The stock market gets a full day off for Memorial Day. The bond market gets Monday off too, not to mention an early close ahead of the holiday weekend.
Nate Raymond
REUTERS/Brendan McDermid
A lawyer for Robinhood Financial LLC on Wednesday warned a Massachusetts judge that allowing state regulators to enforce a new fiduciary rule against the company could disrupt modern retail trading and drive low-cost brokerages out of the state all together.
Timothy Burke, a lawyer for Robinhood at Morgan, Lewis & Bockius, made those remarks as he urged a state court judge in Boston to block Massachusetts Secretary of State William Galvin from moving forward with his extraordinary enforcement case.
Menlo Park, California-based Robinhood sued in April after Galvin moved to revoke the popular online brokerage s license to operate in the case after charging that it encourages inexperienced investors to place risky trades without limits.
SIFMA regulatory experts said they'd been assured by the DOL that tweaks to its fiduciary rule would be small, and that the 'heart' of the rule is there.