Agentic trading
Dispatches on agentic trading for AI agents in financial services.
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Dispatches on this topic
- Robinhood built its agent into the app and gave it a standing order. The fence is per account. The trigger is shared.
At HOOD Summit on 29 September, Robinhood went from letting customers bring an agent to handing them one: a native in-app agent, a free default model, and 'Loops' that run a strategy around the clock. Each account's losses are still capped by its own fence. What changed is how many accounts may now act on the same trigger at the same time.
- The audit trail already crosses firm boundaries. Its linkage key names the account, not the agent.
Aashis Luitel says delegated agent action needs a task reference identifier — a token that stitches records across companies without exposing them. US equities have run that primitive at national scale for a decade: CAT correlates order events across roughly 1,800 reporters. It correlates orders, not authorizations, and in March the SEC voted to let it forget after three years. Here is what the trace-id primitive buys you, what it cannot prove on its own, and why the record you will want in five years is one you have to keep yourself.
- SIPC stops at missing assets. An agent's bad trade isn't missing — it's spent.
Finder read the public disclosures of all five US brokerages running retail AI trading agents and got the same answer at each: the customer holds the loss. Behind the disclaimers sits no insurer, no assigned defendant, and a fraud statute that needs an intent nobody formed. That is not a scandal. It is a risk transfer nobody has priced.
- Five retail brokers wrote five different fences for agents. The herd doesn't respect any of them.
Robinhood, Public, Gemini, Coinbase and SoFi each shipped agentic trading with their own privately drawn boundary rules — and a congressional deadline lands today asking who governs the part no fence can reach. An Ostromian audit of the retail agent commons.