FINRA Replaces Day Trading Margins with New Intraday Standards for Traders
Published Date: 1/14/2026
Notice
Summary
FINRA is updating its margin rules by replacing the old day trading margin requirements with new intraday margin standards. This change affects traders who buy and sell stocks within the same day, aiming to modernize how margin is calculated and managed. The new rules could impact how much money traders need to keep in their accounts starting soon after approval.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Ends $25,000 Pattern Day Trader Rule
FINRA would delete the current "pattern day trader" day trading margin provisions, removing the $25,000 minimum equity requirement and the related day-trading buying power rules. The current definition that designates a pattern day trader as a customer who executes four or more day trades within five business days would be replaced by the new intraday margin framework.
New Intraday Margin Deficit Requirement
Under the proposed intraday margin rule, your broker would be required to determine any "intraday margin deficit" for a margin account on days with certain transactions and require that deficit to be satisfied as promptly as possible. An intraday margin deficit remains outstanding until it is satisfied or until immediately after the close of business on the fifteenth business day after the deficit occurred.
Five-Day Cure, Net Capital Deduction, 90-Day Freeze
If an intraday margin deficit is not satisfied within five business days, a member must deduct that deficit in its net capital computations for up to ten business days. If a customer makes a practice of failing to satisfy deficits, the member must freeze the customer from creating or increasing short positions or debit balances for 90 calendar days (or until the deficit is satisfied). Small deficits that do not exceed the lesser of 5% of the account equity or $1,000 are not treated as a "practice."
Real-Time Blocking Or End‑of‑Day Checks
Members would be allowed to use real-time monitoring to block trades that would create or increase intraday margin deficits, or alternatively compute intraday deficits at the end of the day. Brokers could therefore stop intended trades in real time or enforce deficits after the trading day ends.
Portfolio Margin Accounts Under $5M Face Intraday Rules
For portfolio margin accounts, members must include procedures to determine and monitor intraday risk. Specifically, any portfolio margin account with less than $5 million in equity must maintain margin for intraday risk that is substantially similar to the margin the member requires for positions existing at the end of the day.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2026-00518, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Market Data Fees
Cboe Exchange is updating its market data fees starting now! They’re setting new prices for their Complex Order Book data and giving free access to the Auction Feed for some subscribers. Traders and data users should check these changes because they could affect what they pay and when.
Next: 2026-00520, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Reflect Adjustments to the Financial Industry Regulatory Authority, Inc. (“FINRA”) Annual System Processing Fee Assessed Only During Renewals and Continuing Education Fee
Cboe C2 Exchange is updating its fee schedule to match changes in FINRA’s annual system processing fee, which only applies during renewals and continuing education. This means traders and members will see adjusted fees starting now, keeping costs fair and clear. The change is effective immediately, so everyone should be ready for the new fee setup.