Re:Class Action Lawsuit Filed Against Robinhood
by sakopov on Thursday January 28, 2021 @03:48PM
(#25948967)
It's anecdotal but ETrade, TD, Ally Financial all started blocking buy orders at seemingly the same time - yesterday morning shortly after market open. The reason I know this is because I was on the phone with a friend at 9am Central and neither him nor I were able to purchase $GME, $BB or $GMC (he's on Ally and I'm on Etrade). Around the same time I started seeing messages on social media that TD was also blocking traders. I think you're right that the order likely came from MMs and everyone followed through.
My guess is that market makers that these brokers sell orders to said no. Brokers make a lot of money selling retail orders to someone else.