Goldman Sachs proves that electronic dangers still exist on Wall Street

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It was another shaky day on Wall Street Tuesday morning. In an apparent system error, a Goldman Sachs algorithm running on the options exchange set incorrect price limits on a number of ticket symbols.CAST-Goldman-Sachs-trading-error-knight-capital

According to Bloomberg, the trading may have affected about 400,000 contracts for companies such as JPMorgan Chase, Johnson & Johnson and Kellogg. Even though Goldman says the error “would not be material to the financial condition of the firm,” we can’t help but notice the striking similarity this glitch has with one that brought down the market making financial services firm Knight Capital Group.

And we weren’t the only ones. Linette Lopez over at Business Insider, who previously covered the Knight Capital glitch, wrote a piecing noting the striking similarities between the two trading errors. She included comments from CAST’s Lev Lesokhin to bring some much needed insight into the murky underbelly of algorithmic trading on Wall Street. Click to read the full article.

Filed in: CAST News
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