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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
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
#HelpYouGetGAINS
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
#HelpYouGetGAINS
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
sweettara70@yaho
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
Stock_Tracker
7 Jul 15 09:50:41
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danrocks
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
IH NASDAQ OMX
7 Jul 15 09:50:13
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jim50
7 Jul 15 09:48:57
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Emylers
7 Jul 15 09:46:06
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Lucky Jimmy
7 Jul 15 09:46:05
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nasdaqfan
7 Jul 15 09:45:37
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Lucky Jimmy
7 Jul 15 09:45:35
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danrocks
7 Jul 15 09:44:15
SCTY SolarCity Corp. Shares http://t.co/IHJtL4Zm1Y $SCTY $GS $TWTR $INTC #SCTY #nasdaq #tradeideas
jim50
7 Jul 15 09:44:11
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jim50
7 Jul 15 09:44:10
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clayton
7 Jul 15 09:44:07
SCTY SolarCity Corp. Open http://t.co/AnZtgQ9J42 $SCTY $GS $UCO $HSD.TO #SCTY #stock #pennystocks
PolgarStocks
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
Jake13
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
IH NASDAQ OMX
7 Jul 15 09:42:33
OCFN Omega Commercial Finance Corp. Investor Opinions http://t.co/4rZWtdBU1f $OCFN $IYT $GS $MDT #OCFN #investing #tradeideas
Emylers
7 Jul 15 09:42:06
NFLX Netflix, Inc. Quotes http://t.co/tjNVh0vugc $NFLX $SPXL $GS $TNA #NFLX #investing #investing
PolgarStocks
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
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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
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Lucky Jimmy
7 Jul 15 09:40:08
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Investors Hangout
7 Jul 15 09:40:07
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Investors Hangout
7 Jul 15 09:40:06
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leahanne
7 Jul 15 09:39:37
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DennyT
7 Jul 15 09:39:34
INTC Intel Corp. Filings http://t.co/VLhdHLRSBq $INTC $NUGT $GS $AMZN #INTC #stock #tradeideas
DennyT
7 Jul 15 09:39:08
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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…
Emylers
7 Jul 15 09:38:40
GS Goldman Sachs Group, Inc. Current Price http://t.co/5tTTduTqu0 $GS $BIB $DUG $IEF #GS #share #share
leahanne
7 Jul 15 09:38:38
GS Goldman Sachs Group, Inc. Exchange http://t.co/vslStMo94h $GS $FIT $FCX $DAL #GS #share #stock
danrocks
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
leahanne
7 Jul 15 09:38:37
GS Goldman Sachs Group, Inc. Dividend http://t.co/XV8OyPxech $GS $CHK $GOLD $JPM #GS #investing #investing
nasdaqfan
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…
nasdaqfan
7 Jul 15 09:38:35
GS Goldman Sachs Group, Inc. 52Wk High http://t.co/plgjxePoF3 $GS $GILD $GG $GOOG #GS #nasdaq #nasdaq
lookn4wins
7 Jul 15 09:38:35
HD Home Depot, Inc. P/E Ratio http://t.co/iCcbxNCBUY $HD $XLI $TQQQ $GS #HD #nasdaq #investing
nasdaqfan
7 Jul 15 09:38:35
GS Goldman Sachs Group, Inc. Quotes http://t.co/k6mY2tObTw $GS $EBAY $EBAY $AA #GS #invest #stocks
Jake13
7 Jul 15 09:38:35
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Jake13
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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