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Rule 605 Market Center Scorecard
Nasdaq Texas
Status: ACTIVE
Generated: Thu, 15 Oct 2026 22:28:14 GMT
Quarter:2026Q3
Covered Orders2,211,561,056Across all reported tiers
Covered Shares860,470,942,325In Q3 2026
Active Tiers59Order 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Marketable Limit | <$250 • Odd Lot | 9,256,927 | 90,173,660 | 13.5% | 21.9% | 1.9 bps | -0.0 bps | 98% | 34th | $0.0210 | 99.9% |
| Marketable Limit | <$250 • Round Lot | 1,213,861 | 231,321,825 | 5.0% | 12.2% | 1.5 bps | -22.9 bps | 99% | 24th | $0.0048 | 99.4% |
| Marketable Limit | $250–$999 • Odd Lot | 5,450,666 | 216,159,340 | 4.5% | 15.2% | 1.6 bps | 0.0 bps | 89% | 36th | $0.0445 | 99.9% |
| Marketable Limit | $250–$999 • Round Lot | 3,621,368 | 873,739,726 | 3.7% | 8.0% | 1.0 bps | -13.4 bps | 98% | 25th | $0.0106 | 99.4% |
| Marketable Limit | $1k–$5k • Odd Lot | 7,065,843 | 371,430,087 | 3.7% | 17.0% | 1.0 bps | -0.5 bps | 87% | 29th | $0.0758 | 99.9% |
| Marketable Limit | $1k–$5k • Round Lot | 17,902,814 | 4,722,981,381 | 1.8% | 9.9% | 0.6 bps | -2.8 bps | 96% | 27th | $0.0228 | 99.7% |
| Marketable Limit | $5k–$10k • Odd Lot | 1,226,583 | 77,841,954 | 5.1% | 20.0% | 0.7 bps | -1.2 bps | 87% | 30th | $0.1579 | 100.0% |
| Marketable Limit | $5k–$10k • Round Lot | 10,349,918 | 4,602,952,558 | 1.1% | 11.4% | 0.5 bps | -1.1 bps | 92% | 26th | $0.0402 | 99.8% |
| Marketable Limit | $10k–$20k • Odd Lot | 368,833 | 25,365,278 | 6.7% | 23.3% | 0.6 bps | -0.5 bps | 90% | 32nd | $0.2717 | 100.0% |
| Marketable Limit | $10k–$20k • Round Lot | 8,010,582 | 6,381,227,435 | 0.8% | 11.4% | 0.4 bps | -1.1 bps | 91% | 26th | $0.0595 | 99.9% |
| Marketable Limit | $20k–$50k • Odd Lot | 41,310 | 3,368,550 | 7.0% | 22.0% | 0.6 bps | 0.7 bps | 82% | 33rd | $0.5939 | 100.0% |
| Marketable Limit | $20k–$50k • Round Lot | 6,835,184 | 11,050,119,391 | 0.5% | 9.7% | 0.4 bps | -0.8 bps | 91% | 30th | $0.0779 | 99.8% |
| Marketable Limit | $50k–$200k • Round Lot | 6,775,582 | 22,337,220,772 | 0.4% | 4.7% | 0.3 bps | -0.6 bps | 93% | 37th | $0.0514 | 99.8% |
| Marketable Limit | ≥$200k • Round Lot | 3,698,931 | 115,764,076,715 | 0.0% | 9.3% | 0.1 bps | -0.5 bps | 71% | 66th | $0.0682 | 99.8% |
| Non-Marketable Limit | <$250 • Odd Lot | 97,988,773 | 876,818,553 | 0.5% | 100.0% | 33.1 bps | 96.7 bps | 100% | 80th | $0.0468 | 72.9% |
| Non-Marketable Limit | <$250 • Round Lot | 12,600,205 | 2,549,460,472 | 0.4% | 100.0% | 28.8 bps | 89.4 bps | 100% | 7th | $0.0029 | 78.4% |
| Non-Marketable Limit | $250–$999 • Odd Lot | 75,826,901 | 2,008,247,336 | 0.4% | 100.0% | 19.9 bps | 57.7 bps | 100% | 71st | $0.0447 | 78.9% |
| Non-Marketable Limit | $250–$999 • Round Lot | 31,656,661 | 7,496,237,324 | 0.3% | 100.0% | 31.3 bps | 110.6 bps | 100% | 28th | $0.0075 | 67.5% |
| Non-Marketable Limit | $1k–$5k • Odd Lot | 209,388,061 | 7,010,451,595 | 0.2% | 100.0% | 10.8 bps | 36.9 bps | 100% | 45th | $0.0604 | 83.7% |
