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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.

Results for gs
Small Cap Updates
24 Apr 14 17:29:40
Are you looking to buy $FTNT $DOV $GS $CI #wallstreet http://t.co/1eBWdNhVUc
Stock Herald
24 Apr 14 17:07:11
$GS: Zimmer to Buy Biomet in $13.4B Deal http://t.co/vviZ4nmwxt
StockNews24
24 Apr 14 16:51:20
$GS - Zimmer to Buy Biomet in $13.4B Deal -> http://t.co/IVGCAXVOAx #stock #stocks #stockaction
KC
24 Apr 14 16:37:08
@lalaruza74 @WeeklyBull_Bear here's a clue, if $GS 1085 target gets hit, it will happen in London market at about 2-3am for a nano second
Crew Gretzky
24 Apr 14 16:21:05
Here are some Stocks to Watch $HXL $CRI $GS $FEYE #financial http://t.co/cZRqVXZtyQ
steven spencer
24 Apr 14 16:12:52
RT @Sassy_SPY: Market Back on Crack #SassyMusings 4/32/14 $SPY $IWM $AMZN $V $LVS $NFLX $QQQ $BIDU $XLF $GS http://t.co/K4a93XnsTZ
Befree
24 Apr 14 16:09:47
RT @Sassy_SPY: Market Back on Crack #SassyMusings 4/32/14 $SPY $IWM $AMZN $V $LVS $NFLX $QQQ $BIDU $XLF $GS http://t.co/K4a93XnsTZ
Rachel
24 Apr 14 16:07:54
Market Back on Crack #SassyMusings 4/32/14 $SPY $IWM $AMZN $V $LVS $NFLX $QQQ $BIDU $XLF $GS http://t.co/K4a93XnsTZ
Gold Stock News
24 Apr 14 16:04:25
#Stocks you might want to buy $GS $TSCO $INTU $AAPL #NSE http://t.co/jOcEAHD5RQ
12Stocks.com
24 Apr 14 16:01:06
Dow #Stocks Trend $CAT $TRV $WMT $HD $BA $V $AXP $GS $CSCO $MRK $PG $GE $KO $JNJ $CVX $JPM $MCD $PFE $UNH $XOM @ http://t.co/6KoVUcHkIF
KC
24 Apr 14 15:55:53
@lalaruza74 @WeeklyBull_Bear u guys are bein' suckered by the $gs 1085 $gold call; u obviously don't know u never, ever follow $GS calls
Market Bull
24 Apr 14 15:55:23
And then there's $GS. Well below its 50day
GREENFUTURE2020
24 Apr 14 15:38:07
25 ways $GS saw the world change: No. 14 Radical innovators capitalize on the velocity of innovation. #GSAnnual2013 http://t.co/Bt8tn3FRWL
Micah Spruill
24 Apr 14 14:00:13
Goldman Sachs says global investors are at risk because of this fundamental bias http://t.co/Jd72346KbZ $GS
DeSota Wilson
24 Apr 14 13:58:06
Why credit is key for the #housing recovery http://t.co/QSLxZDqelC via @WSJecon $GS #NewHomeSales #HighHurdles #RealEstate
luckypete
24 Apr 14 13:53:56
$GS LOOKS FLAT saying UP FRIDAY new parabolic SAR uptrend started today Parabolic STOP AND REVERSE do a google, READ, very IMP for Traders
Jaydan Kyler
24 Apr 14 13:38:09
Seeking the next stock like $GS $XRX $ONXX $YOD Visit http://t.co/lMSEK2bPxc
Bear Mountain Bull
24 Apr 14 13:36:22
RT @Sassy_SPY: Market back on Crack #SassyMusings 4/32/14 $SPY $IWM $AMZN $V $LVS $NFLX $QQQ $BIDU $XLF $GS http://t.co/TWKr32NPOT
NJUF Investments.com
24 Apr 14 13:35:53
New #Exchange Enters #CRE Market with 24hr #trading. Open to #Public Investment Firms. http://t.co/YuiSszDNt7 #Forex #corporate #stock $GS
Rachel
24 Apr 14 13:34:13
Market back on Crack #SassyMusings 4/32/14 $SPY $IWM $AMZN $V $LVS $NFLX $QQQ $BIDU $XLF $GS http://t.co/TWKr32NPOT
Media Sentiment
24 Apr 14 13:31:16
$GS received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 792
Carolyn Marshall
24 Apr 14 13:26:22
$GS if continues to languish under 165, the bulls lose control of this all together.
