this is what the faggots over at ally invest had to say...
"Our response to last week's market volatility and your expectations of us
Extraordinary market activity and trading volumes challenged our platforms this past week, leading to long call wait times, inconsistent access to your accounts, and other anomalies. It was an intense week.
We've been working 24/7 to keep pace with the changing market and its impact on our systems and our service lines, but we know it's frustrating when our efforts don't live up to your expectations. Nothing is more important to us than doing it right for you, and we'll keep working to make it right.
There was a lot to process in last week's events. Our clearing firm suspended opening transactions of $KOSS, $GME, and $AMC for approximately four hours on Thursday. These types of restrictions are typically put in place to maintain the health of trading platforms, to preserve your access to your accounts, and to prevent further disruptions in the market. We resumed processing opening transactions as soon as we could.
We give you our word that we'll keep working to do what's right for you, your investments, the health of our platforms, and the market generally. We worked all weekend to upgrade our platform and are continuing to monitor market volatility. We'll keep improving our systems until they match the high service expectations you have of us.
Thank you, as always, for letting us be your Ally.
'We wanted to reach out to you after a transformative week in the markets to answer a question we know many of you are asking: “Why did Robinhood limit certain stocks?”
We understand that the temporary limits we placed on certain stocks this past week were frustrating for many, especially since we built Robinhood to expand access to investing. We have always sought to put our customers first and we want you to be able to invest on your own terms.
To help explain what happened and why we had to take action, we wrote a letter to our customers and captured the key understandings for you below:
For Robinhood to operate, we must meet clearinghouse deposit requirements to support customer trades.
Deposit requirements are determined in part by how much stock a firm’s customers hold. If a firm’s customers’ holdings are volatile, a broker (in this instance Robinhood) is obligated to meet higher deposit requirements.
Last week, in part due to volatility in some popular stocks, Robinhood’s deposit requirements rose tenfold. The combination of the deposit increase and the extraordinary increase in volume on these particular symbols led us to put temporary buying restrictions in place on a small number of those stocks.
We had to take steps to limit buying in those volatile stocks to ensure we could comfortably meet our deposit obligations. We didn’t want to stop people from buying stocks and we certainly weren’t trying to help hedge funds.
We hope you take away this: at Robinhood, we stand with everyday investors participating in the markets. Standing by our Robinhood community means being there for our customers through any trading environment. We’ll continue to improve as we break down barriers in the financial system to open it for all.
Thank you for being a part of the Robinhood community."
this is what the faggots over at ally invest had to say...
"Our response to last week's market volatility and your expectations of us Extraordinary market activity and trading volumes challenged our platforms this past week, leading to long call wait times, inconsistent access to your accounts, and other anomalies. It was an intense week.
We've been working 24/7 to keep pace with the changing market and its impact on our systems and our service lines, but we know it's frustrating when our efforts don't live up to your expectations. Nothing is more important to us than doing it right for you, and we'll keep working to make it right.
There was a lot to process in last week's events. Our clearing firm suspended opening transactions of $KOSS, $GME, and $AMC for approximately four hours on Thursday. These types of restrictions are typically put in place to maintain the health of trading platforms, to preserve your access to your accounts, and to prevent further disruptions in the market. We resumed processing opening transactions as soon as we could.
We give you our word that we'll keep working to do what's right for you, your investments, the health of our platforms, and the market generally. We worked all weekend to upgrade our platform and are continuing to monitor market volatility. We'll keep improving our systems until they match the high service expectations you have of us.
Thank you, as always, for letting us be your Ally.
Sincerely, Lule Demmissie, President, Ally Invest"
Fell asleep after the first paragraph. Corpo-lies are like sleep medicine.
Here's Robinhood:
'We wanted to reach out to you after a transformative week in the markets to answer a question we know many of you are asking: “Why did Robinhood limit certain stocks?”
We understand that the temporary limits we placed on certain stocks this past week were frustrating for many, especially since we built Robinhood to expand access to investing. We have always sought to put our customers first and we want you to be able to invest on your own terms.
To help explain what happened and why we had to take action, we wrote a letter to our customers and captured the key understandings for you below: For Robinhood to operate, we must meet clearinghouse deposit requirements to support customer trades. Deposit requirements are determined in part by how much stock a firm’s customers hold. If a firm’s customers’ holdings are volatile, a broker (in this instance Robinhood) is obligated to meet higher deposit requirements. Last week, in part due to volatility in some popular stocks, Robinhood’s deposit requirements rose tenfold. The combination of the deposit increase and the extraordinary increase in volume on these particular symbols led us to put temporary buying restrictions in place on a small number of those stocks. We had to take steps to limit buying in those volatile stocks to ensure we could comfortably meet our deposit obligations. We didn’t want to stop people from buying stocks and we certainly weren’t trying to help hedge funds. We hope you take away this: at Robinhood, we stand with everyday investors participating in the markets. Standing by our Robinhood community means being there for our customers through any trading environment. We’ll continue to improve as we break down barriers in the financial system to open it for all.
Thank you for being a part of the Robinhood community."
Immediately tune out after hearing "transformative". Red flag right there.