logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Goldman Sachs Trading Glitch Could Prove Costly

  +Follow August 22, 2013 9:05AM
Share:
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.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for gs
Future Tech Investor
26 Nov 14 12:48:57
$MXWL heres the bounce $TSLA $FB $MU $JD $BAC $AAL $CTPR $VNET $GPRO $HPQ $CMG $F $GM $GS $AA $JPM $C $PLUG $ZU $BLDP $FCEL $DDD $LOCO $SSYS
nantran
26 Nov 14 12:47:51
RT @rcwhalen: Goldman Sachs launches first jumbo mortgage bond since crisis | $GS http://t.co/nOCQbJYxY7
Future Tech Investor
26 Nov 14 12:46:32
$MXWL strong buy on this dip $TSLA $FB $MU $JD $BAC $AAL $CTPR $VNET $GPRO $HPQ $CMG $F $GM $GS $AA $JPM $C $PLUG $ZU $BLDP $FCEL $DDD $LOCO
4-traders.com
26 Nov 14 12:45:18
Lawsuit Alleges Palladium, Platinum Prices Manipulated http://t.co/5GaE9t02PY $GS $BAS $HSBA $0388 $SBKJ $BARC $MOVE $SPHM $S1990 $EXCH
NASDAQ
26 Nov 14 12:43:03
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/Bc4tsIGCt7
Rush Seaman
26 Nov 14 12:38:52
This weeks Stocks you should Watch $LM $GS $ITC $USD Visit http://t.co/I1tRxoN9E5
Carolyn B Miciano
26 Nov 14 12:31:58
Options for dummies course http://t.co/qpxNEWS5ah $GS $COST $FDX
gbdavis
26 Nov 14 12:31:04
RT @rcwhalen: Goldman Sachs launches first jumbo mortgage bond since crisis | $GS http://t.co/nOCQbJYxY7
Christopher Whalen
26 Nov 14 12:30:50
Goldman Sachs launches first jumbo mortgage bond since crisis | $GS http://t.co/nOCQbJYxY7
Jago Bowens
26 Nov 14 12:29:01
$VIAB Should you buy $GS $BDN $ARNA #financialnews http://t.co/1I3R5mVRah
NASDAQ
26 Nov 14 12:22:20
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/EeuLKrSs8N
Darius Begay
26 Nov 14 12:13:34
#Stock Market Reports you need on $GS $SIVB $TECH $GRPN #newsletter http://t.co/Zt9tEk5D16
Stellan Tharp
26 Nov 14 12:10:11
Couple of Stocks you should Watch $JAZZ $HOLX $GS $FB #financialnews http://t.co/W9PBdf2pVm
NASDAQ
26 Nov 14 12:10:09
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/019k5rdeUZ
Helena Gardiner
26 Nov 14 12:05:06
$LLY Whats going on with $GS $DPZ $CRAY #equity http://t.co/LAVnslFfIE
Cami Clarke
26 Nov 14 11:46:02
Should you hold or add to $TRZA $UTHR $GS $CBM #personalfinance http://t.co/Hw0VFhfo12
NYC Voices
26 Nov 14 11:45:44
#Goldman, #BASF, #HSBC accused of metals price fixing in U.S. lawsuit http://t.co/mupAyOXJgL via @reuters $GS $BASF $HSBA
Nixon Domville
26 Nov 14 11:30:19
Bad #Invesments like got you down $ANAT $GS $DTE $AMZN #Research http://t.co/C5V2EIpiB1
Petrina Bostic
26 Nov 14 11:22:17
#Best #Pennystock research $GS $EGN $FL $DO #NSE http://t.co/amqyIm6VIX
Stylebyjewels
26 Nov 14 11:21:46
RT @GoldmanSachs: VIDEO: $GS' Peter Oppenheimer talks #markets, ECB policy & #equity risk premium w/ @CNBC http://t.co/SP3ap8vrIh
Darin Nickerson
26 Nov 14 11:19:28
#Stocks you migh want to Sell $CCI $SIAL $GS $BLOX #overvalued http://t.co/ylcP5jnlDV
NASDAQ
26 Nov 14 11:16:26
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/29RqUZLxMB
Efana
26 Nov 14 11:01:47
RT @GSCareers: ICYMI: Check out our #GoogleHangout on careers in #Engineering at $GS: http://t.co/M7e8CAWAhM #DevOps #Software #Tech #GSEng…
Rosaline Bonilla
26 Nov 14 10:59:44
Insider Trading updates on $MSG $ANAT $GS $FXY Check out http://t.co/jEzdZgJfSC
Investors Hangout
26 Nov 14 10:53:21
lookn4wins: GS -0.37% Stock Charts $GS Goldman Sachs Group http://t.co/yEbV3O56zY
Investors Hangout
26 Nov 14 10:53:21
lookn4wins: GS -0.37% Stock Charts $GS Goldman Sachs Group http://t.co/6XyHn6IN3x
