From at least January 2017 to the present, Folio failed to conduct reasonable regular and rigorous reviews of execution quality. During this period, Folio routed its customer orders to two market centers that paid the firm for that order flow. In 2022, Folio began routing a substantial portion of its orders to another market center, which was a firm affiliate. The firm failed to compare the quality of executions it obtained from its order routing and execution arrangements to the quality of executions it could have obtained from competing markets.