In accordance with the Securities and Exchange Commission (SEC) modernized Rule 605 disclosure requirements, which went into effect on August 1, 2026, our firm publishes monthly, standardized reports regarding our order routing and execution quality. Under these expanded regulations, large broker-dealers maintaining 100,000 or more customer accounts are required to provide complete transparency into how covered client orders are handled, filled, and improved.

The statistical disclosures provided below offer deep, granular visibility into our operational standards and client execution ecosystem. These data sets measure crucial transaction variables—including execution speeds down to the millisecond and microsecond levels, price improvement percentages compared to the National Best Bid or Offer (NBBO), size improvement figures, and effective-to-quoted spread ratios. Following updated SEC frameworks, these metrics encompass a much broader category of order types, including expanded stop-order data, odd-lots, and fractional shares. By making these machine-readable files and summary documents publicly available, we reaffirm our baseline commitment to market integrity, strict regulatory compliance, and our ongoing duty of best execution for our clients.