Execution Quality & Best-Execution Reviews

FINRA Rule 5310.09

Quarterly competing-market evidence packets for broker-dealers. Pairs SEC Rule 606(a) routing reports with amended Rule 605 execution quality statistics on identical symbols and size tiers under methodology exq-2.

Broker-Dealer Firm Review

Generate the 5310 evidence packet for any FINRA-registered firm. Includes routing shares, mix-adjusted venue scorecards, routing-weighted composites, and PFOF conflict estimates.

Quick: ROBINHOOD FINANCIAL, LLC (165998) • CHARLES SCHWAB & CO., INC. (5393) • A.G.P. / ALLIANCE GLOBAL PARTNERS (8361)

Market Center Scorecard

Examine an execution venue or exchange across the 24 amended Rule 605 size and lot categories. See peer benchmarks and every broker-dealer routing flow here.

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Compare Two Broker-Dealers: Evaluate route composites and PFOF side-by-side to benchmark peer quality.

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Regulatory Foundation: FINRA Rule 5310, Rule 606, and Amended Rule 605

FINRA Rule 5310.09 Obligation

Broker-dealers routing customer orders must conduct a quarterly “regular and rigorous” review. The review must compare execution quality across competing market centers by security and order type, explicitly addressing payment-for-order-flow conflicts.

SEC Rule 606(a)(1) Routing

Quarterly public filings disclose non-directed order routing by section (S&P 500, other stocks, options), percentages routed to top venues, and net PFOF/rebates received in USD and cents per hundred shares (¢/100 sh).

Amended SEC Rule 605

Effective August 1, 2026 (Release 34-99679), amended 605 expands coverage to 24 notional × lot size categories (covering odd lots and fractional shares), realized spreads at 15s and 1min, and introduces larger broker-dealers as reporters.

Mix-Adjusted Peer Benchmarks

Raw league tables reward venues for trading mega-cap stocks. Methodology exq-2 benchmarks each venue against what competing market centers achieved on the identical symbols and tiers, weighted by the venue’s own flow.

Scope, Provenance, and Limitations

Every review packet is designed to serve as an evidentiary exhibit for a firm’s Best Execution Committee or regulatory examination:

Competing Markets Evidence: Supports the competing-markets comparison described in FINRA 5310.09 by benchmarking routed venues against all competing reporters.
Public Data Boundaries: Public Rule 605 reports cover all flow handled by a market center, not exclusively the reviewing firm’s orders. Rule 606 reports disclose top-10 and ≥5% venues only.
Reproducible & Versioned: Every number cites its source URL, raw file SHA-256 hash, methodology version (exq-2), and immutable benchmark build ID.
Internal Review Still Required: This analysis provides the competing-market component of a 5310 review. Broker-dealers must also analyze their own internal order execution data. This report does not constitute legal or compliance advice.

Sample Broker-Dealer 5310 Reviews

Firm Name	CRD	Rule 606 Filing	Action
ROBINHOOD FINANCIAL, LLC	165998	Direct 606 filer	View Review →
CHARLES SCHWAB & CO., INC.	5393	Direct 606 filer	View Review →
A.G.P. / ALLIANCE GLOBAL PARTNERS	8361	Adopts clearing firm report	View Review →
CITIGROUP GLOBAL MARKETS INC.	7059	Direct 606 filer	View Review →
WELLS FARGO CLEARING SERVICES, LLC	19616	Direct 606 filer	View Review →