Goldman Sachs was fined $3 million after it mixed up millions of 'short' sale orders as 'long.' The culprit was one missing line of code.
Goldman Sachs had mismarked"short" sales orders totaling more than 14 billion shares as"long" sales orders between October 2015 and April 2018, per the filing, which was signed by both, Finra and the investment banking giant. Of the 60 million incorrectly marked orders, Goldman Sachs executed nearly eight million, Finra said.
Further, Goldman's mismarked orders led to 12,335 short orders being executed while a short-sale circuit breaker was in place, per the filing. The document did not disclose the monetary value or the loss or profit from the affected shares. The orders were incorrectly marked because Goldman"inadvertently failed" to include a single line of computer code during an upgrade to its automated trading software."The firm immediately fixed this coding error after being notified by Finra in April 2018," according to the document.
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