Goldman Sachs automated trading error

Bloomberg reports that Goldman Sachs is the latest firm to suffer from a programming error in their automated trading software:

An internal system that Goldman Sachs uses to help prepare to meet market demand for equity options inadvertently produced orders with inaccurate price limits and sent them to exchanges

Participants in trades caused by error can appeal, and exchanges are reviewing and busting trades. It seems a large number of trades occurred because quotes entered the market at a price of $1:

Of the 500 biggest options trades in the first 15 minutes markets were open today, 405 of them were for tickers starting with H through L and priced at $1, according to data compiled by Trade Alert LLC and Bloomberg

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