The New York Stock Exchange would allow trades 22 hours a day through its electronic platform, Arca, pending regulatory approval.
Federal regulators fined the platform $70 million last year for misleading customers into potentially risky stock trades. The company is now hoping to lure new users with its fee-free individual retirement accounts.
There’s no word yet on when the IPO would happen, but Robinhood has filed the confidential plan to go public later this year.
Banking Committee weighs a financial transaction tax and questions payment for order flow during hearing.
Robinhood needed that new investment “because of the antiquated nature of how we settle stock trades,” one finance professor says.
After shares of the video game retailer closed down 44% Thursday, they were up about 80% at market open Friday.
Massachusetts regulators say the brokerage app Robinhood makes it too easy for inexperienced traders to buy risky options.