| Non-Marketable Limit | $1k–$5k • Round Lot | 228,934,924 | 43,341,703,319 | 0.1% | 100.0% | 12.0 bps | 55.0 bps | 100% | 28th | $0.0188 | 71.7% |
| Non-Marketable Limit | $5k–$10k • Odd Lot | 68,204,398 | 3,447,970,950 | 0.1% | 100.0% | 7.4 bps | 31.2 bps | 100% | 39th | $0.0908 | 88.2% |
| Non-Marketable Limit | $5k–$10k • Round Lot | 198,204,612 | 46,260,701,051 | 0.1% | 100.0% | 8.8 bps | 43.2 bps | 99% | 26th | $0.0288 | 72.5% |
| Non-Marketable Limit | $10k–$20k • Odd Lot | 27,220,840 | 1,426,159,129 | 0.1% | 100.0% | 8.0 bps | 28.9 bps | 100% | 42nd | $0.1566 | 89.1% |
| Non-Marketable Limit | $10k–$20k • Round Lot | 221,926,200 | 68,290,939,271 | 0.1% | 100.0% | 6.7 bps | 36.7 bps | 99% | 24th | $0.0362 | 75.7% |
| Non-Marketable Limit | $20k–$50k • Odd Lot | 1,115,487 | 81,357,970 | 0.4% | 100.0% | 12.1 bps | 23.9 bps | 100% | 57th | $0.3853 | 95.6% |
| Non-Marketable Limit | $20k–$50k • Round Lot | 208,549,487 | 109,378,211,699 | 0.0% | 100.0% | 5.9 bps | 32.5 bps | 99% | 20th | $0.0495 | 77.4% |
| Non-Marketable Limit | $50k–$200k • Odd Lot | 5 | 374 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | $50k–$200k • Round Lot | 132,265,354 | 162,911,922,152 | 0.0% | 100.0% | 5.2 bps | 34.7 bps | 99% | 21st | $0.0839 | 77.4% |
| Non-Marketable Limit | ≥$200k • Odd Lot | 1 | 66 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | ≥$200k • Round Lot | 26,699,090 | 110,397,128,274 | 0.0% | 100.0% | 4.4 bps | 29.6 bps | 92% | 28th | $0.1057 | 70.1% |
| Marketable Limit | <$250 • Odd Lot | 491,633 | 986,478 | 28.6% | 16.9% | 0.5 bps | 0.0 bps | 100% | 32nd | $0.0302 | 100.0% |
| Marketable Limit | $250–$999 • Odd Lot | 429,244 | 3,578,315 | 18.7% | 13.3% | 0.6 bps | -0.2 bps | 100% | 33rd | $0.0565 | 99.9% |
| Marketable Limit | $250–$999 • Round Lot | 1,451 | 145,402 | 27.1% | 4.6% | 0.4 bps | -1.2 bps | 100% | 53rd | $0.0090 | 100.0% |
| Marketable Limit | $1k–$5k • Odd Lot | 3,596,663 | 162,976,199 | 2.2% | 14.8% | 0.4 bps | -1.2 bps | 100% | 26th | $0.0682 | 99.9% |
| Marketable Limit | $1k–$5k • Round Lot | 1,519,042 | 186,666,811 | 2.5% | 6.5% | 0.1 bps | -1.7 bps | 100% | 27th | $0.0126 | 99.9% |
| Marketable Limit | $5k–$10k • Odd Lot | 2,414,635 | 137,596,202 | 2.4% | 17.7% | 0.3 bps | -1.6 bps | 100% | 23rd | $0.1095 | 100.0% |
| Marketable Limit | $5k–$10k • Round Lot | 3,288,417 | 593,698,995 | 1.1% | 11.2% | 0.2 bps | -1.3 bps | 100% | 34th | $0.0224 | 99.9% |
| Marketable Limit | $10k–$20k • Odd Lot | 1,251,611 | 73,645,771 | 3.6% | 20.6% | 0.3 bps | -1.0 bps | 100% | 26th | $0.1743 | 100.0% |
| Marketable Limit | $10k–$20k • Round Lot | 5,377,493 | 1,057,622,162 | 1.1% | 19.3% | 0.3 bps | -1.1 bps | 100% | 30th | $0.0855 | 100.0% |
| Marketable Limit | $20k–$50k • Odd Lot | 296,219 | 15,780,731 | 4.3% | 24.6% | 0.3 bps | 0.1 bps | 98% | 27th | $0.3133 | 100.0% |
