Rule 605 Reports

The SEC adopted Rule 605 of Regulation NMS to improve public disclosure of order execution practices. Rule 605 requires “market centers” trading NMS stocks to publish standardized monthly reports on “covered order” executions in a free, publicly accessible format, promoting competition in execution quality. HRTF’s reports pursuant to Rule 605 can be found on this page.

HRTF has made reasonable efforts to compile these reports in accordance with Rule 605. These un-audited statistics may include errors, and order-routing decisions to HRTF should not be based exclusively on them.

Beginning with the August 2026 report, this page includes reports prepared pursuant to the March 2024 Amendments to Rule 605.

Click here for frequently asked questions regarding Rule 605.

Click here for historical reports.