RH does their own custody & clearing, so the DTCC was telling them directly what type of collateral they needed to post. Companies like Revolut outsource this f

RH does their own custody & clearing, so the DTCC was telling them directly what type of collateral they needed to post. Companies like Revolut outsource this function to DriveWealth, which coincidentally are the backend for many trading-focused fintechs. So there is 1 level of indirection. On the other hand - not too clear why everyone is claiming some massive conspiracy. There are rules around liquidity and collateral and they are directly tied to volatility of a stock.