Rule 605/606 Reporting transparency with minimal effort.
Optimize transparency and adhere to Rule 605/606 with minimal effort using ADEPT™’s reporting solutions.
Execution-quality and order-routing reports, without the manual grind
Rule 605 and Rule 606 both require standardized, recurring public disclosures. Assembling them by hand, from data scattered across order, execution, and routing systems, is where firms lose the time.
- Step 01Order and execution data, gathered
- Order, execution, and routing records are pulled from your OMS, EMS, and venue feeds into one normalized source, so the report starts from a single, consistent dataset.
- Step 02Execution quality, calculated
- Fill rates, price improvement, effective and realized spreads, and speed of execution are computed against the standardized Rule 605 categories, automatically and consistently every period.
- Step 03Disclosures, published on schedule
- Rule 605 execution-quality reports and Rule 606 order-routing disclosures are formatted and published on the SEC's required cadence, with the underlying data retained for audit.
How Rule 605/606 reporting moves through the ADEPT™ pipeline.
Built for Rule 605/606
One dataset, both rules
Rule 605 execution-quality metrics and Rule 606 routing disclosures are generated from the same underlying order and execution data, so the two reports never drift apart.
Standardized categories, applied automatically
Order-size and order-type categorization follows the SEC's standardized Rule 605 buckets without manual classification, keeping every period's report comparable to the last.
Publication on a fixed cadence
Quarterly and monthly disclosure deadlines are tracked and the formatted reports are ready to publish on schedule, rather than assembled under deadline pressure each cycle.
Audit-ready lineage
Every figure in a published report traces back to the source order and execution events behind it, so a regulator's question is answered with a query, not a reconstruction.
Frequently asked questions
Rule 605 applies to market centers that execute orders in NMS stocks, and Rule 606 applies to broker-dealers that route customer orders, both are required to publish standardized reports on execution quality and order-routing practices.
Rule 605 requires market centers to publish standardized execution-quality statistics (fill rates, price improvement, spreads, and speed) for the orders they execute. Rule 606 requires broker-dealers to disclose where and how they route customer orders, including any payment-for-order-flow arrangements. They measure different things (execution outcomes versus routing decisions) and fall on different types of firms, though a firm can owe both.
Rule 605 execution-quality reports are published monthly, broken out by standardized order-size and order-type categories. Rule 606 order-routing disclosures are published quarterly, and broker-dealers must also provide a customer-specific routing report on request for the prior six months.
A Rule 605 report is built from order and execution records (order receipt time, execution time, execution price, the National Best Bid and Offer at the time, and order size and type) aggregated into the SEC's standardized categories to produce fill-rate, price-improvement, spread, and execution-speed statistics for each one.
Put Rule 605/606 reporting on autopilot
See how ADEPT™ pulls execution-quality and order-routing disclosures from the same underlying order data, formatted and ready to publish on the SEC's schedule.