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Robinhood says in ‘strong position’ to face unlikely market events -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Robinhood Markets, Inc.’s logo is displayed at a Wall Street pop-up after its IPO, New York City, U.S.A, July 29, 2021. REUTERS/Andrew Kelly/File Photograph

(Reuters) – Robinhood Markets Inc (NASDAQ) Tuesday, highlighted the steps taken in the last year to not impose trading restrictions. It also stated that it is “strongly positioned” to assist customers during unlikely market events.

Online trading platforms pioneered commission free trading. The platform posted in a blog that its net capital was $2.7Billion, more than twenty five times the amount required by U.S. Securities and Exchange Commission.

Robinhood had in January 2021 imposed temporary restrictions on GameStop (NYSE 🙂 and other “meme stocks”, amid an ebullient social media rally.

In early 2015, the company sued a Miami Federal Judge to end a case alleging that it had engaged in fraud and market manipulation by limiting trading of stocks.

Robinhood also stated last year that it has increased its customer service team by 25% and now offers 24-hour support via phone, seven days per week.

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