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As explained in https://www.stockbrokers.com/guides/order-execution (mirror), the information present in SEC Rule 606 reports don't allow to compare the order execution quality between brokers. As a result, the Financial Information Forum (FIF) has created a template that allows compare price improvement (= difference between price you eventually obtained vs. the price you saw quoted when you passed the order) between brokers: online brokers that participate voluntarily share their execution quality data in an agreed upon format that continues to evolve.

How can I compare the order execution quality between two brokers if they don't follow the FIF's template?

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  • Are the brokers you are interested in comparing sharing the information at all, just not in the template? If the info is there but not in the right format then convert it yourself. Otherwise ask them to provide it. I don’t quite understand the question / what the issue is.
    – Vicky
    Aug 15 '20 at 9:03
  • @Vicky "Are the brokers you are interested in comparing sharing the information at all, just not in the template?" -> The brokers may be only disclosing the minimum information required the relations (e.g., SEC Rule 606). I was hoping to have some systematic ways to compare any pair of brokers, or rank them. Aug 15 '20 at 12:26
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If you want to compare execution quality, the more useful reports are usually those based on SEC rule 605, not 606.

Rule 605 (previously 11Ac1-5) requires monthly electronic disclosure in a standardized format of

information about each market center's quality of executions on a stock-by-stock basis, including how market orders of various sizes are executed relative to the public quotes ... effective spreads (the spreads actually paid by investors whose orders are routed to a particular market center) ... [and] the extent to which they provide executions at prices better than the public quotes to investors using limit orders.

Rule 606 requires quarterly electronic disclosure in a standardized format of routing practices and payments (for order flow or profit-sharing)

[grouped] by (i) stocks included in the S&P 500 Index as of the first day of the quarter and (ii) other NMS stocks.

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