SEC Rule 605 of Regulation NMS requires certain market centers, brokers and dealers to publish standardized monthly reports containing statistical information concerning the execution quality of covered orders in NMS stocks.
The Securities and Exchange Commission amended Rule 605 to expand the types of entities subject to the rule, including broker-dealers that introduce or carry 100,000 or more customer accounts through which transactions in NMS stocks are effected. The amendments also expanded the scope of covered orders, revised the required execution-quality statistics and established a new monthly summary report.
The compliance date for amended Rule 605 is August 1, 2026. Firstrade Securities, Inc. (“Firstrade”) began collecting the required order information on August 1, 2026.
RULE 605(a)(1)
An electronic data file containing the execution-quality statistics required by Rule 605, categorized by security, order type and order size, prepared in accordance with the national market system plan established under Rule 605.
RULE 605(a)(2)
A summary of selected execution-quality measures made available in CSV and PDF formats using the schema and associated PDF renderer published by the Securities and Exchange Commission.
Reports will be provided free of charge and will be published no later than the end of the calendar month following the month covered and will remain publicly available for three years from their initial posting date.
Reporting period
| Reporting period | CSV | TXT | |
|---|---|---|---|
| August | PDF Report | CSV File | TXT File |