One tragic impact of Robinhood’s failures was the suicide of a 20-year-old trader. FINRA noted that the trader had turned margin off on his Robinhood account, so was shocked to find margins had been used. On top of this, the Robinhood app showed a negative balance on his account, which wasn’t accurate. Robinhood’s behaviour directly…
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ASIC announced that Societe Generale Securities Australia Pty Ltd (SGSAPL) has met the additional Australian financial services (AFS) licence conditions imposed on the company and they were removed on 3 June 2021. The licence conditions imposed on SGSAPL in June last year required the company to appoint an independent expert to assess and test the…
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The trading app launched crypto trading in 2018 and now cryptocurrencies such as Bitcoin and Ethereum are available for trading. About a half of the users on the app are first-time investors. This year has been particularly volatile for crypto trading. SEC Chairman Gary Gensler is expected to make a number of new policies and…
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Multi-asset execution and order management systems provider FlexTrade Systems and BMLL Technologies, independent provider of harmonised T+1 data and analytics to sophisticated capital market participants, announced that the BMLL Data Feed is available in FlexTRADER EMS. With BMLL’s Level 3 data and analytics financial institutions can leverage the predictive nature of full depth order book…
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Rubinstein attended Cornell University where he received bachelor’s and master’s degree in electrical engineering. He also holds a master’s in computer science from Colorado State University. Jon Rubinstein, Robinhood’s new lead director, commented: Robinhood has transformed investing, opening up access to the markets to a generation of investors. I’m delighted to join Robinhood’s Board of…
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Canada-based payments processor, Nuvei, are rumoured to be in the process of acquiring Simplex. This Israeli start-up company works to provide crypto companies with a fiat infrastructure. Though the acquisition is yet to be officially confirmed, there have been reports that the companies are in definitive talks surrounding a deal worth around $250 million, paid…
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Robinhood spokeswoman Jacqueline Ortiz Ramsay said: We look forward to engaging with the SEC as they consider potential rules in these areas. As a number of SEC regulations were approved over 10 years ago, predating the huge influence of social media, the impending change will come as a huge task for the regulators. It must…
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Robinhood has announced Christine Brown will lead its crypto division as Chief Operating Officer. At her new position, she’ll oversee all of crypto operations and compliance. Brown will also keep her current position of Robinhood Markets’ VP of Product Operations. The Crypto division is part of Robinhood’s efforts to expand access to financial services to…
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Robinhood’s crypto team has more than tripled this year with new hires across engineering, security, and compliance. The online platform is also making steps towards building deposit and withdrawal features for Robinhood’s crypto product. Vlad Tenev, CEO and Co-Founder of Robinhood said: Robinhood Crypto customers are reshaping the investing landscape and Christine is going to…
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The Financial Industry Regulatory Authority has been known to fine brokerages in the past for failing to report such transactions, including Deutsche Bank’s U.S. securities branch and Merrill Lynch. Regulatory filings eventually revealed that retail investors with Robinhood held a total of $802.5 million in fractional shares. These filings were divulged at the end of…
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