On September 9th the U.S. Government auctioned Treasury Bills via the normal procedure whereby banks enter multibillion-dollar orders via the New York Federal Reserve’s computer systems to participate. Unfortunately, Goldman Sachs was again at the center of a ‘glitch’, which had the NY Fed blocking their order. Now, I don t feel sorry for Goldman Sachs, but what does concern me is the larger implication of how one investment bank can impact the entire global treasury market. The Treasury department did not release many details about how or what happened stating only that it suffered “a technical issue that prevented one bidder from participating in the 3-month auction. The ‘glitch’ is the latest in a growing string of technical problems in the U.S. financial markets which creates additional mistrust amongst traders and investors that are frankly getting tired of wondering what’s next. It would seem that after the “greedy” humans and malfunctioning computers t
http://www.indicatorwarehouse.com/96676/computer-glitch-strikes-again-monday-updates/
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