SEC Rule 605 (formerly known as Rule 11Ac1-5)

Disclosure of SEC-Required Order Execution Information

If you wish to download Goldman, Sachs & Co's Disclosure of SEC-Required Order Execution Information use the links below:

Rule 605 (formerly known as Rule 11Ac1-5) eligible activity
Mar 2008
Feb 2008
Jan 2008
(zip archives of ASCII pipe-delimited data files)

Important Note

Goldman, Sachs & Co. ("Goldman Sachs") is publishing statistical information about our execution of market and limit orders in those Nasdaq market securities in which we are a designated market maker.

Securities and Exchange Commission ("SEC") rules require securities exchanges, alternative trading systems (known as ECNs) and Nasdaq 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.

The 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.

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.

We 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.

Please visit the SEC Web site for more information on the Disclosure of SEC-Required Order Execution and Routing Practices , Regulation NMS frequently asked interpretative questions ( Staff Legal Bulletin No. 12R ) and the format of the monthly reports ( Text of Joint-SRO Plan ).