# GOLDMAN SACHS FINANCIAL MARKETS, L.P. X-17A-5 (2023-02-28) — Broker-dealer annual report

- Company: GOLDMAN SACHS FINANCIAL MARKETS, L.P.
- Form: X-17A-5
- Filed: 2023-02-28
- Period: 2022-12-31
- Accession: 0001085407-23-000003
- CIK: 1085407
- File #: 8-51753
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Thomas Favia
- Phone: 2129021710
- Email: thomas.favia@gs.com
- Website: gs.com
- Signed by: Thomas Favia (Chief Financial Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1085407/000108540723000003/gsfmpub1.pdf

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# Goldman Sachs Financial Markets, L.P.

Statement of Financial Condition

December 31, 2022

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# ANNUAL REPORTS FORM X-17A-5 PART III

FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

| FILING FOR THE PERIOD BEGINNING  1/1/2022                                                                                                                         |                                                                                  | AND ENDING 12/31/2022                      |                 |                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------|-----------------|---------------------|
|                                                                                                                                                                   | MM/DD/YY                                                                         |                                            | MM/DD/YY        |                     |
|                                                                                                                                                                   | A. REGISTRANT IDENTIFICATION                                                     |                                            |                 |                     |
| NAME OF FIRM:  Goldman Sachs Financial Markets, L.P.                                                                                                              |                                                                                  |                                            |                 |                     |
| TYPE OF REGISTRANT (check all applicable boxes):<br>0 Broker-dealer<br>🇿 Check here if respondent is also an OTC derivatives dealer                               | മ Security-based swap dealer                                                     |                                            |                 |                     |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                               |                                                                                  |                                            |                 |                     |
| 200 West Street                                                                                                                                                   |                                                                                  |                                            |                 |                     |
| (No. and Street)                                                                                                                                                  |                                                                                  |                                            |                 |                     |
| New York                                                                                                                                                          | New York                                                                         |                                            | 10282           |                     |
| (City)                                                                                                                                                            | (State)                                                                          |                                            | (Zip Code)      |                     |
| Thomas J. Favia<br>(Name)                                                                                                                                         | (212) 902-1710<br>(Area Code – Telephone Number)<br>B. ACCOUNTANT IDENTIFICATION |                                            | (Email Address) | thomas.favia@gs.com |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                         |                                                                                  |                                            |                 |                     |
| PricewaterhouseCoopers LLP                                                                                                                                        |                                                                                  |                                            |                 |                     |
| (Name - if individual, state last, first, and middle name)                                                                                                        |                                                                                  |                                            |                 |                     |
| 300 Madison Avenue                                                                                                                                                | New York                                                                         | New York                                   |                 | 10017               |
| (Address)                                                                                                                                                         | (City)                                                                           | (State)                                    |                 | (Zip Code)          |
|                                                                                                                                                                   |                                                                                  |                                            |                 |                     |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                  |                                                                                  | (PCAOB Registration Number, if applicable) |                 |                     |
|                                                                                                                                                                   | FOR OFFICIAL<br>USE ONLY                                                         |                                            |                 |                     |
| * Claims for exemption from the requirement that the annual reports of an independent public                                                                      |                                                                                  |                                            |                 |                     |
| accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR<br>240.17a-5(e)(1)(ii), if applicable. |                                                                                  |                                            |                 |                     |

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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|-------|----------------------------------------------------------------------|--------|
|       |                                                                      |        |
|       |                                                                      |        |
|       | (A.A2:2;A<36;.;06.9<;16A6<;                                          |        |
|       |                                                                      |        |
| \$<A2 | 2@0?6=A6<;<3B@6;2@@                                                  |        |
| \$<A2 | .@6@<3&?2@2;A.A6<;                                                   |        |
| \$<A2 | (64;6360.;A00<B;A6;4&<96062@                                         |        |
| \$<A2 | .6?+.9B2#2.@B?2:2;A@                                                 |        |
| \$<A2 | .6?+.9B262?.?05F                                                     |        |
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| \$<A2 | 2?6C.A6C2@.;12146;40A6C6A62@                                         |        |
| \$<A2 | .6?+.9B2%=A6<;                                                       |        |
| \$<A2 | <99.A2?.96G214?22:2;A@.;16;.;06;4@                                   |        |
| \$<A2 | *;@20B?21<??<D6;4@                                                   |        |
| \$<A2 | (B/<?16;.A21<??<D6;4@                                                |        |
| \$<A2 | <::6A:2;A@<;A6;42;062@.;1B.?.;A22@                                   |        |
| \$<A2 | )?.;@.0A6<;@D6A5'29.A21&.?A62@                                       |        |
| \$<A2 | ;0<:2).E2@                                                           |        |
| \$<A2 | ?216A<;02;A?.A6<;@                                                   |        |
| \$<A2 | "24.9&?<02216;4@                                                     |        |
| \$<A2 | \$2A.=6A.9'2>B6?2:2;A@                                               |        |
| \$<A2 | (B/@2>B2;AC2;A@                                                      |        |

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### **Report of Independent Auditors**

To the Partners of Goldman Sachs Financial Markets, L.P.:

### *Opinion*

We have audited the accompanying statement of financial condition of Goldman Sachs Financial Markets, L.P. (the "Company") as of December 31, 2022, including the related notes (referred to as the "statement of financial condition").

In our opinion, the accompanying statement of financial condition presents fairly, in all material respects, the financial position of the Company as of December 31, 2022 in accordance with accounting principles generally accepted in the United States of America.

### *Basis for Opinion*

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Statement of Financial Condition section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

### *Responsibilities of Management for the Statement of Financial Condition*

Management is responsible for the preparation and fair presentation of the statement of financial condition in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of a statement of financial condition that is free from material misstatement, whether due to fraud or error.

