5, Septemper 2020, Box 5 (page 18) – https://www.federalreserve.gov/publications/files/scf20.pdf(go back), 10Gruenewald, Seraina N., Alexander F. Wagner, and Rolf H. Weber, Short Selling Regulation after the Financial Crisis – First Principles Revisited, International Journal of Disclosure and Regulation, Vol. Roaring Kitty comes across in his webcast as smart, self-effacing, thoughtful, well-educated, and reflective—buying GameStop stock based on the market, balance sheet, and management fundamentals. Jetzt revoltieren amerikanische Kleinanleger gegen ihren angeblichen Verbündeten: Die Broker-App Robinhood. The filing also said the Financial Industry Regulatory Authority, known as Finra, and the S.E.C. Similarly, can technology improve settlement times and minimize market risks? Die koordinierten Käufe von Gamestop-Aktien halten den Aktienmarkt in Atem. アメリカ市場で、SNSで集まった個人投資家が投資アプリ「ロビンフッド」を使って、ボロ株のゲームストップ株を急騰させて機関投資家を打ち倒したというニュースが、大きな話題となっています。今回は、投資アプリ「ロビンフッド」やゲームストップ株急騰の背景について説明した上で … Social media investment sentiment will become just one more factor to be considered in investing, and hedge funds will be able to quantify the value of that factor at least as well as can retail investors. That source of revenue — called payment for order flow — drew the attention of angry users after Robinhood curbed trading last month in GameStop and other stocks that got caught up in a retail-trading frenzy that briefly sent the video-game retailers shares soaring. The Robinhood stock-trading app sparked outrage after it halted trading on GameStop and other companies at the center of a battle between small investors and hedge funds. (go back), 12https://www.sec.gov/oiea/investor-alerts-and-bulletins/risks-short-term-trading-based-social-media-investor-alert(go back), 13Boehmer, Ekkehart, C.M. With respect to AI and Machine Learning, I think there is a bigger issue with respect to Alternative Data and the resources dedicated to SupTech (see FinCoNet approach) and Fintech. These shifts are becoming increasingly pronounced since early 2007 with gapping in the LIBOR-OIS spread, counterparty risk difficulties in 2008, and complications in the U.S. Treasury repo market in 2020. In the case of GameStop, it appears that retail investors successfully surprised the hedge funds selling short. Similarly, technology should now facilitate a move from two-day clearing and settlement to one or potentially even to zero. Required fields are marked *, You may use these HTML tags and attributes:

, Posted by Lawrence Goodman, Steven Lofchie, and Robin L. Lumsdaine, Center for Financial Stability, on, Posted Thursday, February 25, 2021 at 7:13 am, Harvard Law School Forum on Corporate Governance, https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf, http://centerforfinancialstability.org/research/why_cfs_divisia_071316.pdf, http://www.centerforfinancialstability.org/speeches/Boston_032316.pdf, https://www.wsj.com/articles/corporate-debt-relief-is-an-economic-dud-11609975810, https://www.dtcc.com/dtcc-connection/articles/2019/june/20/the-risks-and-rewards-of-dlt, https://www.federalreserve.gov/publications/files/scf20.pdf, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1439652, https://www.reddit.com/r/videos/comments/l7hutc/the_original_analysis_by_reddit_user/, https://www.sec.gov/oiea/investor-alerts-and-bulletins/risks-short-term-trading-based-social-media-investor-alert, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1412844, https://www.cadwalader.com/resources/clients-friends-memos/choose-one-best-interest-or-full-service, https://www.cnbc.com/2020/05/22/new-college-grads-are-having-their-job-offers-rescinded.html. [11]. Die Reddit-Gruppe "Wallstreetbets" hat in den vergangenen Tagen für extreme Anstiege der Gamestop-Aktie gesorgt. GameStop shares closed down 44% on Thursday after Robinhood restricted trading and then jumped around 119% to trade at $424 in premarket … (go back), 8Wetjen, Mark, The Risks and Rewards of DLT, Engaging Industry, Advancing Innovation, DTCC, June 20, 2019 – https://www.dtcc.com/dtcc-connection/articles/2019/june/20/the-risks-and-rewards-of-dlt(go back), 9Bhutta, Neil, et al, “Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances,” Federal Reserve Bulletin Vol. This post is based on a CFS memorandum by Mr. Goodman, Mr. Lofchie, Ms. Lumsdaine, John D. Feldmann, Diane Glossman, and Yubo Wang. In many ways, the migration of financial activities to non-bank financial institutions presents new and less well understood risks. Januar 2021. How does policy and regulation potentially reduce the impact of these distortions and safeguard the system? But this is not the only response possible and it is important for policymakers to think about the broader financial stability implications of their actions. Recall the program insurance contribution to the sudden equity crash of 1987. [8]. The firm said it is facing at least four potential class-action lawsuits over it disclosures about the fees it receives from other firms. Weitere Videos finden Sie unter: https://www.deraktionaer.tvWallstreetbets vs. Hedgefonds - "To the Moon" oder zurück auf den Boden der Tatsachen? The run-up in the value of GameStop coupled with stressors in clearing trades at Robinhood spring from complexities and operational mechanisms in financial institutions. In … 108-135, July 27, 2009 – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1439652. This is a topic that the Center for Financial Stability has championed from research to events to a summer intern program—which was motivated by a short CNBC video vividly illustrating the magnitude of challenges to young adults during the pandemic. In the aftermath of the GameStop run up, the SEC produced a warning piece against investing in “hot stocks.”