Business & Investment

Robin Hood said it temporarily curtailed the purchase of some securities as deposit requirements were increased tenfold by Reuters.

© Reuters.The Robinhood app will appear on the screen

(Reuters)-One of the hottest places in this week’s retail frenzy, online broker Robin Hood has been temporarily on a small number of securities as the deposit requirements mandated by the stock exchange have increased tenfold. He said he imposed a general purchase limit.

“…. The amount of money we had to deposit in a clearing house was very high-individual volatility securities accounted for hundreds of millions of dollars in deposit requirements-we were those volatility securities. I was able to comfortably meet the requirements that had to be taken to limit the purchase of. “

Robin Hood’s free and easy-to-use app was popular with a new generation of small traders, and due to Thursday’s restrictions, there was a huge backlash from prominent politicians and celebrities.

Individual investors using Robin Hood and other apps promote the so-called “Reddit Rally” and GameStop Corp (NYSE :) and other companies backed by social media platforms, including Reddit, have caused significant losses to large hedge funds that have shorted their stocks.

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Robin Hood said it temporarily curtailed the purchase of some securities as deposit requirements were increased tenfold by Reuters.

https://www.investing.com/news/stock-market-news/robinhood-says-it-temporarily-curbed-buying-of-some-securities-as-deposit-requirement-increased-tenfold-2404117 Robin Hood said it temporarily curtailed the purchase of some securities as deposit requirements were increased tenfold by Reuters.

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