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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.


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Results for gs
Caitlin Stanton
21 Aug 14 14:47:34
RT @GoldmanSachs: Proud to welcome & host @GirlsWhoCode Summer Immersion Program Class of 2014 at $GS 200W #GirlsBuiltThis #Engineering htt…
Caitlin Stanton
21 Aug 14 14:46:46
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Crave for News
21 Aug 14 14:35:37
Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/2oBzr8sPzG $GS
AishaG
21 Aug 14 14:32:37
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Roy Allen
21 Aug 14 14:31:00
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Carolyn B Miciano
21 Aug 14 14:29:12
Deep insights into Credit spreads http://t.co/sObgAxIanU $GS $COST $FDX
Market News
21 Aug 14 14:22:25
$GS: Analysts at Goldman May Have the Perfect Entry-Level Job http://t.co/b2is81YL3P http://t.co/tSlL41sxTT
4-traders.com
21 Aug 14 14:10:05
Pay Hike Watch ’14: Raises For Everyone (Under 25)! http://t.co/jHWwZJd5jA $GS $MS $BAC $JPM $C
Scott Smith
21 Aug 14 14:04:21
$STUDY Just updated: Buy and sell points... (opened/closed positions) on stocks like $TRUE $GPRO $GS and much more. http://t.co/HHySWv4sBp
Kamakura Corporation
21 Aug 14 14:01:14
Goldman Sachs Bank USA 1 Year Default Probability 0.66% Vs. GS Default Probability $GS http://t.co/hxOr44tBSc via @salphatrending
Kal Di Paola
21 Aug 14 13:57:39
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
THE SETI RIVER
21 Aug 14 13:55:17
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
FARES EL AROUI
21 Aug 14 13:54:58
RT @GoldmanSachs: READ: $GS' Dominic Wilson on how low volatility is creating #growth opportunities for companies in @TheTelegraph http://t…
FARES EL AROUI
21 Aug 14 13:54:37
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
J.P. Baugher
21 Aug 14 13:51:38
“@WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/safQ60KY1I $GS”@WagnerMedical
Tim Jones
21 Aug 14 13:45:59
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
NASDAQ
21 Aug 14 13:43:23
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/FgBRd1SOcR
US Banking News
21 Aug 14 13:42:13
Goldman Sachs EVP Sells $15,171,100 in Stock $GS http://t.co/Y2zGM2BU5S
WKRB News
21 Aug 14 13:33:13
Goldman Sachs EVP Sells $15,171,100 in Stock $GS http://t.co/08FsDFfPYs
Marco DiPompeo
21 Aug 14 13:31:21
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Market Updater
21 Aug 14 13:22:28
$GS: Goldman, South Street betting on loft-office market http://t.co/gIVsYxs045 http://t.co/og9SPoyhAI
Somebody.
21 Aug 14 13:19:40
RT @GSCareers: RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t…
GoldmanSachs Careers
21 Aug 14 13:15:06
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/cWCm5q7xxn
ChiefExecutiveWomen
21 Aug 14 13:13:28
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Ouriachi A-Malik
21 Aug 14 13:09:13
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Shelley
21 Aug 14 13:05:48
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Sendra
21 Aug 14 13:04:35
Goldman Sachs: Here are the top 50 stocks that matter most to hedge funds $GS http://t.co/bsr0JXceHC via @WSJMoneyBeat
Fed Porn
21 Aug 14 13:03:58
It's an election year for Congress...and those Dems are nervous...pressuring DOJ for fines...who's next? #FrontRunTheFine $GS $JPM $WFC
Fed Porn
21 Aug 14 13:02:31
Who's the next on the list to pay a fine? I want that stock. Seriously. $GS are you guys up next? #AskingForAFriend
Menotti Minutillo
21 Aug 14 13:02:17
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
i.d.e.a.l. Magazine
21 Aug 14 13:02:16
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Irma Doucet
21 Aug 14 13:01:03
$GS Goldman Sachs Showers Blessings On Junior Bankers http://t.co/Ef6lMQy03h
Harry Walkman
21 Aug 14 13:01:02
$GS Taking Goldman Sachs To The Bank http://t.co/7lFCHFFiAe
Brooks M Morgan
21 Aug 14 13:00:40
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
D A N I
21 Aug 14 13:00:14
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Square Mile T.C Ltd.
21 Aug 14 13:00:05
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Hooked.io
21 Aug 14 12:59:57
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Inspirational YOU™
21 Aug 14 12:59:49
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
KoBae Bryant
21 Aug 14 12:59:47
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
SocialImpactFinance
21 Aug 14 12:58:50
RT @GoldmanSachs: Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Goldman Sachs
21 Aug 14 12:58:25
Congrats to the $GS 2014 @GirlsWhoCode Summer Immersion Program graduating class! #GirlsBuiltThis http://t.co/4DwTyTybsp
Denis Obukhov
21 Aug 14 12:57:31
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Alan Farley
21 Aug 14 12:56:07
$GS only major looking remotely buyable in my methodology.
Skevaboy
21 Aug 14 12:52:26
$FAS $BAC $xlf $JPM $C $MS $GS Financial Sector is the best area for the year end run in
stephen lovatt
21 Aug 14 12:51:17
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Michael Atilola
21 Aug 14 12:51:07
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Regish Sandero
21 Aug 14 12:50:29
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Regina rojas
21 Aug 14 12:50:29
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
Angelica Guerrero
21 Aug 14 12:50:29
RT @WSJ: Here are the 50 stocks that matter most to hedge funds, according to Goldman Sachs: http://t.co/ykHqJodOqh $GS
4-traders.com
21 Aug 14 12:40:03
Goldman Sachs : Brokerages bullish on oil stocks as crude prices drop sharply http://t.co/kKXsyfKq7A $GS
				
				
  +Follow August 22, 2013 9:05AM
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