"We want to be clear in the communications, and I own that we should have been out there a little bit sooner." "We understand our customers are upset, we're doing what we can to re-enable buying in these names," he said. Tenev said on CNBC the brokerage had tapped credit lines "so that we could maximise, within reason, the funds we have to deposit at the clearing houses," to facilitate more trade. Those stocks slid on Thursday, paring losses only after Robinhood said it hoped to lift the curbs on Friday.Īlso Read | Explainer | Why regulators may scrutinise GameStop’s Reddit-driven retail stock surge Robinhood Chief Executive Vlad Tenev said on Thursday trade was restricted in "about 13" viral stocks, which include GameStop, AMC Entertainment and American Airlines, to protect the company and its customers from volatility. The firm has also tapped a credit line so that it has funds to ensure trading continuity when it lifts the rules. Online broker Robinhood has been one of the hottest venues in this week's retail-trading frenzy but its sudden curbs on buying of some hot stocks have raised the ire of customers, celebrities and politicians who argue it unfairly benefits bigger investors.
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