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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
StockNewsWires
1 Sep 15 02:22:02
$LIQD $GS: Tech Firm Serving Hedge Funds Shows Perils in Money-Losing IPOs: http://t.co/I7pPicFESO
TalkMarkets Recap
1 Sep 15 01:09:04
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/UjhbsFmW8L
Hedge.Bz
1 Sep 15 00:15:03
Former Goldman Sachs Programer Vindicated In Court $GS http://t.co/lQpHL6NTsp
Rich Fiege
31 Aug 15 23:53:43
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
Benoit Blanchard
31 Aug 15 23:49:53
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
James DiPlata
31 Aug 15 23:32:24
RT @betoptions: put options $aapl $tsla $gs $scty With Apple And Google Slipping, Big Cap Tech Looks Like Big Time Danger via @forbes http:…
StockenheimerSchmidt
31 Aug 15 23:09:02
Our Stock Alert On $GEQU More Than QUINTUPLED In 2 Months! See Our Next Big Pick: http://t.co/tPsYlfY2Xf $GS $ZION $ISRA
Stockaholics
31 Aug 15 23:08:44
After Nearly 500% Gains In 2 Months On Stock Alerts, We Have A New Pick Ready! Check It Out: http://t.co/IXntHzbWFU $GS $ZION $ISRA
Stock Dawgzz
31 Aug 15 23:08:01
MASSIVE Gains On Penny Stock Picks And The Next Major Pick Is This Week! Big News: http://t.co/hWNboRYYGu $GS $ZION $ISRA
Penny Stockington
31 Aug 15 23:07:09
Our Platinum Members Have Seen $GEQU Gain 448.62% So Far! See Our Major New Pick Early: http://t.co/K8xZlOSSFL $GS $ZION $ISRA
ABTURK
31 Aug 15 22:32:01
put options $aapl $tsla $gs $scty With Apple And Google Slipping, Big Cap Tech Looks Like Big Time Danger via @forbes http://t.co/ZG5QbPumtd
Mark von Wahlde
31 Aug 15 22:19:56
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
Vona F Quinlan
31 Aug 15 22:19:48
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
VANDERSCHELDEN4.0
31 Aug 15 22:19:08
... Except IN CHINA ... $GS...;-))))... https://t.co/ZjoN29Od4v
Nurse Ratched
31 Aug 15 22:09:27
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
Boycott the Lenders
31 Aug 15 22:07:20
It Was All Yellow - Financial Review $GS $AAPL $C http://t.co/2ZkUuBsEiE #talkmarkets
Boycott the Lenders
31 Aug 15 22:07:03
It Was All Yellow - Financial Review $GS $AAPL $C http://t.co/2ZkUuBsEiE
ghostcat56
31 Aug 15 21:33:55
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
ABTURK
31 Aug 15 20:26:14
@STAUNCHWEALTH i am prepared have 112 $aapl put , 245 $tsla put and 187.5 $gs puts
James DiPlata
31 Aug 15 20:15:26
RT @01TRADER: $BIDU Baidu Debuts Medical Service http://t.co/1SQTpOGQvJ $AAPL $GOOG $GOOGL $MS $GS $MSFT $BABA $YHOO $JPM $BAC
James DiPlata
31 Aug 15 20:15:26
RT @01TRADER: $BIDU Big Short Squeeze In Baidu, Inc. BIDU Shorts Increased By 22% http://t.co/njR0iHXA09 $GOOG $GOOGL $AMZN $BABA $AAPL $MS…
ABTURK
31 Aug 15 19:54:12
@tim_cook and @jimcramer blocked me. thank you @TheBubbleBubble i am on the right path . i have put options $aapl $tsla $gs and futures down
#HelpYouGetGAINS
31 Aug 15 19:32:21
$GS https://t.co/oY7h5aBkzc
Eternity101
31 Aug 15 19:28:48
FEAR is a 4-letter word like FUCK night/nite $DJIA $SPX $NDX $COMP $IWM $VTI $DIA $SPY $OEX $QQQ $UVXY $TNX $FXI $GS http://t.co/MidixQIFnZ
hedgefundclone
31 Aug 15 19:24:46
$GS Goldman Sachs Thinks The Volatility Index $TXIX, $VXX Should Be Much Lower! http://t.co/VdnhFpmQKl via @business
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31 Aug 15 19:19:37
