# GOLDMAN SACHS FINANCIAL MARKETS, L.P. X-17A-5 (2024-02-27) — Broker-dealer annual report

- Company: GOLDMAN SACHS FINANCIAL MARKETS, L.P.
- Form: X-17A-5
- Filed: 2024-02-27
- Period: 2023-12-31
- Accession: 0001085407-24-000004
- 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/1085407/000108540724000004/gsfmpub1.pdf

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Goldman Sachs Financial Markets, L.P. Statement of Financial Condition December 31, 2023

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

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SEC FILE NUMBER

8-51753

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

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

| FILING FOR THE PERIOD BEGINNING  01/01/2023                                                                                                                           |                                                                           | AND ENDING 12/31/2023 |                                                            |                     |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|-----------------------|------------------------------------------------------------|---------------------|--|
|                                                                                                                                                                       | 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                                   | ത്ര Security-based swap dealer    □ Major security-based swap participant |                       |                                                            |                     |  |
| 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)                                                 |                     |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                          |                                                                           |                       |                                                            |                     |  |
| Thomas J. Favia                                                                                                                                                       | (212) 902-1710                                                            |                       |                                                            | thomas.favia@gs.com |  |
| (Name)                                                                                                                                                                | (Area Code - Telephone Number)                                            |                       |                                                            | (Email Address)     |  |
|                                                                                                                                                                       | B. ACCOUNTANT IDENTIFICATION                                              |                       |                                                            |                     |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>PricewaterhouseCoopers LLP<br>(Name - if individual, state last, first, and middle name) |                                                                           |                       |                                                            |                     |  |
|                                                                                                                                                                       |                                                                           |                       |                                                            | 10017               |  |
| 300 Madison Avenue<br>(Address)                                                                                                                                       | New York<br>(City)                                                        | New York<br>(State)   |                                                            | (Zip Code)          |  |
|                                                                                                                                                                       |                                                                           |                       |                                                            |                     |  |
| 10/20/2003                                                                                                                                                            |                                                                           |                       | PCAOB ID 238<br>(PCAOB Registration Number, if applicable) |                     |  |
| (Date of Registration with PCAOB)(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 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 "Firm") as of December 31, 2023, 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 Firm as of December 31, 2023 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 Firm 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 Firm'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, 300 Madison Avenue, New York, New York 10017 T: (646) 471 3000, 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:

- භ Exercise professional judgment and maintain professional skepticism throughout the audit.
- භ 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. 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 Firm's internal control. Accordingly, no such opinion is expressed.
- භ 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.
- භ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Firm'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.

New York, New York February 27, 2024

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| ;88-@1>-85F10-3>1191:@?                                                   |         |          |
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| %1/15B-.81?                                                               |         |          |
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| A?@;91>?-:0/;A:@1><->@51?                                                 |         |          |
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| %9>+6+==/>=                                                               | <br>    |          |
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| ;88-@1>-85F1025:-:/5:3?                                                   |         |          |
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| &1/A>5@51?8;-:10                                                          |         |          |
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| \$-E-.81?                                                                 |         |          |
| A?@;91>?-:0/;A:@1><->@51?                                                 |         |          |
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| (:?1/A>10?4;>@@1>9.;>>;C5:3?                                              |         | <br>     |
| #@41>85-.585@51?                                                          |         |          |
| &A.;>05:-@10.;>>;C5:3?                                                    |         | <br>     |
| ';@-885-.585@51?                                                          |         | <br>     |
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| .6?+.9B262?.?05F                                                        | \$<A2 |
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| .6?+.9B2%=A6<;                                                          | \$<A2 |
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| *;@20B?21<??<D6;4@                                                      | \$<A2 |
| (B/<?16;.A21<??<D6;4@                                                   | \$<A2 |
| <::6A:2;A@<;A6;42;062@.;1B.?.;A22@                                      | \$<A2 |
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| ;0<:2).E2@                                                              | \$<A2 |
| ?216A<;02;A?.A6<;@                                                      | \$<A2 |
| "24.9&?<02216;4@                                                        | \$<A2 |

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

#### Financial Assets and Liabilities at Fair Value

Financial instruments owned and financial instruments sold, but not yet purchased are recorded at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its other financial assets and liabilities at fair value by electing the fair value option. 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. See Note 4 for further information about fair value measurements.

## Cash

Cash included cash and due from banks of \$16.2 million and interest-bearing deposits with banks of \$14.8 million as of December 2023.

# Receivables from Brokers, Dealers and Clearing Organizations

Receivables from brokers, dealers and clearing organizations are accounted for at cost plus accrued interest, which generally approximates fair value. As of December 2023, substantially all of these receivables consisted of margin held with an affiliate. As these receivables generally do not give rise to material credit risk for the firm, no allowance for credit losses is held against them. As these receivables are not accounted for at fair value, they are not included in the firm's fair value hierarchy in Notes 4 and 5. Had these receivables been included in the firm's fair value hierarchy, substantially all would have been classified in level 2 as of December 2023.

