%	7.5 bps	—	—	98th	—	99.8%
marketable_limit	$1k–$5k • ROUND	2,436	3,218,218	—	15.6%	3.4 bps	—	—	54th	—	98.1%
marketable_limit	$5k–$10k • ODD	1,662	69,113	—	64.5%	6.4 bps	—	—	97th	—	100.0%
marketable_limit	$5k–$10k • ROUND	851	1,372,475	—	17.2%	2.8 bps	—	—	57th	—	94.6%
marketable_limit	$10k–$20k • ODD	532	34,582	—	65.3%	6.0 bps	—	—	95th	—	100.0%
marketable_limit	$10k–$20k • ROUND	852	1,060,182	—	21.8%	3.1 bps	—	—	68th	—	92.8%
marketable_limit	$20k–$50k • ODD	28	2,417	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	733	883,317	—	24.3%	3.1 bps	—	—	73rd	—	94.3%
marketable_limit	$50k–$200k • ROUND	529	3,590,736	—	21.2%	1.0 bps	—	—	65th	—	87.6%
marketable_limit	≥$200k • ROUND	402	14,953,179	—	13.1%	-1.8 bps	—	—	15th	—	86.2%
nonmarketable_limit	<$250 • ODD	54,108	406,456	—	100.0%	20.1 bps	—	—	41st	—	45.3%
nonmarketable_limit	<$250 • ROUND	3,123	1,019,707	—	100.0%	49.5 bps	—	—	40th	—	57.8%
nonmarketable_limit	$250–$999 • ODD	19,690	238,367	—	100.0%	13.5 bps	—	—	42nd	—	47.1%
nonmarketable_limit	$250–$999 • ROUND	3,329	2,571,478	—	100.0%	57.1 bps	—	—	73rd	—	58.6%
nonmarketable_limit	$1k–$5k • ODD	9,818	218,127	—	100.0%	9.2 bps	—	—	35th	—	55.8%
nonmarketable_limit	$1k–$5k • ROUND	4,184	4,175,256	—	100.0%	35.6 bps	—	—	74th	—	50.0%
nonmarketable_limit	$5k–$10k • ODD	1,291	57,856	—	100.0%	7.5 bps	—	—	39th	—	65.5%
nonmarketable_limit	$5k–$10k • ROUND	1,374	1,887,733	—	100.0%	17.4 bps	—	—	52nd	—	36.4%
nonmarketable_limit	$10k–$20k • ODD	316	20,064	—	100.0%	8.2 bps	—	—	43rd	—	67.9%
nonmarketable_limit	$10k–$20k • ROUND	1,281	1,625,601	—	100.0%	11.3 bps	—	—	44th	—	41.9%
nonmarketable_limit	$20k–$50k • ODD	22	1,908	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	911	876,632	—	100.0%	8.4 bps	—	—	36th	—	33.6%
nonmarketable_limit	$50k–$200k • ROUND	527	1,804,259	—	100.0%	6.5 bps	—	—	35th	—	27.5%
nonmarketable_limit	≥$200k • ROUND	361	11,418,102	—	100.0%	2.5 bps	—	—	9th	—	32.5%
market	<$250 • ODD	78	94	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	299	860	—	61.3%	1.4 bps	—	—	8th	—	100.0%
market	$1k–$5k • ODD	371	2,912	—	57.1%	2.1 bps	—	—	32nd	—	100.0%
market	$1k–$5k • ROUND	1	100	—	—	—	—	—	—	—	—
market	$5k–$10k • ODD	26	659	—	—	—	—	—	—	—	—
market	$5k–$10k • ROUND	4	605	—	—	—	—	—	—	—	—
market	$10k–$20k • ODD	28	866	—	—	—	—	—	—	—	—
market	$10k–$20k • ROUND	6	731	—	—	—	—	—	—	—	—
market	$20k–$50k • ODD	1	15	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	9	1,329	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	8	2,189	—	—	—	—	—	—	—	—
marketable_limit	<$250 • ODD	12,731	16,439	—	55.3%	2.6 bps	—	—	87th	—	100.0%
marketable_limit	$250–$999 • ODD	8,460	23,481	—	60.4%	3.4 bps	—	—	96th	—	100.0%
marketable_limit	$1k–$5k • ODD	15,038	131,036	—	67.1%	2.8 bps	—	—	89th	—	100.0%
marketable_limit	$1k–$5k • ROUND	43	4,850	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	3,231	77,389	—	68.6%	2.4 bps	—	—	78th	—	99.9%
marketable_limit	$5k–$10k • ROUND	48	6,444	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	1,371	55,136	—	67.2%	2.2 bps	—	—	81st	—	100.0%
marketable_limit	$10k–$20k • ROUND	273	31,760	—	60.2%	2.8 bps	—	—	91st	—	100.0%
marketable_limit	$20k–$50k • ODD	230	11,378	—	68.8%	2.3 bps	—	—	66th	—	99.4%
marketable_limit	$20k–$50k • ROUND	622	87,099	—	63.0%	2.0 bps	—	—	80th	—	99.9%
marketable_limit	$50k–$200k • ODD	1	35	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	325	111,059	—	55.5%	1.9 bps	—	—	84th	—	99.8%
marketable_limit	≥$200k • ROUND	47	66,018	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	13,435	16,809	—	100.0%	4.9 bps	—	—	59th	—	52.3%
nonmarketable_limit	$250–$999 • ODD	20,065	50,508	—	100.0%	5.2 bps	—	—	79th	—	56.3%
nonmarketable_limit	$1k–$5k • ODD	10,820	96,184	—	100.0%	4.7 bps	—	—	60th	—	61.3%
nonmarketable_limit	$1k–$5k • ROUND	89	10,640	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	1,999	50,164	—	100.0%	4.7 bps	—	—	64th	—	65.1%
nonmarketable_limit	$5k–$10k • ROUND	99	14,691	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	875	30,893	—	100.0%	5.3 bps	—	—	77th	—	71.3%
nonmarketable_limit	$10k–$20k • ROUND	336	40,521	—	100.0%	2.6 bps	—	—	19th	—	65.5%
nonmarketable_limit	$20k–$50k • ODD	177	7,090	—	100.0%	6.5 bps	—	—	89th	—	74.6%
nonmarketable_limit	$20k–$50k • ROUND	625	101,165	—	100.0%	3.0 bps	—	—	31st	—	63.3%
nonmarketable_limit	$50k–$200k • ROUND	265	85,347	—	100.0%	3.9 bps	—	—	68th	—	70.9%
nonmarketable_limit	≥$200k • ROUND	60	88,526	—	—	—	—	—	—	—	—

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
WBSI202608.csv	202608	summary	stored	2026-09-30T21:17:20.841381830+00:00	File Link ↗
WEDB202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841382831+00:00	File Link ↗
WEDB202608.csv	202608	summary	stored	2026-09-30T21:17:20.841383873+00:00	File Link ↗
WBSI202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841384595+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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