Whether or not you believe the Reddit GameStop thing is crazy or not, all must admit the craziness is exposing a few cracks in the way the business of Wall Street is conducted.
Lots of discontent has been expressed over Robinhood's move to slow down or even stop the trading of certain stocks on its platform. Who benefits from this and who gets hurt? In any case, a new account nets those signing up a free stock. https://join.robinhood.com/jerryf593
Today Robinhood says, " It’s been a tough day... In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning."
The platform continues with, "This was a temporary decision made to best continue serving you, and was not an easy one to make."
Later on in the release, the "clarity" is finally defined. "To be clear, this decision was not made on the direction of any market maker we route to or other market participants."
Is there really no "direction" influencing the decision to stop or slow those specific trades?
We'll see how this situation pans out and how it affects all of the different parties involved.
