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Webull, Public remove restrictions on ‘souvenirs’ after citing trade settlement firm as cause – TechCrunch

Two of the popular retail stock trading apps that have hosted much of the Wall Street Bets sub-program activity on stocks such as GameStop (GME) and AMC, among others, have removed all restrictions on their exchange. by their users. Webull and Public had restricted trading in the affected stocks earlier today, with Robinhood.

Both Webull and Public attributed the restrictions on these volatile stocks to no effort to limit their buying or selling, but instead cited the costs associated with settling trades on the part of their clearing house, Apex. Webull and Public use Apex to clear transactions made by users through their platform. In an interview with Anthony Denier, CEO of Webull, Yahoo Finance confirmed that the restriction was not something the company played a role in the decision.

The public confirmed via Twitter that users can now buy and sell GME and AMC and KOSS on the platform, thanks to the Apex blocker resolution. Meanwhile, Webull noted that all three shares are now also available for trade through their app. Other platforms like SoFi have so far not restricted stocks, CEO Anthony Noto confirmed on Twitter.

Robinhood posted an earlier blog post in which it noted that it was restricting a number of actions linked to the r / WallStreetBets share to counter short-selling hedge funds, claiming it was doing so in the best possible way. interest of users. It doesn’t seem to have been liked much by most users, based on social media’s reaction to this action so far. Robinhood does not at any time refer to technical barriers imposed by a clearing house.




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