Robinhood Markets Inc HOOD shares are trading higher Thursday following reports the U.S. Securities and Exchange Commission is poised to let Wall Street keep payment-for-order-flow deals in place.
According to people familiar with the matter, the SEC has decided against banning payment for order flow, per Bloomberg.
The news comes as the SEC prepares to propose new rules for the American equities market. It's being viewed as a positive for brokerages that get paid for processing rights, however, the report suggests that the SEC may still make other changes that impact the profitability of payment-for-order-flow deals.
The SEC is expected to announce its new plans in the coming months.
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HOOD Price Action: Robinhood has a 52-week high of $18.93 and a 52-week low of $6.81.
The stock was up 9.27% at $10.81 Thursday morning, according to Benzinga Pro.
Photo: PiggyBank Canada from Flickr.
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