Source Code: Your daily look at what matters in tech.

MANUALS
The rise of retail investing
Social media is revolutionizing the stock market, sending trading volumes soaring and presenting new headaches for regulators. Here’s Protocol | Fintech’s guide to what’s happening, who’s behind it and what comes next.
The Big Feature

Wall Street investing will never be the same

Some brokerage apps think they can harness the online enthusiasm for trading. The challenge is not doing more harm than good.

Instant Expert

Five ways to think about retail investing in 2021

The smart money is piling into online brokerage startups. Are picks and shovels where the real money is at?

What I've Learned

Jina Choi sees the pendulum swinging in Silicon Valley

The SEC's top enforcer in San Francisco during the Theranos saga has a warning for entrepreneurs.

SPONSORED CONTENT

Ten To Know

Ten people defining the new world of retail investing

The rising stars to follow on Twitter, listen to on Clubhouse or even snag a Zoom with — and why they're important.

Braintrust

Potential regulations to come from Gamestop-Robinhood

Actions around settlement, gamification and naked short-selling could be on the horizon, according to the experts.

How a retail surge boosted trading

The Chart

This story is part of "The rise of retail investing," a Protocol Manual. Read more here.

The stock market boomed in 2019 — but you wouldn't know it from looking at trading volumes, which were static for most of the year. Then came the coronavirus pandemic. First the market crashed, then it rebounded. The rapid movements were enticing for individual investors who suddenly saw potential for big gains in day trading. Shares kept rising, and so did market volume.

Tellingly, the swelling number of trades outpaced the growth in shares changing hands. Since institutional investors typically trade more shares at a time than individuals, it's a clear sign that retail investors were flooding into the market and making more small bets.