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2026Q2 2026Q1

CRD #361 Review Period: 2026Q1 Filing: Direct 606 filer

GOLDMAN SACHS & CO. LLC (CRD #361) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: GOLDMAN SACHS & CO. LLC (CRD #361) 2026Q1 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

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Primary Routed Venues (606)

1. Members Exchange(172.4%)

2. New York Stock Exchange LLC.(168.1%)

3. The Nasdaq Stock Market LLC.(111.1%)

Top routed order shares

Disclosed PFOF / Rebates

$0.00

Avg 29.18 ¢

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

0 mo • 0 builds

Amended 605 builds

Rule 5310.09 Exceptions Preview (0 Total)

All scored order size and routing buckets where venue net price improvement trailed mix-adjusted peers by > 1.0 bps.

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No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.

FINRA Rule 5310.09 Review Packet

GOLDMAN SACHS & CO. LLC

CRD Number: 361 • Quarter: 2026Q1 • Generated: Wed, 14 Oct 2026 20:19:57 GMT

Methodology: exq-2

Status: CLOSED QUARTER

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Goldman Sachs & Co. LLC	361	Direct	V1	f255c3a94db5b1c887d09ba4e1b324ab7f7af67da2185913dc5553e5a700b5b4	Download XML ↗

1. SEC Rule 606(a)(1) Order Routing

Quarterly non-directed customer order routing shares and net PFOF/rebates by section and venue.

