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Goldman Sachs Trading Glitch Could Prove Costly

  +Follow August 22, 2013 9:05AM
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.

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Results for gs
Dan Fessler
23 Oct 14 00:58:20
#Buy $DNAX #DNA #Energy #Drinks #New #CEO #Real #Experience > $FNMA $HEMP $PMCM $PHOT $PLPL $CBIS $JPM $GS $MS $TSLA $FB $TWTR $GOOG $MSFT
Stock Relay
23 Oct 14 00:39:36
$ERX Dividend Click Here: http://t.co/0MkedoIjv0 Also See: $MJNA $AXP $GS $MJNA ~
Stock Relay
22 Oct 14 23:25:16
$EBAY Short Sales Click Here: http://t.co/t9YAapqOuc Also See: $TWTR $GS $TVIX $BIDU ~
22 Oct 14 23:13:13
Goldman Sachs @GoldmanSachs · Oct 21 See how $GS is helping #entrepreneurs grow their #smallbiz. Do you know a #SBO who could benefit fro…
Simon Newell
22 Oct 14 22:57:56
Aberdeen Asset Buys Goldman Sachs $GS Bonds as Yield Premiums Paid http://t.co/3fd9HrGLDz
Stock Relay
22 Oct 14 22:09:57
$DIS Financials Click Here: http://t.co/O0A0scv4oF Also See: $HESG $IWM $GS $CREE ~
IH News Desk
22 Oct 14 22:07:09
$SWRF EOD Data Click Here: http://t.co/Rk5wWeDFxh Also See: $TBEV $CNQ.TO $SVXY $GS ~
Stock Relay
22 Oct 14 21:54:54
$DGLY Market Cap Click Here: http://t.co/TkWEcIvcx9 Also See: $GS $JNK $CENX $VII ~
22 Oct 14 21:33:23
NEW POST: Late Night Strategy for Thursday http://t.co/dJJKAiqf7T $GS $IWM $QQQ $SPY $XLF
XBanker Trader Guyer
22 Oct 14 21:21:43
RT @GoldmanSachs: $GS President Gary Cohn live at the #GSAM Symposium on @SquawkCNBC w/ @andrewrsorkin; 32 hours & 4 more cities to go: htt…
22 Oct 14 20:35:14
Goldman Sachs : Sex Discrimination Practices At The Bank Are A Lot More Nuanced Than Ex-Employees Are Makin... http://t.co/gh8oehioO0 $GS
22 Oct 14 20:35:06
Guangdong Investment : New water deal fuels GDI share price http://t.co/BmbHvJ1DLh $0270 $GS
22 Oct 14 20:31:56
charts not opinions
22 Oct 14 20:30:00
@businessinsider $GS is so full of crap, they scream 4% 10YR in 12 mos then they scream everything's weak,those 2 diametrically opposed
Veterans Support
22 Oct 14 20:00:22
RT @GoldmanSachs: This year, $GS #CommunityTeamworks teamed up w/ @Habitatwc to build homes for returning #veterans. See the impact: http:/…
Ryan Mallory
22 Oct 14 19:57:42
Swing Trading Watch-List: $HPQ $FTNT $SUNE $STX $GS http://t.co/Usuy4NvbNH
22 Oct 14 19:31:37
ANOTHER date is Oct 29 -- 2 +9 = 11 which is NOT a good day 4 mkts. we shall see. no. 11 = baaaad 4u $SPX $NDX $DJIA $IWM $GS $QQQ $SPY
Dividend Master
22 Oct 14 18:56:12
@Ayce2nd the same Buffet who just funded a tax inversion or invested huge in $GS $BAC ? Yup .....
Gary Manzano
22 Oct 14 18:53:54
@canuck2usa Nice $GS trade. $TWTR & $TSLA have similar pattern #bearflag
22 Oct 14 18:11:02
Priceless material for continual profit in the #stock #market http://t.co/VHF6GbCTvC $SPX $DJI $RUT $NDX $AAPL $FB $TWTR $LNKD $TSLA $GS $V
Ted Hearn
22 Oct 14 17:38:49
Goldman Sachs job question: How many manhole covers in NYC? Better: How many exploding manhole covers in NYC? | http://t.co/rhSglXvaEw $GS
22 Oct 14 17:05:04
Free video w/setups October 23 "A Real Battle Here" $AMZN $GS $PCLN $AAPL http://t.co/8f3QoXwNM9
Stock Relay
22 Oct 14 16:12:44
$AUY Current Price Click Here: http://t.co/o7lXCEAqzh Also See: $UNG $GS $MU $SBOTF ~
Carolyn B Miciano
22 Oct 14 15:56:25
Manage risk in Options properly and profits wil come http://t.co/YoV732YcRG $GS $COST $FDX
Legal Newsance
22 Oct 14 15:45:01
Court hears arguments on sex discrimination at Goldman Sachs http://t.co/88bkZGnN5I (via @Reuters) #emplaw $GS
