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January 27, 2021 08:45 pm

GameStop, AMC Trading Now Being Restricted at TD Ameritrade, Schwab

Some major brokerage houses have begun to respond to a frenetic surge in the price of shares of companies that has been attributed to rabid buying by individual investors on social-media platforms. From a report: On Wednesday, TD Ameritrade said it was restricting trading for GameStop and AMC Entertainment Holdings, as well as other names, amid a triple-digit percentage surge in the price of those companies in recent days. "In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME, $AMC and other securities," a spokeswoman for TD Ameritrade told MarketWatch, referring to the ticker symbols of the companies. "We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors," she said. Charles Schwab, which bought TD Ameritrade but is still operating as an independent retail brokerage platform, said that it has tightened margin requirements in some of those trading names, including GameStop. A Schwab spokeswoman said that the platform changed its margin requirements, or how much an investor can borrow, on Jan. 13 and said it has placed "restrictions in place on certain transactions in GME and other securities."

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