The Meme Stock Saga Centers Around The National Securities Clearing Corporation, A Little-Known Financial Services Company
The National Securities Clearing Corporation (NSCC), one of a handful of Wall Street firms known as “clearinghouses,” demanded a whopping $3 billion from Robinhood, which Robinhood has repeatedly blamed for its highly criticized decision to halt trading.
“There is no reason why the greatest financial system the world has ever seen cannot settle trades in real time,” Robinhood CEO Vlad Tenev said Tuesday, criticizing the NSCC demand. “Doing so would greatly mitigate the risk that such processing poses.”
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