| Marketable Limit | $20k–$50k • Round Lot | 3,741,195 | 940,794,421 | 1.4% | 20.1% | 0.3 bps | -1.3 bps | 100% | 29th | $0.1426 | 100.0% |
| Marketable Limit | $50k–$200k • Odd Lot | 6,853 | 251,890 | 1.7% | 46.9% | 0.2 bps | 0.9 bps | 100% | 26th | $0.8798 | 100.0% |
| Marketable Limit | $50k–$200k • Round Lot | 1,089,890 | 297,029,162 | 2.3% | 17.9% | 0.2 bps | -0.7 bps | 99% | 28th | $0.1648 | 99.9% |
| Marketable Limit | ≥$200k • Round Lot | 98,026 | 173,805,778 | 1.0% | 22.5% | 0.2 bps | -1.4 bps | 86% | 60th | $0.1298 | 99.8% |
| Non-Marketable Limit | <$250 • Odd Lot | 12,533,566 | 19,085,688 | 0.7% | 100.0% | 6.7 bps | 21.3 bps | 100% | 84th | $0.0575 | 69.5% |
| Non-Marketable Limit | $250–$999 • Odd Lot | 19,797,130 | 111,924,394 | 0.6% | 100.0% | 5.0 bps | 19.6 bps | 100% | 75th | $0.0601 | 72.9% |
| Non-Marketable Limit | $250–$999 • Round Lot | 12,683 | 1,270,951 | 0.8% | 100.0% | 9.7 bps | 41.6 bps | 100% | 50th | $-0.0008 | 80.6% |
| Non-Marketable Limit | $1k–$5k • Odd Lot | 52,261,414 | 1,313,825,181 | 0.4% | 100.0% | 4.0 bps | 18.4 bps | 100% | 52nd | $0.0440 | 88.5% |
| Non-Marketable Limit | $1k–$5k • Round Lot | 9,013,550 | 922,107,482 | 0.3% | 100.0% | 3.2 bps | 14.3 bps | 100% | 42nd | $0.0027 | 70.6% |
| Non-Marketable Limit | $5k–$10k • Odd Lot | 49,577,064 | 2,193,911,074 | 0.3% | 100.0% | 3.6 bps | 19.6 bps | 100% | 38th | $0.0576 | 88.9% |
| Non-Marketable Limit | $5k–$10k • Round Lot | 28,862,039 | 3,673,757,680 | 0.1% | 100.0% | 3.5 bps | 19.5 bps | 100% | 70th | $0.0071 | 83.8% |
| Non-Marketable Limit | $10k–$20k • Odd Lot | 38,174,510 | 1,660,534,465 | 0.2% | 100.0% | 3.2 bps | 15.5 bps | 100% | 31st | $0.0843 | 91.6% |
| Non-Marketable Limit | $10k–$20k • Round Lot | 77,910,180 | 9,373,110,647 | 0.1% | 100.0% | 4.3 bps | 26.0 bps | 100% | 68th | $0.0301 | 84.8% |
| Non-Marketable Limit | $20k–$50k • Odd Lot | 11,127,280 | 410,682,182 | 0.2% | 100.0% | 3.6 bps | 8.1 bps | 100% | 40th | $0.2090 | 95.3% |
| Non-Marketable Limit | $20k–$50k • Round Lot | 121,137,423 | 19,623,030,305 | 0.1% | 100.0% | 3.8 bps | 30.6 bps | 100% | 62nd | $0.0506 | 85.6% |
| Non-Marketable Limit | $50k–$200k • Odd Lot | 126,535 | 4,112,958 | 0.1% | 100.0% | 3.9 bps | 3.0 bps | 100% | 40th | $0.5681 | 99.2% |
| Non-Marketable Limit | $50k–$200k • Round Lot | 111,410,795 | 53,018,928,804 | 0.0% | 100.0% | 3.4 bps | 21.8 bps | 100% | 58th | $0.1058 | 89.7% |
| Non-Marketable Limit | ≥$200k • Odd Lot | 1 | 5 | — | — | — | — | — | — | — | — |
| Non-Marketable Limit | ≥$200k • Round Lot | 33,615,113 | 32,274,793,985 | 0.0% | 100.0% | 3.3 bps | 28.9 bps | 100% | 59th | $0.2233 | 97.5% |
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 |
|---|---|---|---|---|---|
| ntxeqreport_202608.zip | 202608 | detailed | stored | 2026-10-15T18:10:22.984660534+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
3
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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