Disclosure of Order Routing Information
For the Quarter Ending December 2011
In accordance with U.S. Securities and Exchange Commission (SEC) Rule 606, Goldman, Sachs & Co. (the Firm) is publishing statistical information about our routing practices for non-directed orders in U.S. exchange-listed equity securities and options.
This 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 Amex 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).
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Rule 606: Network A Securities -
NYSE
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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") |
|
34.2% |
1.4% |
64.4% |
|
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 |
|
New York Stock Exchange LLC.(NYSE) |
49.8% |
24.9% |
42.4% |
63.2% |
| The Nasdaq Stock Market LLC.(XNAS) |
13.7% |
24.6% |
10.8% |
7.9% |
| NYSE Arca, Inc.(ARCA) |
9.1% |
16.6% |
4.8% |
5.3% |
| EDGA Exchange,Inc.(EDGA) |
6.2% |
13.6% |
10.0% |
2.2% |
| BATS Exchange, Inc.(BATS) |
6.1% |
11.4% |
9.2% |
3.3% |
| Goldman Sachs Execution &
Clearing, L.P.(SIGMA X) |
5.6% |
0.0% |
0.0% |
8.6% |
| EDGA Exchange,Inc.(EDGX) |
3.5% |
6.6% |
8.7% |
1.8% |
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Rule 606 Report: Nasdaq
Securities
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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") |
|
36.8% |
4.0% |
59.2% |
|
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 |
|
The Nasdaq Stock
Market LLC.(XNAS) |
50.9% |
48.6% |
39.1% |
53.1% |
| NYSE Arca,Inc.(ARCA)
|
11.5% |
9.7% |
11.2% |
12.6% |
| Goldman Sachs Execution &
Clearing, L.P.(SIGMA X)
|
7.8% |
2.8% |
4.5% |
11.1% |
| BATS Exchange, Inc.(BATS)
|
7.7% |
13.8% |
10.6% |
3.7% |
| EDGA Exchange,Inc.(EDGA)
|
7.0% |
15.3% |
10.6% |
1.5% |
| Goldman, Sachs
& Co.(GSCO) |
5.2% |
1.0% |
1.6% |
8.1% |
| EDGA Exchange,Inc.(EDGX)
|
5.0% |
8.7% |
21.7% |
1.5% |
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Rule 606 Report: Network B Securities - NYSE Amex
and Regional Exchanges
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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") |
|
45.2% |
9.3% |
45.5% |
|
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, Inc.(ARCA)
|
38.4% |
36.4% |
50.9% |
37.9% |
| The Nasdaq Stock Market LLC,(XNAS) |
14.2% |
21.0% |
11.4% |
7.9% |
|
BATS Exchange, Inc.(BATS) |
12.4% |
16.6% |
14.5% |
7.7% |
| Goldman, Sachs & Co.(GSCO) |
9.1% |
0.0% |
0.0% |
20.0% |
|
EDGA Exchange,Inc.(EDGA)
|
8.0% |
12.1% |
11.7% |
3.1% |
|
Goldman Sachs Execution & Clearing, L.P.(SIGMA X) |
6.6% |
7.5% |
5.0% |
6.0% |
|
EDGA Exchange,Inc.(EDGX)
|
4.2% |
5.4% |
4.9% |
2.9% |
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Rule 606 Report: Exchange-Listed
Options
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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") |
|
16.3% |
70.4% |
13.3% |
|
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,LLC(ISE) |
23.9% |
59.6% |
17.1% |
15.5% |
BATS Exchange, Inc.(BATO) |
16.4% |
1.6% |
19.8% |
16.9% |
|
Nasdaq OMX PHLX,Inc.(PHLX) |
16.3% |
3.7% |
19.7% |
13.9% |
|
NYSE Amex LLC.(AMEX) |
14.1% |
7.8% |
14.1% |
22.0% |
|
Boston Options Exchange Group, LLC.(BOX) |
9.4% |
3.0% |
10.4% |
11.8% |
|
Chicago Board Options
Exchange,Inc.(CBOE) |
9.0% |
18.6% |
7.2% |
6.7% |
|
NYSE Arca, Inc.(ARCA) |
5.7% |
5.2% |
5.9% |
5.8% |
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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.
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Notes regarding Conflicts of Interest relating to Market Centers Most Often Selected by the Firm
Chicago Board Options Exchange,Inc.(CBOE) - The Firm is an electronic designated primary market maker, a lead market maker and market maker in options on the CBOE. Accordingly, the Firm may share directly in any profits generated (or that have been generated) from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.
Direct EDGE Holdings LLC (EDGE Holdings) - The Firm has an indirect ownership interest in EDGE Holdings, the ultimate parent of EDGX Exchange, Inc. (EDGX) and EDGA Exchange, Inc. (EDGA). Accordingly, the Firm stands to share indirectly in any profits that EDGE Holdings derives from execution of the Firm's client orders on EDGX and EDGA.
International Securities Exchange,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 (or that have been generated) from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.
Goldman, Sachs & Co.(GSCO) - The Firm may execute client orders on a principal or agency basis and receives compensation for such executions.
Nasdaq OMX PHLX,Inc (PHLX) - The Firm is a remote streaming quote trader on PHLX. Accordingly, the Firm may share directly in any profits generated (or that have been 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) - Goldman Sachs & Co.(GSCO), is a designated market maker on the NYSE. Accordingly, the Firm may indirectly profit from the execution of client orders by the Firm on the exchange.
NYSE Arca, Inc. (ARCA) - The Firm is a lead market maker and a remote market maker in equities and/or options on ARCA. Accordingly, the Firm may share directly in any profits generated (or that have been generated) from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.
NYSE Amex LLC (AMEX) - The Firm is a remote market maker and e-specialist on AMEX. Accordingly, the Firm may share directly in any profits generated (or that have been generated) from the execution of client orders by the Firm on the exchange, including those that are routed to the exchange.
SIGMA X - SIGMA X 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.
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Note regarding Payment for Order Flow Practices
The Firm, in its efforts to seek best execution, routes client orders to national securities exchanges, alternative trading systems (ATSs), including electronic communications networks (ECNs) and other market centers. The Firm accepts payment for order flow, except on orders from our affiliates' private wealth management advisory/discretionary account clients. Further information about the source and nature of payment for order flow received by the Firm will be provided upon your written request.
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© 2007, The Goldman Sachs Group, Inc. All rights reserved.
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