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Brokers start to restrict trading where shorts are under attack
By Bailey Lipschultz and Divya Balji
Bloomberg News
Thursday, January 28, 2021
GameStop Corp. plunged today, triggering more than a dozen volatility halts amid trading restrictions on platforms such as Robinhood Markets and Interactive Brokers Group Inc.
The stock plummeted as much as 68% when trading was halted for a 15th time after Robinhood, Interactive Brokers, and others took steps to curtail activity in several high-flying stocks, including GameStop and AMC Entertainment Holdings Inc. The stock was down 30% to $243 as of 11:45 a.m. after trading resumed. At one point today it fell 68%.
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The clampdown by brokerages extended beyond GameStop to other high-flying stocks such as Blackberry Ltd. that have posted blistering rallies this week, burning short sellers and hedge funds. The phenomenon attracted the attention of regulators Wednesday, with the Securities and Exchange Commission saying it was actively monitoring the situation.
"I'm actually surprised that trading platforms are getting involved," said Wedbush Securities Inc. analyst Michael Pachter. "Unless there is something screwy about the trading that suggests manipulation, they really should get out of the way and allow investors to trade whatever they wish." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2021-01-28/gamestop-resumes-rall...
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