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Disclosure of Order Routing Information

For the Quarter Ending September 2018

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 American LLC or regional exchanges and reported as Network B-eligible securities; and one for exchange-listed options.

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

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

55.4%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

0.2%

4.8%

95.0%

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

NASDAQ OMX BX.(BOSE)

17.5%

27.8%

0.2%

18.4%

New York Stock Exchange LLC.(NYSE)

14.1%

30.5%

0.3%

14.8%

Goldman, Sachs & Co. LLC (GSCO)

12.6%

0.0%

98.8%

8.3%

CBOE BYX Exchange (BATY)

9.5%

10.6%

0.1%

10.0%

CBOE BZX Exchange (BATS)

6.7%

5.6%

0.1%

7.0%

The Nasdaq Stock Market LLC.(XNAS)

6.4%

11.3%

0.1%

6.7%

Investors Exchange LLC (IEXG)

5.6%

6.1%

0.1%

5.9%

Goldman, Sachs & Co. LLC (SGMT)

4.3%

0.0%

0.0%

4.5%

UBS Securities LLC (UBSA)

4.2%

0.0%

0.0%

4.4%

CBOE EDGA Exchange (EDGA)

3.5%

2.7%

0.1%

3.7%

NYSE Arca, Inc.(ARCA)

3.3%

2.8%

0.1%

3.5%

CBOE EDGX Exchange (EDGX)

3.3%

1.8%

0.0%

3.5%

Nasdaq PHLX, LLC (XPHL)

2.8%

0.3%

0.0%

3.0%

NYSE American LLC (AMEX)

1.7%

0.5%

0.1%

1.8%

 

 


Rule 606 Report: Nasdaq Securities

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

55.0%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

0.2%

2.5%

97.3%

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

NASDAQ OMX BX.(BOSE)

18.6%

20.8%

0.4%

19.1%

The Nasdaq Stock Market LLC.(XNAS)

15.8%

38.4%

0.8%

16.1%

CBOE BYX Exchange (BATY)

9.9%

8.7%

0.4%

10.2%

Goldman, Sachs & Co. LLC (GSCO)

8.0%

0.0%

96.8%

5.7%

CBOE BZX Exchange (BATS)

7.2%

7.5%

0.3%

7.4%

Investors Exchange LLC (IEXG)

6.1%

8.0%

0.2%

6.3%

UBS Securities LLC (UBSA)

5.3%

0.0%

0.0%

5.4%

Goldman, Sachs & Co. LLC (SGMT)

4.8%

0.0%

0.0%

5.0%

CBOE EDGX Exchange (EDGX)

4.5%

3.6%

0.2%

4.6%

New York Stock Exchange LLC.(NYSE)

4.4%

4.3%

0.2%

4.5%

NYSE Arca, Inc.(ARCA)

4.3%

4.9%

0.2%

4.4%

CBOE EDGA Exchange (EDGA)

3.5%

2.5%

0.2%

3.6%

Nasdaq PHLX, LLC (XPHL)

3.4%

0.8%

0.1%

3.5%

 


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

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

80.9%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

0.7%

0.2%

99.1%

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

NASDAQ OMX BX.(BOSE)

28.7%

30.2%

9.0%

28.8%

CBOE BYX Exchange (BATY)

12.3%

13.7%

5.7%

12.3%

CBOE BZX Exchange (BATS)

11.3%

11.0%

5.4%

11.3%

NYSE Arca, Inc.(ARCA)

9.5%

12.8%

7.7%

9.5%

New York Stock Exchange LLC.(NYSE)

9.3%

10.7%

3.1%

9.3%

The Nasdaq Stock Market LLC.(XNAS)

7.9%

8.9%

5.6%

7.9%

CBOE EDGA Exchange (EDGA)

4.1%

5.0%

3.8%

4.1%

CBOE EDGX Exchange (EDGX)

3.5%

2.3%

2.4%

3.5%

Investors Exchange LLC (IEXG)

3.1%

3.9%

3.0%

3.1%

NYSE American LLC (AMEX)

2.6%

1.1%

5.4%

2.6%

 


Rule 606 Report: Exchange-Listed Options

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

22.5%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

2.7%

84.1%

13.2%

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

CBOE BZX Options Exchange (BATO)

27.9%

10.1%

32.7%

0.8%

Chicago Board Options Exchange,Inc.(CBOE)

14.3%

23.7%

11.9%

27.3%

NASDAQ Options Market LLC (NDOE)

11.9%

3.1%

14%

0.3%

NYSE Arca, Inc .(PCX)

10.1%

7.3%

9.4%

14.7%

Nasdaq ISE, LLC (ISE)

8.9%

10.4%

5.0%

33.8%

Nasdaq GEMX, LLC (ISEG)

4.8%

5.5%

5.5%

0.2%

Nasdaq PHLX, LLC (PHLX)

4.3%

8.1%

3.0%

12.2%

CBOE C2 Options Exchange, Inc. (C2OX)

3.4%

1.8%

3.9%

0.2%

BOX Options Market LLC. (BOX)

3.2%

5.8%

3.6%

0.2%

 

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

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

The Investors Exchange (IEXG) - The Firm is a Market Maker on IEX 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.

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.

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 in equities 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.

SIGMA X2 - (SGMT) is an alternative trading system (ATS) owned and operated by the Firm.

Chicago Stock Exchange, Inc. (CHX) - The Firm has an indirect ownership interest in CHX Holdings, Inc., the ultimate parent of the CHX. Accordingly, the Firm stands to share indirectly in any profits that the parent derives from execution of the Firm's client orders on the CHX.

BIDS - An affiliate of the Firm, under common ownership with the Firm, has an ownership interest in BIDS Holdings, L.P. (and in its general partner, BIDS Holdings, G.P.), the ultimate parent of BIDS Trading, L.P. (“BIDS”). BIDS executes certain customer orders in BIDS ATS, an alternative trading system owned and operated by BIDS. Accordingly, the Firm may share indirectly in any profits that BIDS derives from the execution of the Firm's client orders on BIDS ATS.




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”). Certain market centers, such as many exchanges, provide rebates or charge fees based upon whether routed orders contribute liquidity to, or extract liquidity from, the market center. The amounts of such fees and rebates vary and rebates may or may not exceed the fees paid by the Firm to a market center during any given time period. The Firm may also receive incremental pricing benefits from market centers based upon the aggregate trading volume generated by the Firm (including volume not associated with client orders). In addition, the US listed options exchanges sponsor marketing fee programs through which registered market-makers may receive payments from the exchanges based upon their market making status and/or as a result of their designation as a “preferenced” market maker by an exchange member with respect to certain options orders. The Firm may receive payments from “preferenced” registered market makers related to these exchange-sponsored marketing fee programs.

© 2018, Goldman Sachs & Co. LLC. All rights reserved.