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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for gs
Somanath
29 Jul 15 16:52:47
Jim5011 : GS Goldman Sachs Group, Inc. Quotes http://t.co/pPsIIymzUg $GS $IBB $QLD $FDN… http://t.co/YvKeHxJjse) http://t.co/4Sj1k31ANP
• em •
29 Jul 15 16:50:01
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Lindsey Weldon
29 Jul 15 16:49:52
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Alesha Pryce
29 Jul 15 16:49:47
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Jack Redman
29 Jul 15 16:49:45
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Jacob Richo
29 Jul 15 16:49:34
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
pastry chef dorset
29 Jul 15 16:49:30
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Luke O'Neill
29 Jul 15 16:49:28
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Chuck Rinehart
29 Jul 15 16:49:20
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Solcito
29 Jul 15 16:49:18
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Ahmad Afiq
29 Jul 15 16:49:07
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
MojoRecordBar
29 Jul 15 16:49:05
RT @DayTradersGroup: $SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT h…
Day Traders Group
29 Jul 15 16:43:12
$SPY Bears likely to push this to all time highs...again $SPX $FB $AMZN $QQQ $IWM $TSLA $TWTR $MU $BAC $JPM $GS $TLT http://t.co/49kxSjnlZS
StockNewsWires
29 Jul 15 16:41:10
$JPM $MS $GS: Banks Pitch Swaps as Alternative to Buying Stock: http://t.co/ODbychGBX5
jim50
29 Jul 15 16:39:33
GS Goldman Sachs Group, Inc. Quotes http://t.co/onhqiNvINs $GS $IBB $QLD $FDN #GS #stockmarket #stocks
IH News Desk
29 Jul 15 16:38:15
GDXJ Market Vectors Junior Gold Miners Filings http://t.co/A06h5Aw43e $GDXJ $ALL $SHAK $GS #GDXJ #share #stockmarket
ProVesting
29 Jul 15 16:34:02
$GS $FB $CYT: Most Asian Futures Rise on Fed Ambiguity as Oil Extends Rebound: http://t.co/nwebJbCKtj
Michael Cook
29 Jul 15 16:05:05
Our Stock Alerts Gained Over 550% This Month Already! See Our Huge New Pick Coming This Week: http://t.co/abs4Q0eCx9 $GS $ZION $ISRA
Michael James
29 Jul 15 16:03:28
After A MASSIVE 525% Gain On $GEQU, We Have A New Pick Ready! Special Update: http://t.co/wFGuoX67mX $GS $ZION $ISRA
Paul Henry
29 Jul 15 16:02:25
Our Penny Stock Picks Have Gained 3,600% In 10 Months! Get Early Access To Our Next Pick: http://t.co/xXdYdpiHOc $GS $ZION $ISRA
12Stocks.com
29 Jul 15 16:01:12
Dow #Stocks Trend $V $NKE $DIS $HD $PFE $MCD $TRV $JPM $UNH $XOM $PG $GS $MRK $BA $JNJ $MSFT $INTC $CSCO $KO $VZ @ http://t.co/TvzJfd0RGT
Pierce
29 Jul 15 16:01:08
$BKCC beats by .01 with eps of .23, recent downgrade by $GS highly suspect.
Buck
29 Jul 15 15:32:11
$GS $V $ERX $XIV $F Wednesday Recap - Update from Option Millionaires - Stock Options Chatroom Stock continued to... http://t.co/MxeKBkGAwZ
Hedge Fund of One
29 Jul 15 15:29:30
@FloorTrader212 $GS always interesting. "the 20M" = "20-day Moving Average"? https://t.co/DuihBYrRSw
Jaymes
29 Jul 15 15:25:54
@HedgeBz - become a bank, leverage 200Bx20 = 4 Trillion ... Buy every company in the Dow except $ibm $jpm $gs
Radcliffe Glass
29 Jul 15 15:13:41
RT @GS10KSmallBiz: Today $GS announced #GS10KSmallBiz reached 5,000 #smallbiz http://t.co/ttN2oPyIvS RT & share the good news! http://t.co…
Tesloch J. Kuey III
29 Jul 15 15:09:14
RT @GS10KSmallBiz: Today $GS announced #GS10KSmallBiz reached 5,000 #smallbiz http://t.co/ttN2oPyIvS RT & share the good news! http://t.co…
Rosner Stocks
29 Jul 15 15:05:36
