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The thing is Robinhood CEO said none of these were the reasons for blocking GME. I know he was lying, but I think him telling the truth would have lessened the backlash a little.
The thing is Robinhood CEO said none of these were the reasons for blocking GME. I know he was lying, but I think him telling the truth would have lessened the backlash a little.
Yes, it would have. Freezing ALL trading in GME, instead of just freezing buying but permitting selling, might not have upset their customer base as much either.
Still don't think it's right to block people from trading stocks. This must be fixed.
Ideally the NYSE would have shut down all trading in GME for two days or so, in order to allow the existing trades placed by the smaller brokerages to clear so they wouldn't exceed their reserve requirements. That would have kept everyone's GME positions the same, and then when trading resumed neither the hedge funds nor the smaller traders would have gained an advantage. It would just be a brief intermission.
Ideally the NYSE would have shut down all trading in GME for two days or so, in order to allow the existing trades placed by the smaller brokerages to clear so they wouldn't exceed their reserve requirements. That would have kept everyone's GME positions the same, and then when trading resumed neither the hedge funds nor the smaller traders would have gained an advantage. It would just be a brief intermission.
Correct, this is the responsibility of the NYSE, not RH. There has to be some penalty for this, and not allowed to happen again.
Did you listen to Robinhood CEO answer questions as to why they blocked buying?
Yes, he didnt explain it well but looks like he was saying same thing as webull ceo. I also didnt understand what he was saying. It only made sense after i saw webull ceo interview.
Looks like clearing issues with DTS and not "citadel called RH or webull to stop buying cuz we losing so much money" though that maybe possible it happened also.
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