lookn4wins
26 Nov 14 10:51:22
GS -0.37% Stock Charts $GS Goldman Sachs Group Inc. (NYSE) Any opinions on GS? Please reply to this post. Last http://t.co/eBblDLmRRN
leahanne
26 Nov 14 10:49:50
$VXX VIX Short-Term Futures ETN Ipath (VXX) 26.63 -0.49 (-1.81%) $VZ $GS $SUPN http://t.co/Gha0YNSqdT
Mark K
26 Nov 14 10:47:30
$SOXL at all time high - who at $GS downgraded Semi's 3 months ago ??? They really screwed that up . http://t.co/8LBBrS1edN
Future Tech Investor
26 Nov 14 10:45:27
$AIV HOD. Powerful charts $TSLA $FB $MU $JD $C $BAC $AAL $CTPR $VNET $GPRO $HPQ $CMG $F $GM $GS $AA $JPM $Z $PLUG $ZU $BLDP $FCEL $DDD $LOCO
Bidness Etc
26 Nov 14 10:43:43
Senators Criticize William Dudley For Being Too Lenient With Banks http://t.co/zMFbCUd27T $GS $CS $BNPQY
Darin Nickerson
26 Nov 14 10:41:47
Great #Pennystock #research $MSG $VIAB $GS $DO Try this http://t.co/II1FQMDSNZ
recuweb.com
26 Nov 14 10:20:15
RT @laurenholmesNYC: $GS or $MS which is your best bank? We like $MS due to asset management focus. Read our ideas here http://t.co/VrsGMCg…
Opal Metzler
26 Nov 14 10:20:01
Great #Stock Newsletter on $TSN $DD $GS $GOGO #wealthmanagement http://t.co/KvsCPhjElI
Media Sentiment
26 Nov 14 10:20:01
$GS received a new alert. Find out why at http://t.co/nZwqRflcZX #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 269
Lauren Holmes
26 Nov 14 10:19:17
$GS or $MS which is your best bank? We like $MS due to asset management focus. Read our ideas here http://t.co/VrsGMCgPOC
Market Int Center
26 Nov 14 10:17:37
Goldman Sachs $GS Showing Bullish Technicals ( http://t.co/zWIOoOcbBC )
leahanne
26 Nov 14 10:12:17
$XLF Financial Select Sector SPDR (XLF) 24.33 -0.02 (-0.08%) $HSD.TO $JNK $GS http://t.co/wRF3GafT70
Keesha Mallory
26 Nov 14 10:11:23
Awesome #Stock #Research on $HBAN $GS $VMW $AAPL #equity http://t.co/bi2t9lLwEA
Jake13
26 Nov 14 10:11:19
$GS Buy or Sell Opinion Click here to find out if $GS is a buy hold or sell. Watching these stocks. $XIV $AGU. http://t.co/r6jcnV30mf
Future Tech Investor
26 Nov 14 10:09:10
$AIV charts looking good $TSLA $FB $MU $JD $C $BAC $AAL $CTPR $VNET $GPRO $HPQ $CMG $F $GM $GS $AA $JPM $Z $PLUG $ZU $BLDP $FCEL $DDD $LOCO
Deepak Varghese
26 Nov 14 10:03:47
RT @GoldmanSachs: VIDEO: $GS' Peter Oppenheimer talks #markets, ECB policy & #equity risk premium w/ @CNBC http://t.co/SP3ap8vrIh
Camilla Marr
26 Nov 14 10:03:20
Buying or selling? $GS $NSC $SCG $AAPL Try this http://t.co/aiwhCb85GT
CityBiz
26 Nov 14 10:00:46
#Goldman, #BASF, #HSBC accused of metals price fixing in U.S. lawsuit http://t.co/TrsIzZAVId via @reuters $GS $BASF $HSBA
Sanora Shoemaker
26 Nov 14 09:55:33
Latest information on #stocks like $GS $TRIP $MBI $CI Goto http://t.co/MCKxobdh0R
NASDAQ
26 Nov 14 09:55:20
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/z7Q76Lz3mg
SocialImpactFinance
26 Nov 14 09:55:10
RT @GoldmanSachs: VIDEO: $GS' Peter Oppenheimer talks #markets, ECB policy & #equity risk premium w/ @CNBC http://t.co/SP3ap8vrIh
Brice Means
26 Nov 14 09:53:41
Regretting your investment in $MSG $HNT $GS $ISRG #liquidity http://t.co/QNQrMyLpYb
Goldman Sachs
26 Nov 14 09:53:16
VIDEO: $GS' Peter Oppenheimer talks #markets, ECB policy & #equity risk premium w/ @CNBC http://t.co/SP3ap8vrIh
Kroll Bond Ratings
26 Nov 14 09:51:52
KBRA Assigns Final Ratings to GS Mortgage-Backed Securities Trust 2014-EB1 (GSMBS 2014-EB1) https://t.co/KEsc2yEsZO #KBRA #RMBS $GS
				
				
  +Follow August 22, 2013 9:05AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.