$MPC Last Price Updated Wednesday, July 29, 2015 5:59:20 PM $WYNN $UA $GOOG $GS http://t.co/J8NbHlLTgd
Michael Moore
29 Jul 15 14:55:19
ICYMI, Goldman CEO Lloyd Blankfein on the economy, the Fed hike and his own interest in government work. $GS http://t.co/ZTLevvV0bT
Stock Forums
29 Jul 15 14:45:13
SMN ProShares UltraShort Basic Materials Market Cap http://t.co/sAEWkMWr7s $SMN $WMT $BLTA $GS #SMN #stocks #finance
Rosner Stocks
29 Jul 15 14:38:37
GS Goldman Sachs Group, Inc. Filings http://t.co/tEOgfNUFSF $GS $AMBA $AMBA $SPXS #GS #share #nasdaq
Somanath
29 Jul 15 14:38:06
IHNewsDesk : BLTA Baltia Airlines Inc. Bid http://t.co/sUC0wwBkG8 $BLTA $GS $YELP $CTIX… http://t.co/DLMjkIPsIh) http://t.co/VlMbt6FCd7
Alexandros Yfantis
29 Jul 15 14:36:31
$GS Weekly cloud support at 194$ and I believe its the next move. http://t.co/jkN45pOrRc
Alexandros Yfantis
29 Jul 15 14:34:21
$GS weak bounce towards 38% retracement. Is in bearish short-term trend. I still believe we can see below 200$ http://t.co/vzpK8azbdb
IH News Desk
29 Jul 15 14:33:03
BLTA Baltia Airlines Inc. Bid http://t.co/0519Q2bRdj $BLTA $GS $YELP $CTIX #BLTA #share #stockmarket
jim50
29 Jul 15 14:31:03
AAL American Airlines Group Inc. Current Price http://t.co/LnA5mw78PR $AAL $GS $EA $UCO #AAL #share #share
Jeff Allen
29 Jul 15 14:14:43
$Twtr still my favorite social media company. If they wanted it successful it would be $GS just cant afford to empower its user base anymore
Michael Bobak
29 Jul 15 14:07:51
RT @GS10KSmallBiz: Today $GS announced #GS10KSmallBiz reached 5,000 #smallbiz http://t.co/ttN2oPyIvS RT & share the good news! http://t.co…
IH News Desk
29 Jul 15 14:03:39
$SCTY Company Info Updated Wednesday, July 29, 2015 4:10:45 PM $TLT $GS $CMG $TBT http://t.co/EiUGMaZsnf
Lucky Jimmy
29 Jul 15 13:38:09
GS Goldman Sachs Group, Inc. Day Low http://t.co/h8NIHrsjsE $GS $HACK $DUST $THCZ #GS #nasdaq #share
DennyT
29 Jul 15 13:36:54
FEYE FireEye Inc. Last Trade http://t.co/uM8L4Fl570 $FEYE $WYNN $GS $SLB #FEYE #pennystocks #pennystocks
oswald kendy
29 Jul 15 13:20:01
RT @GS10KSmallBiz: Today $GS announced #GS10KSmallBiz reached 5,000 #smallbiz http://t.co/ttN2oPyIvS RT & share the good news! http://t.co…
PolgarStocks
29 Jul 15 13:17:21
$HD Company Info Updated Wednesday, July 29, 2015 4:06:57 PM $MS $GS $BIS $SUNE http://t.co/twVdj1zff4
Trade Followers
29 Jul 15 13:17:00
$GS leaving the daily short watch list. https://t.co/uMN26yhv3h
SeedLead.com
29 Jul 15 13:12:23
@GoldmanSachs Upgrades Agco, @JohnDeere As Ags Gain Relative Favour http://t.co/YC672vVAIl Debatable call from $GS here given tight margins!
FarmLead USA
29 Jul 15 13:12:23
@GoldmanSachs Upgrades Agco, @JohnDeere As Ags Gain Relative Favour http://t.co/ACOot1YWz7 Debatable call from $GS here given tight margins!
FarmLead Australia
29 Jul 15 13:12:23
@GoldmanSachs Upgrades Agco, @JohnDeere As Ags Gain Relative Favour http://t.co/i2vLBncSUi Debatable call from $GS here given tight margins!
FarmLead.com
29 Jul 15 13:12:23
@GoldmanSachs Upgrades Agco, @JohnDeere As Ags Gain Relative Favour http://t.co/5zdUkA6QwU Debatable call from $GS here given tight margins!
oswald kendy
29 Jul 15 13:08:40
RT @GoldmanSachs: Jeff Currie, $GS global head of commodities research, on @CNBC explains the firm's cautious outlook on #oil http://t.co/u…
12Stocks.com
29 Jul 15 12:58:50
Dow #Stocks Trend $V $NKE $HD $PFE $MCD $DIS $TRV $PG $JPM $GS $UNH $XOM $MSFT $MRK $CSCO $BA $JNJ $VZ $INTC $KO @ http://t.co/TvzJfd0RGT
				
				
  +Follow August 22, 2013 9:05AM
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