Tag: RobinHood

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Article: DTCC Proposes Shortening US Trading Settlement Cycle To T+1: Here’s Why That’s Important

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DTCC Proposes Shortening US Trading Settlement Cycle To T+1: Here’s Why That’s Important

Wayne Duggan, Benzinga, 24 February 2021

ROBERT STEELE: This article is such crap. As if DTCC had not willfully covered up $100 trillion in naked short counterfeit sales these past 15-20 years. Until DTCC is given a porcupine enema and we sent DOJ, FBI, and US Southern District Attorneys to jail for life for treason — enabling foreign collusion and domestic crime against the US economy — for life, this will not change.

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Article: Public App Takes Aim At Robinhood With Already-Viral Michael Bolton Ad

Article - Media, Publications

Public App Takes Aim At Robinhood With Already-Viral Michael Bolton Ad

Tyler Durden, ZeroHedge, 23 February 2021

On the same day that it hit the wires that Robinhood’s CEO said it was “necessary” for the company’s business operations to sell its order flow (as we have been detailing at painstaking length here on Zero Hedge for years before it became a mainstream media story) Continue reading “Article: Public App Takes Aim At Robinhood With Already-Viral Michael Bolton Ad”

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Article: U.S. securities regulator suspends trading in three more ‘meme stocks’

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U.S. securities regulator suspends trading in three more ‘meme stocks’

Chris Prentice, 19 February 2021

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday suspended trading in more securities that have seen jumps in both prices and trading volumes since late January amid social media interest.

The SEC temporarily suspended trading of Marathon Group Corp, Affinity Beverage Group Inc, and Sylios Corp beginning on Friday and ending on March 4, the SEC said in statements published on its website. Continue reading “Article: U.S. securities regulator suspends trading in three more ‘meme stocks’”

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Article: How were more than 100% of GameStop’s shares shorted?

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How were more than 100% of GameStop’s shares shorted?

John McCrank, Reuters, 18 February 2021

But Vlad Tenev, broker Robinhood’s chief executive officer, recently pointed out that some of the stocks involved in the “meme stock” rally were more than 100% shorted, implying that more shares were shorted than were available to trade.

“I just think that’s pathological,” he said on the All-In Podcast late last Friday. “You end up with this situation that could destabilize the financial markets.”

Read full article.

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Article: Trading hot stocks like GameStop seems fun until you look beneath the surface

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Trading hot stocks like GameStop seems fun until you look beneath the surface

Congress is asking questions about whether middlemen or “market makers” like Citadel that execute stock trades really give small investors the best prices.

Gretchen Morgenson, ABCNews, 18 February 2021

Market makers like Citadel make money by pocketing the difference between the price at which they buy shares — the bid — and the price they receive from selling them to Robinhood clients, the offer. Other firms in the business are Virtu Americas, G1X Execution Services and Two Sigma Securities.

Read full article.

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Article: GameStop frenzy sparks fresh investment in stock-trading apps

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GameStop frenzy sparks fresh investment in stock-trading apps

Jane Lanhee Lee, 18 February 2021

OAKLAND, Calif. (Reuters) – The recent trading frenzy centered on GameStop Corp and other “meme” stocks is sparking a wave of investor interest in start-ups aiming to mimic the success of Robinhood Markets Inc, whose no-fee brokerage app has helped drive a trading boom.

Public.com, a direct competitor to Robinhood that boasts a host of blue-chip backers, said on Wednesday it had raised $220 million, valuing it at $1.2 billion on the private market. Another well-heeled rival, Stash, said earlier this month it had raised $125 million, while Webull Financial LLC, backed by Chinese investors, is also raising fresh funds after enjoying an influx of new users.

Robinhood, meanwhile, raised some $3.4 billion in the midst of the GameStop furor to assure its stability amid rapid growth and demands by its trading partners that it post more collateral. Continue reading “Article: GameStop frenzy sparks fresh investment in stock-trading apps”

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Article: Watch Live: GameStop Hearing On Market Manipulation

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Watch Live: GameStop Hearing On Market Manipulation

Jonathan Ponciano,  18 February 2021

A Congressional hearing into the GameStop mania that triggered the largest weekly selloff since late October is underway, with some of the key players in the saga—billionaire Citadel CEO Kenneth Griffin, Robinhood CEO Vladimir Tenev, Reddit Cofounder Steve Huffman and the 34-year-old securities broker behind the Roaring Kitty online persona—all set to testify.

Committee Chair Maxine Waters (D-Mo.) kicked off the hearing by asking Tenev whether he misled investors on January 28 when he denied that Robinhood had a liquidity problem despite raising more than $3 billion in the following days to meet reserve requirements from the Securities & Exchange Commission. Continue reading “Article: Watch Live: GameStop Hearing On Market Manipulation”

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Article: SEC Data Show $359 Million of GameStop Shares Failed to Deliver

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SEC Data Show $359 Million of GameStop Shares Failed to Deliver

Brandon Kochkodin, Bloomberg, 17 February 2017

  • GameStop surged more than 1,700% before curbs were implemented
  • More than 2 million shares failed to deliver at peak of mania

“Fails-to-deliver can occur for a number of reasons on both long and short sales,” reads a disclaimer on the SEC website. “Therefore, fails-to-deliver are not necessarily the result of short selling, and are not evidence of abusive short selling or ‘naked’ short selling.”

