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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
Carolyn B Miciano
30 Sep 14 16:41:54
Using the 24-hour Futures trading window to your advantage http://t.co/9M4ezWXVHv $GS $COST $FDX
Leeza Gibbons
30 Sep 14 16:03:37
RT @GS10KWomen: $GS' Dina Powell @GayleKing @NOIweala @TinaBrownLM & more share their best advice for women #entrepreneurs: http://t.co/FKo…
Stockchase.com
30 Sep 14 16:00:23
Goldman-Sachs is Top Pick at StockChase http://t.co/Hhir1rKKcS #stockaction $GS-N
Stockchase.com
30 Sep 14 16:00:18
A company that has been hurt like others in the banking space by low rates an...Goldman-Sachs http://t.co/Ll8R7E41Ma #stocks $GS-N
davidsherr
30 Sep 14 15:52:31
$GS $EBAY #PayPal #Blankfein continues G-d's work. http://t.co/h8VsDg4HwJ
Stockaholics
30 Sep 14 15:37:01
FPFI closed up 250% today! Huge Update and new pick coming: http://t.co/wSPWepHL5n $GS $ZION $ISRA
Mohamud
30 Sep 14 15:23:39
$GS buy/Sell? ask us http://t.co/ACFV4r4Hej
Peter Huw Farmer
30 Sep 14 14:50:53
Why is #Obama #US & #NATO interfering in #Syria? Clue: $GS #Fed #IMF #GMOs #NWO #oil #gas #Israel #Arab http://t.co/A2hulES6R2
Samantha Owusu
30 Sep 14 14:42:50
RT @GS10KWomen: $GS' Dina Powell @GayleKing @NOIweala @TinaBrownLM & more share their best advice for women #entrepreneurs: http://t.co/FKo…
InvestGirlNYC
30 Sep 14 14:41:02
RT @GS10KWomen: $GS' Dina Powell @GayleKing @NOIweala @TinaBrownLM & more share their best advice for women #entrepreneurs: http://t.co/FKo…
Project Artemis
30 Sep 14 14:39:44
RT @GS10KWomen: $GS' Dina Powell @GayleKing @NOIweala @TinaBrownLM & more share their best advice for women #entrepreneurs: http://t.co/FKo…
Goldman Sachs
30 Sep 14 14:38:29
RT @GS10KWomen: $GS' Dina Powell @GayleKing @NOIweala @TinaBrownLM & more share their best advice for women #entrepreneurs: http://t.co/FKo…
NASDAQ
30 Sep 14 14:13:07
$GS - Red Hat Plans $700 Million Convertible Note Offer, $400 Million Stock Buyback http://t.co/WFvnHV7sri
Real Estate Feed
30 Sep 14 14:08:57
Market News: Ford Motor Company, eBay Inc, Move Inc $gs $f $ebay $move $nwsa http://t.co/P2HzON0PgW http://t.co/WL6XG8AjGN
Inv Bankers Feed
30 Sep 14 14:08:57
Market News: Ford Motor Company, eBay Inc, Move Inc $gs $f $ebay $move $nwsa http://t.co/GueThoKh6x http://t.co/iy6BoJwOfE
Biz Services Feed
30 Sep 14 14:08:57
Market News: Ford Motor Company, eBay Inc, Move Inc $gs $f $ebay $move $nwsa http://t.co/sCe5iIlX1U http://t.co/0Ac6AZGlsR
Newspapers Feed
30 Sep 14 14:08:57
Market News: Ford Motor Company, eBay Inc, Move Inc $gs $f $ebay $move $nwsa http://t.co/NQNo7KGphQ http://t.co/dzHCJBntxN
Consumer Services
30 Sep 14 14:08:57
Market News: Ford Motor Company, eBay Inc, M... $gs $f $ebay $move $nwsa #consumerservices http://t.co/Yb4CiQ2kwe http://t.co/eR303rHtUX
Media Sentiment
30 Sep 14 14:04:52
$GS received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 439
4-traders.com
30 Sep 14 14:00:05
Red Hat : Plans $700 Million Convertible Note Offer, $400 Million Stock Buyback http://t.co/pMQNpEeelJ $RHT $GS
Sarah Butcher
30 Sep 14 13:51:13
RT @RudyHavenstein: It's Tuesday. Have we forgotten about Carmen Segarra yet? Super. $gs http://t.co/a7mXXWFjkz
Rudolf E. Havenstein
30 Sep 14 13:50:58
It's Tuesday. Have we forgotten about Carmen Segarra yet? Super. $gs http://t.co/a7mXXWFjkz
Don Vito Corleone
30 Sep 14 13:43:30
RT @cr_harper: Citigroup reviews trading rules for its bankers after Goldman bans owning stocks http://t.co/yCuKc2pfIA via @dcampbell @Bloo…
LaurenPurnell
30 Sep 14 13:40:10
RT @cr_harper: Citigroup reviews trading rules for its bankers after Goldman bans owning stocks http://t.co/yCuKc2pfIA via @dcampbell @Bloo…
