& Co. ("Goldman Sachs") is publishing statistical information about our
execution of market and limit orders in those NMS securities in which we are a
designated market maker.
Securities and Exchange Commission ("SEC") rules
require securities exchanges, alternative trading systems and market makers such
as Goldman Sachs to publicly disclose statistics in a number of standardized
categories based on certain assumptions about order execution and order routing
practices. You should note that based on the SEC's requirements, these
statistics only capture a minority of Goldman Sachs' order flow.
required statistics are intended to provide a baseline to facilitate comparisons
of execution quality among and between market makers, alternative trading
systems, and other trading venues. However, they do not provide a complete
comparison across trading venues, because each venue's statistics reflect only
the types of orders it has received which are in turn based on its customers' or
users particular objectives. Accordingly, the statistics do not create a
reliable basis on which to assess whether Goldman Sachs or any other trading
venue has satisfied its duty of best execution. From time to time the Firm may
determine it necessary to update its monthly Rule 605 data. All reports,
original and amended, are available upon request.
The SEC has made it
clear that investors should take into account a number of factors in evaluating
the quality of their order executions and in making order routing decisions.
These include the size of the order, whether the dealer commits its capital to
enhance liquidity for the customer, market conditions, customer objectives,
technological capabilities, and other services provided by the dealer.
have made every attempt to prepare these statistics in compliance with the SEC's
rules. However, these statistics have not been audited and may contain errors.
Accordingly, any decision about whether to open an account or to direct orders
to Goldman Sachs should not be based solely on these statistics, but on an
evaluation of the full range of services that we provide.