Comment: The SEC is full of shit and a RICO organization complicit in Class A felonies enabled by the Department of Justice and the Senate Banking Committee. For the slow learners, start with the Cartoons.

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Article: Here Are The Prepared Remarks For Tomorrow’s “Game Stopped” Hearings

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Here Are The Prepared Remarks For Tomorrow’s “Game Stopped” Hearings

Tyler Durden, 17 February 2021

On Thursday, the House Financial Services Committee will convene its planned hearing on the Gamestop trading fiasco, where the heads of Citadel, Robinhood, Reddit and Melvin Capital will come together to face off against Democrats like Committee Chairwoman Maxine Waters and AOC.

Ahead of that, some of the planned testimonials have been released.

Below, find remarks from Keith Gill, a Youtuber/Redditor best known as “RoaringKitty”. In his testimony, the trader- who is facing a lawsuit related to his trading and online antics – insists that he still believes in his “fundamental case” for being long Gamestop, and insists he didn’t try and pump the shares purely for his own profit.

Continue reading “Article: Here Are The Prepared Remarks For Tomorrow’s “Game Stopped” Hearings”

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Article: House Hearing On GameStop Fiasco Will Focus On “Short Selling And Stock Manipulation”

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House Hearing On GameStop Fiasco Will Focus On “Short Selling And Stock Manipulation”

Tyler Durden, Zero Hedge, 16 February 2021

In order to affect change, one has to understand the problem before them. It is by those standards we can confidently say we are near-certain that this week’s upcoming congressional hearings on the GameStop fiasco will be both a useless circus and a intellectual farce.

Read full article.

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Article: Here’s what to expect at the congressional hearings on GameStop and Robinhood

Article - Media

Here’s what to expect at the congressional hearings on GameStop and Robinhood

Scum sucking sack of shit lawmakers will seek to make headlines, not legislation — and all the witnesses are probably RICO eligible!

Chris Matthews, MarketWatch, 16 February 2021

Executives at Robinhood, market maker Citadel Securities, hedge fund Melvin Capital, social media firm Reddit, and Keith Gill, an independent investor who found fame and riches with his early purchases of GameStop Inc. GME, -5.52% shares, will all testify at the hearing, scheduled for noon on Thursday. Here’s what to expect:

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Article: Exposing The Robinhood Scam: Here’s How Much Citadel Paid To Robinhood To Buy Your Orders

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Exposing The Robinhood Scam: Here’s How Much Citadel Paid To Robinhood To Buy Your Orders

Tyler Durden, Zero Hedge, 14 February 2021

Frankly, we’ve had it with the constant stream of lies from Robinhood and neverending bullshit from the company’s CEO, Vlad Tenev.

With Tenev scheduled to testify on Thursday, alongside the CEOs of Citadel, Melvin Capital and Reddit, the apriori mea culpas have started to emerge – if a little too late – the former HFT trader spoke late on Friday on the All-In Podcast hosted by Chamath Palihapitiya, who had strongly criticized Robinhood over the trading restrictions, and Jason Calacanis, a Robinhood investor, and said that “no doubt we could have communicated this a little bit better to customers.”

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Article: Federal agencies launch probe into possible manipulation after GameStop trading frenzy: WSJ

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Federal agencies launch probe into possible manipulation after GameStop trading frenzy: WSJ

Noor Zainab Hussain, 11 February 2021

(Reuters) – Federal prosecutors and regulators are investigating whether “market manipulation or other types of misconduct” led to a meteoric rise in shares of companies such as GameStop and AMC, the Wall Street Journal reported on Thursday.

The Justice Department’s fraud section and the San Francisco U.S. attorney’s office have sought information about the trading from brokers and social-media companies that were hubs for the trading, the WSJ reported, citing people familiar with the matter. on.wsj.com/3abznn1

Prosecutors have subpoenaed information from brokers such as Robinhood, according to the report.

Additionally, the Commodity Futures Trading Commission has opened a preliminary investigation into whether misconduct occurred as some Reddit traders targeted silver futures, the WSJ report.

A Justice Department spokesperson did not immediately respond to a Reuters request for comment.

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Article: Report: Feds Investigating Meme Stock Frenzy For Market Manipulation

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Report: Feds Investigating Meme Stock Frenzy For Market Manipulation

Sarah Hansen, 11 February 2021

Federal authorities are investigating whether massive gains in “meme stocks” like GameStop in January were caused by market manipulation or other illegal behavior, the Wall Street Journal reported Thursday.

In January, individual traders from online communities like Reddit’s r/WallStreetBets forum and users of popular online brokerage apps like Robinhood were a driving force behind the meteoric rise of a handful of previously unpopular stocks. The traders pitted themselves against major hedge funds who had bet that the price of stocks in struggling companies like GameStop, AMC Entertainment, and Blackberry would fall in a practice called short selling. The rapid surge of interest from retail investors pushed the price of those stocks to record levels, and hedge funds like Melvin Capital faced massive losses as a result. At the peak of the frenzy, Robinhood restricted trading on shares of GameStop and a handful of other stocks, prompting a swift backlash from lawmakers and multiple class-action lawsuits from traders who said they had missed out on gains.

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