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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
Market Int Center
30 Oct 14 08:40:37
Potential Goldman Sachs $GS Trade Has 2.71% Downside Protection ( http://t.co/HHRrFu5pTv )
Sunil Mujumdar
30 Oct 14 08:40:05
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
Adam
30 Oct 14 08:39:28
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
Guri
30 Oct 14 08:39:07
RT @GoldmanSachs: Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t…
Adam
30 Oct 14 08:38:26
RT @bespokeinvest: The 5 stocks with the biggest weightings in the DJIA aren't even in the top 20 for weightings in the S&P 500. $V $GS $IB…
Sunil Dhall
30 Oct 14 08:32:02
RT @GoldmanSachs: Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t…
Investors Hangout
30 Oct 14 08:27:38
DennyT: JDST Headlines $JDST $SLB $TZA $SPXL $GS Opinion http://t.co/LH3EESsuHo
Investors Hangout
30 Oct 14 08:27:21
DennyT: JDST Headlines $JDST $SLB $TZA $SPXL $GS Opinion http://t.co/fVLuwpxkNB
Susquehanna Career
30 Oct 14 08:27:07
RT @GSCareers: Meet Isaac, a $GS Finance Associate in #SLC with a background in Chemical #Engineering: http://t.co/t27HkE48Fc http://t.co/K…
David Atherton
30 Oct 14 08:25:30
@nobullshytrader Well say you bought $GS today Dec call, and it went to $200, what would be buy price/sell price (or is it not like that?)
Carolyn B Miciano
30 Oct 14 08:22:47
The pluses and minuses of straddle trades http://t.co/hlprgEwy7t $GS $COST $FDX
Mary Fox
30 Oct 14 08:17:22
RT @GoldmanSachs: Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t…
Pöpülár Uñívérsé ®
30 Oct 14 08:13:59
Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t.co/prpuWvs64k … …
Scott Barlow
30 Oct 14 08:12:47
such sweet sorrow RT @BoydErman: Goldman COO preaches opportunity for clients in Europe. An exclusive for you --> http://t.co/z3I8AX9eve $GS
Pöpülér Uñívérsé ®
30 Oct 14 08:12:19
Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t.co/vjeE9vdIgI … …
GoldmanSachs Careers
30 Oct 14 08:10:06
Meet Isaac, a $GS Finance Associate in #SLC with a background in Chemical #Engineering: http://t.co/t27HkE48Fc http://t.co/KwIc0MXMF0
Investors Hangout
30 Oct 14 08:08:18
danrocks: $TQQQ Alert $AA $GS $DECK $UUP $XLE http://t.co/IYW4gUXQXq
Investors Hangout
30 Oct 14 08:08:15
danrocks: $TQQQ Alert $AA $GS $DECK $UUP $XLE http://t.co/woUCSfLANQ
Pöpülér Plánét ®
30 Oct 14 08:07:18
Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t.co/9A14S2F371 … …
Leni
30 Oct 14 08:06:29
$GS long 186.44 Buying this h'r hi here
ValueWalk
30 Oct 14 08:05:54
Banks Defending Against Activists See Growth Market by @MarkMelin http://t.co/MCoymskOXM $GS $CS @FactSet http://t.co/aNOXUigs6P
DennyT
30 Oct 14 08:04:28
JDST Headlines $JDST $SLB $TZA $SPXL $GS Opinion Today,Stock Chart,Stock,Recent Headlines,Hitting Buzz Stock Q http://t.co/ihPeN6pQy2
ronin245
30 Oct 14 08:01:16
$SLCA heres the low , $5 fade for me @ $45, even lower she goes , yep $gs put the whammy on sandy, fade was the trade <--
Boyd Erman
30 Oct 14 08:00:32
Goldman COO preaches opportunity for clients in Europe. An exclusive for you --> http://t.co/3nKYV3aZbR $GS
本á本yá brávö
30 Oct 14 07:57:39
Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t.co/ck4xxV73ls …
Jake13
30 Oct 14 07:57:17
