6 ms·
It’s time for T+2 to go
- easton 6y agoThe link should probably be changed to this: https://blog.robinhood.com/news/2021/2/2/its-time-for-real-time-settlement https://blog.robinhood.com/news/2021/2/2/its-time-for-real-t...
- dang 6y agoOk, changed from https://twitter.com/vladtenev/status/1356687248746455041 https://twitter.com/vladtenev/status/1356687248746455041. Thanks!
- jnwatson 6y agoThis is a dup of: https://news.ycombinator.com/item?id=26005457 https://news.ycombinator.com/item?id=26005457
- dang 6y agoComments moved thither. Thanks!
- deleted 6y ago[deleted]
- imcoconut 6y agoThis is robinhood's fault. He's not wrong that instant (or same day) settlement would be better than T+2, but there were plenty of other brokers who did not restrict trading. This was a liquidity issue for robinhood. This is a risk you run being a "cool startup that moves fast and breaks things" in the arena of securities trading. Additionally, Some of the bugs they've experienced are absurd in the context of a broker that potentially houses people's entire liquid net worth, including a bug that reversed the direction of trades - "oh you meant to *sell* those shares? whoops!"[0]. Why choose robinhood when the alternatives include some of the most well capitalized institutions in the world, eg JP Morgan or Bank of America Merrill Lynch - they have literal trillions in assets each and neither these issues. I appreciate that robinhood pioneered zero commission trades, but that has been largely adopted by the industry at this point. From my standpoint I only see risks versus their peers and precisely zero benefits. I implore everyone here to stay far away from robinhood. [0] https://www.nytimes.com/2021/02/02/technology/robinhood-ceo-vlad-tenev.html https://www.nytimes.com/2021/02/02/technology/robinhood-ceo-...
- deleted 6y ago[deleted]