## Receivables from Customers and Counterparties

Receivables from customers and counterparties primarily consist of collateral posted in connection with certain derivative transactions. These receivables are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm's fair value hierarchy in Notes 4 and 5. Had these receivables been included in the firm's fair value hierarchy, substantially all would have been classified in level 2 as of December 2023. Interest on receivables from customers and counterparties is recognized over the life of the transaction.

## Payables to Customers and Counterparties

Substantially all payables to customers and counterparties consist of collateral received in connection with certain derivative transactions. These payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm's fair value hierarchy in Notes 4 and 5. Had these payables been included in the firm's fair value hierarchy, substantially all would have been classified in level 2 as of December 2023. Interest on payables to customers and counterparties is recognized over the life of the transaction.

#### Offsetting Assets and Liabilities

To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a nondefaulting party. Upon exercise of such termination rights, all transactions governed by the netting agreement are terminated and a net settlement amount is calculated. In addition, the firm receives and posts cash and securities collateral with respect to its derivatives and securities financing transactions, subject to the terms of the related credit support agreements or similar arrangements (collectively, credit support agreements). An enforceable credit support agreement grants the non-defaulting party exercising termination rights the right to liquidate the collateral and apply the proceeds to any amounts owed. In order to assess enforceability of the firm's right of setoff under netting and credit support agreements, the firm evaluates various factors, including applicable bankruptcy laws, local statutes and regulatory provisions in the jurisdiction of the parties to the agreement.

Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) in the statement of financial condition when a legal right of setoff exists under an enforceable netting agreement. Securities purchased under agreements to resell (resale agreements) and securities sold under agreements to repurchase (repurchase agreements) with the same settlement date are presented on a net-by counterparty basis in the statement of financial condition when such transactions meet certain settlement criteria and are subject to netting agreements.

{9}------------------------------------------------

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| <br>&!'% %                                 | /-/7,/<          |                   |  |  |
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| 58-@1>-8#'                                 | <br>             | <br>              |  |  |
| %9>+638>/</=><+>/=                         |                  | <br>              |  |  |
| D/4-:31@>-010                              |                  |                   |  |  |

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

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{15}------------------------------------------------

# GOLDMAN SACHS FINANCIAL MARKETS, L.P. Notes to Statement of Financial Condition

See Note 4 for an overview of the firm's fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of other financial assets and liabilities at fair value, and Note 5 for information about other financial assets and liabilities at fair value within the fair value hierarchy.

#### Note 9.

# Collateralized Agreements and Financings

Collateralized agreements are resale agreements. Collateralized financings are repurchase agreements, securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash and finance certain firm activities.

Collateralized agreements and financings with the same settlement date are presented on a net-by-counterparty basis when such transactions meet certain settlement criteria and are subject to netting agreements. Interest on collateralized agreements and collateralized financings is recognized over the life of the transaction.

#### Resale and Repurchase Agreements

A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date.

A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date.

Even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency obligations.

The firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the statement of financial condition.

Resale and repurchase agreements are recorded at fair value under the fair value option. See Note 5 for further information about resale and repurchase agreements.

The firm enters into all of its resale and repurchase agreements with Goldman Sachs & Co. LLC (GS&Co.), a wholly-owned subsidiary of Group Inc.

#### Securities Loaned Transactions

In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction.

The firm makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate.

Securities loaned are recorded based on the amount of cash collateral received plus accrued interest. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm's fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm's fair value hierarchy, they would have been classified in level 2 as of December 2023.

The firm enters into all of its securities loaned transactions with GS&Co.

## Offsetting Arrangements

The table below presents resale and repurchase agreements and securities loaned transactions included in the statement of financial condition, as well as the amounts not offset in the statement of financial condition.

|                                                  | As of December 2023 |             |             |            |   |            |  |
|--------------------------------------------------|---------------------|-------------|-------------|------------|---|------------|--|
|                                                  |                     | Assets      | Liabilities |            |   |            |  |
|                                                  |                     | Resale      | Repurchase  |            |   | Securities |  |
| \$ in thousands                                  |                     | agreements  |             | agreements |   | loaned     |  |
| Included in the statement of financial condition |                     |             |             |            |   |            |  |
| Gross carrying value                             | G                   | 1,887,448   | S           | 220.532    | S | 52,361     |  |
| Counterparty netting                             |                     | (176,678)   |             | (176,678)  |   |            |  |
| Total                                            |                     | 1,710,770   |             | 43,854     |   | 52,361     |  |
| Amounts not offset                               |                     |             |             |            |   |            |  |
| Collateral                                       |                     | (1,665,977) |             |            |   | (51,700)   |  |
| Total                                            | \$                  | 44.793      | S           | 43,854     | S | 661        |  |

{16}------------------------------------------------

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