Sarah Butcher
30 Sep 14 13:38:52
RT @cr_harper: Citigroup reviews trading rules for its bankers after Goldman bans owning stocks http://t.co/yCuKc2pfIA via @dcampbell @Bloo…
Christine Harper
30 Sep 14 13:38:20
Citigroup reviews trading rules for its bankers after Goldman bans owning stocks http://t.co/yCuKc2pfIA via @dcampbell @BloombergNews $C $GS
Inv Bankers Feed
30 Sep 14 13:35:52
Ex-Goldman Trader Aims to Bring Bitcoin to the Ma... $gs $tgt $jpm $amzn $expe $intu $rmbs http://t.co/4WGIP2HJgY http://t.co/UgvAGZySP2
Semiconductors Feed
30 Sep 14 13:35:52
Ex-Goldman Trader Aims to Bring Bitcoin to the Ma... $gs $tgt $jpm $amzn $expe $intu $rmbs http://t.co/byKagSQ3N9 http://t.co/Xk6CNZyN6g
Major Banks Feed
30 Sep 14 13:35:40
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Catalog Distribution
30 Sep 14 13:35:39
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Tech Industry Feed
30 Sep 14 13:35:39
Ex-Goldman Trader Aims to Bring Bit... $gs $tgt $jpm $amzn $expe $intu $rmbs #TechIndustry http://t.co/Z6J2xaf0F2 http://t.co/mGxOAhKnT5
Trnsprtn Srvcs Feed
30 Sep 14 13:35:39
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Retail Stores Feed
30 Sep 14 13:35:39
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Consumer Services
30 Sep 14 13:35:39
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Heath Sterling
30 Sep 14 13:18:00
RT @stock_coach: Nice up gaps this morning but caught some highs for puts that are looking outstanding! $SPY $AAPL $FB $GS http://t.co/ID7U…
NASDAQ
30 Sep 14 13:17:20
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/e5D5ElspqO
Scott Spencer
30 Sep 14 12:57:18
$CSIQ $35 LONG major catalysts: Nov 10 est. 3Q earnings release, Nov 17 $JPM Global Tech Conference-HK, Nov 18 $GS Greater China CEO Summit.
Grant Beasley
30 Sep 14 12:53:57
@russellmreyes $gs to break higher? Financials keep trying. May be q4 event?
Russellmreyes
30 Sep 14 12:47:57
Watching $GS and $FLT here.
R.G
30 Sep 14 12:44:08
@dougkass Love the put on $GPRO I also own it including Oct $85 puts on $GS
Day Trade Alerts
30 Sep 14 12:21:23
RT @muddywatersre: Very interesting secret recordings made @ NY Fed show incredible regulator deference toward $GS http://t.co/zw61DfPaZm
kenr0966
30 Sep 14 12:21:12
RT @SwatOptions: $GS $C $JPM $BAC just suggest to put them on watch http://t.co/YUg8fwM7kj
Bloomberg Deals
30 Sep 14 12:19:15
$BX hires $GS, $C to run IPO for cement co. Summit Materials http://t.co/0nqIhtu8GU
Jeffrey C. McCracken
30 Sep 14 12:19:15
$BX hires $GS, $C to run IPO for cement co. Summit Materials http://t.co/KjkHl5uoIq
tradersnotepad
30 Sep 14 12:18:30
The New Commodity Kings: How The Commodity Markets Have Changed This Year http://t.co/TXh8sXDgzP $JPM, $GS, $MS, $DB, $GLNCY, $RIO, $BHP
Options Network
30 Sep 14 12:17:19
$GS $C $JPM $BAC just suggest to put them on watch http://t.co/YUg8fwM7kj
Greg Roumeliotis
30 Sep 14 12:10:34
RT @LesliePicker: @blackstone's cement company Summit Materials said to plan IPO this year, with valuation of $2.5 bln, w/ $GS & $C @ak_mna…
Leslie Picker
30 Sep 14 12:06:58
@blackstone's cement company Summit Materials said to plan IPO this year, with valuation of $2.5 bln, w/ $GS & $C @ak_mna @devinbanerjee
NASDAQ
30 Sep 14 12:04:13
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/1YAwEYeytl
Giulia
30 Sep 14 12:02:54
RT @GoldmanSachs: RT @TheIdeasEconomy: $GS Edith Cooper & @NYUniversity's John Sexton on getting a global education #EducationForum http://…
				
				
  +Follow August 22, 2013 9:05AM
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