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Exclusive: Webull Opens AMC, GameStop For Buying And Selling Amid Marketwide Trading Ban

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Exclusive: Webull Opens AMC, GameStop For Buying And Selling Amid Marketwide Trading Ban

Users can now buy and sell all stocks on the Webull trading platform, the company's CEO tells Benzinga.

What Happened: Webull was one of several brokerages and trading platforms that halted new purchases on shares of high flyers like GameStop Corp (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC).

See also: How to Buy Stocks on Webull

CEO Anthony Denier appeared in a phone interview earlier Thursday on the Zingernation Power Hour.

“Without clearing firms, investors will not be able to sell once in positions,” Denier said, calling Thursday’s events a "complete market breakdown."

Denier called what's happened with Reddit and the WallStreetBets subreddit “a good thing” and highlights the power of chat rooms and technology.

“We love it, this is the reason we started Webull," he said.

See Also: Here's Which Brokerages, Platforms Have Blocked Trading In Volatile Stocks

Why It's Important: Citadel was called one of the largest market-makers by Denier and a possible contributor to Thursday’s events.

Clearinghouses didn’t raise rates fast enough before the collapse of Lehman Brothers, according to Denier. He said the broker's clearing firms raised collateral rates related to GameStop on Thursday.

See also: How to Buy Phunware (PHUN) Stock

The CEO said he was angry when he got a call Thursday from the clearing firm and had to stop supporting transactions in GameStop and AMC Entertainment.

Denier told Benzinga his company was working hard to open trading on the halted names as quickly as possible.

Price Action: Shares of AMC and GameStop are up about 20% since Webull lifted the buying ban.

This post contains an affiliate link in which Benzinga may earn a commission on when you click. Learn more.

 

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