WEDBUSH SECURITIES INC.

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

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:27:40 GMT

Quarter:2026Q3

Covered Orders19,340Across all reported tiers

Covered Shares10,736,847In Q3 2026

Active Tiers74Order 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	904	3,646	—	93.2%	1.6 bps	—	—	2nd	—	91.7%
market	<$250 • ROUND	5	2,136	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	982	14,664	—	95.6%	1.3 bps	—	—	4th	—	96.2%
market	$250–$999 • ROUND	58	16,502	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	1,850	57,024	—	96.3%	0.7 bps	—	—	0th	—	96.4%
market	$1k–$5k • ROUND	674	324,189	—	75.7%	2.7 bps	—	—	13th	—	99.5%
market	$5k–$10k • ODD	583	27,946	—	95.0%	0.5 bps	—	—	1st	—	97.8%
market	$5k–$10k • ROUND	913	474,804	—	77.4%	1.4 bps	—	—	8th	—	98.5%
market	$10k–$20k • ODD	234	11,311	—	91.8%	0.7 bps	—	—	0th	—	100.0%
market	$10k–$20k • ROUND	1,285	936,097	—	82.9%	1.5 bps	—	—	20th	—	95.6%
market	$20k–$50k • ODD	26	1,013	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	1,282	1,235,588	—	83.2%	0.9 bps	—	—	13th	—	99.2%
market	$50k–$200k • ROUND	615	1,597,435	—	61.9%	-9.0 bps	—	—	0th	—	89.5%
market	≥$200k • ROUND	108	1,128,926	—	25.1%	-6.3 bps	—	—	2nd	—	71.2%
marketable_limit	<$250 • ODD	3	7	—	—	—	—	—	—	—	—
marketable_limit	<$250 • ROUND	2	3,100	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	14	485	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ROUND	7	5,138	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	14	698	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ROUND	83	77,364	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	6	240	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	116	275,849	0.9%	32.8%	-11.0 bps	—	0%	5th	$0.0098	98.3%
marketable_limit	$10k–$20k • ODD	2	135	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	127	679,710	0.7%	36.0%	-8.4 bps	—	0%	7th	$0.0043	58.0%
marketable_limit	$20k–$50k • ROUND	95	1,131,653	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	48	247,008	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	22	406,737	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	4	13	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ROUND	5	1,275	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	19	533	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ROUND	5	1,850	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	59	2,018	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	181	80,841	—	100.0%	59.4 bps	—	—	87th	—	59.5%
nonmarketable_limit	$5k–$10k • ODD	44	2,248	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	185	159,669	4.7%	100.0%	24.1 bps	—	0%	76th	$0.0000	28.1%
nonmarketable_limit	$10k–$20k • ODD	12	809	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	227	202,243	2.5%	100.0%	14.5 bps	—	0%	58th	—	26.3%
nonmarketable_limit	$20k–$50k • ROUND	152	231,471	—	100.0%	16.4 bps	—	—	83rd	—	28.4%
nonmarketable_limit	$50k–$200k • ROUND	61	338,604	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	14	166,304	—	—	—	—	—	—	—	—
market	<$250 • ODD	296	505	—	98.8%	0.7 bps	—	—	1st	—	100.0%
market	$250–$999 • ODD	982	4,244	—	95.3%	0.6 bps	—	—	0th	—	99.5%
market	$1k–$5k • ODD	2,332	37,980	—	95.9%	0.5 bps	—	—	0th	—	98.2%
market	$1k–$5k • ROUND	121	14,011	—	99.8%	0.5 bps	—	—	0th	—	98.0%
market	$5k–$10k • ODD	1,141	35,408	—	95.9%	0.6 bps	—	—	0th	—	98.7%
market	$5k–$10k • ROUND	138	22,102	—	95.5%	0.3 bps	—	—	0th	—	98.2%
market	$10k–$20k • ODD	663	27,321	—	94.8%	0.5 bps	—	—	0th	—	99.6%
market	$10k–$20k • ROUND	504	79,181	—	94.7%	0.3 bps	—	—	1st	—	100.0%
market	$20k–$50k • ODD	150	5,817	—	94.8%	0.9 bps	—	—	0th	—	100.0%
market	$20k–$50k • ROUND	1,043	218,775	—	90.2%	0.6 bps	—	—	0th	—	99.9%
market	$50k–$200k • ODD	1	39	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	455	222,937	—	88.9%	0.4 bps	—	—	0th	—	99.9%
market	≥$200k • ROUND	77	108,975	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	1	4	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	8	209	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	17	461	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	1	100	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	5	262	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	11	3,678	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	2	53	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	11	4,335	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	7	2,189	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	7	31,526	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	5	29	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	68	1,280	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ROUND	8	924	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	49	1,186	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ROUND	8	1,315	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	51	2,416	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	34	5,303	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	10	379	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	57	12,208	—	—	—	—	—	—	—	—
nonmarketable_limit	$50k–$200k • ROUND	36	21,472	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	15	22,940	—	—	—	—	—	—	—	—

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
TWBSI202607.dat	202607	detailed	stored	2026-09-28T20:18:10.743+00:00	File Link ↗
TWBSI202607.zip	202607	detailed	variant		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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