Robinhood outages $9.9M class action settlement

https://topclassactions.com/lawsuit-settlements/open-lawsuit-settlements/robinhood-outages-9-9m-class-action-settlement/ Robinhood agreed to pay a $9.9 million settlement to resolve claims that account holders lost money due to March 2020 outages. The settlement benefits Robinhood account holders who engaged in one of three types of qualifying trades: VWAP Loss …

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Dr. T on Twitter: The US Clearance and Settlement system should never have been this way. When Congress codified it in the mid-1970s, they gave them the power to eject brokers who fail-to-deliver.

The US Clearance and Settlement system should never have been this way. When Congress codified it in the mid-1970s, they gave them the power to eject brokers who fail-to-deliver. https://t.co/eZx4YizAbN — Susanne Trimbath PhD (@SusanneTrimbath) February 28, 2023

SEC Alert! SEC today adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one (T+1).

by Dismal-Jellyfish Source documents: Final Rule (314 pages) Fact Sheet https://www.sec.gov/news/press-release/2023-29 Gary Gensler Tweet on it: https://twitter.com/GaryGensler/status/1625884241656414209 We just adopted rules & rule amendments to shorten the standard settlement cycle for most securities transactions. Taken together, these amendments will make our market …

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DTC Settlement Alert! Money Market Instrument (MMI) Issuer Failure (AGAIN) – HSBC BANK USA NA (MMB6). Is HSBC having problems?

by Dismal-Jellyfish Source: https://www.dtcc.com/-/media/Files/pdf/2023/2/6/Issuer-Failure-MMB6.pdf From Friday: https://www.reddit.com/r/Superstonk/comments/10t1pag/dtc_settlement_money_market_instrument_mmi_issuer/ Didn’t Lehmans have a similar issue? Yes, edwinbarnesc shared that in 08 Lehman experienced a similar notice: https://www.reddit.com/r/Superstonk/comments/10uor3j/corporate_needs_you_to_identify_the_difference/

DTC Settlement Money Market Instrument (MMI) Issuer Failure. Is HSBC Bank having problems?

by Dismal-Jellyfish https://www.dtcc.com/-/media/Files/pdf/2023/2/3/Issuer-Failure-MMB6.pdf https://www.sifma.org/wp-content/uploads/2017/05/sifma-and-dtcc-white-paper-money-market-instruments-blue-sky-task-force-report.pdf Some recent headlines: HSBC 1/13/2023: Under pressure from his biggest shareholder, China’s Ping An Insurance Group, to improve profit, HSBC (HSBA.L) Chief Executive Noel Quinn has in recent months accelerated plans to shrink its global empire and streamline its …

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COMEX Gold Trade at Settlement

by Craig Hemke via Sprott Money News Back in November, we noticed a surge in COMEX gold “Trade at Settlement” volume. This occurred at a time when total contract open interest and price were also rising, and it all preceded a sharp reversal …

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