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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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Results for gs
Joshua Roberts
20 Sep 14 08:55:42
cameron, $GS, obama, krugman, barroso, NWO c3p0's reading scripts - playing the public like a fucking fiddle.
Investors Hangout
20 Sep 14 08:47:13
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Stockaholics
20 Sep 14 08:44:38
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Bidness Etc
20 Sep 14 08:27:47
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TheDuckTrader
20 Sep 14 08:01:35
$GS RT @georgepearkes: Final GS chart: developed market monetary policy on a grand scale, and annotated. http://t.co/9DGFMAZXdV
Rachelle Khoury
20 Sep 14 07:23:32
RT @GS10KWomen: $GS' Noa Meyer speaks at #GBAsummit about how #10KWomen is helping to close the financial & business knowledge gap. http://…
IND
20 Sep 14 06:57:39
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
Joshua Roberts
20 Sep 14 06:46:47
@jjauthor even more interesting is how $GS runs EBT
Amir_mawla
20 Sep 14 06:18:50
RT @GS10KWomen: MT @GBAforWomen: "Creating more opportunity for more people to benefit from the global economy benefits everyone." $GS' Noa…
Amir_mawla
20 Sep 14 06:18:44
RT @GS10KWomen: $GS' Noa Meyer speaks at #GBAsummit about how #10KWomen is helping to close the financial & business knowledge gap. http://…
PennyStock Zone
20 Sep 14 04:14:49
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12Stocks.com
20 Sep 14 03:01:20
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20 Sep 14 01:10:21
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20 Sep 14 00:09:55
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Moise Levi
19 Sep 14 23:47:45
#startups #marketing $GS Goldman Sachs | Macroeconomic Insights - What is the Internet of Things? http://t.co/rAZ4cN39A7
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19 Sep 14 22:44:09
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Fake CNBC
19 Sep 14 20:38:33
@ReformedBroker Oil & Gas virtually everywhere Josh.Been to Austin lately? Not much to do w/oil & gas. $GS $TM moving a ton of people to TX.
Pebbles's World
19 Sep 14 20:14:41
RT @GoldmanSachs: $GS' leave policies for parents who have had children through adoption or surrogacy via @_workingmother_: http://t.co/eV…
Dawn Brixton
19 Sep 14 20:10:12
RT @GS10KWomen: $GS' Noa Meyer speaks at #GBAsummit about how #10KWomen is helping to close the financial & business knowledge gap. http://…
DemmerBertilla8
19 Sep 14 19:14:10
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PennyStock Zone
19 Sep 14 18:22:45
Best day trading DVD by Fous Alerts check it out! http://t.co/HJ6WDp65fM #stocks #trading #nasdaq #nyse $XRS $MCHP $GS $BURL $VOD $IRF
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19 Sep 14 18:18:28
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KAI
19 Sep 14 18:05:51
$GS
Kooler Aid
19 Sep 14 17:57:21
$GS notes r good for 1 thing in $TSLA: They signal an oncoming secondary ?! but hey that is all my speculation. Move on :)
Veronica B
19 Sep 14 17:44:37
#Buy $DNAX #DNA #Energy #Drinks #New #CEO #Real #Experience > $FNMA $HEMP $PMCM $PHOT $PLPL $CBIS $JPM $GS $MS $TSLA $FB $TWTR $GOOG $MSFT
Aishah Miller
19 Sep 14 17:44:06
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
Enterprise Group Ltd
19 Sep 14 16:43:04
RT @sehau_: “@GoldmanSachs: $GS analysts break down the #InternetOfThings & predict its impact: http://t.co/bEEDbBtGMl #IoT http://t.co/pDJ…
Douglas Hackney
19 Sep 14 16:43:04
RT @sehau_: “@GoldmanSachs: $GS analysts break down the #InternetOfThings & predict its impact: http://t.co/bEEDbBtGMl #IoT http://t.co/pDJ…
Tifoli Planners
19 Sep 14 16:41:02
RT @GS10KWomen: MT @GBAforWomen: "Creating more opportunity for more people to benefit from the global economy benefits everyone." $GS' Noa…
ETF Trends
19 Sep 14 16:20:14
Broker-Dealer ETF Banks on Strong September Trades http://t.co/v1b3eXL4P1 #brokers #investing #ETFs #financials $IAI $XLF $GS $C $SCHW $MS
Tom Lydon
19 Sep 14 16:15:18
Broker-Dealer ETF Banks on Strong September Trades http://t.co/PVBvO87z1I #brokers #investing #ETFs #financials $IAI $XLF $GS $C $SCHW $MS
Kristin
19 Sep 14 16:06:15
Well done on $NYSE & $GS for an orderly IPO debut of $BABA.
12Stocks.com
19 Sep 14 16:01:24
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19 Sep 14 15:41:48
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IMTechnology
19 Sep 14 15:30:38
RT @GoldmanSachs: $GS' Don Duet talks to @WIRED abt how GS is working w @Cloudflare to explore "edges of the #internet" in a secure way htt…
Ivonne L Marmolejo
19 Sep 14 15:09:56
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
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19 Sep 14 15:08:02
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أبو معاذ
19 Sep 14 14:53:52
RT @GS10KWomen: $GS' Noa Meyer in #NYC this morning MT @BrazilFound: #10KWomen helps close the capital gap for women entrepreneurs http://t…
Dividend Master
19 Sep 14 14:53:34
@IncomeTrader my dad was a top salesman at $GS in early 60's , we lived in palace in Rumson NJ growing up . Today he's penniless
live to surf
19 Sep 14 14:48:01
$tsla stay short on weakness and close below 8d ema and 21d ema. $gs has $210 price target with need for $6bln capital raise. #short
leifserichsen
19 Sep 14 14:44:39
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
Saudat Salami
19 Sep 14 14:40:33
RT @GS10KWomen: $GS' Noa Meyer speaks at #GBAsummit about how #10KWomen is helping to close the financial & business knowledge gap. http://…
InvestGirlNYC
19 Sep 14 14:36:56
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
Wmode Enterprise
19 Sep 14 14:35:59
RT @sehau_: “@GoldmanSachs: $GS analysts break down the #InternetOfThings & predict its impact: http://t.co/bEEDbBtGMl #IoT http://t.co/pDJ…
SocialImpactFinance
19 Sep 14 14:34:02
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
ROIMAX
19 Sep 14 14:33:43
RT @GoldmanSachs: $GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http:/…
Goldman Sachs
19 Sep 14 14:32:30
$GS chief #diversity officer Anilu Vazquez Ubarri talks diversity & inclusion w panel at #CBizDiversity conference http://t.co/Nf1qgVnmEf
Jahi Faucette
19 Sep 14 14:16:59
RT @StockStat_us: Trending #stocks $SPY $YHOO $RWLK $RAD $JDST $DIA $GS $SSYS $NYNY $X $TKAI $AUXL $PEIX $ADHD $ADBE $YRCW details - http:…
NetofEverything
19 Sep 14 14:11:38
RT @sehau_: “@GoldmanSachs: $GS analysts break down the #InternetOfThings & predict its impact: http://t.co/bEEDbBtGMl #IoT http://t.co/pDJ…
				
				
  +Follow August 22, 2013 9:05AM
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