NEW YORK (Reuters) – The prices of so-called meme stocks may be distorted because the majority of trades in those names are executed away from public exchanges where share price formation occurs, the head of the New York Stock Exchange said on Wednesday.
“Meme stocks,” which often start as low-priced, highly shorted stocks that users of online forums such as Reddit’s WallStreetBets rally behind, are some of the most heavily traded and volatile shares on any given day.
Shares of companies like video game retailer GameStop Corp and theater chain operator AMC Entertainment have whipsawed this year, with GameStop having rallied more than 1,600% in January alone, prompting trading halts by some brokers and sparking Congressional and regulatory hearings.
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