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Old 08-22-2013, 11:10 PM
 
4,538 posts, read 4,792,772 times
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They brought NASDAQ down to accomodate their 'do over' - why can't I get a 'Mulligan' after I make a stupid trade?

"Trading on the Nasdaq was halted on Thursday for more than 3 hours, and the only formal explanation that we got was that it was a "technical issue". On Tuesday, Goldman Sachs made thousands of "erroneous trades" that are now being canceled. If those trades had not been canceled, it could have cost Goldman "hundreds of millions of dollars" according to the Wall Street Journal. How nice for them that they get a "do over". When Knight Capital made a similar "trading error", they were not so fortunate."

They Actually Expect Us To Have Faith In These Financial Markets After This Week?
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Old 08-22-2013, 11:26 PM
 
12,270 posts, read 11,277,678 times
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Nah, lots of erroneous trades get cancelled, especially if it's not the brokers fault.
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Old 08-22-2013, 11:27 PM
 
Location: Santa Monica
36,858 posts, read 17,226,534 times
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Now now...don't be so harsh. Maybe they said "pretty please".
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Old 08-22-2013, 11:31 PM
 
Location: Fredericktown,Ohio
7,168 posts, read 5,342,921 times
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Quote:
Originally Posted by Dockside View Post
Nah, lots of erroneous trades get cancelled, especially if it's not the brokers fault.
Is there any brokers where the whole market shuts down to cancel the trades?
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Old 08-22-2013, 11:40 PM
 
41,815 posts, read 50,792,097 times
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As I'm understanding this the trades in question were not the fault of GS, there is other firms that were affected too.
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Old 08-22-2013, 11:41 PM
 
41,815 posts, read 50,792,097 times
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Quote:
Originally Posted by Swingblade View Post
Is there any brokers where the whole market shuts down to cancel the trades?
They shut it down to fix the issue causing the bad trades.
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Old 08-22-2013, 11:42 PM
 
29,409 posts, read 21,916,193 times
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Government takes care of their friends. The game is rigged and the house always loses. That is the way things have been going.
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Old 08-23-2013, 08:26 AM
 
9,855 posts, read 15,157,452 times
Reputation: 5481
Quote:
Originally Posted by KRAMERCAT View Post
They brought NASDAQ down to accomodate their 'do over' - why can't I get a 'Mulligan' after I make a stupid trade?

"Trading on the Nasdaq was halted on Thursday for more than 3 hours, and the only formal explanation that we got was that it was a "technical issue". On Tuesday, Goldman Sachs made thousands of "erroneous trades" that are now being canceled. If those trades had not been canceled, it could have cost Goldman "hundreds of millions of dollars" according to the Wall Street Journal. How nice for them that they get a "do over". When Knight Capital made a similar "trading error", they were not so fortunate."

They Actually Expect Us To Have Faith In These Financial Markets After This Week?
This is easily one of the dumber things I have read in a long time. That amount of money is nothing to Goldman. Any glitch at any time would cause a swing of that size for Goldman.
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Old 08-23-2013, 08:30 AM
 
4,538 posts, read 4,792,772 times
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Quote:
Originally Posted by Swingblade View Post
Is there any brokers where the whole market shuts down to cancel the trades?
No, except GS is 'too big to make dumb stock trades'.
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Old 08-23-2013, 11:11 AM
 
33,387 posts, read 34,636,740 times
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Quote:
Originally Posted by thecoalman View Post
As I'm understanding this the trades in question were not the fault of GS, there is other firms that were affected too.
from the article posted;

Quote:
However, let's certainly not blame all of the "technical issues" in the financial markets on hackers. What happened to Goldman Sachs on Tuesday appears to be very much their own fault...
Quote:
Originally Posted by KUchief25 View Post
Government takes care of their friends. The game is rigged and the house always loses. That is the way things have been going.
yep, and considering that the obama administration is loaded with former goldman-sachs employees, you have to wonder where the pressure came from to shut down the nasdaq to "fix" the problem.
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