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Goldman Sachs Trading Glitch Could Prove Costly

  +Follow August 22, 2013 9:05AM
Tickers Mentioned:

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.

Results for gs
19 Apr 14 22:08:47
#Buy $DNAX #DNA #Energy #Drinks #New #CEO #Real #Experience > $FNMA $HEMP $PMCM $PHOT $PLPL $CBIS $JPM $GS $MS $TSLA $FB $TWTR $GOOG $MSFT
19 Apr 14 21:30:16
it will either rebound and participate(if trend will not bend)in a rally or it will just get ugly and my OTM calls will expire worthless $gs
19 Apr 14 21:28:22
monday morning $gs dip=thanks. if i will get filled on may 30 160 call at 2.40 or so, i will be happy. r/r decent
19 Apr 14 21:22:56
last 5 times I followed this indicator, i closed all these ST trades at decent gain and it worked out this year too $GS
19 Apr 14 21:16:51
$gs is getting no love at all, chart looks ugly. everything bad, but my indicator gave buy signal http://t.co/JHNtsJnX80
19 Apr 14 20:22:10
$GS TA 6MO/D Chart, after DEATH CROSS, losing both 200SMA & 50SMA, stock climbing w/good pattern, while RSI climbing, still 50, MACD buried<
Charles Maddox
19 Apr 14 20:09:18
RT @SJosephBurns: RT @Sassy_SPY: No Such Thing As MaxPain Huh? Fine Let's Call It SassyPain $TWTR $BIDU $TSLA $AAPL $FB $GS $SPY $GOOGL htt…
19 Apr 14 19:37:50
#Buy $DNAX #DNA #Energy #Drinks #New #CEO #Real #Experience > $FNMA $HEMP $PMCM $PHOT $PLPL $CBIS $JPM $GS $MS $TSLA $FB $TWTR $GOOG $MSFT
Stephen Mwangi
19 Apr 14 19:36:28
@_gvb10 @michiebaby9 yes, so get to work! I've been reading a book on the history of $GS up to 2011, you should read it too!
Who wants to know?
19 Apr 14 19:23:33
RT @stockgarage: Watchlist for today is up http://t.co/RySdrqqiQ8 $MINE $GS $BCCI $NASV $GERN $GRNH $NFLX
Ansel Gonzalez
19 Apr 14 18:30:28
$DISCA Are you hanging on to $GS $NOW $CHTP I suggest http://t.co/htKCSvh6zS
19 Apr 14 18:30:02
$GS OI for maturity 04/25/2014. 155.00 Highest put. 160.00 Highest call. http://t.co/cSi4ko0wmj
Constantine Greyson
19 Apr 14 18:09:46
Are you thinking of selling $GS $ANSS $RRC $IBM Goto http://t.co/GuNMY4Ayiy
19 Apr 14 18:07:21
$GS Max Pain is 157.50 for maturity 04/25/2014. Last close = 157.44. http://t.co/IK8SwrJ5Pe
Nasir Umar Bala
19 Apr 14 17:54:14
RT @GoldmanSachs: 25 ways $GS saw the world change: No. 12 Innovative financing is positioning #energy co.'s for success: http://t.co/q1UMJ…
Calloway Domville
19 Apr 14 17:28:55
$BBY Earnings news on $GS $JOE $SLV #moneymanagement http://t.co/2GkQ0xn8np
3 6 5 S G $ M G
19 Apr 14 16:30:04
RT @ASLoyal_Sgs: @SnowGangSouth @Real_Life_Jay drawlin . But I'd be wrong foe sain fuck quap fam right . $gs that's team
19 Apr 14 16:17:46
$TUP Are you looking for winners like $GS $RAI $GAIN #NSE http://t.co/GUvbY9lOTZ
gordon gekko is god
19 Apr 14 13:20:28
Morgan vs. Goldman ... Which is the better buy? http://t.co/8TzFBPAJar $MS, $GS
Joshua Henry
19 Apr 14 12:29:50
Of the banks $GS is best positioned for stronger economy due to its operational leverage and retained institutional client svcs capabilities
Finance Wire
19 Apr 14 11:41:20
$DOV #Stock Market Reports on stocks like $GS $AES $DUST #wallstreet http://t.co/oxZyxbqkwJ
George Salib
19 Apr 14 11:38:13
Cloud Trader Weekend Update 4/20/14 $ES_F $SPY $QQQ $NQ_F $IWM $TF_F $DIA $YM_F $GS $MA $IBM $PCLN GOOGL $AMZN http://t.co/GDeFxVVgwP
George Salib
19 Apr 14 11:37:15
Cloud Trader Weekend Update 4/20/14 $ES_F $SPY $QQQ $NQ_F $IWM $TF_F $DIA $YM_F $GS $MA $IBM $PCLN GOOGL $AMZN http://t.co/YUC7ewUubW
