Disclosure of SEC-Required
Order Routing Information
1st
Quarter 2008
Important
Note
In accordance with SEC
requirements, Goldman, Sachs & Co. ("Goldman
Sachs") is publishing statistical information
about our routing of certain customers' orders in
NASDAQ and listed stocks and listed
options.
Securities and Exchange Commission
("SEC") rules require broker-dealers that route
orders in certain equity and option securities to
make available quarterly reports that present a
general overview of their routing practices. You
should note that based on the SEC's requirements,
these statistics capture only a portion of Goldman
Sachs' order flow.
The required statistics
are intended to provide only an overview of our
order routing practices. 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.
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.
You may visit the SEC Web site for
more information on the Disclosure of SEC-Required Order Execution
and Routing Practices ,
Regulation NMS and
interpretative frequently asked questions (
Staff Legal Bulletin No.
13A).
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Rule 606 (formerly known as
Rule 11Ac1-6) Report: Network A Securities -
NYSE
|
Non-Directed Orders as a
Percentage of Total Customer Orders Having a
Market Value Less Than $200,000:
|
100.0% |
|
Percentage of Non-Directed
Customer Orders That Were: |
Market |
Limit |
Other (includes
"Not Held") |
|
4.7% |
1.6% |
93.6% |
|
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,
Inc.* |
83.0% |
96.0% |
97.6% |
82.1% |
| The NASDAQ Stock Market,Inc.** |
6.8% |
0.0% |
0.0% |
7.2% |
| Goldman Sachs Execution &
Clearing, L.P.*** |
5.2% |
0.0% |
0.0% |
5.6% | |
|
*New York Stock Exchange, Inc.
("NYSE") - Spear, Leeds & Kellogg
Specialists LLC ("SLKS") and SLK Index
Specialists, LLC ("SIS"), affiliates of Goldman,
Sachs & Co. ("Goldman Sachs"), are
specialists in certain securities listed on NYSE. Goldman
Sachs has direct and indirect interests in NYSE
Group, Inc., the parent company of the NYSE.
Accordingly, Goldman Sachs stands to share
indirectly in any profits that SLKS, SIS or NYSE
Group, Inc. generates from the execution of
customer orders on the NYSE. **The NASDAQ Stock Market, Inc.
("NASDAQ") - Goldman, Sachs & Co. ("Goldman
Sachs") has direct and indirect ownership
interests in NASDAQ. Goldman Sachs stands to
share indirectly in any profits that NASDAQ
derives from the execution of Goldman Sachs
customer orders on NASDAQ.
***Goldman Sachs Execution & Clearing,
L.P. ("GSEC"), is an affiliate of Goldman, Sachs
& Co. ("Goldman Sachs"). Accordingly,
Goldman Sachs stands to share indirectly in any
profits that GSEC derives from its execution of
Goldman Sachs customer orders.
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|
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Rule 606 (formerly known as
Rule 11Ac1-6) Report: NASDAQ
Securities
|
Non-Directed Orders as a
Percentage of Total Customer Orders Having a
Market Value Less Than $200,000:
|
100% |
|
Percentage of Non-Directed
Customer Orders That Were: |
Market |
Limit |
Other (includes
"Not Held") |
|
7.9% |
6.7% |
85.4% |
|
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,Inc.* |
56.9% |
23.6% |
40.1% |
61.3% |
| Goldman, Sachs
&Co.** |
20.4% |
74.6% |
56.3% |
12.5% |
| NYSE Arca,L.L.C.***
|
9.8% |
0.4% |
0.7% |
11.4% |
| Goldman Sachs Execution &
Clearing, L.P.****
|
7.0% |
0.0% |
0.5% |
8.2% | |
|
*The NASDAQ Stock Market, Inc.
("NASDAQ") - Goldman, Sachs & Co. ("Goldman
Sachs") has direct and indirect ownership
interests in NASDAQ. Goldman Sachs stands to
share indirectly in any profits that NASDAQ
derives from the execution of Goldman Sachs
customer orders on NASDAQ. **Goldman, Sachs & Co. ("GSCO") -
Goldman, Sachs & Co. ("Goldman Sachs")
executes orders on a principal or agency basis
and receives compensation for doing so.
***NYSE Arca, L.L.C.
(formerly known as Archipelago Exchange, L.L.C.)
("ArcaEx") - Goldman, Sachs & Co. ("Goldman
Sachs") has direct and indirect ownership
interests in NYSE Group, Inc., the parent
company of ArcaEx. Accordingly, Goldman Sachs
stands to share indirectly in any profits that
NYSE Group, Inc. derives from the execution of
Goldman Sachs customer orders on ArcaEx.
