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.
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.
Erik Oltmans, an Associate Partner from EY, Netherlands, spoke at the Software Intelligence Forum on how the consulting behemoth uses Software Intelligence in its Transaction Advisory services.
Erik describes the changing landscape of M & A. Besides the financial and commercial aspects, PE firms now equally value technical assessments, especially for targets with significant software assets. He goes on to detail how CAST Highlight makes these assessments possible with limited access to the targetâ€™s systems, customized quality metrics, and liability implications of open source components - all three that are critical for an M&A due diligence.