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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.

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
John L. Bair
7 Jul 15 10:25:40
$BBRY 4.17B Mc with over 3.2 BIllion cash , BlackBerry going nowhere but up after #Faucette #Simona $GS $MS $CS FUD is realized $7.88 pps
Ardavan Homayounfar
7 Jul 15 10:19:20
5/ Goldman Sachs: Financials are currently the most undervalued sector. $GS $SPY http://t.co/DLWpJHigG2
Ardavan Homayounfar
7 Jul 15 10:17:22
4/ Goldman Sachs: Top 100 largest stocks in S&P 500 ranked by 2015E Sales growth.(Ex- Fin & Utilities) $GS $SPY http://t.co/42CwU0yGQO
7 Jul 15 10:15:19
The Case For Preferred Shares - Income http://t.co/HeTwE7U94J … $BAC $KO $GS $PG $JNJ $JPM
Ardavan Homayounfar
7 Jul 15 10:14:16
3/ Goldman Sachs: Top 100 largest stocks in S&P 500 ranked by 2015E EPS growth. $GS http://t.co/ziOiOK8bxI
Ardavan Homayounfar
7 Jul 15 10:11:41
2/ Here are the sectors, strategies and asset classes performance in the first half of 2015 according to Goldman. $GS http://t.co/jGSc8LnmZ8
Derald Muniz
7 Jul 15 10:10:31
Goldman Sachs $GS http://t.co/qnWZ9eBmGJ http://t.co/MU5goN86px
7 Jul 15 10:09:45
Sell Your XLF http://t.co/5sir2q4IaV … $AIG $BK $BRK.B $GS $JPM $MET $MS $PRU $SPG $STT $WFC $BRK.A $XLF
7 Jul 15 10:07:49
Thanks, Bank of America http://t.co/tC8PKwReJC #video #funny #getmoneyout #ows #occupy #j17 $bac $c $gs $JPM
John L. Bair
7 Jul 15 10:02:30
$BBRY Don't blame $GREK altogether U have $CS $GS $MS $MOBL FUD too. Empty-handed Athens 'starting on the wrong foot' http://t.co/QLMOyqjeZl
Stock Coven
7 Jul 15 09:57:13
$GS is worth looking at today considering they have earnings next week.
Kent Davis
7 Jul 15 09:55:21
@TweetLeni Asking myself same rhetorical question Leni. Financial basket $GS $MS $C $JPM all red, I'm studying charts, articles and analysts
Investors Hangout
7 Jul 15 09:51:08
_SPY S&P 500 SPDRs Current Price http://t.co/UwUFd041wf $_SPY $GS $GPRO $DUST #_SPY #nasdaq #stock
7 Jul 15 09:50:41
XRT SPDR S&P Retail Index Market Cap http://t.co/CpjnR3bnb5 $XRT $YINN $MO $GS #XRT #stocks #stockmarket
7 Jul 15 09:50:23
XLB Materials Select Sector SPDR E.P.S. http://t.co/0BccXVJvFZ $XLB $GS $XLU $JMEI #XLB #pennystocks #stocks
7 Jul 15 09:50:13
XGTI xG Technology, Inc. Volume http://t.co/dR1dnq8W4f $XGTI $GS $MDT $PANW #XGTI #invest #invest
7 Jul 15 09:48:57
VTI Vanguard Total Stock Market ETF Shares http://t.co/3hPAkAhm5g $VTI $USO $USO $GS #VTI #investing #nasdaq
7 Jul 15 09:46:06
TLT iShares Barclays 20+ Year Treasury Bond Fund Ex-Div Date http://t.co/JVCjjfdFxN $TLT $GS $FB $SLW #TLT #stock #pennystocks
Lucky Jimmy
7 Jul 15 09:46:05
TQQQ ProShares UltraPro QQQ Last Price http://t.co/Gg6P073V99 $TQQQ $JMEI $GS $SVXY #TQQQ #stocks #stock
7 Jul 15 09:45:37
SVXY ProShares Short VIX Short-Term Futures ETF Investor Opinions http://t.co/7VZpA9SypD $SVXY $WMT $VDSI $GS #SVXY #stockmarket…
Lucky Jimmy
7 Jul 15 09:45:35
SUM Summit Materials Inc. Ideas http://t.co/dxfPDqYV58 $SUM $RGSE $GS $FCX #SUM #investing #stockmarket
7 Jul 15 09:44:15
SCTY SolarCity Corp. Shares http://t.co/IHJtL4Zm1Y $SCTY $GS $TWTR $INTC #SCTY #nasdaq #tradeideas
7 Jul 15 09:44:11
SCTY SolarCity Corp. % Change http://t.co/k4JeCU0XOx $SCTY $HVU.TO $GS $TVIX #SCTY #share #share
7 Jul 15 09:44:10
SGY.TO Surge Energy Inc. Ask http://t.co/QCM4daOjsx $SGY.TO $JNK $AAPL $GS #SGY.TO #stockmarket #finance
7 Jul 15 09:44:07
