Yellen convenes US market regulators to discuss GameStop

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Washington

US Treasury Secretary Janet Yellen convened a meeting Thursday with top financial market regulators to discuss recent trading volatility that saw shares like GameStop soar last week.

Yellen said officials would be “looking carefully at these events,” although she did not commit to taking any action.

The volatility was created after a social-media-fueled buying frenzy for stocks that were shorted by hedge funds, including of video game store GameStop, which surged over 400 percent before falling sharply.

Yellen this week called for the meeting with the Securities and Exchange Commission (SEC), the New York Federal Reserve Bank and the Commodities Futures Trading Commission (CFTC) to review the volatility.—AFP