Entries by killswitch

Goldman Sachs to pay $7M over options mistake

Goldman Sachs (GS) will pay $7 million to settle regulatory charges the investment banking giant sent thousands of erroneous trading orders that disrupted options markets in 2013. The New York-based bank failed to have adequate safeguards to prevent its computers from sending 16,000 mis-priced options orders to financial exchanges in less than an hour on […]

Knight Capital Says Trading Glitch Cost It $440 Million

$10 million a minute. That’s about how much the trading problem that set off turmoil on the stock market on Wednesday morning is already costing the trading firm. The Knight Capital Group announced on Thursday that it lost $440 million when it sold all the stocks it accidentally bought Wednesday morning because a computer glitch. […]

High frequency trading firm fined $850,000 for computer errors

A high frequency trading firm has been fined $850,000 for three separate computer errors which disrupted trading on the futures market. Infinium Capital Management’s trading programs are believed to have malfunctioned on 7 October 2009 and later that month on 28 October – both errors led to uncontrolled selling of futures on the Chicago Mercantile […]

Punishment waits two years for computerized trader

Around 11 a.m. on Jan. 13, 2010, a computerized trading system at Chicago-based Blue Fire Capital LLC went haywire. The high-speed trading firm mistakenly made more than 2,300 trades in two seconds on CME Group Inc.’s electronic exchange, buying and selling almost 200,000 futures contracts with itself in a “wash trade.” Such trades are prohibited […]