spacer
spacer
Goldman Sachsspacer
spacer
spacer
spacer
spacer
spacer
spacerSEC Rule 606 Reportspacer
spacerspacer
spacer

Disclosure of Order Routing Information

For the Quarter Ending March 2017

In accordance with U.S. Securities and Exchange Commission (SEC) Rule 606, Goldman Sachs & Co. LLC (the Firm) is publishing statistical information about our routing practices for non-directed orders in U.S. exchange-listed equity securities and options.

The report is divided into four sections: one for securities listed on the New York Stock Exchange LLC and reported as Network A-eligible securities; one for securities listed on The Nasdaq Stock Market LLC; one for securities listed on the NYSE MKT, LLC or regional exchanges and reported as Network B-eligible securities; and one for exchange-listed options. For each section, this report identifies the venues most often selected by the Firm, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of the Firm's relationship with the venues

You may visit the SEC web site for more information on the Disclosure of Order Execution and Routing Practices , Regulation NMS and interpretative frequently asked questions ( Staff Legal Bulletin No. 13A).


Rule 606 Report: Network A Securities - NYSE

Non-Directed Orders as a Percentage of Total Customer Orders :

47%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

0.3%

0.5%

99.2%

Routing Information Concerning Significant Venues
All information relates to customer orders of less than $200,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

New York Stock Exchange LLC.(NYSE)

16.0%

38.9%

8.6%

16.0%

BATS BYX Exchange (BATY)

11.9%

14.6%

3.1%

12.0%

NASDAQ OMX BX (NBXO)

12.4%

6.7%

2.9%

12.4%

The Nasdaq Stock Market LLC.(XNAS)

11.4%

8.3%

3.0%

11.%

Goldman, Sachs & Co. LLC (GSCO)

2.4%

0.9%

70.2%

2.1%

EDGA Exchange (EDGA)

4.6%

5.0%

2.4%

4.6%

NYSE Arca, Inc.(ARCA)

9.2%

3.5%

1.8%

9.2%

BATS BZX Exchange (BATS)

11.9%

2.0%

2.2%

12.0%

Goldman Sachs Execution & Clearing, L.P.(SIGMA X)

4.7%

15.2%

1.9%

4.7%

EDGX Exchange (EDGX)

2.6%

3.3%

1.5%

2.6%

Nasdaq PHLX, LLC (PHLX)

3.4%

0.2%

0.3%

3.5%

 

 


Rule 606 Report: Nasdaq Securities

Non-Directed Orders as a Percentage of Total Customer Orders :

46.0%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

0.3%

0.4%

99.3%

Routing Information Concerning Significant Venues
All information relates to customer orders of less than $200,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

The Nasdaq Stock Market LLC.(XNAS)

21.7%

36.8%

6.1%

21.8%

BATS BYX Exchange (BATY)

14.0%

15.0%

3.0%

14.0%

NASDAQ OMX BX (NBXO)

12.4%

6.8%

2.4%

12.4%

Goldman, Sachs & Co. LLC (GSCO)

3.2%

1.0%

76.5%

2.8%

NYSE Arca, Inc.(ARCA)

9.6%

4.6%

1.8%

9.6%

Goldman Sachs Execution & Clearing, L.P.(SIGMA X)

5.7%

16.4%

1.6%

5.7%

EDGA Exchange (EDGA)

4.9%

4.9%

2.3%

4.9%

EDGX Exchange (EDGX)

5.4%

7.9%

2.1%

5.4%

BATS BZX Exchange (BATS)

11.2%

3.5%

1.8%

11.2%

Nasdaq PHLX, LLC (PHLX)

3.3%

0.5%

0.6%

3.3%

 


Rule 606 Report: Network B Securities - NYSE MKT, LLC and Regional Exchanges

Non-Directed Orders as a Percentage of Total Customer Orders :

84.9%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

1.0%

0.3%

98.7%

Routing Information Concerning Significant Venues
All information relates to customer orders of less than $200,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

BATS BYX Exchange (BATY)

30.2%

14.8%

11.3%

30.4%

EDGX Exchange (EDGX)

14.1%

12.2%

9.6%

14.1%

NYSE Arca, Inc.(ARCA)

10.6%

20.7%

20.9%

10.4%

EDGA Exchange (EDGA)

8.2%

4.7%

8.6%

8.3%

Goldman Sachs Execution & Clearing, L.P.(SIGMA X)

8.8%

25.4%

12.4%

8.6%

The Nasdaq Stock Market LLC.(XNAS)

9.4%

6.5%

9.6%

9.4%

BATS BZX Exchange (BATS)

4.7%

2.8%

6.9%

4.7%

NASDAQ OMX BX (NBXO)

5.4%

1.7%

6.1%

5.5%

 


Rule 606 Report: Exchange-Listed Options

Non-Directed Orders as a Percentage of Total Customer Orders Having a Market Value Less Than $50,000:

23.7%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

3.4%

77.6%

19.1%

Routing Information Concerning Significant Venues
All information relates to customer orders of less than $50,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

