What Really Happened When Robinhood Suspended GameStop Trading
The byzantine world of the public U.S. securities market killed the GameStop pump (sort of).
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As the U.S. SEC looks into how Robinhood has handled GameStop trading, the platform has narrowed its list of restricted stocks. Troubled trading app Robinhood has been narrowing the list of restricted stocks on its platform but is still keeping major restrictions on GameStop shares. According to its website, Robinhood has lowered its list of restrictions to eight different stocks including GameStop, AMC, BlackBerry, Express, Genius Brands International, Koss, Naked Brand Group and Nokia. Robinhood previously limited trading for as many as 50 stocks on Friday, CNBC reported.As per the new....
Regulators want to know the details of the GameStop short squeeze. Robinhood CEO Vlad Tenev will reportedly testify before the United States House Financial Services Committee over the firm’s role in the volatile trading of GameStop and other volatile stocks.According to a report by the American political publication Politico, Tenev is expected to participate in a virtual hearing headed by Representative Maxine Waters (D-Calif.) on Feb. 18. Politico’s report cited anonymous people familiar with the matter.Waters officially announced the Financial Services Committee’s plans to hold a....
The video game retailer had its own GME Army pushing the price of the stock to an all-time high before platforms stepped in. Reports are coming in this morning that trading app Robinhood has suspended trading for Gamestop stock and others after GME's price surged in a Bitcoin-like parabolic rally. Unless you've been living under a rock, you'll know that average Redditors proved their investing power going up against major Wall Street traders short selling GameStop stock. Largely fueled by small-time investors pushing back against large hedge funds, the price of the stock has risen more....
The price of GME has fallen almost 90% since lawmakers first called for a hearing. Executives from companies involved in the recent controversy between hedge funds and retail investors from Reddit may be testifying at a House Financial Services Committee hearing next week.According to a Reuters report, two people familiar with the matter said executives from trading app Robinhood, investment manager Melvin Capital, and hedge fund Citadel are expected to testify in a congressional hearing scheduled for Feb. 18. Bloomberg reported that Citadel founder Ken Griffin is likely to be in....
Robinhood didn't halt GameStop trading to punish retail players; it reacted to market risk. And, no, blockchain wouldn't have fixed this.