Robinhood Shares Fall After PayPal News, SEC Considers Main Income Stream
Shares of Robinhood Markets Inc, a popular gateway for meme trading, fell nearly 7 percent on Monday on news that PayPal Holdings Inc might start an online brokerage, and reports indicate regulators are looking. Possible ban on large groups of people of the company's income Robinhood shares fell early after CNBC reported that PayPal was exploring a way for US customers. Trade individual stocks on their platforms.
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Robinhood shares tumbled further after U.S. Securities and Exchange Commission Chairman Gary Gensler told Barron's in an interview released on Monday that payment for the order process had "Inherent Conflicts of Interest"Retail brokers such as Robinhood send customer orders to wholesale brokers rather than exchanges in a controversial manner known as PFOF.
Gensler said that in addition to generating a small spread on each trade, The wholesaler or market maker also receives the information. Viewing the first trade and the ability to match buyers and sellers from the order flow they pay to the retail broker.That might not be the most efficient market for 2020,” Gensler told Barron's in an interview.Gensler did not say whether the SEC found cases of conflicts of interest harmful to investors.