Hedge funds trading through Goldman Sachs are being greeted Friday morning with a confusing message that is driving some of them crazy.
“To our Valued Clients, Due to unexpected trade processing delays, we are experiencing custody reporting delays. We apologize in advance for this inconvenience," the firm tells clients on its website.
This has sent clients scrambling to find other brokers who can properly position them for the morning trading after one of the biggest down days in years.
"We're not even 100 percent sure what our positions are, so we don't know what to buy or sell," one Goldman Sachs client said.
Part of the frustration is that Goldman is being very reticent about the problem.
"They are telling us nothing. No ETA for when we can know where we stand," another client said.
Goldman has issued the following statement:
“We told clearing clients that some reports might be delayed due to the high volume of trading yesterday. Ninety-five percent of the usual data was available by 7am and the rest was available by the time the US stock market opened.”
Correction: An earlier version of this story misidentified the part of Goldman's business that was troubled this morning.