Robinhood Markets (HOOD) Piper Sandler Global Exchange and Fintech Conference summary

Retail customer trends and trading activity

• Retail customer base is 27.5 million, with an average age of 30, showing strong engagement and balanced trading behavior in recent months, including record equity trading days and robust overnight session activity.

• April saw the second-highest month in equity and option trading, and the highest in futures and prediction markets; May continued with strong volumes.

• Customers are less aggressively buying dips compared to previous sell-off periods, indicating a more balanced approach.

Regulatory changes and customer impact

• Removal of the pattern day trader rule is expected to significantly benefit customers with smaller accounts, making the platform more attractive and potentially reversing previous customer attrition.

• Communication has been sent to affected customers, and the change is anticipated to improve customer retention and trading flexibility.

Product launches and platform expansion

• Roth IRA product launched, aiming to replicate the multi-venue model used for equities, options, and crypto, with plans to migrate significant prediction market flow from Kalshi and maintain multiple routing partners.

• Exploring the launch of perpetual futures in the U.S., leveraging experience from European markets and Bitstamp acquisition, with strong customer interest anticipated.