1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i GameStop-Related Market Volatility: What Happened? February 25, 2021 This Insight examines recent developments surrounding GameStop stock, online brokers (including Robinhood), stock market volatility, SEC inquiries, and t
2、rading restrictions. It is meant to complement CRS Insight IN11591, GameStop-Related Market Volatility: Policy Issues, by Eva Su. Background The past few years have witnessed a surge in securities trading by retail investors. Bloomberg Intelligence reportedly estimated that in the first half of 2020
3、, retail investors constituted 19.5% of total domestic order flow, 50% higher than the 14.9% in 2019. (It should be noted, however, that even with retail investors at nearly 20% of the market, institutional investors such as mutual funds and pension funds dominate overall securities trading.) The su
4、rge appears to have been buoyed by a combination of factors, including pandemic-based lockdowns and accessible online trading platforms charging zero commissions for certain trades. Robinhood, the seven-year-old securities broker-dealer firm, is arguably the “poster child” for phone-app-based tradin
