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Tuesday, Aug 20
Exchanges investigate mistaken orders from Goldman
- Goldman Sachs (GS +0.7%) mistakenly issued a number of orders into the stock-options market just after the market opened, temporarily roiling prices in a number of contracts. The orders were placed on securities with ticker symbols beginning with the letters H through L, and traders suspect an algo gone wild.
- Many of the trades are likely to be canceled. "Neither the risk nor the potential loss is material to the financial condition of the firm," says Goldman.
- Among the exchanges investigating are the NYSE (NYX), the CBOE, and the Amex.