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Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202601	options	Members Exchange (MXOP)	Unmapped	54.7%	0.0%	6.0%	59.5%	0.00 ¢	-14.70 ¢
202601	options	NYSE Arca, Inc . (ARCO)	Unmapped	23.7%	11.3%	3.0%	25.5%	-36.18 ¢	-34.29 ¢
202601	options	CBOE Options Exchange (XCBO)	Unmapped	4.6%	14.0%	52.4%	1.6%	-6.87 ¢	-51.29 ¢
202601	options	CBOE C2 Options Exchange, Inc. (C2OX)	Unmapped	4.4%	0.0%	0.8%	4.8%	0.00 ¢	-45.60 ¢
202601	options	MIAX PEARL LLC (MPRL)	Unmapped	4.0%	0.0%	1.2%	4.3%	0.00 ¢	-46.91 ¢
202601	options	BOX Options Exchange (XBOX)	Unmapped	2.0%	22.6%	2.1%	0.2%	43.13 ¢	1.84 ¢
202601	options	CBOE BZX Options Exchange (BATO)	Unmapped	1.3%	0.0%	4.5%	1.2%	0.00 ¢	-48.59 ¢
202601	options	NASDAQ Options Market LLC (XNDQ)	Unmapped	0.9%	0.0%	7.5%	0.6%	0.00 ¢	-50.35 ¢
202601	options	Nasdaq ISE, LLC. (XISX)	Unmapped	0.5%	12.1%	1.9%	0.2%	7.89 ¢	-43.47 ¢
202601	options	NASDAQ BX Options (XBXO)	Unmapped	0.5%	0.0%	2.1%	0.4%	0.00 ¢	-36.90 ¢
202601	other_stocks	NYSE Arca, Inc. (ARCX)	PARCAX	34.6%	41.4%	3.3%	53.0%	-15.00 ¢	-27.48 ¢
202601	other_stocks	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	14.8%	30.0%	10.8%	16.1%	-2.96 ¢	-28.22 ¢
202601	other_stocks	New York Stock Exchange LLC. (XNYS)	NXNYS	13.8%	25.0%	1.8%	20.3%	-2.80 ¢	-15.96 ¢
202601	other_stocks	GSCO (GSCO)	GSCO	12.4%	0.0%	37.5%	0.0%	0.00 ¢	0.00 ¢
202601	other_stocks	CBOE BZX Exchange (BATS)	BATS	8.4%	3.6%	19.4%	1.5%	-13.00 ¢	-29.85 ¢
202601	other_stocks	UBSA (UBSA)	UBSA	7.5%	0.0%	16.5%	1.6%	0.00 ¢	-10.00 ¢
202601	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	4.3%	0.0%	0.3%	7.0%	0.00 ¢	-29.95 ¢
202601	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.9%	0.0%	4.8%	0.0%	0.00 ¢	1.31 ¢
202601	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	0.6%	0.0%	1.6%	0.0%	0.00 ¢	-29.80 ¢
202601	other_stocks	Members Exchange (MEMX)	Unmapped	0.4%	0.0%	1.1%	0.0%	0.00 ¢	-29.40 ¢
202601	sp500	New York Stock Exchange LLC. (XNYS)	NXNYS	38.0%	66.7%	3.3%	55.9%	-2.80 ¢	-21.57 ¢
202601	sp500	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	23.2%	33.3%	7.7%	30.1%	-2.70 ¢	-28.89 ¢
202601	sp500	GSCO (GSCO)	GSCO	21.6%	0.0%	68.8%	0.0%	0.00 ¢	0.00 ¢
202601	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	7.4%	0.0%	0.4%	11.7%	0.00 ¢	-30.00 ¢
202601	sp500	UBSA (UBSA)	UBSA	4.8%	0.0%	7.8%	1.9%	0.00 ¢	-10.00 ¢
202601	sp500	CBOE BZX Exchange (BATS)	BATS	2.0%	0.0%	4.4%	0.1%	0.00 ¢	-30.00 ¢
202601	sp500	NYSE Arca, Inc. (ARCX)	PARCAX	0.8%	0.0%	2.0%	0.0%	0.00 ¢	-29.99 ¢
202601	sp500	CBOE EDGX Exchange (EDGX)	EDGK	0.5%	0.0%	1.2%	0.0%	0.00 ¢	-29.99 ¢
202601	sp500	Investors Exchange LLC. (IEXG)	IEXG	0.4%	0.0%	1.1%	0.0%	0.00 ¢	-11.64 ¢
202601	sp500	Members Exchange (MEMX)	Unmapped	0.3%	0.0%	0.8%	0.0%	0.00 ¢	-29.37 ¢
202602	options	Members Exchange (MXOP)	Unmapped	58.4%	0.0%	6.1%	66.0%	0.00 ¢	-12.44 ¢
202602	options	NYSE Arca, Inc . (ARCO)	Unmapped	19.8%	11.0%	2.8%	22.1%	5.76 ¢	-27.44 ¢
202602	options	CBOE Options Exchange (XCBO)	Unmapped	5.7%	20.1%	49.5%	2.3%	-15.52 ¢	-38.24 ¢
202602	options	BOX Options Exchange (XBOX)	Unmapped	2.9%	21.8%	2.5%	0.2%	48.91 ¢	1.55 ¢
202602	options	CBOE C2 Options Exchange, Inc. (C2OX)	Unmapped	2.8%	0.0%	0.8%	3.1%	0.00 ¢	-43.26 ¢
202602	options	MIAX PEARL LLC (MPRL)	Unmapped	2.5%	0.0%	1.2%	2.8%	0.00 ¢	-44.50 ¢
202602	options	CBOE EDGO Exchange (EDGO)	Unmapped	1.3%	9.3%	1.0%	0.1%	38.96 ¢	4.48 ¢
202602	options	CBOE BZX Options Exchange (BATO)	Unmapped	1.2%	0.0%	3.3%	1.2%	0.00 ¢	-45.09 ¢
202602	options	NASDAQ Options Market LLC (XNDQ)	Unmapped	0.9%	0.0%	8.0%	0.5%	0.00 ¢	-47.98 ¢
202602	options	Nasdaq ISE, LLC. (XISX)	Unmapped	0.8%	10.4%	1.9%	0.2%	15.41 ¢	-41.65 ¢
202602	other_stocks	NYSE Arca, Inc. (ARCX)	PARCAX	35.3%	31.2%	3.5%	52.6%	-14.99 ¢	-29.26 ¢
202602	other_stocks	New York Stock Exchange LLC. (XNYS)	NXNYS	15.6%	41.0%	2.2%	22.0%	-2.75 ¢	-24.42 ¢
202602	other_stocks	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	14.6%	20.6%	11.3%	15.5%	-5.47 ¢	-29.33 ¢
202602	other_stocks	GSCO (GSCO)	GSCO	12.2%	0.0%	38.6%	0.0%	0.00 ¢	0.00 ¢
