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Goldman Sachs Trading Glitch Could Prove Costly

  +Follow August 22, 2013 9:05AM
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Goldman Sachs experienced a trading glitch on Aug. 21, which could be cost the firm upwards of $100 million. The glitch caused a large amount of erroneous single-stock and ETF option trades, which the exchanges are attempting to resolve.

It is unclear exactly how many trades have been affected or how much the losses were.

"The exchanges are working to resolve the issue," said Goldman spokesman David Wells. "Neither the risk nor the potential loss is material to the financial condition of the firm."

The Goldman Sachs Group, Inc. (GS) has become the latest victim of a trading glitch, which draws attention to the reliability of the electronic trading system. Although, most of the faulty trades will be cancelled this does not guarantee that the firm will not suffer any losses.

Last year, Knight Capital was pushed to the brink of bankruptcy after the firm experience a $450 million trading loss after a trading glitch. A group of Wall Street firms had to bail out the company.

The error was caused by Goldman’s internal computer system mistakenly sent price orders at the incorrect price. One key stroke error can prove to be costly, in this case up to millions of dollars.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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25 Jan 15 13:31:39
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25 Jan 15 13:12:39
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25 Jan 15 13:06:34
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25 Jan 15 13:02:59
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25 Jan 15 13:01:08
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25 Jan 15 12:53:24
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25 Jan 15 12:06:12
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25 Jan 15 12:05:38
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25 Jan 15 12:00:27
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25 Jan 15 11:53:47
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25 Jan 15 11:39:06
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Edward Dowd
25 Jan 15 11:29:41
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25 Jan 15 10:52:18
$DIA Short Sales Updated Sunday, January 25, 2015 1:07:00 PM $CELG $FB $GFI $GS http://t.co/Y4nPTnK5gu
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25 Jan 15 10:51:22
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Michael J. Buell
25 Jan 15 10:48:14
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25 Jan 15 10:45:30
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25 Jan 15 10:06:03
RT @GoldmanSachs: #PODCAST: $GS' Jeff Currie discusses the "New #Oil Order" & the future of #energy: https://t.co/P0IDFjlHNY #OilPrices
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$SDS Stock Price Updated Sunday, January 25, 2015 11:59:23 AM $XIV $GS $EA $CELG http://t.co/AJigRfULQY
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25 Jan 15 09:54:43
RT @robwilliamsNY: Reading report from Goldman Sachs about 60,000 to 70,000 job cuts in the energy industry this year on oil bear market #o…
The Earnings Scout
25 Jan 15 09:22:35
RT @robwilliamsNY: Reading report from Goldman Sachs about 60,000 to 70,000 job cuts in the energy industry this year on oil bear market #o…
News Service
25 Jan 15 09:07:06
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25 Jan 15 09:01:44
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25 Jan 15 09:01:18
RT @robwilliamsNY: Reading report from Goldman Sachs about 60,000 to 70,000 job cuts in the energy industry this year on oil bear market #o…
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$SLW Last Price Updated Sunday, January 25, 2015 11:10:50 AM $GS $AA $CSCO $FSLR http://t.co/MUqJx5nBPm
Imad BDiab
25 Jan 15 08:38:33
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25 Jan 15 08:35:38
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25 Jan 15 08:23:17
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25 Jan 15 08:10:36
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25 Jan 15 08:09:26
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25 Jan 15 08:03:40
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25 Jan 15 08:02:14
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25 Jan 15 07:55:22
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25 Jan 15 07:54:31
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25 Jan 15 07:53:17
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25 Jan 15 07:08:04
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LV
25 Jan 15 06:30:57
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25 Jan 15 06:19:27
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  +Follow August 22, 2013 9:05AM
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