EU targets online platforms after Wall Street short squeeze
LONDON: Online platforms like Robinhood in the United States that offer commission-free share trading to retail investors would be illegal in the European Union, officials from the bloc said on Tuesday.
Online trading came to the fore last month after retail investors following the Reddit forum WallStreetBets piled into GameStop Corp shares via the Robinhood platform, sending the retailer’s stock rocketing more than 1,000per cent at the expense of prominent investors who had bet against the stock.
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