202602	other_stocks	CBOE BZX Exchange (BATS)	BATS	7.5%	7.3%	17.9%	1.5%	-13.00 ¢	-29.67 ¢
202602	other_stocks	UBSA (UBSA)	UBSA	6.9%	0.0%	15.8%	1.7%	0.00 ¢	-10.00 ¢
202602	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	4.1%	0.0%	0.3%	6.4%	0.00 ¢	-29.93 ¢
202602	other_stocks	CBOE BYX Exchange (BATY)	BYXX	1.5%	0.0%	4.1%	0.0%	0.00 ¢	1.18 ¢
202602	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	0.6%	0.0%	1.8%	0.0%	0.00 ¢	-29.85 ¢
202602	other_stocks	Investors Exchange LLC. (IEXG)	IEXG	0.4%	0.0%	1.2%	0.0%	0.00 ¢	-14.30 ¢
202602	sp500	New York Stock Exchange LLC. (XNYS)	NXNYS	44.4%	58.8%	2.5%	64.2%	-2.75 ¢	-25.30 ¢
202602	sp500	GSCO (GSCO)	GSCO	20.9%	0.0%	69.9%	0.0%	0.00 ¢	0.00 ¢
202602	sp500	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	19.8%	41.2%	7.8%	24.2%	-3.19 ¢	-27.85 ¢
202602	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	6.4%	0.0%	0.4%	9.6%	0.00 ¢	-29.99 ¢
202602	sp500	UBSA (UBSA)	UBSA	4.1%	0.0%	7.8%	1.6%	0.00 ¢	-9.99 ¢
202602	sp500	CBOE BZX Exchange (BATS)	BATS	1.6%	0.0%	3.8%	0.2%	0.00 ¢	-30.00 ¢
202602	sp500	NYSE Arca, Inc. (ARCX)	PARCAX	0.7%	0.0%	2.0%	0.0%	0.00 ¢	-30.00 ¢
202602	sp500	CBOE EDGX Exchange (EDGX)	EDGK	0.4%	0.0%	1.3%	0.0%	0.00 ¢	-30.00 ¢
202602	sp500	Investors Exchange LLC. (IEXG)	IEXG	0.4%	0.0%	1.2%	0.0%	0.00 ¢	-11.11 ¢
202602	sp500	CBOE BYX Exchange (BATY)	BYXX	0.4%	0.0%	1.0%	0.0%	0.00 ¢	1.69 ¢
202603	options	Members Exchange (MXOP)	Unmapped	57.6%	0.0%	8.6%	68.2%	0.00 ¢	-12.66 ¢
202603	options	NYSE Arca, Inc . (ARCO)	Unmapped	19.2%	12.3%	3.0%	21.3%	-22.31 ¢	-28.65 ¢
202603	options	BOX Options Exchange (XBOX)	Unmapped	4.1%	20.2%	4.3%	0.1%	48.81 ¢	-0.38 ¢
202603	options	CBOE Options Exchange (XCBO)	Unmapped	3.3%	19.5%	35.6%	1.3%	-2.48 ¢	-30.68 ¢
202603	options	CBOE C2 Options Exchange, Inc. (C2OX)	Unmapped	2.8%	0.0%	0.9%	3.3%	0.00 ¢	-44.79 ¢
202603	options	MIAX PEARL LLC (MPRL)	Unmapped	2.6%	0.0%	1.5%	3.0%	0.00 ¢	-45.87 ¢
202603	options	Nasdaq PHLX, LLC (XPHO)	Unmapped	2.3%	7.8%	1.0%	0.1%	16.33 ¢	-20.54 ¢
202603	options	Nasdaq ISE, LLC. (XISX)	Unmapped	1.9%	12.2%	2.2%	0.1%	13.19 ¢	-42.40 ¢
202603	options	CBOE EDGO Exchange (EDGO)	Unmapped	1.5%	9.0%	1.2%	0.1%	37.66 ¢	-0.67 ¢
202603	options	MIAX Securities Exchange, LLC (XMIO)	Unmapped	0.9%	7.8%	1.2%	0.1%	44.97 ¢	-22.79 ¢
202603	other_stocks	NYSE Arca, Inc. (ARCX)	PARCAX	34.5%	41.0%	6.2%	51.1%	-14.99 ¢	-28.68 ¢
202603	other_stocks	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	16.9%	23.1%	16.8%	16.4%	-3.71 ¢	-25.74 ¢
202603	other_stocks	New York Stock Exchange LLC. (XNYS)	NXNYS	15.8%	28.7%	2.8%	23.8%	-2.25 ¢	-20.17 ¢
202603	other_stocks	GSCO (GSCO)	GSCO	11.8%	0.0%	32.9%	0.0%	0.00 ¢	0.00 ¢
202603	other_stocks	CBOE BZX Exchange (BATS)	BATS	10.1%	5.8%	23.9%	1.5%	-13.00 ¢	-29.89 ¢
202603	other_stocks	NASDAQ OMX PSX (XPSX)	Unmapped	4.2%	0.0%	0.4%	6.8%	0.00 ¢	-29.97 ¢
202603	other_stocks	CBOE BYX Exchange (BATY)	BYXX	2.1%	0.0%	5.5%	0.0%	0.00 ¢	1.54 ¢
202603	other_stocks	CBOE EDGX Exchange (EDGX)	EDGK	1.0%	0.0%	2.6%	0.0%	0.00 ¢	-29.94 ¢
202603	other_stocks	UBSA (UBSA)	UBSA	0.8%	0.0%	1.8%	0.2%	0.00 ¢	-9.99 ¢
202603	other_stocks	Members Exchange (MEMX)	Unmapped	0.7%	0.0%	1.8%	0.0%	0.00 ¢	-29.66 ¢
202603	sp500	New York Stock Exchange LLC. (XNYS)	NXNYS	40.4%	46.0%	2.8%	61.4%	-2.25 ¢	-20.20 ¢
202603	sp500	GSCO (GSCO)	GSCO	24.3%	0.0%	71.0%	0.0%	0.00 ¢	0.00 ¢
202603	sp500	The Nasdaq Stock Market LLC. (XNAS)	Unmapped	21.9%	54.0%	10.4%	26.6%	-3.04 ¢	-26.89 ¢
202603	sp500	NASDAQ OMX PSX (XPSX)	Unmapped	7.1%	0.0%	0.3%	11.3%	0.00 ¢	-30.00 ¢
202603	sp500	CBOE BZX Exchange (BATS)	BATS	2.5%	0.0%	5.9%	0.3%	0.00 ¢	-29.99 ¢
202603	sp500	NYSE Arca, Inc. (ARCX)	PARCAX	1.1%	0.0%	2.7%	0.0%	0.00 ¢	-30.00 ¢
202603	sp500	CBOE EDGX Exchange (EDGX)	EDGK	0.6%	0.0%	1.5%	0.0%	0.00 ¢	-29.99 ¢
202603	sp500	CBOE BYX Exchange (BATY)	BYXX	0.4%	0.0%	0.9%	0.0%	0.00 ¢	1.86 ¢
202603	sp500	Investors Exchange LLC. (IEXG)	IEXG	0.4%	0.0%	1.0%	0.0%	0.00 ¢	-12.78 ¢
202603	sp500	Members Exchange (MEMX)	Unmapped	0.3%	0.0%	0.9%	0.0%	0.00 ¢	-29.39 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

