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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
Omar Ahmed
19 Dec 14 14:46:11
RT @GoldmanSachs: $GS' Andrew Tilton on #Asia's window of opportunity for structural reform in 2015: http://t.co/vBrtajHkxP
Jake Dakota
19 Dec 14 14:41:39
assuming $GS was the bid all day... http://t.co/j19HtWu7kV
IH News Desk
19 Dec 14 14:28:36
$BP Opinions Updated Friday, December 19, 2014 5:11:45 PM $XIV $GS $HYG $SDS http://t.co/5UNT59qW0s
Dewit
19 Dec 14 14:22:18
RT @StockGuy87: WOW! Another week of amazing gain on $GS! Reaching my goal doesn't seem that impossible! @stock_coach http://t.co/xPe62Lqd…
TheRealWolfLine
19 Dec 14 14:21:51
@cvpayne @sawky Charles, I think there should be a "bread and circus ETF"...I would be a limit buyer...How about we lobby $GS to start one?
SocialImpactFinance
19 Dec 14 14:01:21
RT @GoldmanSachs: $GS' Andrew Tilton on #Asia's window of opportunity for structural reform in 2015: http://t.co/vBrtajHkxP
Julia Kostova
19 Dec 14 14:01:04
RT @GoldmanSachs: $GS' Andrew Tilton on #Asia's window of opportunity for structural reform in 2015: http://t.co/vBrtajHkxP
Goldman Sachs
19 Dec 14 14:00:41
$GS' Andrew Tilton on #Asia's window of opportunity for structural reform in 2015: http://t.co/vBrtajHkxP
Stifel
19 Dec 14 13:58:14
KBW's Fred Cannon discusses his 2015 outlook for U.S. banks, including #HuntingtonBank and #GoldmanSachs: http://t.co/du4yWBbJeT $HBAN $GS
NASDAQ
19 Dec 14 13:35:23
$GS - Current Report Filing (8-k) http://t.co/D64vUIciGa
—
19 Dec 14 13:27:16
RT @GoldmanSachs: PODCAST: Check out 'Exchanges at Goldman Sachs' the new $GS series on #markets, #innovation & the global #economy: https:…
Noah Lliteras
19 Dec 14 13:14:48
RT @AaronLucchetti: Sidney Weinberg and his son ran Goldman for 50 plus years. This week, one Weinberg moved on from his $GS role. http:/…
Mohammed Al Burgami
19 Dec 14 13:14:33
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
BV Financials
19 Dec 14 13:13:24
$GS Goldman Sachs Group Inc files Form 8-K (Events or Changes Between Quarterly Reports) SEC Filing.. http://t.co/2MSg6MPkBj
Instrumental Data
19 Dec 14 13:12:53
GOLDMAN SACHS GROUP INC $GS 8-K now available
Rosner Stocks
19 Dec 14 13:11:12
$GS News Updated Friday, December 19, 2014 3:59:30 PM $VRTX $IRM $BP $RUSS http://t.co/iJScNhhtkh
Rudi Bester
19 Dec 14 13:05:56
Special thanks to $GS for $SDRL downgrade today; and Deutsche Bank for $VLO downgrade yesterday. Love analysts!
ProVesting
19 Dec 14 13:03:05
$GS: The Goldman Sachs Group Inc.: 19 Dec 2014 Mark Flaherty and ... http://t.co/PaVU8VuDJS http://t.co/FAloFBzETZ
June molony
19 Dec 14 12:59:53
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
12Stocks.com
19 Dec 14 12:59:07
S&P100 #Stocks Performance $APC $HAL $APA $GM $GILD $MDLZ $SLB $CVX $XOM $FB $FOXA $OXY $MON $DD $GS $GE more@ http://t.co/GA0wxE19nM
12Stocks.com
19 Dec 14 12:58:50
Dow #Stocks Trend $DD $PG $UNH $MMM $UTX $HD $TRV $GS $JPM $AXP $PFE $CSCO $V $WMT $DIS $XOM $MSFT $CVX $NKE @ http://t.co/TvzJfdisOX
4-traders.com
19 Dec 14 12:55:11
#Cirque du Soleil hires Goldman Sachs to look for partner http://t.co/Jo3SSkDSBR $GS
Arielle Messer
19 Dec 14 12:51:29
Latest Earnings info on $TUP $GS $DIS $BWP View now http://t.co/vqsGwTiAC7
TP Strategic Partner
19 Dec 14 12:38:39
You made money on $F and $GS today if you listened. Keep your margin level low.