$ACT Buy or Sell? Click here to find out if $ACT is a buy hold or sell. Watching these stocks. $GILD $GOOG $GS http://t.co/R68gStQoGT
David Paul Taylor
30 Oct 14 07:54:26
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
TATYA BRAVO
30 Oct 14 07:54:09
Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t.co/zC2Y30duIK …
PK
30 Oct 14 07:51:03
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
ValueWalk
30 Oct 14 07:47:29
ETF Interview Series: Kathryn Sweeney, Goldman Sachs http://t.co/WHRTH46mpA $GS @WisdomTreeETFs
運動不足解消☆相互支援
30 Oct 14 07:46:37
RT @GoldmanSachs: Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t…
lookn4wins
30 Oct 14 07:44:52
$HNU.TO Parabolic SAR $HNU.TO Most recent stock chart and technical analysis. $JNK $NFLX $RUSL $UVXY $GS $SSYS http://t.co/Ifco8ohEbz
A.J. Khaira
30 Oct 14 07:36:49
RT @bespokeinvest: The 5 stocks with the biggest weightings in the DJIA aren't even in the top 20 for weightings in the S&P 500. $V $GS $IB…
danrocks
30 Oct 14 07:36:44
$TQQQ Alert $AA $GS $DECK $UUP $XLE http://t.co/1uz2Y6V91p
A.J. Khaira
30 Oct 14 07:36:28
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
Mario
30 Oct 14 07:32:06
RT @GoldmanSachs: Jan Hatzius, chief eonomist at $GS, provides his reaction to the @FederalReserve & its #FOMC statement on @CNBC: http://t…
BidAskDividends
30 Oct 14 07:31:48
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
Hunter Carren
30 Oct 14 07:22:58
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
DennisM
30 Oct 14 07:17:46
RT @bespokeinvest: Visa's weight in Dow now near 9%. Goldman in second place at 7%. Neither is even in the top 25 of largest S&P 500 compan…
The Rational Walk
30 Oct 14 07:16:55
RT @bespokeinvest: The 5 stocks with the biggest weightings in the DJIA aren't even in the top 20 for weightings in the S&P 500. $V $GS $IB…
MACRO Y TENDENCIAS
30 Oct 14 07:11:53
$aapl Objetivo de corto plazo 112,9 U$S http://t.co/acEmX8xrOL $qqq $spy $dia $iwm $rut $goog $amzn $bidu $jpm $gs $c $bac
Stock Forums
30 Oct 14 07:10:14
$GILD E.P.S. Click Here: http://t.co/xke6bdHEUS Also See: $SLB $FL $GS $TSLA ~
jesse bengtson
30 Oct 14 07:09:28
RT @bespokeinvest: The 5 stocks with the biggest weightings in the DJIA aren't even in the top 20 for weightings in the S&P 500. $V $GS $IB…
Lawrence McDonald
30 Oct 14 07:09:04
RT @bespokeinvest: The 5 stocks with the biggest weightings in the DJIA aren't even in the top 20 for weightings in the S&P 500. $V $GS $IB…
Carolyn B Miciano
30 Oct 14 07:07:26
Free course on Options trade simulation http://t.co/uSvTKOxyWM $GS $COST $FDX
lookn4wins
30 Oct 14 07:06:58
$MA TA $MA Most recent stock chart and technical analysis. $RINO $DECK $TIP $GS $DIA $KNDI http://stockcharts. http://t.co/HwlfCLmahr
Jeff Sandene, CFP®
30 Oct 14 07:06:54
RT @bespokeinvest: The 5 stocks with the biggest weightings in the DJIA aren't even in the top 20 for weightings in the S&P 500. $V $GS $IB…
TradersRule 25/7
30 Oct 14 07:01:10
Noting yesterdays indecision, use caution here $GS
leahanne
30 Oct 14 06:54:19
$GGAL Shares Click Here: http://t.co/PPWrA76lOq Also See: $XLI $MS $FCX $GS ~
Investors Hangout
30 Oct 14 06:52:35
jim50: $GS Close Date=Oct-29-2014 Open=186.09 http://t.co/plXe96WKwu
				
				
  +Follow August 22, 2013 9:05AM
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