If you've ever tried to day trade stocks, you've probably run into the requirement to keep at least $25,000 in your brokerage account just to trade actively. For more than two decades, that threshold, and the Pattern Day Trader rule behind it, governed how investors could access margin for day trading. But markets have changed dramatically since 2001, and earlier this year, FINRA replaced the Pattern Day Trader rule with a modern, risk-based framework under FINRA Rule 4210—the Intraday Margin Standard.
On this episode, Racquel Russell, Director of Capital Markets Policy and Head of the Office of Financial and Operational Risk Policy, and James Barry, Senior Director, Credit Regulation, tell the story behind that change: why the old rules existed, why they stopped working, and what the new framework means for investors and member firms.
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