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Robinhood expands trading restrictions to 50 stocks
What’s next for Robinhood after Gamestop stock price surge?
Scott Martin of Kingsview Wealth Management and Future File legacy planning system creator Carol Roth provide their insights into how Wall Street and Robinhood have reacted to the Gamestop short squeeze.
Robinhood has expanded its trading restrictions from eight securities on Thursday to 50 on Friday afternoon.
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Securities on the restricted list range from Starbucks to Rolls-Royce, as those stocks and others surged from Thursday into the weekend.
Robinhood did not immediately respond to an inquiry from Fox Business, but its website points users to a Thursday blog post for more context about the restrictions.
"As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits," the post reads. "… These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today."
ROBINHOOD RIVAL APPS AIM TO MAKE MOBILE TRADING EASIER FOR AMATEUR INVESTORS
The mobile brokerage app came under scrutiny Thursday after it initially announced it was restricting transactions for "certain securities to position closing only," including GameStop, AMC, Nokia and 10 others.