TD Ameritrade restricts trading of GameStop, AMC stock

Investors are making some big deals with shares of GameStop. 

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GameStop’s stock continues to make big moves Wednesday, surpassing $300 a share, fueled by Reddit users taking on Wall Street. Investors looking to make some trades faced multiple issues this morning trying to log in to their preferred investing sites and apps as many were experiencing service disruptions, according to Bloomberg. The frenzy over GameStop stock reportedly led to one brokerage service hitting the brakes. 

An image circulating on social media Wednesday just after noon ET showed an apparent warning from TD Ameritrade saying it put restrictions on the trading of stocks for GameStop, AMC and others. The brokerage firm confirmed the restrictions according to a spokesperson saying “these decisions out of an abundance of caution amid unprecedented market conditions and other factors.”

“In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME [GameStop], $AMC [AMC Theaters] and other securities,” reads the TD Ameritrade message.

The fervor over stock trading hasn’t gone unnoticed. Nasdaq CEO Adena Friedman told CNBC Wednesday that if there is any market manipulation going on, they may halt the trading of a stock to investigate. AMC is listed on Nasdaq, while GameStop is traded on the New York Stock Exchange. 

William Galvin, the secretary of the commonwealth of Massachusetts, told Barron’s Wednesday that he thinks the New York Stock Exchange should “consider simply suspending it for a month and stop trading it.” 

Even the White House is “monitoring the situation,” according to Press Secretary Jen Psaki Wednesday. 

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