Balaji Yellavalli
19 Apr 14 11:23:04
Ted Cruz, Invoking Reagan, Angers GOP Colleagues but Wins Fans Elsewhere http://t.co/sCDz9KR12r Didnt know wife worked for $GS!
Bettie Pagan
19 Apr 14 11:06:59
#Stocks you might want to buy $GS $AGCO $WFM $YOD #liquidity http://t.co/ZWRYlvHS6k
Small Cap Updates
19 Apr 14 10:47:40
Keeping my Eye on $GS $SLH $LYB $SLW #newsletter http://t.co/12sbz2a2Sy
Kym L
19 Apr 14 10:34:20
or, put another way, that candle on $GS should be concerning
19 Apr 14 10:03:19
RT @theflynews: $GS Goldman Sachs CFO says no plans to adjust size of balance sheet: Full Story http://t.co/pFoPIgg5iX
19 Apr 14 09:16:57
RT @jsadinolfi: $GS says its focus is moving from HFT to making sure market infrastructure catches up w/ speedy trading http://t.co/yQfEwAF…
Steve Burns
19 Apr 14 09:01:42
RT @Sassy_SPY: No Such Thing As MaxPain Huh? Fine Let's Call It SassyPain $TWTR $BIDU $TSLA $AAPL $FB $GS $SPY $GOOGL http://t.co/8U3vDGhxf7
19 Apr 14 08:06:50
No Such Thing As MaxPain Huh? Fine Let's Call It SassyPain $TWTR $BIDU $TSLA $AAPL $FB $GS $SPY $GOOGL http://t.co/c1g5TLqJzP
Faris Alami
19 Apr 14 07:53:18
RT @GoldmanSachs: 25 ways $GS saw the world change: No. 12 Innovative financing is positioning #energy co.'s for success: http://t.co/q1UMJ…
Market News
19 Apr 14 07:37:55
RT @theflynews: $GOOG $IBM $SNDK $AXP $GE $GS $DD $UNH $MS $PM $BHI $ADS $MU $AET $WLP On The Fly: Midday Wrap: Full Story http://t.co/WD63…
19 Apr 14 06:54:56
RT @SwingTradeAlert: THEFLYNEWS:$GOOG $IBM $SNDK $AXP $GE $GS $DD $UNH $MS $PM $BHI $ADS $MU $AET $WLP On The Fly: Midday Wrap: Full Story …
19 Apr 14 06:18:20
@HedgeHouseKwt @MRVAssociates Cause, while $JPM will lead them to cliff and push 'em over, you know $JPM and $GS aren't jumping.
H. J.
19 Apr 14 06:08:59
RT @KeeneOnMarket: Making Over 100% Gains in $GS Overnight, but Not a Winner until its Closed: http://t.co/DAHLekP8En via @YouTube
Astro Labio
19 Apr 14 05:56:01
"@GoldmanSachs: Follow $GS to find out more about who we are and what we do."//NO NECESITO QUE ME ENVIES MUGRE!!
Stock Herald
19 Apr 14 05:51:35
$GS: [$$] The Best Way to Find Value ETFs http://t.co/incxkr75Wt
Stock Herald
19 Apr 14 05:12:38
$GS: [$$] The Best Way to Find Value ETFs http://t.co/rVLSCR98zP
Pike Gall
19 Apr 14 04:39:47
Get research on $EXR $BBY $GS $S View now http://t.co/O6Qwvsq3t9
19 Apr 14 04:05:37
$GS: [$$] The Best Way to Find Value ETFs http://t.co/fVJwS0swGE
19 Apr 14 03:20:07
$GS Why 'cheap' stocks are for suckers http://t.co/TVCOf9RA9E
19 Apr 14 02:58:05
$GS Growlife still halted; marijuana penny stocks still doomed http://t.co/drbgdmz6S2
19 Apr 14 02:47:15
$GS Bank Earnings: Goldman Sachs Vs. Morgan Stanley http://t.co/iw4Ur9QsLR
19 Apr 14 02:41:35
$GS Why didn’t demand for Treasury notes and bonds rise much? http://t.co/BS32SrJJP7
Stock Herald
19 Apr 14 02:02:35
$GS: [$$] The Best Way to Find Value ETFs http://t.co/rVLSCR98zP
19 Apr 14 01:53:11
$GS [$$] The Best Way to Find Value ETFs http://t.co/i4BdAmDCpO
19 Apr 14 01:34:05
$GS: [$$] The Best Way to Find Value ETFs http://t.co/fVJwS0swGE
19 Apr 14 01:17:16
$GS - [$$] The Best Way to Find Value ETFs -> http://t.co/DrZbdBEIgx #stock #stocks #stockaction
kiritsis  george
19 Apr 14 00:55:53
RT @FoxBusiness: Blackstone, Goldman snatch up data & software firm Ipreo from $KKR for $975M. http://t.co/9n8Pa3HFuc via @MattMEgan5 $BX $…
  +Follow August 22, 2013 9:05AM



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