Financial Industry Regulatory AuthorityThe regulator found Robinhood routed non-directed stock orders to four broker-dealers that then paid it for the trades. The practice isn't illegal, but Robinhood's methods fell outside of the agency's guidelines.
Robinhood has since improved its best execution processes and "established relationships with additional market makers," a company spokesperson said.Robinhood, the buzzy startup that made a name for itself offering commission-free stock trading, received a fine from its regulator for violations around how it executed clients trades. committed by Robinhood from October 2016 to November 2017.
"Accordingly, hundreds of thousands of orders each month fell outside the firm's 'regular and rigorous' review process," FINRA wrote in aRobinhood quickly responded, noting that the "historic issue during the 2016-2017 timeframe" isn't a problem for its current users, and that the firm has since implemented a better way to match traders with best execution practices.
I knew it from the day RobinhoodApp screwed up my purchase 2 years ago. Shady Slim
I thought you meant the flour company 😖
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