小額小散 day trader 的福音： $25,000 minimum equity 要求可能即將取消

可能如果不是特老資曆的美股 trader，不知道早在 2001 年以前，。com 年代 day trade 是沒有 25000 限製的，隻要有個 margin 賬號（也就是最少2000刀）就可以無限製 dt. 後麵實行了20幾年的限製實際是對小小散的一種歧視，早該取消了

 

Day trading is about to get easier for smaller retail investors

 

Regulators are moving to dismantle one of the most controversial barriers for active retail traders — the $25,000 minimum equity rule for pattern day trading.

The Financial Industry Regulatory Authority on Tuesday approved amendments that would replace the long-standing threshold, making active day trading more accessible to smaller accounts. The change is pending approval by the Securities and Exchange Commission.

 

The $25,000 minimum equity rule mandates that traders must maintain a minimum account balance of $25,000 in a margin account to execute four or more day trades within a five-business-day period. The rule was put in place in 2001 amid the dot-com bubble and crash as regulators grew worried that small traders were taking excessive risks with volatile internet stocks.

FINRA is replacing this mandate with an intraday margin rule that applies the existing maintenance margin rules to intraday exposure. In other words, one’s intraday buying power will be based on the margin requirements for the positions they take on during the day, not a fixed equity minimum.

The regulators said the overhaul reflects how technology and market access have transformed retail trading since the rules were first adopted.

The rule change could lead to more options trading and boost activity for brokers like Robinhood.

Robinhood shares rebounded from an earlier loss and were higher by 1% in Wednesday trading following the FINRA news.