The Plumbing: The $3 Billion Bill at 5am That Stopped GameStop Trading | Inside the Machine EP.10
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The Plumbing: The $3 Billion Bill at 5am That Stopped GameStop Trading | Inside the Machine EP.10
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At approximately five in the morning on January 28, 2021, Robinhood received a margin call from the DTCC for three billion dollars. The clearinghouse required collateral the broker did not have. Hours later, Robinhood restricted trading in GameStop and a handful of other names. The reason was not a conspiracy. The reason was the plumbing.
This is Episode 10 of Inside the Machine: How Markets Really Work. The final core episode before the Bonus finale.
In this episode:
- How clearinghouses actually work and why they exist
- The Depository Trust and Clearing Corporation — $2.15 quadrillion processed annually
- The T+2 settlement cycle and what happens between trade and settlement
- The GameStop margin call and the 5am phone call that froze the market
- The move to T+1 and what it means for retail traders
Timestamps:0:00 Cold Open — The $3 Billion Call2:00 What a Clearinghouse Actually Does5:30 The DTCC and the Scale of Settlement9:00 T+2 and What Happens Between Trade and Settle12:00 The GameStop Moment in Detail14:30 What This Means for Your Trading
Read the full article and free Mind · Method · Money trading framework:https://completetradersedge.com/how-stock-settlement-works-clearinghouse/