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Rule 605 Market Center Scorecard
NATIONAL FINANCIAL SERVICES LLC
MPID Firm: NATIONAL FINANCIAL SERVICES LLC(XSTM)
Status: ACTIVE
Generated: Wed, 14 Oct 2026 18:28:47 GMT
Quarter:2026Q3
Covered Orders237,683,853Across all reported tiers
Covered Shares37,453,166,952In Q3 2026
Active Tiers55Order 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 | 4,897 | 101,032 | 2.3% | 3.2% | 0.2 bps | — | 0% | 11th | $0.0150 | 100.0% |
| marketable_limit | <$250 • ROUND | 171,950 | 19,457,504 | 4.2% | 12.1% | 2.2 bps | -10.6 bps | 84% | 28th | $0.0042 | 100.0% |
| marketable_limit | $250–$999 • ODD | 3,344 | 159,951 | 5.1% | 1.2% | 0.1 bps | — | 0% | 10th | $0.0169 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 236,817 | 34,905,750 | 6.9% | 3.8% | 0.4 bps | -2.8 bps | 77% | 11th | $0.0101 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 2,375 | 138,349 | 6.0% | 3.2% | 0.1 bps | — | 0% | 10th | $0.0387 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 1,851,018 | 228,184,388 | 4.7% | 5.1% | 0.2 bps | -3.1 bps | 89% | 11th | $0.0148 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 543 | 36,683 | 10.0% | 3.1% | 0.0 bps | — | 0% | 10th | $0.0419 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 493,905 | 77,557,968 | 6.0% | 5.8% | 0.2 bps | -2.4 bps | 58% | 16th | $0.0281 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 226 | 17,675 | 10.7% | 3.1% | 0.0 bps | — | 0% | 11th | $0.0829 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 185,183 | 66,141,850 | 6.9% | 7.4% | 0.3 bps | -4.4 bps | 48% | 21st | $0.0358 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 13 | 984 | — | — | — | — | — | — | — | — |
| marketable_limit | $20k–$50k • ROUND | 71,465 | 58,203,870 | 5.9% | 4.4% | 0.2 bps | -3.9 bps | 28% | 20th | $0.0560 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 38,096 | 124,366,461 | 2.7% | 6.6% | 0.2 bps | -1.9 bps | 31% | 33rd | $0.0391 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 12,170 | 167,828,465 | 0.7% | 4.5% | 0.1 bps | -3.2 bps | 13% | 69th | $0.0471 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 17,979,982 | 189,538,917 | 0.2% | 99.9% | 11.6 bps | 65.1 bps | 100% | 16th | $-0.0001 | 100.0% |
| nonmarketable_limit | <$250 • ROUND | 3,537,680 | 466,807,129 | 0.2% | 99.8% | 34.8 bps | 123.7 bps | 100% | 19th | $-0.0001 | 97.8% |
| nonmarketable_limit | $250–$999 • ODD | 10,444,567 | 247,985,414 | 0.2% | 99.7% | 10.7 bps | 54.0 bps | 100% | 29th | $-0.0002 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 10,777,675 | 1,400,523,017 | 0.4% | 99.6% | 16.3 bps | 77.9 bps | 100% | 7th | $0.0002 | 97.8% |
| nonmarketable_limit | $1k–$5k • ODD | 7,977,747 | 310,654,244 | 0.3% | 99.5% | 10.8 bps | 52.4 bps | 100% | 44th | $-0.0004 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 49,973,117 | 6,296,308,489 | 0.5% | 99.5% | 8.0 bps | 70.4 bps | 100% | 10th | $0.0019 | 98.1% |
| nonmarketable_limit | $5k–$10k • ODD | 1,486,747 | 81,056,902 | 0.4% | 99.9% | 11.8 bps | 54.3 bps | 99% | 68th | $-0.0008 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 31,082,412 | 4,316,201,257 | 0.4% | 99.7% | 7.0 bps | 64.2 bps | 100% | 15th | $0.0059 | 99.1% |
| nonmarketable_limit | $10k–$20k • ODD | 1,071,667 | 62,894,617 | 0.3% | 100.0% | 15.4 bps | 47.5 bps | 100% | 74th | $0.0008 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 22,997,314 | 3,863,681,006 | 0.3% | 99.8% | 7.7 bps | 58.8 bps | 99% | 28th | $0.0103 | 99.6% |
| nonmarketable_limit | $20k–$50k • ODD | 325,607 | 23,036,750 | 0.2% | 100.0% | 18.2 bps | 32.8 bps | 100% | 69th | $0.0012 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 16,025,835 | 4,002,799,091 | 0.2% | 99.9% | 8.9 bps | 54.3 bps | 98% | 41st | $0.0181 | 99.9% |
| nonmarketable_limit | $50k–$200k • ROUND | 3,244,978 | 3,288,164,601 | 0.1% | 100.0% | 7.8 bps | 38.8 bps | 95% | 45th | $0.0084 | 100.0% |
