Will not prevent the purchase of the share – E24

The battle between private savers and hedge funds over Gamestop’s stock has generated headlines around the world.

Gamestop has a large network of stores for the sale of games, and with the decline in sales in physical stores, the company has struggled on the stock market.

This has led many large investors to short-circuit the stock, that is, to bet that the stock will fall.

But in mid-January, several small investors banded together to prevent large funds from making money from the company’s downfall and bought the shares in droves to drive the price up. In the last month, participation has risen more than 1,000 percent.

The latest chapter in the drama is that several US trading platforms, including the popular Robinhood platform, stopped the possibility of buying the stock. The price fell immediately, ending with a more than 40 percent drop on Wall Street.

Late Thursday night, Robinhood updated its original message and said that on Friday it will accept limited transactions in Gamestop shares.

Nordnet: Exchange’s responsibility

The measures have created strong reactions, both from politicians, small savers and top managers around the world.

Here at home, online broker Nordnet is clear that they will not follow:

“We have learned that Robinhood and others have introduced trade restrictions, but Nordnet will not take that step,” Nordnet CEO Anders Skar tells E24.

– Our opinion is that it is the responsibility of the respective markets to introduce any prohibition of trading in a share, continues the top of Nordnet.

– in disagreement

Skar says that Nordnet’s responsibility as a platform is to offer access to trading and information on the securities that are listed on the markets to which we are connected.

– I understand the background why players offering stock trading introduce such restrictions, but in principle I do not believe that the responsibility for doing so lies with these players; therefore I don’t agree with how they have chosen to handle it, Skar tells E24. .

In addition to Robinhood, platforms like E * Trade have also stopped the ability to buy Gamestop shares, writes Bloomberg.

For the shorts sellers at Gamestop, the development has been brutal lately.

The video game company’s share price this year caused investors a loss of five billion dollars, or 43 billion kronor, from the turn of the year, according to recent calculations by S3 Partners.

Up to 6,000 Norwegian investors

In Norway, large numbers of small savers have bought shares in Gamestop, says Nordnet. They claim that between 3,000 and 6,000 people have invested in shares on their platform.

By comparison, 119 Nordnet clients owned Gamestop shares at the end of the year.

In total, the stock has had a turnover volume of NOK 250 million in the last four days, much more than what other US stocks have on the platform, E24 reports.

As for the Nordic region, the turnover volume is NOK 950 million.

Republicans and Democrats are reacting strongly

After the clutches and drama on Thursday, it was down to social media. On Wednesday, the Biden administration announced that Finance Minister Janet Yellen is among those “monitoring the situation.” On Thursday, several American politicians, from both parties, jumped into the debate.

One of them is Congresswoman Alexandria Ocasio-Cortez, supported by Elon Musk on Twitter.

– Investigation of the purchase freeze should not be limited to Robinhood. This is serious business, writes Ocasio-Cortez on Twitter, who believes that all platforms that allowed investors to sell but not buy volatile stocks should be investigated.

Donald Trump’s son is also reacting. He writes that it wasn’t long before the big tech companies came to the rescue of their friends in the Wall Street hedge funds, adding:

– This is what a rigged system looks like, folks! Write on Twitter.