Gr8wklyoptions
19 Dec 14 12:32:41
$AAPL $AMZN $BABA $BIDU $FB $GILD $GMCR $GOOG $GPRO $GS $IWM $LNKD $NFLX $PCLN $QQQ $SBUX $SPY $TSLA $TWTR $USO $V $VXX $YHOO
Claire Friedrichs
19 Dec 14 12:30:53
@SullyCNBC @WrigleyTom Boon for $GS after cos have to merge to stay alive
Craig Scott
19 Dec 14 12:28:31
@helynbolanis $gs
Rudi Bester
19 Dec 14 12:28:08
@charthawk always a $GS contrarian be… $SDRL priced to buy.
Future Tech Investor
19 Dec 14 12:26:31
$HACK Cyber Secrty ETF. All time high $TSLA $JD $C $CTPR $VNET $GM $GS $JPM $PLUG $BLDP $SSYS $FEYE $PANW $MSFT $AMZN $GILD $YHOO $EJ $TSLA
Shawn Hager
19 Dec 14 12:19:38
Find the next hot #pennystock $GS $CAM $SWN $QLYS #overvalued http://t.co/z3LkyCQclA
Helyn Bolanis
19 Dec 14 12:15:23
Doesn't look like I will be able to get100% into cash for next week. I still have $axp & $gs open. Looks like I will be in on Monday. rats!
Leighton Darby
19 Dec 14 12:14:29
Would you like great research on stocks $CTL $GS $ESV $S #wallstreet http://t.co/YzPZHoi0Qg
Latoyia Martin
19 Dec 14 12:14:04
Find the next hot #pennystock $GS $H $BEAM $CBM Worth a look http://t.co/kJJhUjZdXC
Langan Stocks
19 Dec 14 12:13:11
$GS Percent Change Updated Friday, December 19, 2014 3:03:32 PM $XOM $XHB $XLV $F http://t.co/vUtZLWwCNo
PolgarStocks
19 Dec 14 12:12:37
$GS Short Sales Updated Friday, December 19, 2014 3:07:40 PM $XLY $XLI $XLY $BCRX http://t.co/4lnKPmKCjo
James Wynn
19 Dec 14 12:12:22
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
Othniel F Mijares S
19 Dec 14 12:12:21
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
Two Knights Trading
19 Dec 14 12:12:10
It is feasible that big banks like $GS $JPM who are also market makers have big programs which help keep their market making from going bust
Bryan Kevin Finnegan
19 Dec 14 12:11:10
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
SocialImpactFinance
19 Dec 14 12:07:56
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
Malibu Investment
19 Dec 14 12:07:13
$GS Golden Slacks BOOM ! http://t.co/5fBvMC5cd8
YourPersonalTrader
19 Dec 14 12:05:08
LOCKSTEP from Wed bell $HYG .8% Fins' $GS +1.7% $JPM 1.4% ➡ SEE "HOW TO IGNITE A MARKET! https://t.co/4k2pv1Bar7 #stocks $SPY $IWM #crude
Michael Jacobs
19 Dec 14 12:04:27
RT @GoldmanSachs: WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
Goldman Sachs
19 Dec 14 12:03:06
WATCH: $GS Andrew Tilton on challenges to #China's robust growth target & ambitious reform agenda http://t.co/uOdUz8lwAR
Haki Hika
19 Dec 14 11:51:08
$GS running right back up. I figured I was dead wrong on $200 by Christmas... we'll see...
Ray Ban
19 Dec 14 11:50:28
#CL_F P/L for last 3 days of my #automated #trading #system 8 contract #daytrade long/short system #ES_F $GS $SPX http://t.co/MNfUVhCoUe
FinanzLinksWORLD
19 Dec 14 11:46:01
RT @AaronLucchetti: Sidney Weinberg and his son ran Goldman for 50 plus years. This week, one Weinberg moved on from his $GS role. http:/…
fazo
19 Dec 14 11:39:33
$GS just reiterated buy on $FB -- so nice -- those motherfuckers are so bitchmade
NASDAQ
19 Dec 14 11:24:13
$GS - Goldman Sachs Adds 2 to Board, Total Now 14 http://t.co/34d6saLv4M
Stephen
19 Dec 14 11:20:40
RT @AaronLucchetti: Sidney Weinberg and his son ran Goldman for 50 plus years. This week, one Weinberg moved on from his $GS role. http:/…
				
				
  +Follow August 22, 2013 9:05AM
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