SEC 606 Order Routing Data

Unique dataset

The first structured, commercial dataset of broker-dealer order routing.

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Brokers

606(a)

Report Type

Quarterly

Update Frequency

2020

History From

Overview

Structured, normalized time-series of SEC Rule 606 order routing reports. Tracks how major broker-dealers route non-directed equity and options orders — including payment for order flow data, venue selection, and execution quality metrics.

Coverage

Covers 15 brokers representing an estimated 85%+ of US retail equity and options order flow by volume.

Brokers by Estimated Retail Volume Share

Fidelity

Charles Schwab

Robinhood

E*TRADE

TD Ameritrade

Interactive Brokers

Webull

Other (8 brokers)

Data Preview

SELECT broker, period, order_type, venue, market_pct, limit_pct, pfof_per_share FROM signalcat.sec606.routing WHERE period = '2025-Q4' ORDER BY market_pct DESC LIMIT 5;

broker	period	order_type	venue	market_pct	limit_pct	pfof_per_share
Robinhood	2025-Q4	S&P 500	Citadel Securities	38.2%	31.4%	$0.0024
Schwab	2025-Q4	S&P 500	Virtu Americas	29.1%	22.8%	$0.0018
Fidelity	2025-Q4	Non-S&P 500	Citadel Securities	26.7%	24.1%	$0.0021
E*TRADE	2025-Q4	S&P 500	G1 Execution	22.4%	18.9%	$0.0015
Webull	2025-Q4	Options	Citadel Securities	41.3%	—	$0.0042

5 rows returned

Sample query output from Snowflake. Full data dictionary available on request.

Schema Preview

Field	Description	Example
broker	Reporting broker-dealer	Robinhood
period	Reporting quarter	2025-Q4
order_type	Order category	S&P 500
venue	Execution venue	Citadel Securities
market_pct	Share of market orders	34.2%
limit_pct	Share of limit orders	28.1%
pfof_per_share	PFOF per share	$0.0024
net_rebate	Net rebate/fee	-$0.0012

Simplified preview. Full data dictionary available on request.

Sample Data

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Signal & Use Cases

Retail Flow Tracking

Track where retail orders are being routed, signaling shifts in market structure and retail participation trends.

Track quarter-over-quarter shifts in wholesaler routing share.

PFOF Regulatory Risk

Monitor payment for order flow trends to anticipate regulatory action affecting broker stocks (HOOD, SCHW, IBKR).

Identify which brokers have the most revenue exposure to PFOF regulatory changes.

Venue Market Share Analysis

Identify which market makers are gaining or losing retail flow — a leading indicator for wholesaler profitability.

Compare Citadel vs. Virtu routed order share to assess competitive dynamics.

Execution Quality Research

Compare routing patterns and costs across brokers for best execution analysis and academic market microstructure research.

Study the relationship between routing decisions and rebate incentives across brokers.

How We're Different

Structured from unstructured

Raw 606 reports are PDFs and XMLs scattered across broker websites. We parse, normalize, and structure them into a consistent, queryable time series.

Consistent schema across brokers

Every broker reports 606 data differently. We normalize field names, units, and formats into a single schema so you can compare across brokers without custom parsers.

Historical depth

Our dataset goes back to 2020 with no retroactive modifications. Historical data reflects what was originally reported, enabling accurate backtesting.

To our knowledge, Signal Cat is the first vendor to offer SEC 606 data as a structured, normalized, commercially available dataset. Raw 606 reports exist as unstructured PDFs and XMLs scattered across broker websites and FINRA — we transform them into a clean, queryable time series.

Methodology

Sourced from FINRA bulk XML and individual broker reports, parsed and normalized to a consistent schema. Quarterly cadence matching regulatory filing requirements. All historical data preserved with no retroactive modification.

Read full methodology →

Delivery

Snowflake Data Share

Live data share — no ETL required. Query directly from your Snowflake account. Updates appear automatically.

AWS S3 (Parquet/CSV)

Parquet or CSV files delivered to your S3 bucket. New files written at each update cycle.

Flat File (CSV/JSON)

Downloadable CSV or JSON exports. Suitable for one-time analysis or environments without cloud access.

All delivery methods include schema change notifications and a full data dictionary. Need a different delivery method? Contact us.

Sample includes full schema access with sample history. Delivered via your preferred method.

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No commitment required · Typical response within 24 hours

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