Regulatory Alerts2026-04-20 | Regulatory Notice 26-10Added · Updated
FINRA Adopts New Intraday Margin Standards to Replace Day Trading Margin Requirements
FINRA amends Rule 4210 to replace the previous day trading margin requirements with new intraday margin standards, defining intraday margin level (IML) and intraday margin deficit. Member firms must determine intraday margin deficits for margin accounts and require customers to satisfy these deficits as promptly as possible, with outstanding deficits expiring after fifteen business days. The rule introduces a 90-day freeze on short positions for customers who fail to satisfy deficits by the fifth business day, excluding minor deficits under $1,000 or 5% of equity. Additionally, portfolio margin accounts with at least $5 million in equity are exempt from day trading restrictions if the member can monitor intraday risk, while smaller accounts remain subject to specific margin calls within three business days.