FINRA Replaces Day Trading Margins with Intraday Standards
Published Date: 4/17/2026
Notice
Summary
Starting soon, FINRA is updating the rules for margin requirements by swapping out old day trading margin rules for new intraday margin standards. This change affects traders who buy and sell stocks within the same day, aiming to make margin rules clearer and more modern. The update kicks in quickly and could impact how much money traders need to keep on hand during the trading day.
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Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Elimination of $25,000 Day-Trader Rule
FINRA will delete the current pattern day trader rules, including the $25,000 minimum equity requirement that an account must hold before continuing day trading. The rule change removes the rule defining a "pattern day trader" (four or more day trades in five business days) and the associated $25,000 minimum equity requirement.
New Intraday Margin Deficit Rule
FINRA requires member firms to determine an "intraday margin deficit" for each margin account on any day with an IML-reducing transaction and to require that intraday deficits be satisfied as promptly as possible. An intraday margin deficit remains outstanding until satisfied or until immediately after the close of business on the fifteenth business day after the deficit, and if not satisfied within five business days and the customer makes a practice of failing to satisfy deficits, the firm must freeze certain credit activity for 90 calendar days.
Real-Time Blocks or End-of-Day Checks
Member firms may use real-time monitoring to block trades that would create or increase a customer's intraday margin deficit, or alternatively perform a single end-of-day intraday margin calculation. Firms that use real-time blocking can prevent intraday deficits from arising; firms that use end-of-day calculations may instead require prompt satisfaction after the fact.
Portfolio Margin Accounts Under $5M Face Intraday Rules
For portfolio margin accounts, members must include procedures to determine and monitor intraday risk, and any portfolio margin account that maintains less than $5 million in equity must maintain margin for intraday risk substantially similar to margin required for positions at the end of the day.
Implementation Timing and Phase-In Window
If approved, FINRA will announce an effective date in a Regulatory Notice, with the effective date set 45 days from publication of that Regulatory Notice; member firms that need more time may phase in implementation over an 18-month period following publication of the Regulatory Notice.
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