SCTY SolarCity Corp. Open http://t.co/AnZtgQ9J42 $SCTY $GS $UCO $HSD.TO #SCTY #stock #pennystocks
7 Jul 15 09:43:07
PCLN http://t.co/EqvMM3P81q Inc. Message Board Posts http://t.co/5hu1V6KEeJ $PCLN $GS $XIV $UCO #PCLN #stocks #stocks
7 Jul 15 09:42:33
NGHC National General Holdings Corp. E.P.S. http://t.co/eBx0X0AqFM $NGHC $T $GS $HOU.TO #NGHC #stockmarket #stocks
7 Jul 15 09:42:33
OCFN Omega Commercial Finance Corp. Investor Opinions http://t.co/4rZWtdBU1f $OCFN $IYT $GS $MDT #OCFN #investing #tradeideas
7 Jul 15 09:42:06
NFLX Netflix, Inc. Quotes http://t.co/tjNVh0vugc $NFLX $SPXL $GS $TNA #NFLX #investing #investing
7 Jul 15 09:41:16
KRE SPDR KBW Regional Banking Index ETF Bid Size http://t.co/lJnSonZkXZ $KRE $JUNO $TBT $GS #KRE #stock #share
Rosner Stocks
7 Jul 15 09:41:11
JMEI Jumei International Holding Ltd. Financials http://t.co/ffhFI4iAzB $JMEI $BDSI $UCO $GS #JMEI #finance #tradeideas
Investors Hangout
7 Jul 15 09:41:06
JUNO Juno Therapeutics, Inc. Volume http://t.co/UjkYFBNp2G $JUNO $JUNO $XLK $GS #JUNO #invest #finance
Rosner Stocks
7 Jul 15 09:40:25
HGU.TO Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF E.P.S. http://t.co/EPC2b5xz3g $HGU.TO $EBAY $GS $F #HGU.TO #invest #finance
Lucky Jimmy
7 Jul 15 09:40:08
IYR Real Estate iShares Exchange http://t.co/UOzF28jcDF $IYR $AEM $BIDU $GS #IYR #stock #investing
Investors Hangout
7 Jul 15 09:40:07
KRE SPDR KBW Regional Banking Index ETF Company Info http://t.co/2S4JWAC2Rf $KRE $ADXS $XRT $GS #KRE #tradeideas #stockmarket
Investors Hangout
7 Jul 15 09:40:06
IWM Russell 2000 iShares Summary http://t.co/amIHoaEz8p $IWM $RGSE $IWM $GS #IWM #stock #tradeideas
7 Jul 15 09:39:37
HZNP Horizon Pharma plc Stock Forum http://t.co/QW0rxzk6A4 $HZNP $MCK $VNQ $GS #HZNP #stock #finance
7 Jul 15 09:39:34
INTC Intel Corp. Filings http://t.co/VLhdHLRSBq $INTC $NUGT $GS $AMZN #INTC #stock #tradeideas
7 Jul 15 09:39:08
HVU.TO Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF Shares http://t.co/5fiYDaPNxC $HVU.TO $GS $SH $XLI #HVU.TO…
Lucky Jimmy
7 Jul 15 09:39:06
HOU.TO Horizons BetaPro NYMEX Crude Oil Bull Plus ETF EOD Data http://t.co/ioYskEX5cK $HOU.TO $GS $F $QLD #HOU.TO #pennystocks…
7 Jul 15 09:38:40
GS Goldman Sachs Group, Inc. Current Price http://t.co/5tTTduTqu0 $GS $BIB $DUG $IEF #GS #share #share
7 Jul 15 09:38:38
GS Goldman Sachs Group, Inc. Exchange http://t.co/vslStMo94h $GS $FIT $FCX $DAL #GS #share #stock
7 Jul 15 09:38:37
GS Goldman Sachs Group, Inc. Message Board Posts http://t.co/rfV7B2hoDf $GS $AMBA $ERX $COS.TO #GS #share #stock
7 Jul 15 09:38:37
GS Goldman Sachs Group, Inc. Dividend http://t.co/XV8OyPxech $GS $CHK $GOLD $JPM #GS #investing #investing
7 Jul 15 09:38:36
GS Goldman Sachs Group, Inc. 52Wk High http://t.co/ZHQ0XjLZm1 $GS $GILD $GG $GOOG #GS #nasdaq #nasdaqHACK PureFunds ISE Cyber Security…
7 Jul 15 09:38:35
GS Goldman Sachs Group, Inc. 52Wk High http://t.co/plgjxePoF3 $GS $GILD $GG $GOOG #GS #nasdaq #nasdaq
7 Jul 15 09:38:35
HD Home Depot, Inc. P/E Ratio http://t.co/iCcbxNCBUY $HD $XLI $TQQQ $GS #HD #nasdaq #investing
7 Jul 15 09:38:35
GS Goldman Sachs Group, Inc. Quotes http://t.co/k6mY2tObTw $GS $EBAY $EBAY $AA #GS #invest #stocks
7 Jul 15 09:38:35
GS Goldman Sachs Group, Inc. Yield http://t.co/Jgcop5myKn $GS $BEP/UN.TO $BIB $JUNO #GS #nasdaq #invest
7 Jul 15 09:38:33
GS Goldman Sachs Group, Inc. Investor Opinions http://t.co/dVwspGIgXk $GS $CSCO $XLK $PFE #GS #tradeideas #tradeideas
  +Follow August 22, 2013 9:05AM



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