| nonmarketable_limit | ≥$200k • ROUND | 296,949 | 2,839,287,907 | 0.0% | 100.0% | 7.6 bps | 42.0 bps | 79% | 69th | $0.0025 | 100.0% |
| marketable_limit | <$250 • ODD | 252 | 581 | 15.5% | 0.0% | -0.0 bps | — | 0% | 7th | $0.0521 | 100.0% |
| marketable_limit | $250–$999 • ODD | 308 | 3,370 | 10.3% | 1.4% | -0.0 bps | — | 0% | 7th | $0.0284 | 100.0% |
| marketable_limit | $250–$999 • ROUND | 333 | 33,308 | 16.7% | 5.4% | 0.3 bps | -1.6 bps | 100% | 42nd | $0.0099 | 100.0% |
| marketable_limit | $1k–$5k • ODD | 658 | 26,151 | 9.8% | 0.9% | 0.0 bps | — | 0% | 8th | $0.0415 | 100.0% |
| marketable_limit | $1k–$5k • ROUND | 58,088 | 5,931,278 | 30.2% | 3.5% | 0.1 bps | -3.4 bps | 100% | 19th | $0.0104 | 100.0% |
| marketable_limit | $5k–$10k • ODD | 264 | 13,713 | 22.7% | 5.2% | 0.2 bps | — | 0% | 20th | $0.0453 | 100.0% |
| marketable_limit | $5k–$10k • ROUND | 108,179 | 11,749,630 | 26.4% | 5.1% | 0.1 bps | -2.8 bps | 93% | 14th | $0.0162 | 100.0% |
| marketable_limit | $10k–$20k • ODD | 212 | 10,314 | 21.8% | 1.8% | -0.0 bps | — | 0% | 7th | $0.1374 | 100.0% |
| marketable_limit | $10k–$20k • ROUND | 99,683 | 12,252,346 | 24.1% | 5.8% | 0.1 bps | -3.4 bps | 81% | 13th | $0.0376 | 100.0% |
| marketable_limit | $20k–$50k • ODD | 54 | 3,764 | — | — | — | — | — | — | — | — |
| marketable_limit | $20k–$50k • ROUND | 114,624 | 17,798,293 | 21.3% | 5.3% | 0.1 bps | -3.3 bps | 80% | 13th | $0.0537 | 100.0% |
| marketable_limit | $50k–$200k • ROUND | 63,224 | 24,443,474 | 9.1% | 6.0% | 0.1 bps | -1.8 bps | 58% | 15th | $0.0781 | 100.0% |
| marketable_limit | ≥$200k • ROUND | 12,650 | 68,028,082 | 1.2% | 6.9% | 0.0 bps | -2.1 bps | 51% | 45th | $0.0980 | 100.0% |
| nonmarketable_limit | <$250 • ODD | 988,549 | 1,778,911 | 0.8% | 99.8% | 3.6 bps | 27.8 bps | 100% | 28th | $-0.0002 | 100.0% |
| nonmarketable_limit | $250–$999 • ODD | 1,479,720 | 7,915,610 | 0.7% | 99.8% | 3.9 bps | 27.3 bps | 100% | 46th | $-0.0003 | 100.0% |
| nonmarketable_limit | $250–$999 • ROUND | 3,836 | 386,020 | 1.0% | 100.0% | 6.3 bps | 50.6 bps | 100% | 38th | $0.0000 | 100.0% |
| nonmarketable_limit | $1k–$5k • ODD | 2,046,591 | 39,993,069 | 0.7% | 99.6% | 4.3 bps | 27.1 bps | 100% | 54th | $-0.0003 | 100.0% |
| nonmarketable_limit | $1k–$5k • ROUND | 1,915,949 | 200,182,271 | 1.2% | 99.3% | 2.7 bps | 22.1 bps | 100% | 27th | $0.0005 | 98.2% |
| nonmarketable_limit | $5k–$10k • ODD | 923,157 | 35,849,926 | 0.7% | 99.7% | 4.9 bps | 29.9 bps | 100% | 69th | $-0.0002 | 100.0% |
| nonmarketable_limit | $5k–$10k • ROUND | 7,770,405 | 818,381,487 | 1.0% | 99.6% | 2.6 bps | 31.8 bps | 100% | 32nd | $0.0022 | 98.5% |
| nonmarketable_limit | $10k–$20k • ODD | 802,433 | 38,622,491 | 0.7% | 100.0% | 5.8 bps | 28.2 bps | 100% | 84th | $0.0006 | 100.0% |
| nonmarketable_limit | $10k–$20k • ROUND | 14,074,128 | 1,492,270,773 | 0.8% | 99.8% | 3.5 bps | 38.4 bps | 100% | 55th | $0.0075 | 99.5% |
| nonmarketable_limit | $20k–$50k • ODD | 322,463 | 18,730,236 | 0.5% | 100.0% | 7.1 bps | 16.4 bps | 100% | 92nd | $0.0018 | 100.0% |
| nonmarketable_limit | $20k–$50k • ROUND | 18,676,372 | 2,396,406,117 | 0.4% | 99.9% | 3.7 bps | 44.6 bps | 100% | 59th | $0.0127 | 99.9% |
| nonmarketable_limit | $50k–$200k • ODD | 2,297 | 50,474 | 3.2% | 100.0% | 6.1 bps | 5.5 bps | 100% | 68th | $-0.0000 | 100.0% |
| nonmarketable_limit | $50k–$200k • ROUND | 7,605,011 | 1,805,797,158 | 0.2% | 99.9% | 4.1 bps | 33.1 bps | 100% | 73rd | $0.0121 | 99.9% |
| nonmarketable_limit | ≥$200k • ROUND | 320,134 | 2,290,467,834 | 0.0% | 99.3% | 4.1 bps | 29.8 bps | 96% | 75th | $0.0014 | 100.0% |
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 |
|---|---|---|---|---|---|
| XSTM202608.zip | 202608 | detailed | stored | 2026-09-30T21:27:23.981265397+00:00 | File Link ↗ |
| XSTM202608.csv | 202608 | summary | stored | 2026-09-30T21:27:23.981264154+00:00 | File Link ↗ |
4. Coverage Gaps & Review Limitations
Suppressed Cells
2
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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