--- title: "Morgan Stanley \u0026 Co. LLC NMS Stocks and Options Order Routing Public Report New York; Q1 2026 routing venues and payments disclosed" sdDatePublished: "2026-04-30T19:01:00Z" source: "https://www.morganstanley.com/content/dam/msdotcom/en/institutional-sales/sec_rules_605_606/pdf/Quarter_Ending_March_31_2026_Final.pdf" topics: - name: "financial service" identifier: "medtop:20001370" - name: "stock broking" identifier: "medtop:20000292" - name: "financial and business service" identifier: "medtop:20000271" locations: - "New York" - "United States" --- Morgan Stanley & Co. LLC NMS Stocks and Options Order Routing Public Report New York; Q1 2026 routing venues and payments disclosed Held NMS Stocks and Options Order Routing Public Report Morgan Stanley & Co. LLC 1585 Broadway New York, NY 10036 SEC-Required Report on Routing of Customer Orders For Quarter Ending March 31st, 2026 The Securities and Exchange Commission ("SEC" or "Commission") Rule 606, as amended (the "Rule") requires all brokerage firms to make publicly available quarterly reports that present a general overview of the Firm's routing of non-directed customer orders in covered equity and option securities. Non-directed orders are orders that customers have not specifically instructed to be routed to a specific destination. For these non-directed orders, Morgan Stanley & Co. LLC (“Morgan Stanley”) has selected the execution venue on behalf of its customers. In addition, Morgan Stanley must identify the significant venues to which it routed customer orders for execution during the applicable quarter. To obtain information about the rule, you may access the following web site addresses: http://www.sec.gov/rules/final/34-43590.htm and http://www.sec.gov/interps/legal/mrslb13a.htm and https://www.sec.gov/rules/final/2018/34-84528.pdf and https://www.sec.gov/tm/faq-rule-606-regulation-nms. The report is divided into three sections: one for stocks included in the S&P 500 index; one for stocks not included in the S&P 500 index; and one for exchange-listed options. For each section, this report identifies the venues most often selected by Morgan Stanley, sets forth the percentage of various types of orders routed to the venues and associated fees and rebates. In addition, at the end of the report, there is a discussion of the material aspects, if any, of Morgan Stanley's relationship with the venues and General Disclosure section that provides additional information relevant to Morgan Stanley’s order routing and handling practices. 1 Morgan Stanley & Co. - Held NMS Stocks and Options Order Routing Public Report Generated on Tue Apr 28 2026 16:46:02 GMT-0400 (Eastern Daylight Time) 1st Quarter, 2026 January 2026 S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders - - - - - Venues Venue - Non- directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) January 2026 Non-S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders - - - - - Venues Venue - Non- directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) January 2026 2 Options Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 8.55 0.00 0.00 0.00 100.00 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) NYSE ARCA OPTIONS (ARCO) 50.40 0.00 0.00 0.00 50.40 0.00 0.0000 0.00 0.0000 0.00 0.0000 3,308,531.95 37.8586 BOX OPTIONS EXCHANGE (XBOX) 12.77 0.00 0.00 0.00 12.77 0.00 0.0000 0.00 0.0000 0.00 0.0000 496,114.72 36.9705 MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO) 7.50 0.00 0.00 0.00 7.50 0.00 0.0000 0.00 0.0000 0.00 0.0000 -73,586.99 -19.1226 CBOE GLOBAL MARKETS INC. (XCBO) 5.75 0.00 0.00 0.00 5.75 0.00 0.0000 0.00 0.0000 0.00 0.0000 -686,009.31 -36.5356 CBOE EDGX OPTIONS EXCHANGE (EDGO) 4.94 0.00 0.00 0.00 4.94 0.00 0.0000 0.00 0.0000 0.00 0.0000 177,989.86 15.0780 INTERNATIONAL SECURITIES EXCHANGE, LLC (XISX) 3.42 0.00 0.00 0.00 3.42 0.00 0.0000 0.00 0.0000 0.00 0.0000 -126,471.29 -14.8270 NASDAQ PHLX OPTIONS (XPHO) 2.65 0.00 0.00 0.00 2.65 0.00 0.0000 0.00 0.0000 0.00 0.0000 -53,677.75 -19.1241 CBOE C2 OPTIONS EXCHANGE (C2OX) 2.57 0.00 0.00 0.00 2.57 0.00 0.0000 0.00 0.0000 0.00 0.0000 -376,161.86 -25.8989 NYSE AMERICAN OPTIONS (AMXO) 2.28 0.00 0.00 0.00 2.28 0.00 0.0000 0.00 0.0000 0.00 0.0000 -3,157.65 -0.9771 MIAX SAPPHIRE, LLC (SPHR) 2.19 0.00 0.00 0.00 2.19 0.00 0.0000 0.00 0.0000 0.00 0.0000 195,432.55 36.6824 Material Aspects: NYSE ARCA OPTIONS (ARCO): Morgan Stanley receives rebates and pays fees for the routing of customer orders in exchange listed options to ARCO. When the rebates received exceed, the fees paid to such venue, the Firm receives benefits from the trading activity. In addition, certain exchanges offer volume-based tiered rates based on the type of order routed. The Firm receives incremental pricing benefits from exchange offers volume-based tiered rates. The volume tiers are published in the fee schedule by the exchange. Information reflecting ARCO’s fee schedule, as applicable to MSCO, can be found at: