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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
Sean D. Emory
19 Apr 15 05:53:11
Why @_SeanDavid isn't 'particularly excited' about Goldman Sachs, despite good earnings $GS http://t.co/zJsniGrKg1
Kevin Brock
19 Apr 15 05:48:37
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Grail
19 Apr 15 05:44:43
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
FinancialTrader
19 Apr 15 05:37:53
$GS support coming up at 194s-195s
stevewalker
19 Apr 15 05:28:54
$GS #GS Lg #WharmonicS #Trading #Forex #FX #Stocks #Futures #Indicies #Commodities #Gold #Oil $QQQ #QQQ $SPY #SPY http://t.co/REsTQbRmaX
poc_clau
19 Apr 15 05:21:43
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Andrea Calissano
19 Apr 15 05:16:58
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Nereida Diesen
19 Apr 15 05:13:33
US corporate earnings run off the rails: http://t.co/MhfViyVcwq Insights from our partner Covestor $JPM $GS $DAL $GE
PrivateCapBlogger
19 Apr 15 05:10:52
Goldman Sachs: Let The Good Times Roll $GS http://t.co/1Aroq5coJF
Michael Sanzo
19 Apr 15 05:09:17
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Alpha Maven
19 Apr 15 05:08:26
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
pretty_darn_tasty
19 Apr 15 05:07:28
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
BreakingStocksNews
19 Apr 15 05:00:04
$GS: Barclays Increases Goldman Sachs Price Target to $225.00 (GS): http://t.co/Q520YYOmSB
HARV
19 Apr 15 04:59:59
LONG $GS / $SQQQ short /// http://t.co/1DvPVy4xM8
Steven Gallo
19 Apr 15 04:58:20
RT @ZenTrends: Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/moGaXbK1aE $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $D…
Ron DeLegge
19 Apr 15 04:55:04
(Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/W17AOhXT2d $SPY $GS $C
Half Full Publishing
19 Apr 15 04:55:02
(Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/MVhjLfLsAY $SPY $GS $C
ProTradersNews
19 Apr 15 04:41:02
$GS: Goldman Sachs Cut to "Market Perform" at Keefe, Bruyette & Woods ...: http://t.co/kjJYy9SvmF
Capital Market Labs
19 Apr 15 04:09:49
Largest Diversified Financials Earnings 1: $BRK.A 2: $GS 3: $AXP Chart: http://t.co/HRAcTH384D http://t.co/2JuSHahW23
Jamie Burak
19 Apr 15 03:34:32
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
DR JAMES CABOT
19 Apr 15 03:32:54
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Northy
19 Apr 15 03:28:47
Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Alpha Maven
19 Apr 15 03:18:56
RT @robwilliamsNY: Bulls and Bears: A collection of Wall Street opinion from http://t.co/dWMyh7TuYf http://t.co/y7na1l2uVD $SPY $GS $BAC $…
Capital Market Labs
19 Apr 15 02:01:52
Largest Diversified Financials Revenue 1: $BRK.A 2: $GS 3: $MS Chart: http://t.co/v4XHxYNDXC http://t.co/L7ck9tHuJJ
Emilio F.
