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SVTPerformance's Chain of Restaurants
Road Side Pub
Who’s in on AMC?? STONKS thread
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<blockquote data-quote="13COBRA" data-source="post: 16570254" data-attributes="member: 138337"><p>No.</p><p></p><p></p><p></p><p>100%.</p><p></p><p>Say, you do a $100,000 transaction. Your $100,000 usually takes 24-48 hours to clear. In the meantime, the app (Robinhood in this instance) will front usually about 1% or so to the clearing house in order to process the transaction, basically as a sign of good faith that the transaction will be fulfilled for the entire $100,000.</p><p></p><p>The clearing house, seeing that these stocks were so volatile and jumping all over the place, decided to increase the good faith deposit from 1% to 10%. So for every $100k transaction, RH had to come up with $10k to cover it up front.</p><p></p><p>RH didn't have the capacity to keep covering 10% of everyone's purchases, since they wouldn't receive your money for 24-48 hours.</p></blockquote><p></p>
[QUOTE="13COBRA, post: 16570254, member: 138337"] No. 100%. Say, you do a $100,000 transaction. Your $100,000 usually takes 24-48 hours to clear. In the meantime, the app (Robinhood in this instance) will front usually about 1% or so to the clearing house in order to process the transaction, basically as a sign of good faith that the transaction will be fulfilled for the entire $100,000. The clearing house, seeing that these stocks were so volatile and jumping all over the place, decided to increase the good faith deposit from 1% to 10%. So for every $100k transaction, RH had to come up with $10k to cover it up front. RH didn't have the capacity to keep covering 10% of everyone's purchases, since they wouldn't receive your money for 24-48 hours. [/QUOTE]
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Who’s in on AMC?? STONKS thread
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