5 ms·
I called out Robinhood months ago in this old thread: https://news.ycombinator.com/item?id=24188407 https://news.ycombinator.com/item?id=24188407 basically its
by subsubzero 6y ago
I called out Robinhood months ago in this old thread:
https://news.ycombinator.com/item?id=24188407 https://news.ycombinator.com/item?id=24188407
basically its a shitty company that sells your orders so hedgefunds (citadel etc.) can then buy the same stocks at a lower price[1] and you always end up paying more, they were fined 65M for doing this see here[1]. A total scam and hopefully congress and the SEC come down hard on this company.
[1] - https://modernconsensus.com/technology/robinhood-high-frequency-trading-citadel-two-sigma-galilleo-russell/ https://modernconsensus.com/technology/robinhood-high-freque...
[2] - https://www.cbsnews.com/news/robinhood-sec-fine-65-million/ https://www.cbsnews.com/news/robinhood-sec-fine-65-million/
- jacquesm 6y agoRobinhood -> best picked name ever. Steal from the poor, give to the rich :) And all the while the poor where believing it was the other way around.
- wocram 6y agoAll retail brokerages sell order flow to the wholesale brokerages, it is part of the market structure. Rule 606 disclosures enumerate each brokerage's arrangement: eg. https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%20Rule%20606a%20and%20607%20Disclosure%20Report%20Q3%202020.pdf https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%2... from https://robinhood.com/us/en/about/legal/ https://robinhood.com/us/en/about/legal/ Fidelity: https://clearingcustody.fidelity.com/app/literature/item/9901330.html https://clearingcustody.fidelity.com/app/literature/item/990... from https://clearingcustody.fidelity.com/app/item/RD_13569_21696/sec-rule-606.html https://clearingcustody.fidelity.com/app/item/RD_13569_21696...