The Phaserl


Goldman Says Exchanges Working to Resolve Options Order Mishap

[Ed. Note: Goldman Sachs gets to unravel their bad trades. Do you?]

by Nikolaj Gammeltoft & Donal Griffin, CNS News:

Goldman Sachs Group Inc. (GS) said exchanges are working to resolve options trades that roiled markets this morning, sowing confusion on the biggest U.S. venues as investors awaited word on whether they would stand.

Any losses “would not be material to the financial condition of the firm,” according to an e-mail from spokesman David Wells, who amended an earlier statement that said Goldman was working with exchanges to address the issue. At least three operators of U.S. options exchanges are reviewing trades that took place at the beginning of the day and NYSE Amex Options said most of the transactions may be canceled.

The mishap is more ammunition for critics of America’s electronic market structure, coming four months after the Chicago Board Options Exchange was shut down for 3 1/2 hours by a computer malfunction. Breakdowns from the mishandled public debut of Facebook Inc. to Knight Capital Group Inc.’s flooding of equity markets with incorrect orders in August 2012 have emboldened skeptics, who say trading has gotten too complex.

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1 comment to Goldman Says Exchanges Working to Resolve Options Order Mishap

  • 8Ball

    do-over… Remember the movie “City Slickers”? What were the trades actually for? The BS is getting pretty thick when the con men lose their asses and the “system” is reset to save them.

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