. But yet with increased access comes a need for increased accountability and responsibility. Perhaps the CFPB and the SEC should offer more online courses in investment and the risks inherent in investor activity? GameStop: Confused investors inundate Robin Hood society. Misinformation abounds and many misunderstandings exist. So how does Robin Hood (spelled Robinhood in this context) fit into this whole GameStop/Reddit mess? Robinhood is facing nearly 50 lawsuits over GameStop frenzy. Leaving aside the question of whether there should be, or what, if anything, should be done about this recent event, it’s important to recognize the broader financial stability issues that go beyond this one incident. over its disclosures to customers about how it earned money. [6]. Commission-free investing, plus the tools you need to put your money in motion. (go back), 15https://www.cnbc.com/2020/05/22/new-college-grads-are-having-their-job-offers-rescinded.html. Die Gamestop-Aktie erlebt weiter einen Höhenflug. Excellent analysis. Sign up and get your first stock for free. Perhaps an approach like that underway with respect to climate change in creating an open source data commons for investors and regulators to access is a way to provide clear, objective metrics on performance of companies and reward those that take a value-added approach to their stock analysis. [1] For instance, many view the housing and mortgage sector as the cause of the Global Financial Crisis in 2008 rather than acknowledging the extended period of ease monetary policy fueling the financial flames. The stock closed at … In effect, swift market stumbles fueled even more selling. For example, the SEC, should consider whether the intense regulation of research has had the effect of depressing the production and dissemination of research to retail investors, forcing them to rely on social media as the only meaningful available information source. Robin Hood ao lado de Beto e HeyDavi vive novas aventuras todos os dias sempre com muita energia positiva e alegria pra enfrentar qualquer desafio!! 106, No. New York (CNN Business) Robinhood raised $1 billion from existing investors just hours after it halted purchases of GameStop, suggesting the free-trading app faced a … are investigating the firm’s options trading platform and how it displays information about options trading and cash positions to its customers. But in the future, it is likely that element of surprise will be gone. Robinhood-Anleger Gamestop - Flashmob an der Börse. Rather than providing a hedge against market downturns, program insurance was a simple momentum follower. Lawrence Goodman is president and founder, and Steven Lofchie, and Robin L. Lumsdaine are senior fellows at the Center for Financial Stability. Robinhood and GameStop: Essential Issues and Next Steps for Regulators and Investors. Jones, and X. Zhang, “Shackling the Short Sellers: The 2008 Shorting Ban,” Review of Financial Studies 26(6), June 2013 – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1412844. Hence, financial education is imperative. Can dynamic margin requirements minimize risks while preserving growth and investment opportunities? The SEC and Federal Reserve would benefit from a more thorough evaluation of the financial market implications from varying policies implemented over the last 13 years. Social activity and communication among retail investors is not new. Hedge funds will monitor investment sentiment on social networks just as they now monitor credit card spending and the unemployment rate. Robin Hood has gotten lots of PR this week. Die von Reddit- oder Robinhood-Tradern ausgelösten Turbulenzen bei Börsenwerten wie der Gamestop- oder Nokia-Aktie haben jetzt die US-Regulierungsbehörden auf den Plan gerufen. Here, Harvard Professor and economic advisor to President Kennedy, John Kenneth Galbraith summed it all up by noting that: “Regulation and more orthodox economic knowledge are not what protect the individual or financial institution when euphoria returns. Inequalities in the retail sector exist that hinder participation and leave large portions of the population behind. In contrast, unregistered individuals with internet followings cannot be held to the same standards of behavior. 