August 6, 2011 / 2:42 AM / in 7 years

Some Goldman clients faced paperwork delays

NEW YORK (Reuters) - Some Goldman Sachs Group Inc (GS.N) clients who pushed trades through its clearing division during the market rout on Thursday were unable to access information about their positions the following morning.

In the wee hours of Friday, clients trying to view their custody reports on the Goldman Sachs Execution & Clearing web site were faced with a message explaining that reports were being delayed due to slow processing.

By 7 a.m. EDT, 95 percent of clients’ information was available and the rest was accessible by the time the market opened, Goldman spokesman David Wells said.

Wells attributed the delays to heavy volumes in stock and options trading the previous session, as major U.S. stock indexes tumbled more than 4 percent.

In Thursday’s sharp stock market drop, options trading hit a record of 36.1 contracts, according to the Options Clearing Corp, while nearly 14 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq — about 85 percent higher than the daily average of 7.5 billion.

Goldman’s message spooked some nervous traders who were trying to get a handle on their trading books and place bets ahead of Friday’s market open. Five Goldman trading clients contacted by Reuters said their custody reports were ready at or before 8 a.m.

Reporting by Lauren Tara LaCapra, editing by Gerald E. McCormick

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