Jean Fonteneau
24 Apr 14 13:26:19
$CSLT at this point, feels like Abacus CDO for Paulson, created by Goldman for sole purpose of HF shorting it vs unsuspecting buyers $GS
Carolyn Marshall
24 Apr 14 13:25:56
$GS another one in a death cross that everyone is pretending not 2see. This is why it absolutely must take out 165 on a closing basis - soon
ToutBerbere
24 Apr 14 13:23:28
RT @GoldmanSachs: 25 ways $GS saw the world change: No. 3 #CloudComputing is changing the way the world collaborates: http://t.co/fwlY6xpLD…
Carolyn Marshall
24 Apr 14 13:22:49
Then email me for details: kiwi24carolyn@gmail.com $AMZN $AAPL $FB $PCLN $NFLX $FFIV $TSLA $LNKD $GS $SPX $ES_F just a few covered every day
Bruce J Moschella
24 Apr 14 13:18:57
$GS Decent move $162 and then back to $160, $160 and this close is key moving forward
Babara Blodgett
24 Apr 14 13:16:02
Shoud you sell or hold stocks like $GS $THG $PRU $DF #financial http://t.co/M0cK52sZb9
Jessica Daniels
24 Apr 14 13:15:48
#Buy $DNAX #DNA #Energy #Drinks #New #CEO #Real #Experience > $FNMA $HEMP $PMCM $PHOT $PLPL $CBIS $JPM $GS $MS $TSLA $FB $TWTR $GOOG $MSFT
Stockaholics
24 Apr 14 13:09:39
Platinum Members saw our Penny Stock Picks, gain 4,000% so far this year! Subscribe Today: http://t.co/5B5saivZk0 $GS $ZION $ISRA
12Stocks.com
24 Apr 14 12:58:40
Dow #Stocks Trend $TRV $MRK $JNJ $BA $CVX $UTX $WMT $NKE $CSCO $HD $XOM $CAT $GS $AXP $V $PFE $GE $MMM $JPM $KO @ http://t.co/6KoVUcHkIF
Antoine Gara
24 Apr 14 12:57:41
Hopefully $GS and $DB can generate a bit more fees from $AAPL next $17bn in debt: http://t.co/clfZFEst3T
Hui Veal
24 Apr 14 12:53:17
Todays Stocks you should be watching $GPC $GS $SLH $BWP View now http://t.co/m0NCSmZIIQ
Razzle
24 Apr 14 12:44:37
@sassyoptions tlt up may bring $gs down tomorrow
Michael
24 Apr 14 12:22:55
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
Babara Blodgett
24 Apr 14 11:48:27
Top #Stocks today. Find out why. $DEI $GS $MYL $GRPN View now http://t.co/iobjQwjjWe
smtrader StockTrader
24 Apr 14 11:38:17
@smtraderCA did $GS saw this chart or they just a bit late :) jk $GT
Carolyn Marshall
24 Apr 14 11:27:49
It has been a fun 2 weeks $GS $BAC $JPM $C $AXP $IBM $CMG $NFLX $ISRG $AAPL $FFIV $FB $CREE $CELG still more to come $AMZN $BIDU $V $SBUX.
park bench statesman
24 Apr 14 11:19:05
i am no longer impressed that they pump voss water in the $GS urinals- http://t.co/veKplWW2YA
Thudder & Wicks
24 Apr 14 11:15:03
$RDEN Elizabeth #Arden hires $GS #Goldman to explore sale: sources http://t.co/rJC2GRi54f
Silvana Orozco
24 Apr 14 11:05:07
Get research on $LNT $MKL $GS $TUR #wallstreet http://t.co/awBSYDbYjM
Evener Investment
24 Apr 14 11:02:32
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
Samir N. Kapadia
24 Apr 14 10:57:07
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
Wil Cornner II
24 Apr 14 10:55:15
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
Dr. Bozo
24 Apr 14 10:52:11
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
Investor
24 Apr 14 10:44:04
$FMD the snake, the rat, the cat, the dog, how u gonna see em if you livin in the fog? $GS $BAC
Squawk on the Street
24 Apr 14 10:41:20
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
TomBemis
24 Apr 14 10:40:24
If Apple joins the Dow, who gets the boot? Vote here $AAPL $CSCO $INTC $GS $INDU http://t.co/xSISDqpwLw via @MarketWatch
Kaja Whitehouse
24 Apr 14 10:34:44
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
Lawrence Delevingne
24 Apr 14 10:33:34
RT @kaylatausche: My web piece: "Finance in 25 years: Wall Street banks fade away" $GS $MS $JPM $V $MC $GOOG $FB $BX http://t.co/uBKxlYwtHN
				
				
  +Follow August 22, 2013 9:05AM
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