Robinhood Tanks After SEC Chair says “Banning payment for order flow is possible”.

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  • Securities and Exchange Commission Chairman Gary Gensler told Barron’s that banning the controversial practice of payment for order flow is “on the table.”
  • Robinhood has said that if the PFOF model changed, the brokerage and the industry would be able to adapt.
  • Shares of Robinhood were already lower on Monday after CNBC reported that PayPal is exploring ways to let users trade individual stocks.
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Shares of Robinhood dropped Monday amid several bouts of bad news for the brokerage app.

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Robinhood’s stock fell 6.9% to $43.64 per share after Securities and Exchange Commission Chairman Gary Gensler told Barron’s that banning the controversial practice of payment for order flow is “on the table.”

www.cnbc.com/2021/08/30/robinhood-tanks-after-sec-chair-tells-barrons-banning-payment-for-order-flow-is-a-possibility-.html

 

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