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Robinhood says it briefly curbed shopping for of some securities as deposit requirement elevated ten-fold By Reuters

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© Reuters. The Robinhood App is displayed on a screen

(Reuters) – Online broker Robinhood, one of the hottest venues in this week’s retail hype, announced that it was temporarily placing purchase restrictions on a small number of stocks as in-house deposit clearing requirements for stocks increased tenfold.

“…. the amount required to deposit into the clearing house was so high – with individual volatile securities making deposit requirements of hundreds of millions of dollars – that we had to take steps to purchase these volatile securities to make sure we could comfortably meet our needs, “read a blog post late Friday.

Robinhood’s royalty-free and easy-to-use app has made it popular with a new generation of small-time traders, and its Thursday restrictions have sparked violent backlash among high-profile politicians and celebrities.

Retail investors using Robinhood and other apps have driven what is known as the “Reddit Rally” in which the shares of GameStop Corp. (NYSE 🙂 and other companies that have made a big splash on social media platforms like Reddit resulted in heavy losses for large hedge funds that sliced ​​stocks.

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