Disclosure of SEC-Required
Order Routing Information
2nd
Quarter 2010
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") |
|
15.7% |
1.6% |
82.7% |
|
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 |
|
New York Stock Exchange,
Inc.* |
74.3% |
85.8% |
72.8% |
72.1% |
| NYSE Arca, L.L.C. |
6.1% |
1.4% |
8.6% |
6.9% |
| Goldman, Sachs & Co.** |
5.6% |
10.9% |
16.7% |
4.4% |
| Goldman Sachs Execution &
Clearing, L.P.*** |
5.3% |
0.0% |
0.0% |
6.4% |
| The NASDAQ Stock Market,Inc. |
4.0% |
0.9% |
0.8% |
4.6% | |
|
*New York Stock Exchange, Inc. ("NYSE") - Spear, Leeds & Kellogg Specialists LLC ("SLKS"), an affiliate of Goldman Sachs, is a specialists in certain securities listed on the NYSE. Accordingly, Goldman Sachs may share indirectly in any profits that SLKS generates from the execution of Goldman Sachs' customer orders on the NYSE.
**Goldman, Sachs & Co. ("GSCO") -
Goldman, Sachs & Co. ("Goldman Sachs")
executes orders on a principal or agency basis
and receives compensation for doing so.
***Goldman Sachs Execution & Clearing, L.P. ("GSEC") - GSEC is an affiliate of Goldman Sachs. Accordingly, Goldman Sachs may share indirectly in any profits 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") |
|
19.7% |
5.2% |
75.1% |
|
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. |
53.1% |
50.6% |
5.9% |
57.1% |
| Goldman, Sachs
& Co.* |
26.9% |
48.3% |
90.3% |
16.8% |
| NYSE Arca,L.L.C.
|
7.7% |
0.6% |
1.6% |
10.0% |
| Goldman Sachs Execution &
Clearing, L.P.**
|
5.5% |
0.0% |
0.2% |
7.4% |
| Direct Edge ECN LLC.(EDGX)***
|
2.8% |
0.3% |
1.6% |
3.6% | |
|
*Goldman, Sachs & Co. - Goldman Sachs executes customer orders as principal and agent and receives compensation for its execution services.
**Goldman Sachs Execution & Clearing, L.P. - GSEC is an affiliate of Goldman Sachs. Accordingly, Goldman Sachs may share indirectly in any profits GSEC derives from its execution of Goldman Sachs' customer orders.
***Direct Edge ECN LLC.(EDGX) - Goldman, Sachs & Co.
("Goldman Sachs") has an indirect ownership interest in Direct
Edge ECN LLC. Accordingly, Goldman Sachs stands to share indirectly
in any profits that Direct Edge ECN LLC derives from the execution
of Goldman Sachs customer orders on Direct Edge ECN. Please note
that the data contained herein represents the orders routed to EDGX.
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Rule 606 (formerly known as
Rule 11Ac1-6) Report: Network B Securities - NYSE Alternext
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") |
|
41.5% |
11.3% |
47.2% |
|
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 |
|
NYSE Arca, L.L.C.*
|
39.6% |
38.9% |
54.8% |
36.6% |
|
Direct Edge ECN LLC.(EDGX)** |
18.8% |
26.1% |
25.0% |
10.8% |
| Goldman, Sachs & Co.*** |
12.0% |
0.0% |
0.0% |
25.4% |
| The NASDAQ Stock Market,Inc. |
10.2% |
14.0% |
8.2% |
7.5% |
|
Goldman Sachs Execution & Clearing, L.P.**** |
8.2% |
8.9% |
4.3% |
8.6% |
|
Direct Edge ECN LLC.(EDGA)*****
|
6.8% |
11.5% |
4.9% |
3.1% |
|
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*NYSE Arca, Inc. ("ARCA") - Goldman Sachs is a lead market maker in exchange-traded funds on ARCA. Accordingly Goldman Sachs may share directly in any profits that it generates (or has generated) from the execution of customer orders on, including orders it has routed to, ARCA.
**EDGX Exchange, Inc. - Goldman Sachs has an indirect ownership in Direct Edge Holdings LLC, the parent company of EDGX. Accordingly, Goldman Sachs may share indirectly in any profits that Direct Edge Holdings LLC derives from the execution of Goldman Sachs' customer orders on EDGX.
***Goldman, Sachs & Co. - Goldman Sachs executes customer orders as principal and agent and receives compensation for its execution services.
****Goldman Sachs Execution & Clearing, L.P. ("GSEC" - GSEC is an affiliate of Goldman Sachs. Accordingly, Goldman Sachs may share indirectly in any profits GSEC derives from its execution of Goldman Sachs' customer orders.
*****EDGA Exchange, Inc. (formerly Direct Edge ECN LLC (EDGA)) ("EDGA") - Goldman Sachs has an indirect ownership in Direct Edge Holdings LLC, the parent company of EDGA. Accordingly, Goldman Sachs may share indirectly in any profits that Direct Edge Holdings LLC derives from the execution of Goldman Sachs' customer orders on EDGA.
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|
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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") |
|
24.8% |
69.3% |
6.0% |
|
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 |
|
Chicago Board Options
Exchange* |
30.1% |
28.9% |
32.0% |
27.2% |
|
NYSE Arca, Inc.* |
21.2% |
5.1% |
26.7% |
23.9% |
|
International Securities
Exchange* |
18.9% |
39.5% |
12.8% |
3.2% |
|
NYSE Alternext*
|
13.5% |
14.4% |
11.5% |
32.8% |
|
Philadelphia Stock Exchange* |
12.2% |
8.5% |
12.6% |
23.1% |
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*International Securities Exchange ("ISE"), Chicago Board Options Exchange ("CBOE"), ARCA, NASDAQ OMX PHLX ("PHLX"), NYSE Alternext ("AMEX") - Goldman Sachs (which has integrated the operations of SLK-Hull Derivatives LLC) is an electronic designated primary market maker, a lead market maker, and a market maker on the CBOE, a primary market maker and a competitive market maker on the ISE, a lead market maker and remote market maker on ARCA, and a remote streaming quote trader on PHLX. Accordingly Goldman Sachs may share directly in any profits that it generates (or has generated) from the execution of customer orders on, including orders it has routed to, any of these exchanges. In addition, Goldman Sachs has an indirect ownership interest in Direct Edge Holdings LLC, the parent company of ISE. Accordingly, Goldman Sachs may share indirectly in any profits that Direct Edge Holdings LLC derives from the execution of Goldman Sachs' customer orders on the ISE.
Note Regarding Payment for Order Flow Practices
Goldman Sachs, in its efforts to seek best execution, routes customer orders to national securities exchanges, alternative trading systems (ATSs), including electronic communications networks (ECNs), and other market centers. Goldman Sachs accepts payment for order flow (except on orders for our or our affiliates' private wealth management advisory/discretionary account clients and other advisory/asset management clients). Further information about the source and nature of payments for order flow received by Goldman Sachs will be provided upon your written request.
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© 2007, The Goldman Sachs Group, Inc. All rights reserved.
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