28. Well in the days after all this kicked off, things have escalated further as the hype over GameStop on Reddit has spilled out over to other … However, lost in the headlines and struggles between good and bad or big and little is the issue that should be of greatest concern—financial stability. Robinhood, the brokerage of choice for legions of online day traders, is in talks with securities regulators and other authorities over a host of matters, including last month’s surge in shares of GameStop and other so-called meme stocks. Robinhood, the brokerage of choice for legions of online day traders, is in talks with securities regulators and other authorities over a host of matters, including last … History is laced with many examples of questionable advice from Bernard Baruch’s famous story before the Great Depressions to sell when his shoeshine boy was offering stock tips to the many stock chat rooms active before the severe 2000-2002 NASDAQ internet stock correction. Regulation faces a key policy conundrum. Indexing, which despite representing portfolio diversification, is highly concentrated in tech stocks and is creating potential distortions/arbitrage opportunities as well for investors in smaller cap companies, and should perhaps be further revisited. There is also a significant misunderstanding on the part of retail investors or traders who are “outraged” at Robinhood for seizing and limiting trading in GameStop and a few other securities. The SEC should consider whether some of its regulations intended to protect retail investors actually have a negative effect. Robin Hood is the English legend of the guy who took from the rich and gave it to the poor. (go back), 14Lofchie, Steven, Choose One: Best Interest or Full Service, Cadwalader, April 26, 2018 – https://www.cadwalader.com/resources/clients-friends-memos/choose-one-best-interest-or-full-service. 7, No. Wallstreetbets, Gamestop, Robin Hood, Varta, Short-Squeeze - Chaos an der Börse. They are 1) macro risk management and crisis prevention and 2) micro regulatory issues. [9] Thus, a large swath of the population has not enjoyed the benefits of retail ownership. Interestingly with respect to research, the unintended impact of Mifid II for example has seen the migration of research to large cap stocks, corporate access, etc., and in theory mid-cap/value stocks from a risk-reward perspective should present opportunities for appreciation (i.e., “value” investing as described by EMH and other related concepts) but that has not entirely been the case. [2], For a long time, the Center for Financial Stability (CFS) has been clear regarding the role of monetary policy in growing financial excess and distortions. The hullabaloo surrounding the run up in the price of GameStop (GME) and the activities of Robinhood have generated front page news, calls for action, and allegations of wrongdoing. Thus, there is limited appreciation for the fact that capital, liquidity and other requirements by regulators and central counter parties may from time to time impede these companies from accepting an unlimited volume of trades. What are the lessons from GameStop and Robinhood for financial stability? Stand: 26.01.2021 15:05 Uhr. To be sure, regulators and investors alike need to devise a strategic plan to investigate last week’s unusual events. Macro financial conditions pave the way for micro actions and distortions. The massive volume of trading on one side (buying) of a volatile security would create real credit risk for Robinhood, and for the Depository Trust & Clearing Corporation (DTCC) as the clearing house, while the trades were unsettled; so it is not surprising that Robinhood sought to limit this credit risk. These trends and challenges are enhanced by an industrial battle between technology and finance. Regulators seem distressed at the rapid growth of trading at Robinhood—a non-traditional (tech-based) securities firm. I also think that option position limits should be revisited in light of new market participants and the possibility of social media to enable perhaps by default “acting in concert,” which for purposes of 13D requires aggregation even in the absence of a written agreement. A society promoting legendary outlaw Robin Hood has seen a huge surge in its social media following from people confusing it … [4] In the specific instance of GameStop, monetary liquidity via Quantitative Easing (QE) exercises and near zero interest rates have favored momentum investments and investors. Robinhood, a privately traded company with financial backing from several Silicon Valley firms, also disclosed other investigations, including an inquiry by Finra into a March 2020 outage that stopped some customers from accessing the firm’s trading platform on the web and its mobile app at a time of major market volatility as a result of the coronavirus. (go back), 3Goodman, Lawrence, Why CFS Divisia Money Matters, Now!, Remarks at The Society of Economic Measurement Conference, Thessaloniki, Greece, July 8, 2016 – http://centerforfinancialstability.org/research/why_cfs_divisia_071316.pdf(go back), 4Goodman, Lawrence, “Crisis Detection and Prevention: Implications for Investors and Officials,” Remarks at the Boston Economic Club, Center for Financial Stability, March 23, 2016 – http://www.centerforfinancialstability.org/speeches/Boston_032316.pdf. Similarly, the question exists whether more linkage and greater communication means that the quality of information is any better—and perhaps it could be worse? (go back). Wednesday, Massachusetts Secretary of the Commonwealth, William Galvin, called on the New York Stock Exchange to suspend GameStop stock … [7]. Registered broker/dealers, and their employees with the authority to speak with clients, are licensed and held to quite specific rules about what can be communicated, including over social media, and what