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The retail trading frenzy that saw groups of amateur traders encourage one another on Reddit to buy and hold meme stocks is the product of zero-commission trading, according to the co-chief executive of a London-based trading firm. Apps like Robinhood that offer commission-free trades on stocks have created the impression that retail traders place wagers against the broader stock market and make money in the process. But the boom in meme-stock trading is an example of a battle against Wall Street that small traders cannot win, Alex Gerko of XTX Markets told the Financial Times in an interview.
...read full article on Business Insider