Robinhood: a cool app and no commission. What can go wrong?

Finance professor Robert Battalio was quoted in an opinion piece published in Financial Times about Robinhood Securities, a venture-funded, mobile-only platform for trading shares and cryptocurrencies.

The company appears to be heading for an initial public offering. Battalio, an expert witness for the TD Ameritrade plaintiffs in the payment for order flow case, notes that Robinhood’s 606 filing is “very uninformative” compared with other brokers. Read the story here.

“The SEC should require brokers to publish mandated comparable price improvement statistics. It’s just like blackjack. That’s why casinos don’t allow card counters to play.”