SEC Rule 606(a) Report
Disclosure of Order Routing Information
U.S. Securities and Exchange Commission (SEC) Rule 606(a) requires all brokerage firms to make publicly available quarterly reports, broken down by calendar month, containing certain required statistical information regarding the routing of held, non-directed customer orders in Regulation NMS stocks, as well as both held and not held, non-directed customer orders in listed options with a market value of less than $50,000. Goldman Sachs & Co. LLC (“GSCO”) is publishing such quarterly report in accordance with Rule 606(a), and will keep the report publicly available for a period of three (3) years.
The report contains a section for Regulation NMS stocks (separated by securities that are included in the S&P 500 Index as of the first day of the quarter and other Non-S&P 500 stocks) and a separate section for listed options. For each section, the report identifies the venues to which GSCO routed the relevant orders and, for each venue, the required statistical information broken down by order type (i.e., market order, marketable limit order, non-marketable limit order and other orders). Each section of the report also contains information regarding the material aspects of GSCO’s relationship, if any, with each venue.
For more information regarding the quarterly reports required by SEC Rule 606(a), and other aspects of SEC Rule 606, you may review the final rule here: https://www.sec.gov/rules/final/2018/34-84528.pdf
SEC Rule 606(a) Report:
Note Regarding the Information
Please note that, consistent with the requirements of SEC Rule 606(a), the information presented in the report concerns only a small portion of GSCO's customer order flow. The statistical information and disclosures required by SEC Rule 606(a) do not encompass all of the information necessary to assess execution quality.
Certain venues that GSCO routes orders to, such as exchanges, charge execution fees or provide rebates based upon whether routed orders take liquidity from, or provide liquidity to, the venue. In addition, and as further referenced in the report, certain venues, including exchanges, have various volume-based tiered pricing/payment schedules pursuant to which GSCO and other brokerage firms may receive incremental pricing benefits based upon the aggregate trading volume routed to the venue (including volume not associated with customer orders).
While GSCO has carefully prepared the information presented in the report, the data has not been audited and may contain errors.