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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for gs
Stock Forums
28 Feb 15 17:38:13
Stocks Trending Now: http://t.co/gLXIst6tkJ $UA $XPH $JPM $JO $IJJP $ONVO $JO $EYES $COS.TO $AMZN $INDL $GS ~
Chasing Stars
28 Feb 15 17:23:09
Stocks Trending Now: http://t.co/TOZZHCmIkp $DNKN $GS $FBMPX $INDL $IPG $ACUR $FB $NBG $BIV $JNK $ILMN $AWAY ~
Randy Aamot
28 Feb 15 17:01:13
RT @sobata416: "US buyback announcements surging." - $GS $98 bn in February; a record high. h/t @zerohedge @Eurofaultlines http://t.co/8h…
Brad Moseley
28 Feb 15 16:59:43
RT @sobata416: "US buyback announcements surging." - $GS $98 bn in February; a record high. h/t @zerohedge @Eurofaultlines http://t.co/8h…
CapitalistWorld
28 Feb 15 16:16:28
@WallStCynic @pmarca @jennablan don't forget lending $GS $BAC & $ GE @ 9% + wts ala Tony Soprano always taking advantage of situations
Stock Forums
28 Feb 15 16:07:08
Stocks Trending Now: http://t.co/gLXIst6tkJ $MHYS $HNU.TO $UUP $GS $UCO $HCG.TO $BIB $FBIOX $ABX $XLK $ICPT $ASTI ~
TalkMarkets
28 Feb 15 16:00:41
Inside Spotify: Still A Top IPO Candidate For 2015? $AAPL $P $GS $SNE http://t.co/nc3eRVYqME
FinSentS SP500
28 Feb 15 15:13:15
$GS:US Discussion sur Goldman Sachs #GOLDMAN SACHS GROUP INC http://t.co/9T6hkvXPhe #SP500
Investors Hangout
28 Feb 15 14:55:08
Stocks Trending Now: http://t.co/ge4HpDj3w8 $EXK $XHB $RIGH $ILMN $HSD.TO $KMI $VMGI $FXI $CSCO $FNMA $GS $CUT ~
Stock Forums
28 Feb 15 14:38:22
Stocks Trending Now: http://t.co/gLXIst6tkJ $FEYE $XRT $ADMD $XLY $GS $AWAY $EFA $IPG $XLY $ARCO $RSX $RIGH ~
Minority Report
28 Feb 15 14:36:09
RT @sobata416: "US buyback announcements surging." - $GS $98 bn in February; a record high. h/t @zerohedge @Eurofaultlines http://t.co/8h…
Stock Forums
28 Feb 15 14:28:52
Stocks Trending Now: http://t.co/gLXIst6tkJ $MUB $GS $JO $XHB $AMD $SMH $DIA $MHYS $FRZT $XOP $PFF $FB ~
MarketWeight
28 Feb 15 14:23:36
RT @sobata416: "US buyback announcements surging." - $GS $98 bn in February; a record high. h/t @zerohedge @Eurofaultlines http://t.co/8h…
Sam Vinograd
28 Feb 15 14:12:20
RT @GoldmanSachs: #PODCAST: $GS' Jeff Currie discusses the "New #Oil Order" & the future of #energy: https://t.co/P0IDFjlHNY #OilPrices
$hane Obata
28 Feb 15 14:08:13
"US buyback announcements surging." - $GS $98 bn in February; a record high. h/t @zerohedge @Eurofaultlines http://t.co/8ht7rROBoV
harold azuara
28 Feb 15 14:06:20
RT @GoldmanSachs: PODCAST: Check out 'Exchanges at Goldman Sachs' the new $GS series on #markets, #innovation & the global #economy: https:…
Stock Forums
28 Feb 15 13:53:54
Stocks Trending Now: http://t.co/gLXIssORW9 $INCC $TVIX $XLI $GS $IPG $FRZT $FCX $RSX $SNE $ARIA $AWAY $CUT ~
Investors Hangout
28 Feb 15 13:33:08
Stocks Trending Now: http://t.co/ge4HpDj3w8 $LUV $CY $GOOG $UWTI $TNA $XLF $GS $PJP $LNKD $RSP $RYT $UUP ~
Investors Hangout
28 Feb 15 13:20:44
Stocks Trending Now: http://t.co/ge4HpDj3w8 $MYEC $SMVR $HSD.TO $VZ $WIN $NEM $VZ $NKE $HD $AWAY $IBM $GS ~
Stock Forums
28 Feb 15 13:10:23
Stocks Trending Now: http://t.co/gLXIst6tkJ $IJJP $JO $SLV $KMI $XLB $MU $DDD $FNMA $ABX $OCAT $GS $IDGC ~
OneMarketData
28 Feb 15 13:07:13
Longest consecutive sequence of trades with increasing prices on 2/27 was 15 $GS trades that started at 20:43:37.199
Bearfield Heuer
28 Feb 15 12:57:58
BlackRock, Goldman show investors prefer the "buy side." Should they? by $GS $BLK
Stock Forums
28 Feb 15 12:53:35
Stocks Trending Now: http://t.co/gLXIst6tkJ $GS $GDX $GVPIX $HSD.TO $CLR $HZNP $GOOG $INCC $NKE $DUST $KITE $ONVO ~
Investors Hangout
