Peterffy Says Markets Almost Broke During GameStop Mayhem

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Interactive Brokers Group Inc. Chairman Thomas Peterffy said financial markets came “frighteningly close” to breaking during last month’s Reddit-driven volatility.

The Securities and Exchange Commission failed to intervene last month, when hordes of retail investors drove up shares of GameStop Corp. and other firms, Peterffy said Thursday during an interview on Bloomberg Television.

“I basically would like to ask the SEC why they didn’t act on the morning of Jan. 28,” Peterffy said. “I was so scared.”

Peterffy Says Markets Almost Broke During GameStop Mayhem

During that period of volatility, the SEC vowed to uphold its duty of protecting investors.

The commission is working closely with other government agencies and stock exchanges “to ensure that regulated entities uphold their obligations to protect investors and to identify and pursue potential wrongdoing,” the SEC said in a Jan. 29 statement.

Several key players in the saga, including Citadel’s Ken Griffin, Robinhood Markets Chief Executive Officer Vlad Tenev and Reddit co-founder Steve Huffman are set to testify Thursday before the House Financial Services Committee.

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