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17.06.2015 admin
If Robinhood ends up attracting enough followers, the company could force commissions to zero across the industry, says Michael Guillemette, a professor of financial planning at the University of Missouri. Using Robinhood, he says, you don’t even have to pay the industry standard trading commissions that can erode profits on the small trades newbies tend to make. The two were roommates at Stanford University, where they studied physics, before moving to New York in 2010 to build high-frequency software systems for hedge funds and banks.
Mr Tenev and Mr Bhatt wondered if they could find a way to bring zero-commission trading to the masses.


Mr Tenev says customers would need to complete a suitability questionnaire before being able to trade on margin and have at least $2,000 in their accounts (the minimum required by US regulators. It can be treacherous for individual investors as well as finance professionals; the Nobel Prize-winning PhDs at Long-Term Capital Management found that out when their hedge fund blew up in 1998. Allowing millennials to buy stock with leverage and go short, let alone trade for free from their iPhones, could get ugly, says Kate Holmes, the founder of Belmore Financial, a Las Vegas-based firm catering to the generation. Working on Wall Street also taught them that the true cost of a trade had fallen to fractions of a cent, at least for institutional customers.


After all, they would be spreading the stock market’s wealth to their own sceptical, struggling generation.



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