28 Feb 15 12:49:54
Stocks Trending Now: http://t.co/48sklYjpAJ $OCAT $XPH $UUP $FEYE $KMI $NWBO $TNA $IYR $BTZO $PFF $GS $LQMT ~
Stock Forums
28 Feb 15 12:48:54
Stocks Trending Now: http://t.co/gLXIst6tkJ $BCR $XLI $CCJ $HRB $HYG $EBAY $EOG $GS $GEVO $KMI $BAA $QDF ~
Paul H
28 Feb 15 12:46:16
@OdessaBlogger @migib20 PRC can teach $GS a few things regards the art of being a Vampire Squid ... agreed
Jah-son
28 Feb 15 12:25:46
“@bespokeinvest: MT, Blackstone CEO took home $690 million in 2014 $BX , HedgeFunds rule investment markets. $BLK $GS Make $$$@FT @BBCWorld
Pfeifer
28 Feb 15 12:14:58
"markets will direct" after $GS et. al., hang-up ☎️ to/K St “@ReformedBroker: Berkshire Hathaway’s Willingness2Kill http://t.co/f1DH8GF29V”
CEO FEED
28 Feb 15 11:54:14
031nikitaW: RT GoldmanSachs: PODCAST: Check out 'Exchanges at Goldman Sachs' the new $GS series on #markets, #innovation & the global #econ…
Investors Hangout
28 Feb 15 11:54:07
Stocks Trending Now: http://t.co/ge4HpDj3w8 $SLV $ERX $ERX $GS $XLP $URPIX $DNKN $SCY.TO $USO $CLR $FBMPX $TVIX ~
nikita w
28 Feb 15 11:49:29
RT @GoldmanSachs: PODCAST: Check out 'Exchanges at Goldman Sachs' the new $GS series on #markets, #innovation & the global #economy: https:…
DebH
28 Feb 15 11:26:04
RT @PoppyHarlowCNN: $GS CEO Lloyd Blankfein: 'we've done a better job in this country at creating wealth than we have at distributing it' h…
K Capital Advisors
28 Feb 15 11:04:25
3 hours left to sign up for our Free Membership giveaway worth over $1000 http://t.co/Ydm41rcYJm $twtr $fb $aapl $baba $ge $goog $GS $F $C
Stock Forums
28 Feb 15 10:44:28
Stocks Trending Now: http://t.co/gLXIst6tkJ $KITE $FXE $EWZ $XLY $GS $ARNA $JPM $CTSH $XRT $ACN $PBR $UWTI ~
ProTradersNews
28 Feb 15 10:41:02
$GS-PB: Former LDC boss sets up biggest British buyout firm since crisis: http://t.co/tSW156hO1P
Oil Gas
28 Feb 15 10:33:35
RT @SeekingAlpha: Buying LQD Is A Waste Of Time http://t.co/N24JCosxKv $AAPL #APPLE $AMP $AXP $BNS $BP $BUD $CLR $COP $DFS $DTV $FDX $GE $G…
Penny Stock Secret
28 Feb 15 10:20:28
Yesterday We Made $89,000 In Just One Trade More Info Here http://t.co/NovWYe2RAx .. $GS $ZION $ISRA
DeidreZune
28 Feb 15 10:12:03
China's central bank cuts interest rates again amid stagnant economy http://t.co/wTAS70M3u1 $fxi $baba $bidu $aapl $xlf $gs $spy $qqq
collabofied
28 Feb 15 09:54:18
$FB $LNKD $TSLA $AAPL $GS $BAC $C $F https://t.co/7Qz4YVlP8R
Stock Forums
28 Feb 15 09:35:07
Stocks Trending Now: http://t.co/gLXIst6tkJ $MNK $ALXN $DRN $NEM $BTZO $BRK/B $UVXY $HSD.TO $COS.TO $GS $NKE $LUV ~
❤️
28 Feb 15 09:25:46
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
Softball Barbie ❤⚾
28 Feb 15 09:25:45
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
Nicholas Paul Abdo
28 Feb 15 09:25:45
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
girlfriend account
28 Feb 15 09:25:41
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
just trust
28 Feb 15 09:25:38
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
HollyWood_Ink
28 Feb 15 09:25:34
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
young-fresh-nd fly
28 Feb 15 09:25:29
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
M§. Highness ♛
28 Feb 15 09:25:26
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
Sarah Didion
28 Feb 15 09:25:10
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
Keegan Hicks
28 Feb 15 09:25:10
RT @KCapitalAlerts: We're announcing the Free Membership winner today at 5pm ET. Sign up ends soon http://t.co/Ydm41rcYJm $twtr $fb $aapl $…
				
				
  +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.