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Month	Venue	Class	Notional × Lot	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s

3. Routing-Weighted Composite Quality

Implied execution quality achieved by the firm’s routing mix across the 24 amended size tiers, compared against the best and median competing venues.

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Month	Class	Notional × Lot	Metric	Firm Composite	Best Competing	Best Venue	Median Competing	Mapped Flow

4. Payment for Order Flow vs. Execution Quality

Addresses FINRA 5310.09 conflicts: comparing PFOF received (¢/100 sh) against net price improvement shortfall vs mix-adjusted peers.

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Month	Venue	Order Class	Route %	606 Net PFOF (¢/100)	NPI (bps)	Peer Bench (bps)	Delta (bps)	Ref Price	Delta (¢/100 sh)	Conflict Flag

Conflict Methodology Note: Quality delta (¢/100 sh) is estimated as Δ_bps × ref_price. A positive PFOF beside a negative delta indicates the firm received payment while the venue delivered less price improvement than competing market centers on identical symbols and size tiers.

5. Material Changes Since Prior Quarter

Changes in routing share (≥ 5 pp), newly added/dropped venues, and PFOF rate shifts since 2025Q4.

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No material shifts (≥ 5 percentage point route share or PFOF rate change) detected relative to 2025Q4.

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells

Cells with < 100 covered orders

Unmapped Venues

606 destinations without 605 match

Challenged / Missing 605

Venues missing monthly 605 report

Unmapped Routing Destinations:

Members Exchange (MEMX), The Nasdaq Stock Market LLC. (XNAS), NASDAQ OMX PSX (XPSX)

Standing Review Limitations:

A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
This report is not legal or compliance advice.
Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.