****Goldman Sachs Execution & Clearing,
L.P. ("GSEC"), is an affiliate of Goldman, Sachs
& Co. ("Goldman Sachs"). Accordingly,
Goldman Sachs stands to share indirectly in any
profits that GSEC derives from its execution of
Goldman Sachs customer orders.
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Rule 606 (formerly known as
Rule 11Ac1-6) Report: Network B Securities - AMEX
and Regional Exchanges
|
Non-Directed Orders as a
Percentage of Total Customer Orders Having a
Market Value Less Than $200,000:
|
100.0% |
|
Percentage of Non-Directed
Customer Orders That Were: |
Market |
Limit |
Other (includes
"Not Held") |
|
13.5% |
6.6% |
79.9% |
|
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 |
|
NYSE Arca, L.L.C.*
|
71.0% |
92.3% |
79.8% |
66.7% |
|
American Stock Exchange**
|
23.2% |
6.4% |
18.9% |
26.3% |
|
The NASDAQ Stock
Market,Inc.*** |
2.1% |
0.0% |
0.0% |
2.6% | |
|
*NYSE Arca, L.L.C. (formerly
known as Archipelago Exchange, L.L.C.)
("ArcaEx") - Goldman, Sachs & Co. ("Goldman
Sachs") has direct and indirect ownership
interests in NYSE Group, Inc., the parent
company of ArcaEx. Accordingly, Goldman Sachs
stands to share indirectly in any profits that
NYSE Group, Inc. derives from the execution of
Goldman Sachs customer orders on ArcaEx.
**American Stock
Exchange ("AMEX") - Goldman Sachs Execution
& Clearing, L.P. ("GSEC"), an affiliate of
Goldman, Sachs & Co. ("Goldman Sachs"), is a
specialist in certain securities listed on the
AMEX. Accordingly, Goldman Sachs stands to share
indirectly in any profits that GSEC derives from
the execution of Goldman Sachs customer orders
on the AMEX. ***The NASDAQ Stock Market, Inc.
("NASDAQ") - Goldman, Sachs & Co. ("Goldman
Sachs") has direct and indirect ownership
interests in NASDAQ. Goldman Sachs stands to
share indirectly in any profits that NASDAQ
derives from the execution of Goldman Sachs
customer orders on NASDAQ.
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Rule 606 (formerly known as
Rule 11Ac1-6) Report: Exchange-Listed
Options
|
Non-Directed Orders as a
Percentage of Total Customer Orders Having a
Market Value Less Than $50,000: |
100% |
|
Percentage of Non-Directed
Customer Orders That Were: |
Market |
Limit |
Other (includes
"Not Held") |
|
26.3% |
73.6% |
0.1% |
|
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 |
|
International Securities
Exchange* |
51.3% |
48.8% |
52.2% |
42.9% |
|
Chicago Board Options
Exchange* |
22.5% |
27.6% |
20.7% |
28.6% |
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NYSE Arca, Inc.*
|
12.5% |
13.8% |
12.0% |
28.6% |
|
Philadelphia Stock
Exchange* |
8.7% |
4.7% |
10.1% |
0.0% |
|
Boston Options Exchange*
|
4.2% |
4.2% |
4.2% |
0.0% | |
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*International Securities
Exchange ("ISE"), Chicago Board Options Exchange
("CBOE"), NYSE Arca, Inc. ("PCX"), Philadelphia
Stock Exchange ("PHLX"), Boston Options Exchange
("BOX"), American Stock Exchange ("AMEX") -
Goldman, Sachs & Co. ("Goldman Sachs")
(which has integrated the operations of SLK-Hull
Derivatives LLC) is an electronic designated
primary market maker on the CBOE, a primary
market maker on the ISE, a lead market maker on
PCX, and a market maker on PHLX, BOX and AMEX.
Accordingly, Goldman Sachs stands to share
directly in any profits that it generates (or
has generated) from the execution of customer
orders, including orders it has routed, on any
of these exchanges. In addition, Goldman Sachs
has an indirect ownership interest in the ISE,
direct and indirect ownership interests in NYSE
Group, Inc., the parent of NYSE Arca, Inc.
(formerly known as the Pacific Exchange, Inc.),
and a direct ownership in the PHLX. Accordingly,
Goldman Sachs stands to share indirectly in any
profits that the ISE, NYSE Group, Inc.and PHLX
derived from the execution of Goldman Sachs
customer orders on the relevant exchanges.
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© 2007, The Goldman Sachs Group, Inc. All rights reserved.
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