Goldman Puts 4 Technology Specialists on Leave After Glitch - FT
August 25 2013 - 4:01PM
Dow Jones News
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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