22 Oct 14 15:43:53
#Google may outspend $GS in political donations but $IBM has no PAC at all/never has @sarahmishkin & @GinaChon htt… http://t.co/aLT63gKAzt
Samantha Lee
22 Oct 14 15:40:03
@aaronmorekin @jimcramer many lawyers would disagree, and would investigate his ties to $GS and that charitable trust.
Stock Relay
22 Oct 14 15:28:41
$AMBA Summary Click Here: http://t.co/F6tLMTwLHI Also See: $GS $AEP $PFE $AUY ~
Langan Stocks
22 Oct 14 15:24:14
$ECOP Summary Click Here: http://t.co/Gm70RCUhvY Also See: $ACT $MLNX $GS $EPGL ~
Charlotte Porter
22 Oct 14 15:12:33
RT @ChrisDolmetsch: Goldman Sachs ‘Boys Club’ Faulted as Women Pursue Lawsuit http://t.co/qn0twwRoPY via @BloombergNews @BobVanVoris $GS
Chris Dolmetsch
22 Oct 14 15:08:19
Goldman Sachs ‘Boys Club’ Faulted as Women Pursue Lawsuit http://t.co/qn0twwRoPY via @BloombergNews @BobVanVoris $GS
Werner R. Kranenburg
22 Oct 14 14:55:33
Eight is the current number of federal class actions concerning $GTAT $GTATQ filed against its leadership and $MS $GS $CCORF
Stock Moo
22 Oct 14 14:54:42
$gs: U.S. Court hears arguments on sex discrimination at Goldman Sachs http://t.co/1fJAOGheEo
22 Oct 14 14:43:08
U.S. Court hears arguments on sex discrimination at Goldman Sachs. $GS, $SO, $MS. http://t.co/uD1BkRD3YA
Kusnadi Halim Salim
22 Oct 14 14:28:05
RT @SeekingAlpha: As Market Fear Heightens, Risky And Opaque Structured Notes Make A Comeback http://t.co/0vkXv4L8Jw $GS $CS $UBS
Quantpost Financial
22 Oct 14 14:27:37
$GS News: "As Market Fear Heightens, Risky And Opaque Structured Notes Make A…" http://t.co/Q2CV6mkqbm Board view: https://t.co/EBGrPPzJ2k
Seeking Alpha
22 Oct 14 14:27:37
As Market Fear Heightens, Risky And Opaque Structured Notes Make A Comeback http://t.co/0vkXv4L8Jw $GS $CS $UBS
22 Oct 14 14:25:25
U.S. Court hears arguments on sex discrimination at Goldman Sachs http://t.co/Q9ScoCPeIn $C $GS $MS $PRCH $S1990 $TBHS
Bidness Etc
22 Oct 14 14:15:36
The Federal Reserve has warned all financial institutions, including a few nonbanking firms http://t.co/7TqHmJZ2aM $MS $GS $CS $JPM
22 Oct 14 14:12:21
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $GS $ZION $ISRA
Carolyn B Miciano
22 Oct 14 14:10:41
Make 20 to 100% in a few hours with #daytrades http://t.co/dpbNxZbfHc $GS $COST $FDX
22 Oct 14 13:59:09
Boeing Co. (BA) Among Biggest DJIA Losers on October 22 $gs $axp $ba http://t.co/0dluX2YK32
Stock Relay
22 Oct 14 13:57:11
$ACHN Bid Size Click Here: http://t.co/IDvXVCb7o5 Also See: $GE $HAL $GS $ZAZA ~
Greta Salve
22 Oct 14 13:56:55
RT @GoldmanSachs: This year, $GS #CommunityTeamworks teamed up w/ @Habitatwc to build homes for returning #veterans. See the impact: http:/…
Jake Catskill
22 Oct 14 13:50:58
Here's the funny thing about the IPO boom, excess stock inventory on the banks books. I wonder how much $BABA is still in $GS and $MS?
Carolyn B Miciano
22 Oct 14 13:23:16
A simple way to learn the basics of Options http://t.co/qpxNEWAu2d $GS $COST $FDX
22 Oct 14 12:58:23
$GS not covering ...keeping short did everything I asked from it today..staying the course
22 Oct 14 12:52:48
Sure but I bet Ichan was in there buying $htz last week at $18.50 @ldpinsd @SPEQL8R $BA $Gs $ms $bac have not performed since good earnings
22 Oct 14 12:52:04
$GS - Humana Exploring Sale of Urgent Care Unit Concentra -Reuters http://t.co/4dK2aKDLZD
22 Oct 14 12:45:51
$GS nice
  +Follow August 22, 2013 9:05AM



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