must be included when doing so. (go back), 6This a familiar market pattern. Junge Spekulanten verabreden sich in Foren zum Aktienkauf - … Another battle between retail investors and Wall Street needs to be disentangled into components: From a financial markets’ perspective, retail investor participation is also beneficial. Within the context of any investigation, officials should seek to understand the etiology of why we are here. A start is to 1) understand essential issues—what happened and why, as well as 2) propose next steps. Critical issues for regulators and investors fall into two broad related categories. GameStop shares seesawed wildly on the news, at one point plunging from a high of $469 to $126, before rallying again back up to almost $500. Gamestop - Flashmob an der Börse. There is not a level playing field. Vor dem US-Kongress weist Robinhood-Chef Tenev Vorwürfe um geheime Absprachen mit Hedgefonds vehement zurück. (go back), 2In the 545 page Financial Crisis Inquiry Report, there is no mention of the role of monetary policy—see The Financial Crisis Inquiry Report, Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, Perseus Books Group, January 2011 – https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf. What financial market distortions exist? Regulators will need to consider whether capital requirements adequately account for the risks created by unsettled trades. And it hasn't been the good kind. The SEC should consider how to best monitor social media via new artificial intelligence (AI) and natural language processing (NLP) to prevent abuse and pump and dump schemes. Demokraten und Republikaner verurteilen die Entscheidung des Online-Brokers, Käufe von Gamestop … GameStop has reportedly been removed from Robin Hood Credit: getty 6 The trading app had problems , according to Downdetector Credit: downdetector 6 Robinhood offers … Gamestop-Hype: Robinhood und Trade Republic rudern zurück und erlauben Handel ab Freitag — Aktie steigt kräftig. (go back), 5Bair, Sheila and Lawrence Goodman, Corporate Debt ‘Relief’ Is an Economic Dud, The Wall Street Journal, January 6, 2021 – https://www.wsj.com/articles/corporate-debt-relief-is-an-economic-dud-11609975810. Additionally, they should consider whether Regulation Best Interest may diminish information provided thus causing broker-dealers to withdraw from providing “full service brokerage” (recommendations) to smaller retail investors, again motivating them to move to unregulated social media as their information source. It seems that Robinhood promptly rejected trades that it did not want to execute. Your email is never published nor shared.Comments are held for moderation after submission and typically approved within 24 hours. Such themes point to a vital recommendation: More financial education is needed. Recent figures show that just over half (53%) of all families in the US owned stocks, and less than a third (31%) of those families in the bottom half of the income distribution. We see this all too often—that the response to destabilizing market events is one of more regulation. … There is protection only in a clear perception of the characteristics common to these flights into what must conservatively be described as mass insanity.” [16], 1Aliber, Robert Z. and Charles P. Kindleberger, Manias, Panics, and Crashes: A History of Financial Crises, 7th Edition, Palgrave Macmillan, 2015. Gamestopp-Hype US-Politiker kritisieren Kaufsperre von Robinhood. Vor allem Robinhood spielt in der ganzen GameStop-Geschichte eine nicht zu unterschätzende Rolle, da die App bei jüngeren Anlegern in den USA weit verbreitet ist … For regulators trying to get in front of the GameStop situation, much of the discussion seems to be centered on the question of when does a group of atomized agents become a destabilizing, colluding, market-manipulating mass, in need of regulation? These policies have created an environment of abundant monetary liquidity that has led to distortions across markets and firms supervised by official and industry self-regulatory organizations. [5] In other words, once the price of GameStop started to appreciate, it was easy for the shares to skyrocket. Rumours were fuelled by the fact that another company in the Citadel group was one of two funds to pump $2.75bn into Melvin Capital, a hedge fund that got itself into trouble by betting against GameStop.” (go back), 7Roberts, Jeff John, The real story behind Robinhood’s decision to restrict GameStop trading—and that 4 a.m. call to put up $3 billion, Fortune, February 2, 2021. Mr. Kearns’s family has filed a wrongful-death lawsuit against the brokerage. For example, the initial July 2020 webcast on the case for GameStop by “Roaring Kitty” appears quite well-researched. A good story and table pounding are insufficient to generate consistent gains over the longer term. [3]. In the regulatory filing, Robinhood disclosed that it is facing at least “46 putative class actions and three individual actions” over the trading restrictions. An understanding of arcane mechanics is more important than ever for smooth operation of the financial system—especially within the context of the present policy mix. Change the date range, see whether others are buying or selling, read news, get earnings results, and compare