Pursuant to the Securities and Exchange Commission (SEC) Rule 605, Goldman Sachs & Co. LLC ("the Firm") publishes statistical information, on a monthly basis, regarding its execution of market and limit orders in those Regulation NMS securities in which the Firm is a designated market maker as well as its execution of market and limit orders in Regulation NMS securities that are routed to its alternative trading system, SIGMA X2, for execution.
SEC Rule 605 requires securities exchanges, alternative trading systems, market makers and other market centers 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 the Firm's 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 the Firm 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 Firm is reviewing the data for SIGMAX^2 and will update the posted statistics as appropriate.
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 the Firm should not be based solely on these statistics, but on an evaluation of the full range of services that we provide.