Lawmakers lined up to blast Robinhood CEO Vladimir Tenev at a financial services committee hearing on Thursday for the stock trading app’s decision to restrict trading in meme stocks like GameStop last month during a frenzied rally. Robinhood said at the time it had to restrict trading to deal with regulatory capital requirements. It subsequently raised $3.4 billion in fresh funds. But its move...
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Where Did All the Traders Go? Investment Funds Lean on Outsourcing to Cut Costs
More and more investment funds are outsourcing their trading, a move that cuts costs and aims to boost returns but also poses risks for the funds’ portfolios and underlying investors. Once a niche Wall Street business that catered to young hedge funds, outsourced trading has now attracted mutual funds, pension funds and other asset managers, including some of the biggest firms on Wall...
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