https://www.morganstanley.com/content/dam/msdotcom/en/institutional-sales/sec_rules_605_606/MSCO_options_rate_card_2026q1.xlsx The rates reflected represent what the Firm would receive, per contract, for routed orders based on the applicable rebates the Firm qualified for during the specified time period, if any. Detailed information about the exchange’s overall fee schedule is available in the exchange’s rule book and/or fee schedule on the exchange’s public website. MIAMI INTERNATIONAL SECURITIES EXCHANGE (XMIO): 3 An affiliate of Morgan Stanley holds a minority ownership stake in Miami International Holdings, Inc. (who is the parent company of MIAX, MIAX PEARL, MIAX PEARL Equities, and MIAX EMERALD). Morgan Stanley receives rebates and pays fees for the routing of customer orders in exchange listed options to XMIO. When the rebates received exceed, the fees paid to such venue, the Firm receives benefits from the trading activity. In addition, certain exchanges offer volume-based tiered rates based on the type of order routed. The Firm receives incremental pricing benefits from exchange offers volume-based tiered rates. The volume tiers are published in the fee schedule by the exchange. Information reflecting XMIO’s fee schedule, as applicable to MSCO, can be found at: https://www.morganstanley.com/content/dam/msdotcom/en/institutional-sales/sec_rules_605_606/MSCO_options_rate_card_2026q1.xlsx The rates reflected represent what the Firm would receive, per contract, for routed orders based on the applicable rebates the Firm qualified for during the specified time period, if any. Additionally, pursuant to an exchange-sponsored marketing fee program, registered market makers may receive payments from the exchange as a result of their designation as a "preferenced" market-maker by an exchange member. With respect to such exchange program, the Firm may receive payments from "preferenced" registered market makers for options orders the Firm sends to the exchange. Detailed information about the exchange’s overall fee schedule is available in the exchange’s rule book and/or fee schedule on the exchange’s public website. CBOE GLOBAL MARKETS INC. (XCBO): Morgan Stanley receives rebates and pays fees for the routing of customer orders in exchange listed options to XCBO. When the rebates received exceed, the fees paid to such venue, the Firm receives benefits from the trading activity. In addition, certain exchanges offer volume-based tiered rates based on the type of order routed. The Firm receives incremental pricing benefits from exchange offers volume-based tiered rates. The volume tiers are published in the fee schedule by the exchange. Information reflecting XCBO’s fee schedule, as applicable to MSCO, can be found at: https://www.morganstanley.com/content/dam/msdotcom/en/institutional-sales/sec_rules_605_606/MSCO_options_rate_card_2026q1.xlsx The rates reflected represent what the Firm would receive, per contract, for routed orders based on the applicable rebates the Firm qualified for during the specified time period, if any. Additionally, pursuant to an exchange-sponsored marketing fee program, registered market makers may receive payments from the exchange as a result of their designation as a "preferenced" market-maker by an exchange member. With respect to such exchange program, the Firm may receive payments from "preferenced" registered market makers for options orders the Firm sends to the exchange. Detailed information about the exchange’s overall fee schedule is available in the exchange’s rule book and/or fee schedule on the exchange’s public website. CBOE EDGX OPTIONS EXCHANGE (EDGO): Morgan Stanley receives rebates and pays fees for the routing of customer orders in exchange listed options to EDGO. When the rebates received exceed, the fees paid to such venue, the Firm receives benefits from the trading activity. In addition, certain exchanges offer volume-based tiered rates based on the type of order routed. The Firm receives incremental pricing benefits from exchange offers volume-based tiered rates. The volume tiers are published in the fee schedule by the exchange. Information reflecting EDGO’s fee schedule, as applicable to MSCO, can be found at: https://www.morganstanley.com/content/dam/msdotcom/en/institutional-sales/sec_rules_605_606/MSCO_options_rate_card_2026q1.xlsx The rates reflected represent what the Firm would receive, per contract, for routed orders based on the applicable rebates the Firm qualified for during the specified time period, if any. Additionally, pursuant to an exchange-sponsored marketing fee program, registered market makers may receive payments from the exchange as a result of their designation as a "preferenced" market-maker by an exchange member. With respect to such exchange program, the Firm may receive payments from "preferenced" registered market makers for options orders the Firm sends to the exchange. Detailed information about the exchange’s overall fee schedule is available in the exchange’s rule book and/or fee schedule on the exchange’s public websit