Robinhood posts big gains and big risks in its IPO filing
증권업계에서는 카카오뱅크/페이 뿐 아니라 Robinhood의 IPO도 주목되는 이벤트 - 주린이를 위한 쉬운 MTS의 원형이라고 볼 수 있고 - 주식거래 수수료가 아닌 PFOF라는 주문 정보 데이터 판매를 통한 매출이 크기 때문 - 연초 $12bn 정도의 Valuation이었는데 IPO를 통해 $40bn 수준을 겨냥하고 있다는 점도 주목 --- As a refresher: Robinhood is able to offer zero-commission trading because it makes the majority of its revenue from something called payment for order flow, a practice in which brokerages like Robinhood sell their trades to market makers to ostensibly, get the best price. The practice, while widespread in the U.S., is heavily debated. While it’s still unclear how and if it will get regulated, PFOF has had an impact on how users view Robinhood. It was in part this business that led users earlier this year to accuse Robinhood of collusion with hedge funds. In the first quarter of the year, about 81% of Robinhood’s revenue came from PFOF. About 31% of revenue came from a single market maker, Citadel Securities, which is backed by hedge fund titan Ken Griffin. While Griffin’s hedge fund is a separate business and Robinhood explained that the pause on the trading of Gamestop shares was the result of a need for collateral to back the surge in meme-stock trades in February, these ties to the Wall Street old guard have certainly become front-and-center for the company.
2021년 7월 8일 오후 9:45