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Rule 605 Market Center Scorecard
WELLS FARGO CLEARING SERVICES, LLC
Status: ACTIVE
Generated: Thu, 15 Oct 2026 21:44:05 GMT
Quarter:2026Q3
Covered Orders66,113Across all reported tiers
Covered Shares22,688In Q3 2026
Active Tiers15Order 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 • Fractional | 28,334 | 10,263 | 80.1% | 98.0% | 2.4 bps | 1.0 bps | 31% | 60th | $0.0039 | 99.9% |
| Market | $250–$999 • Fractional | 1,083 | 679 | 56.1% | 95.9% | 0.6 bps | 0.2 bps | 57% | 24th | $0.0090 | 99.9% |
| Market | $1k–$5k • Fractional | 21 | 14 | — | — | — | — | — | — | — | — |
| Marketable Limit | <$250 • Fractional | 664 | 302 | 87.8% | 79.5% | 3.7 bps | — | 0% | 72nd | $0.0199 | 95.6% |
| Marketable Limit | $250–$999 • Fractional | 3 | 1 | — | — | — | — | — | — | — | — |
| Marketable Limit | $1k–$5k • Fractional | 1 | 1 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | <$250 • Fractional | 926 | 381 | 76.6% | 100.0% | 9.9 bps | — | 0% | 48th | $0.0300 | 26.7% |
| Non-Marketable Limit | $250–$999 • Fractional | 9 | 7 | — | — | — | — | — | — | — | — |
| Market | <$250 • Fractional | 31,897 | 9,263 | 90.3% | 99.0% | 2.8 bps | 1.7 bps | 63% | 68th | $0.0028 | 100.0% |
| Market | $250–$999 • Fractional | 1,996 | 1,386 | 80.8% | 98.2% | 2.6 bps | 0.8 bps | 31% | 60th | $0.0156 | 99.9% |
| Market | $1k–$5k • Fractional | 22 | 19 | — | — | — | — | — | — | — | — |
| Marketable Limit | <$250 • Fractional | 238 | 75 | 100.0% | 92.5% | 1.8 bps | — | 0% | 48th | $0.0144 | 100.0% |
| Marketable Limit | $250–$999 • Fractional | 13 | 8 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | <$250 • Fractional | 865 | 261 | 92.8% | 100.0% | 5.2 bps | — | 0% | 47th | $0.0532 | 42.0% |
| Non-Marketable Limit | $250–$999 • Fractional | 41 | 28 | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| aug-wels-605.txt | 202608 | detailed | stored | 2026-10-15T18:10:36.722952382+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
7
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.
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