General > General Technical Chat
Gamestop: Reddit vs. Wall St.
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DrG:
I watched an interview with RobinHood's CEO tonight and still can not figure out exactly why they halted buying. A lot of "requirements" lingo but nothing particularly coherent to me. BTW, I have shirts older than that guy :)

Same with reading E*Trade's announcement. Buying is supposed to resume on Friday there.

I know that the exchange can halt trading of a stock under certain conditions like suspected fraud or or some imminent reveal, but these actions appear to be done by the brokerage houses. So what has happened in 1-2 days of no buying that has fixed everything?
Psi:
Lets hope this is a turning point.

Where small time investors learn they can fight the system and win, and that it changes the landscape for the better.
daqq:
TimNJ:

--- Quote from: DrG on January 29, 2021, 03:06:36 am ---I watched an interview with RobinHood's CEO tonight and still can not figure out exactly why they halted buying. A lot of "requirements" lingo but nothing particularly coherent to me. BTW, I have shirts older than that guy :)

Same with reading E*Trade's announcement. Buying is supposed to resume on Friday there.

I know that the exchange can halt trading of a stock under certain conditions like suspected fraud or or some imminent reveal, but these actions appear to be done by the brokerage houses. So what has happened in 1-2 days of no buying that has fixed everything?

--- End quote ---

This is the email I got from Robinhood. Do I know jack all about SEC regulations? ...No, no I do not, but my initial feeling from reading it was “Hmm, I think they intentionally threw in some big words that they know I don’t know about.”


--- Quote --- This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.
As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.
To be clear, this decision was not made on the direction of any market maker we route to or other market participants.
--- End quote ---
james_s:
The whole stock market is a complete mess. It's supposed to be there to allow companies to raise capital they can use to expand. Instead it has transformed into a gigantic casino where people gamble away money hoping to win big and sell.
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