BATS BZX Options Exchange (BATO)

20.3%

11.3%

24.2%

6.0%

Chicago Board Options Exchange,Inc.(CBOE)

20.5%

35.0%

18.9%

24.3%

Nasdaq ISE, LLC (ISE)

11.0%

5.7%

7.2%

27.5%

NASDAQ Options Market LLC (NDOE)

10.7%

7.2%

12.9%

2.6%

NYSE Arca, Inc .(PCX)

8.9%

4.1%

8.0%

13.0%

NASDAQ OMX BX (NBXO)

3.4%

11.5%

3.7%

0.5%

NYSE MKT, LLC.(AMEX)

4.3%

2.1%

2.4%

12.5%

Nasdaq PHLX, LLC (PHLX)

5.2%

5.6%

4.2%

9.3%

Nasdaq GEMX, LLC (ISEG)

5.0%

4.7%

5.9%

1.4%

Miami Options Exchange (MIAX)

4.1%

3.7%

5.0%

0.6%

 

Note regarding the Data

You should note that, consistent with the requirements of Rule 606, the statistics above capture only a portion of the Firm's order flow. This report is intended only to provide an overview of the Firm's order routing practices. Accordingly, the data is not a reliable basis upon which to assess whether the Firm or any trading venue to which the Firm routes orders has satisfied its best execution obligation.

Further, while we have taken care in preparing the data presented in this report, the data has not been audited and may contain errors. Any decision about whether to open an account or direct orders to the Firm should not be based solely on the information presented in this report, but on a broader evaluation of the full range of services and products we offer.

Notes regarding Conflicts of Interest relating to Market Centers Most Often Selected by the Firm

The Nasdaq Stock Market, LLC (XNAS) - The Firm is a Market Maker on XNAS in equities. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

Chicago Board Options Exchange, Inc. (CBOE) - The Firm is a Market Maker and Preferred Market Maker in options on the CBOE. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange

BATS US Options and Equities Markets - BATS BZX Options Exchange (BATO), EDGX Options Exchange (EDGO), BATS BZX Exchange (BATS), BATS BYX Exchange (BATY), EDGA Exchange (EDGA) and EDGX Exchange (EDGX) - The Firm is a Market Maker in options and equities on these Exchanges. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on these exchanges, including those that are routed to these exchanges.

Nasdaq ISE, LLC (ISE) - The Firm is a Primary Market Maker and Competitive Market Maker in options on the exchange. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange

Nasdaq GEMX, LLC (ISEG) - The Firm is a Primary Market Maker and Competitive Market Maker in options on the exchange. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

Goldman Sachs & Co. LLC (GSCO) - The Firm may execute client orders on a principal or agency basis and receives compensation for such executions.

Nasdaq PHLX, LLC (PHLX) - The Firm is a Remote Streaming Quote Trader on PHLX. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

New York Stock Exchange, LLC. (NYSE) - The Firm is a Market Maker and Supplemental Liquidity Market Maker on the NYSE. Accordingly, the Firm may directly profit from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

NYSE ARCA, Inc. (ARCA/PCX) - The Firm is a Lead Market Maker, Market Maker and Remote Market Maker in equities and/or options on ARCA. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

NYSE MKT, LLC (AMEX) - The Firm is a Remote Market Maker/Market Maker and e-specialist on AMEX. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

SIGMA X - (SGMA) is an alternative trading system (ATS) owned and operated by the Firm's affiliate, Goldman Sachs Execution & Clearing, L.P. (GSEC). Accordingly, the Firm may share indirectly in any profits GSEC derives from execution of the Firm's client orders in SIGMA X.

NASDAQ Options Market LLC (NDOE) - The Firm is a Market Maker on NOM. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

BIDS - The Firm has an ownership interest in BIDS Holdings, L.P., the ultimate parent of BIDS Trading, L.P. BIDS executes certain customer orders in BIDS ATS, an alternative trading system owned and operated by BIDS. Accordingly, the Firm stands to share indirectly in any profits that BIDS derives from execution of the Firm's client orders on BIDS ATS.

NASDAQ OMX BX (NBXO) - The Firm is a Lead Market Maker and Market Maker in options and equities on the Exchange. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

Miami Options Exchange (MIAX) - The Firm is a Lead Market Maker and Primary Lead Market Maker on the Exchange. Accordingly, the Firm may share directly in any profits generated from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.

Note regarding Payment for Order Flow

The Firm, in its efforts to seek best execution, routes client orders to national securities exchanges, alternative trading systems (ATSs) and other venues and market centers (collectively 'Market Centers') that may provide volume discounts or rebates based on aggregate trading volume generated by the Firm (including volume not associated with client orders). Discounts or rebates received by the Firm from a Market Center during any time period may or may not exceed the fees paid by the Firm to the Market Center during that time period. The amount of such discounts or rebates vary. Further information about the source and nature of any such discounts or rebates received by the Firm will be provided upon your written request.

© 2017, Goldman Sachs & Co. LLC. All rights reserved.