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TORONTO (Reuters) - Stock brokers in Canada cannot use marketmakers to execute trades for a fee, under a government rule that has restricted the growth of zero-commission trading platforms like Robinhood, whose booming business in United States was linked to wild swings in GameStop Corp and other “Reddit rally” stocks.
FILE PHOTO: Trading information for GameStop is displayed on the Robinhood App in this photo illustration January 29, 2021. REUTERS/Brendan McDermid/Illustration
U.S. zero-commission platforms sell orders to wholesale marketmakers and generate revenue. Canadian brokers are required to fulfill trades on exchanges because it makes the stock market more transparent than splitting trades among market makers.