FINRA’s new intraday margin framework took effect on 4 June 2026, allowing firms to replace the pattern-day-trader designation and its US$25,000 equity floor with monitoring of actual positions and equity through the trading day. Firms have a permitted transition through 20 October 2027, so each broker’s migration date determines when the customer-facing framework changes.[1][3]
Under the new approach, the requirement follows exposure rather than a count of day trades. It covers activity across the margin account, including 0DTE option exposure. The ordinary US$2,000 equity minimum for leveraged trading remains; an account below it can trade only with available cash. Long margin-eligible equities require maintenance equity of at least 25% throughout the day, with firms free to set higher house requirements.[1]
A deficit can arise and matter before the closing balance
Broker implementation models
| Model | What the broker does | Customer consequence |
|---|---|---|
| Real-time control | Monitors the account continuously and blocks orders that would create a deficit. | The proposed order may be rejected before execution.Source 1 |
| End-of-day calculation | Measures the intraday requirement after the session and issues a call where a deficit occurred. | An account may receive a demand even if positions were reduced before the close.Source 1 |
| Hybrid | Uses pre-trade controls for some exposure and end-of-day calculation for the remainder. | Rules can differ by product, account and risk setting.Source 1 |
End-of-day calculation still measures the intraday requirement. Reducing positions before the close can therefore leave a call relating to an earlier deficit. Real-time controls address the same risk before execution by blocking an order that would create the shortfall; a hybrid combines the approaches across the firm’s risk settings.[1]
A maintenance-margin illustration
Consider an existing long-equity position worth US$100,000 financed with a US$60,000 loan and US$40,000 of equity. Assume no other positions, cash, fees or interest and a 25% maintenance rate. If the position falls to US$75,000, the loan remains US$60,000, leaving US$15,000 of equity against US$18,750 required maintenance. The resulting deficit is US$3,750.[1]
This is a maintenance calculation for an existing position. Opening a new position also depends on applicable initial-margin and house requirements, and other products have their own margin treatment. The example shows why the size and value of exposure matter after the trade-count test is removed.[1][3]
Intraday deficits are expected to be met as promptly as possible. FINRA warns that repeated failure can produce restrictions lasting up to 90 days. Deposit methods, deadlines and the restriction process depend on the firm’s implementation and customer agreement.[1][3]
Broker migration determines the rules an account sees
During the transition, comparable trades at different firms can encounter different minimums and controls. The relevant account disclosures should identify the broker’s migration date, its real-time or later deficit process, treatment of options and house requirements. Firms using the transition must complete migration by 20 October 2027.[1]
Sources & further reading
- Understanding the New Intraday Margin Requirements FINRA · 20 Apr 2026 · Accessed 16 Oct 2026
- FINRA intraday margin rulemaking file SR-FINRA-2025-017 US Securities and Exchange Commission · 18 Mar 2026 · Accessed 16 Oct 2026
- SEC approval order for FINRA intraday margin requirements US Securities and Exchange Commission · 18 Mar 2026 · Accessed 16 Oct 2026