In preparing the statement of financial condition, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the statement of financial condition is available to be issued.

### *Auditors' Responsibilities for the Audit of the Statement of Financial Condition*

Our objectives are to obtain reasonable assurance about whether the statement of financial condition as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

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Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statement of financial condition.

In performing an audit in accordance with US GAAS, we:

- Ɣ Exercise professional judgment and maintain professional skepticism throughout the audit.
- Ɣ Identify and assess the risks of material misstatement of the statement of financial condition, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statement of financial condition**.**
- Ɣ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
- Ɣ Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statement of financial condition.
- Ɣ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. g

New York, New York February 28, 2023

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| <br>&!'% %                                                                    | /-/7,/<      |
| ==/>=                                                                         |              |
| -?4                                                                           | <br><br>     |
| ;88-@1>-85F10-3>1191:@?                                                       |              |
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| %1/15B-.81?                                                                   |              |
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| A?@;91>?-:0/;A:@1><->@51?                                                     | <br>         |
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| #@41>-??1@?                                                                   | <br>         |
| %9>+6+==/>=                                                                   | <br><br><br> |
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| 3+,363>3/=+8.:+<>8/<=G-+:3>+6                                                 |              |
| ;88-@1>-85F1025:-:/5:3?                                                       |              |
| &1/A>5@51?8;-:10                                                              | <br><br>     |
| #@41>?1/A>1025:-:/5:3?<br>-@2-5>B-8A1                                         | <br>         |
| \$-E-.81?                                                                     |              |
| >;71>?01-81>?-:0/81->5:3;>3-:5F-@5;:?                                         | <br>         |
| A?@;91>?-:0/;A:@1><->@51?                                                     | <br><br>     |
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| (:?1/A>10?4;>@@1>9.;>>;C5:3?                                                  | <br>         |
| #@41>85-.585@51?                                                              | <br>         |
| &A.;>05:-@10.;>>;C5:3?                                                        | <br><br>     |
| ';@-885-.585@51?                                                              | <br><br>     |
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{9}------------------------------------------------

### GOLDMAN SACHS FINANCIAL MARKETS | P Notes to Statement of Financial Condition

### Recent Accounting Developments

Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform -Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This ASU, as amended in 2022, provides optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021 the FASB issued ASU No. 2021-01, "Reference Rate Reform - Scope," which clarified the scope of ASC 848 relating to contract modifications. The firm adopted these ASUs upon issuance and elected to apply the relief available to certain modified derivatives. The adoption of these ASUs did not have a material impact on the firm's statement of financial condition.

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. The ASU is effective in January 2024 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm's statement of financial condition.

### Note 4.

### Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs.

The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate).

U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument's level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio's net risk exposure to that input. The fair value hierarchy is as follows:

Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities.

Level 2. Inputs to valuation techniques are observable, either directly or indirectly.

Level 3. One or more inputs to valuation techniques are significant and unobservable.

The fair values for substantially all of the firm's financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm's credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence.

The table below presents financial assets and liabilities accounted for at fair value.

|                                                 |    | As of         |
|-------------------------------------------------|----|---------------|
| \$ in thousands                                 |    | December 2022 |
| Total level 1 financial assets                  | S  | 2,850         |
| Total level 2 financial assets                  |    | 1,749,378     |
| Total level 3 financial assets                  |    | 101,237       |
| Cash collateral netting                         |    | (713,326)     |
| Total financial assets at fair value            | \$ | 1,140,139     |
| Total assets                                    | \$ | 1,237,830     |
| Total level 3 financial assets divided by:      |    |               |
| Total assets                                    |    | 8.18%         |
| Total financial assets at fair value            |    | 8.88%         |
| Total level 1 financial liabilities             | S  | 1,233         |
| Total level 2 financial liabilities             |    | 909,577       |
| Total level 3 financial liabilities             |    | 101,236       |
| Cash collateral netting                         |    | (755,884)     |
| Total financial liabilities at fair value       | \$ | 256,162       |
| Total liabilities                               | S  | 1,108,194     |
| Total level 3 financial liabilities divided by: |    |               |
| Total liabilities                               |    | 9.14%         |
| Total financial liabilities at fair value       |    | 39.52%        |

{10}------------------------------------------------

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| &1/A>5@51?/;88-@1>-8                                 | <br><br>     |      |                   |  |  |
| %9>+6                                                | <br><br><br> |      |                   |  |  |
|                                                      |              |      |                   |  |  |
|                                                      |              |      | 9>398+679?8>=+=90 |  |  |
| <br>&!'% %                                           |              |      | /-/7,/<           |  |  |
| D/4-:31@>-010                                        |              | <br> | <br>              |  |  |
| 58-@1>-8#'                                           |              |      | <br><br>          |  |  |
| %9>+638>/</=><+>/=                                   |              |      | <br>              |  |  |
| D/4-:31@>-010                                        |              |      |                   |  |  |
| 58-@1>-8#'                                           |              |      | <br>              |  |  |
| %9>+6/;?3>3/=                                        |              |      | <br>              |  |  |
| %9>+689>398+6+79?8>=                                 |              | <br> |                   |  |  |

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|                                                  |         | =90 |
|--------------------------------------------------|---------|-----|
| <br>&!'% %                                       | /-/7,/< |     |
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| ;88-@1>-8<;?@10                                  | <br>    | F   |

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| >;??/->>E5:3B-8A1                         | <br>       |            | <br>       |            | <br> |             |
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{16}------------------------------------------------

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|                                                     | =90          |
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| <br>&!'% %                                          | /-/7,/<      |
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