$BIDU Baidu Debuts Medical Service http://t.co/1SQTpOGQvJ $AAPL $GOOG $GOOGL $MS $GS $MSFT $BABA $YHOO $JPM $BAC
DerKomizar2
31 Aug 15 19:18:37
@canuck2usa ...kinda liking the Fins down here... On watch.... What do you think? $XLF $FAS $GS
Trader
31 Aug 15 19:14:08
$BIDU Big Short Squeeze In Baidu, Inc. BIDU Shorts Increased By 22% http://t.co/njR0iHXA09 $GOOG $GOOGL $AMZN $BABA $AAPL $MSFT $GS $MS $JPM
Brad Porter
31 Aug 15 19:11:50
Twitter Tweets Higher On CEO Buzz; Intel Also Rises http://t.co/3tVpE8h78X $TWTR $INTC $BIDU $MS $GS $MDCO $ALNY $REGN $ALK $PLNT $JCP $PAY
FinBuzz
31 Aug 15 18:59:38
Do you know everything while trading in $DJIA $CAT $XOM $GS http://t.co/XzfPMrRVHT http://t.co/itQk7ufEyT
ABTURK
31 Aug 15 18:57:22
if $vix is over 22 better to have put options overnight and daily $aapl $fb $tsla $nflx $gs, @futures down sharlpy,pump $ms $aapl $tsla $fb
Stock Market Picks
31 Aug 15 18:39:33
$BAC $GS Long and short positions from the $DJIA, up to 1800% since 2008. http://t.co/sjQjlxfmsp $DIA
Stock Market Picks
31 Aug 15 18:39:15
$GE $GS $HD $IBM $INTC $JNJ $JPM Long and short positions from the Dow Jones, up to 1800% since 2008. http://t.co/sjQjlxfmsp $DJIA $DIA
Marvin Clark
31 Aug 15 18:27:54
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/cDydANQf2w
TalkMarkets
31 Aug 15 18:27:54
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/oHXY4A8Rcf
Breaking News
31 Aug 15 18:22:02
$GS: China’s Official Factory Gauge Shrinks to Lowest in 3 Years: http://t.co/5YN9zz6Tiv
ℛℛℛ
31 Aug 15 18:20:25
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
Jon
31 Aug 15 18:12:19
@Gdubya1 @TheRealCRillo the spike is due to all the spambots. $GS
Cynthia S Boots
31 Aug 15 17:56:10
The .01% benefit from Empire Fed Policy & Fed Proxy Buyer $GS! Cruz, if he loves his wife is a Wall St Protectorate! https://t.co/vTmgaMFlrx
BreakingStocksNews
31 Aug 15 17:27:03
$MS $GS: Japan Stocks Fall Second Day as Investors Watch China Markets: http://t.co/HZSxCGs6S7
Van Castle
31 Aug 15 17:23:50
RT @RedDogT3: Daily recap video and look ahead $spy $spx $ibb $gs $ms $aapl $nflx $amzn $googl $fb $xle $uso http://t.co/sN9r4L7rWc
DEBRA LEE
31 Aug 15 17:21:43
RT @RedDogT3: Daily recap video and look ahead $spy $spx $ibb $gs $ms $aapl $nflx $amzn $googl $fb $xle $uso http://t.co/sN9r4L7rWc
Thanesh
31 Aug 15 17:18:52
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
sherlok
31 Aug 15 17:02:03
RT @RedDogT3: Daily recap video and look ahead $spy $spx $ibb $gs $ms $aapl $nflx $amzn $googl $fb $xle $uso http://t.co/sN9r4L7rWc
Scott Redler
31 Aug 15 17:01:53
Daily recap video and look ahead $spy $spx $ibb $gs $ms $aapl $nflx $amzn $googl $fb $xle $uso http://t.co/sN9r4L7rWc
Vino°》Gauss
31 Aug 15 16:02:24
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
Michael Nyland
31 Aug 15 15:55:40
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
The Seeker
31 Aug 15 15:44:01
RT @bitcoininfo: Goldman Analyst: Blockchain Tech Will Change Asset Ownership http://t.co/v7vnUWFW8h @GoldmanSachs $GS via @coindesk @pete_…
Analyst Actions
31 Aug 15 15:40:02
$GS: Bullish analyst action by Evercore ISI on Goldman Sachs Group: http://t.co/DncTubtEKD http://t.co/YzWfMV9mCK
Scott Smith
31 Aug 15 15:27:25
How we traded stocks like $GMCR $NK $GS $AU ($USO) $AAPL $TSLA $KITE & more in LIVE chat on Monday, the 24th. http://t.co/1RKCtNEtrj $STUDY
				
				
  +Follow August 22, 2013 9:05AM
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