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A comment on Robinhood denies claims that it sold GameStop shares out from under its traders. Parent comment

Re:Robinhood denies claims that it sold GameStop shares out ... by astrange on Friday January 29, 2021 @05:29PM (#25963600)
It's largely artificial and controlled by the Fed; it can't really be disrupted since you can't replace the Fed (PayPal and Zelle haven't replaced ACH), but they have shaved off a day in recent years and plan to add actual realtime settlement in the next few years. In the meantime, the computers still work business hours and take off weekends for some reason.

> Force the banks to honor the requests in order they are received (not in the order they choose that is most lucrative to the bank).

Didn't this already happen?

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Re:Robinhood denies claims that it sold GameStop shares out ... by seangrogg on Friday January 29, 2021 @06:25PM (#25964190)
> In the meantime, the computers still work business hours and take off weekends for some reason.

They're just making sure they can avoid needing to pay their computers overtime when they get worker's rights. /s

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Re:Robinhood denies claims that it sold GameStop shares out ... by dylan604 on Friday January 29, 2021 @06:38PM (#25964321)
I always just assume it so they earn interest on the money they have withdrawn immediately from the payer's account, yet refuse to deposit into the receiver's account for 3-5 biz days. I don't think I'm being cynical about it. It's the only logical explanation. Computers only working banker's hours is not a logical excuse (while fun to joke about). A phone support person tried to tell me that a human still approves the transactions. Whatever that means, but it's not logical either.
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Re:Robinhood denies claims that it sold GameStop shares out ... by astrange on Saturday January 30, 2021 @12:45PM (#25971123)
Interest rates have been effectively 0% since the 90s.

> A phone support person tried to tell me that a human still approves the transactions.

This is true in some cases. They do at least have to audit some of them manually and possibly close your account, file SARs, etc, if they don't like you enough.

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