Robinhood Readies Feature That Lets Users Lend Out Stocks
- Offering would step up competition with Fidelity and E*Trade
- The Stock Loan Income Program appears in version of iOS app
The Robinhood app.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Robinhood Markets Inc.’s plan to let users loan out their stocks to other financial institutions -- a program known as fully paid securities lending -- is taking shape within its app, part of a push to compete with more conventional brokerages.
Work on the feature, which Robinhood has said could be available in coming months, appeared in a beta version of its iPhone app. Code describing the service -- dubbed Stock Loan Income Program, or SLIP -- was discovered by developer Steve Moser and shared with Bloomberg.