19 Apr 15 00:41:19
RT @paulwoll: $GS some potential targets lower for a bounce over next week < 196.98 https://t.co/7HJI2sunh3
#ReekAddict #V.T.G
18 Apr 15 23:14:52
RT @robwilliamsNY: Bulls and Bears: A collection of Wall Street opinion from http://t.co/dWMyh7TuYf http://t.co/y7na1l2uVD $SPY $GS $BAC $…
FinSentS SP500
18 Apr 15 23:08:25
$GS:US Don't panic over Wall Street's corporate 'earnings recession' hysteria #GOLDMAN SACHS GROUP INC http://t.co/FB9FzCoju1 #SP500
Nereida Diesen
18 Apr 15 22:53:18
US corporate earnings run off the rails: http://t.co/MhfViyVcwq Insights from our partner Covestor $JPM $GS $DAL $GE
LAS VEGAS LINE
18 Apr 15 22:45:51
RT @scottrade: #Earnings expected Thursday: $C $PM $UNH $GS $AXP-5 largest U.S. companies by market cap. Plan your next move: http://t.co/n…
Hill Capital Mgt
18 Apr 15 22:37:42
RT @ZenTrends: Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/PHbl6Cdk6j $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $D…
EddieChingLives
18 Apr 15 22:37:39
RT @WrigleyTom: Earnings, Econ Reports, Fed Speak $JNJ $JPM $INTC $BAC $NFLX $SNDK $C $GS $UNH $AMD $AXP $SLB $NOW $GE $STX http://t.co/…
Simple Trader
18 Apr 15 22:21:14
RT @Vince_Stanzione: $GS love em or hate them - Goldman Sachs breaking out and looking strong http://t.co/5L6Ez0opKd
Faisal Shoeb Khan
18 Apr 15 22:05:13
RT @GoldmanSachs: Proud to kick off our 19th season of #CommunityTeamworks w $GS volunteers preparing @bklynbotanic for @sakuramatsuri htt…
Forex First Aids
18 Apr 15 21:43:01
RT @paulwoll: $GS some potential targets lower for a bounce over next week < 196.98 https://t.co/7HJI2sunh3
Woll Street
18 Apr 15 21:39:40
$GS some potential targets lower for a bounce over next week < 196.98 https://t.co/7HJI2sunh3
#HelpYouGetGAINS
18 Apr 15 21:04:22
Halliburton Clearance Sale Going On Now http://t.co/RHdGxmfJDz … $BAC $BHI $CS $DOV $GE $GS $NOV $SLB $SPLS $SPN $T $HAL
Jomaxx
18 Apr 15 20:48:52
RT @robwilliamsNY: Bulls and Bears: A collection of Wall Street opinion from http://t.co/dWMyh7TuYf http://t.co/y7na1l2uVD $SPY $GS $BAC $…
PoPfiction.com
18 Apr 15 20:19:35
RT @GoldmanSachs: PHOTO: Former US Secretary of State Henry Kissinger & $GS CEO Lloyd Blankfein talk #US-#China relations http://t.co/Go0cx…
Cody Freeman
18 Apr 15 20:02:35
Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/PHbl6Cdk6j $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $DIS
Capital Market Labs
18 Apr 15 17:58:49
Largest Diversified Financials Assets 1: $GS 2: $MS 3: $BRK.A Chart: http://t.co/uTkwZ554ai http://t.co/760pyDrd5a
Capital Market Labs
18 Apr 15 17:52:49
Largest Diversified Financials Debt Level 1: $GS 2: $MS 3: $AXP Chart: http://t.co/2vbbvEEmTO http://t.co/wkYqh4YbMZ
Woll Street
18 Apr 15 17:26:21
$XLF Some interesting trendlines if drawing lines from 2008-2009 crash low. $GS $BAC $WFC $JPM $BK $FAS $FAZ http://t.co/a0bGzV3S7Y
lord of trading
18 Apr 15 17:25:59
RT @MarketParse: @iam_kevdidit Your tweet about $GS had a sentiment of 5 and was featured on Market Parse. http://t.co/5WyUW68Klj
b carp
18 Apr 15 17:06:33
@nyse in $GS case its made of govt insiders on payroll
@Enterprise Company
18 Apr 15 16:56:50
RT @ZenTrends: Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/moGaXbK1aE $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $D…
Aleksandryt
18 Apr 15 16:32:39
RT @robwilliamsNY: Bulls and Bears: A collection of Wall Street opinion from http://t.co/dWMyh7TuYf http://t.co/y7na1l2uVD $SPY $GS $BAC $…
Stadt Security Inc
18 Apr 15 15:55:47
RT @StockTwits: US corporate earnings run off the rails: http://t.co/QaWKD40nIA Insights from our partner @Covestor $JPM $GS $DAL $GE
Cody Freeman
18 Apr 15 15:55:36
Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/moGaXbK1aE $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $DIS
VirtualInvestorConf.
18 Apr 15 15:45:18
RT @StockTwits: US corporate earnings run off the rails: http://t.co/xYPwcA1PJQ Insights from our partner @Covestor $JPM $GS $DAL $GE
AJ
18 Apr 15 15:40:12
@35bullets 30M need to surround the Capital and run fair elections. These two parties need to be ended. $GM $GE #MLB #NBA #NHL $GS
				
				
  +Follow August 22, 2013 9:05AM
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