Unfortunately, the way 606 reports are structured, there is no universal metric that can be pulled and used to conduct an apples-to-apples comparison between one broker and another. The SEC requires each broker to disclose certain routing metrics in a standard Rule 606 quarterly report. The most important data that can be extracted from Rule 606 reports are twofold. First, what percentage of orders are being routed where. Second, 606 reports show what payment for order flow (PFOF) the broker receiving, on average, from each market center. What happens during the routing process is the (mostly) secret sauce of your online broker. This is known as “order execution quality,” or how well your broker executes your order to get you the best possible fill price (the net price paid for the shares). More specifically, brokers seek to achieve price improvement, which means the order was filled at a price better than the National Best Bid and Offer (NBBO). I say, “mostly” because the SEC requires each broker to disclose certain routing and execution metrics in a standard Rule 606 quarterly report. To keep things simple, the most important data that can be extracted from Rule 606 reports are twofold: what percentage of orders are being routed where, and what payment for order flow (PFOF) is the broker receiving, on average, from each venue. Unfortunately, the way 606 reports are structured, there is no universal metric that can be pulled and used to conduct an apples-to-apples comparison between one broker and another.