Robinhood

“It was a DNS system failure, which was a failure by a system that we didn't even write ourselves, right? Open source software for some of that.”

“I think certainly, you know, we're pushing for faster settlement, because that's in service of the financial system, and making sure that the system operates smoothly, and there's less need for money to be put up as collateral, because the risk would correspon…”

“Yeah, at the time we had seven hundred million on deposit at NSCC, so the request was a four X increase in our deposit requirement.”

“Part of that process to kind of get approval was to show that we had enough capital to operate for a year after becoming a brokerage.”

“So we had obviously a wait list before we went live and that wait list got up to about a million people before we started rolling out, which I believe was the largest pre-launch demand of its kind for any financial product.”

“Well, I mean, I would first say they all pay the same rate. We work with the largest firms and you know, the stuff is all highly regulated.”

“You know, the fact that Robinhood customers had At the time of the congressional hearing, 35 plus billion more in unrealized and realized gains, equities in crypto on top of money that they deposited.”

“You can't short sell on Robinhood. Short selling is one of the main ways that someone could lose more money than they put in. We don't offer undefined risk options trades either. So you can't sell naked calls.”

“The incumbents replicated our business model in 2019. You know, every major competitor went to zero commissions, which was crazy.”

“Right after that happened, Beju and I sent a letter outlining the changes that we were committing to make in the wake of the tragedy. So changes to the user interface More criteria for how you access options in the product. More education. So we hired an optio…”