GameStop View the real-time GME price chart on Robinhood and decide if you want to buy or sell commission-free. "Robin Hood: eine Parabel über das Stehlen von den Reichen, um den Armen zu geben. It creates a number of atomized agents providing hopefully unique stimuli and insights to create a more effective and efficient market. Inzwischen haben einige der Online-Handelsbörsen, wo die Kleinanleger die Aktien kaufen und verkaufen, den Handel mit Gamestop-Papieren mindestens zeitweise eingeschränkt. For instance, one of the outstanding questions is where the regulatory line should be drawn between expression of opinion and misleading communications when securities markets are involved. But not everyone has become a retail investor. Certain limitations apply. Robinhood has faced criticism over how its app displays information since the death last year of Alexander Kearns, a 20-year-old who killed himself because he thought he had incurred more than $700,000 in losses. Many new investors expect that online broker/dealers operate in an unregulated fashion, more like a shopping service. Broker-dealers by definition act as intermediaries between buyers and sellers; their revenue comes from successful matching of counterparties on opposite sides of a trade. In many ways, regulators created the system in which the offering product of full-service brokerage firms was rendered less competitive, so that investors moved their accounts to firms offering a lower cost of trading and in conjunction derived more of their information from social media rather than traditional regulated entities. The Federal Reserve, CFTC, and SEC should investigate the impact of abundant monetary liquidity on regulated markets and institutions. Course creation might be more engaging and benefit from being crowdsourced—where a contest would be held to produce entertaining yet content rich online resources. The firm, in a regulatory filing on Friday, said it has received requests for information from federal prosecutors, the Securities and Exchange Commission, various states attorneys general and other financial regulators over its decision to restrict trading last month in stocks including GameStop. 2, pp. Education is imperative. Wallstreetbets vs. Hedgefonds - "To the Moon" oder zurück auf den Boden der Tatsachen? Im April 2020 lag der Wert einer Gamestop-Aktie noch bei unter 3 Euro, Anfang 2021 stieg sie auf 76,76 Euro und übertraf damit sogar den bis dato geltenden Höchststand von … However, this gives rise to the possibility of social media being used to facilitate “pump and dump” schemes, a very difficult area for the SEC to police. However, forces driving market prices are complex. GameStop (), a brick-and-mortar retail chain that sells video games, has seen its share price spike dramatically higher this week. Regulators should also be concerned that the authority of the registered clearing agencies to call on their members for the immediate delivery of wholly unexpected amounts of collateral may keep the clearing agencies safer but creates significant systemic risks elsewhere in the system, and drains on liquidity. So the World Wide Robin Hood Society, which promotes the legend of … https://www.nytimes.com/2021/02/26/business/robinhood-gamestop.html. [15]. (Bild: Michael M. Santiago/Getty Images) Zum Handelsbeginn in den USA am Mittwoch, dem 27. Updated 4:23 AM ET, Fri January 29, 2021 New York (CNN Business) A Robinhood customer filed a class-action lawsuit against the stock-trading … Lawrence Goodman is president and founder, and Steven Lofchie, and Robin L. Lumsdaine are senior fellows at the Center for Financial Stability. Robinhood: eine App für den Schutz der Reichen davor, von … Die … … 4:03 PM PT-- Robinhood says it will resume allowing trading Friday for GameStop, AMC, BlackBerry and the other securities it blocked Thursday ... but "limited buys" only. Exercise extreme caution regarding blaming or inhibiting short sellers. (go back), 11Gill, Keith, aka Roaring Kitty, Initial GameStop Recommendation, July 2020 — https://www.reddit.com/r/videos/comments/l7hutc/the_original_analysis_by_reddit_user/. (go back), 16John Kenneth Galbraith, A Short History of Financial Euphoria, Penguin Books, 1990. As a legal matter, a broker-dealer does not generally have an obligation to accept a trade for execution, even if it must execute the trade promptly once it has been actually accepted for trading. Yet, in some instances, unregulated communication may be accurate and helpful. However, technology and communication tools are better able to link more people across geography more rapidly than ever before with uncertain consequences for financial markets. Rather than leaving it to officials that after-the-fact swoop in and regulate so that the last crisis doesn’t happen again, it is imperative to educate market participants about risk identification and mitigation. They provide substantial benefits to the market and should not be the scapegoats whenever market disruptions occur. Robinhood has become popular over the past several years with retail investors and fast-fingered day traders because of it does not charge commissions on trades, but last year it settled a case with the S.E.C. Gamestop war der Anfang.
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