Capital Market Solutions (CMS) is a leading provider of Regulatory Surveillance, Compliance, and Regulatory Reporting solutions. RSMS — CMS’s trusted and proven compliance platform — is widely used for Consolidated Audit Trail (CAT) Compliance, FINRA CAT, CAIS Reporting, and Trading Compliance. With deep integrations across major OMS and EMS platforms, RSMS ensures seamless, fast onboarding and reliable operations for broker-dealer firms.

RSMS is engineered for accuracy, efficiency, and near-zero rejection rates, giving firms a complete, unified ecosystem for regulatory reporting. With growing demand from the market and existing clients, CMS is now introducing SEC Rule 605/606 reporting within the RSMS platform — closely integrated with CAT and CAIS workflows for a smooth and consistent compliance experience.

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Understanding SEC Rule 606 Requirements
Rule 606 aims to bring complete transparency to how broker-dealers route non-directed customer orders. It ensures investors understand:

Where their trades are routed
Why those routing decisions are made
How routing impacts execution quality
Broker-dealers must:

Publish quarterly public reports (PDF + XML) detailing routing of non-directed NMS stock and listed options orders
Provide customer-specific order routing reports upon request
Deliver these reports free of charge when requested
While the rule appears straightforward, meeting its operational requirements is complex, data-heavy, and time-sensitive.

Why Rule 606 Reporting Is So Difficult
Preparing a compliant Rule 606 report requires collecting and harmonizing data from multiple internal systems, execution venues, routing partners, and fee/rebate sources. Firms must:

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Validate and standardize massive datasets
Fix data gaps and inconsistencies
Format reports per SEC specifications
Post reports publicly, submit to FINRA, and service customer requests
For firms relying on spreadsheets, manual processes, or outdated tools, this becomes a recurring operational burden. Even minor inaccuracies can lead to audit risk, making smart RegTech automation essential.

RSMS: Your Reliable SEC Rule 606 Reporting Partner
RSMS is a secure, cloud-hosted compliance platform designed to automate and simplify SEC Rule 605/606 reporting. Built with modern infrastructure, scalable integrations, and intuitive workflows, RSMS eliminates manual work and ensures consistent, audit-ready reporting.

Become a member
Firms using RSMS benefit from:

End-to-end automation from data ingestion to public posting
Trusted, secure cloud architecture
Deep OMS & EMS integrations
Streamlined monitoring and compliance operations
Accurate data management and reporting
Support for CAT, CAIS, FINRA CAT, and now Rule 606 — all on one platform
Seamless Data Ingestion and Intelligent Processing
One of RSMS’s strongest capabilities is its advanced Datamart, which handles the complexity of:

Execution data
Order routing details
Venue fee/rebate information
RSMS transforms, standardizes, and validates each dataset using strict SEC rule-based checks. Once validated, RSMS enriches the data for regulatory reporting and surveillance.

The result:
Clean, reliable, compliance-ready data — without manual intervention or error risk.

Complete Support for Reporting, Consultation & Surveillance
RSMS not only processes data — it operationalizes your entire Rule 606 reporting lifecycle:

Automatically formats 606 reports for public posting, FINRA centralization, and customer-specific requests
Provides expert guidance on compliance frameworks, data governance, and regulatory readiness
Supports cross-regulation surveillance across Rule 605, Rule 606, CAT, CAIS, and FINRA CAT
Ensures consistency across datasets, reducing discrepancies and improving data quality
Firms gain a structured, predictable, and fully compliant reporting workflow.

Integrated, Easy-to-Manage Workflows
RSMS gives compliance teams a unified workspace where every step — from ingestion to verification — is connected:

Automated ingestion of firm and reference data
Venue rate integration and updates
Built-in review and approval steps
Customer on-demand reporting
Automated public posting for quarterly 606 reports
Everything is designed to minimize manual intervention and maximize accuracy.