Goldman Puts 4 Technology Specialists on Leave After Glitch - FT

Date : 08/25/2013 @ 4:01PM
Source : Dow Jones News
Stock : Nasdaq, Inc. (MM) (NDAQ)
Quote : 72.74  0.72 (1.00%) @ 8:00PM

Goldman Puts 4 Technology Specialists on Leave After Glitch - FT

Goldman Sachs (NYSE:GS)
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Goldman Sachs (GS) has put four senior technology specialists on leave after an embarrassing trading glitch that is likely to cost the bank tens of millions of dollars, the Financial Times reported Sunday on its website. The decision to place the employees on administrative leave was made following last Tuesday's trading error, the FT reported, citing an unnamed person familiar with the events.

Goldman last week accidentally sent thousands of orders for options contracts to exchanges operated by NYSE Euronext (NYX), Nasdaq OMX Group Inc. (NDAQ) and the CBOE, after a systems upgrade that went awry. The faulty orders roiled options markets in the opening 17 minutes of the day's trading and sparked reviews of the transactions. The bank's trading malfunction came just two days before Nasdaq experienced an unprecedented three-hour outage.

Newspaper website: www.ft.com

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