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The plumbing of the U.S. stock market, like actual plumbing, tends to operate quietly in the background.

In January, as if a wall had been ripped open, the market’s tangled and decades-old pipes were suddenly exposed to millions of retail investors who had given little thought to them before. They had piled into stocks like GameStop (ticker: GME). Then, at the height of the mania, some brokers, including Robinhood Markets (HOOD), whose explosive growth has been fueled by new investors, restricted trading in those stocks….