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Business|S.E.C. Describes the GameStop Frenzy, but Not What to Do About It
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S.E.C. DESCRIBES THE GAMESTOP FRENZY, BUT NOT WHAT TO DO ABOUT IT
A long-anticipated report did not suggest any policy changes in response to the
meme stock frenzy that caused some little-regarded shares to soar.
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A Securities and Exchange Commission report on the frenzy over GameStop and
other so-called meme stocks did not recommend major policy
changes.Credit...Philip Cheung for The New York Times
By Matt Phillips, Matthew Goldstein and Ephrat Livni
Published Oct. 18, 2021Updated Nov. 8, 2021
The frenzied trading in shares of GameStop and other so-called meme stocks last
January led to big losses for some hedge funds, an outcry from retail investors
who were suddenly shut out of buying and calls on Capitol Hill to overhaul rules
governing the markets.
But a long-awaited report from the Securities and Exchange Commission on the
hyperbolic trading in shares of the struggling video game retailer and other
stocks found that everything worked largely the way it was supposed to.
The 45-page report, released on Monday, suggested no policy changes in response
to the heavy trading in GameStop and other little-regarded shares that soared in
value, thanks in part to posters on Reddit and Twitter, where many have gathered
amid a pandemic boom in amateur trading.
A senior S.E.C. official who spoke to reporters before the report’s release said
it was intended only to outline the events surrounding the meme stock trading,
but not directly recommend any specific changes.
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The report was highly anticipated after months of speculation that the
commission’s chairman, Gary Gensler, could seek aggressive structural changes to
the way the American stock market works. Mr. Gensler himself had suggested that
some notable options were on the table — particularly regarding the way some
popular retail brokerages, like Robinhood, are compensated by bigger Wall Street
firms.
Under the practice, called payment for order flow, brokerage firms sell the
right to execute retail investors’ trades to bigger trading houses, which make
tiny profits on the difference between the buying and selling prices. This
system has enabled Robinhood and other brokers to offer free stock trading, but
critics say this is problematic: Retail brokers have an incentive to encourage
more trading by individual investors, even though it may not be in their best
interest.
Subscribe to The Times to read as many articles as you like.
Matt Phillips covers financial markets. Before joining The New York Times in
2018, he was editor in chief at Vice Money and a founding staffer at Quartz, a
business and economics website. He also spent seven years at The Wall Street
Journal, where he covered stock and bond markets. More about Matt Phillips
Matthew Goldstein covers Wall Street and white collar crime and housing issues.
More about Matthew Goldstein
Ephrat Livni reports from Washington on the intersection of business and policy
for DealBook. Previously, she was a senior reporter at Quartz, covering law and
politics, and has practiced law in the public and private sectors. More about
Ephrat Livni
A version of this article appears in print on Oct. 19, 2021, Section B, Page 4
of the New York edition with the headline: S.E.C. Suggests No Policy Changes in
Response to Meme Stock Frenzy. Order Reprints | Today’s Paper | Subscribe
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