Pattern Day Trading (PDT) Rule Removed: Intraday Margin Rules

Last updated: October 23, 2026

The $25,000 PDT minimum no longer applies. As of June 4, 2026, FINRA Rule 4210 day-trading margin provisions are replaced in their entirety by intraday margin standards, as described in FINRA Regulatory Notice 26-10 (April 20, 2026).

What changed on June 4, 2026

The "pattern day trader" (PDT) designation is removed. Day-trade count requirements no longer apply.
The $25,000 PDT minimum equity requirement is removed.
The general margin account minimum equity of $2,000 remains in place for leveraged trading.
Maintenance margin percentages did not change. What changed is when maintenance is checked — now through the trading day, not only at end of day.
The new intraday margin standards apply to any margin account, not only accounts above the former $25,000 PDT floor.
The phrase "pattern day trader" is no longer a regulatory classification.

Key definitions

Intraday Margin Level (IML) — the equity in your margin account minus the maintenance margin requirement on your open positions. IML represents the cushion above your maintenance requirement.
Intraday margin deficit — the largest negative IML observed during the day following a transaction that opens or increases market exposure. This is what becomes a call the customer is required to satisfy.
For specific IML, intraday margin deficit, or maintenance requirement values on your account, contact support.

How an intraday margin deficit is satisfied

Per FINRA Rule 4210(d)(2)(C), an intraday margin deficit must be satisfied "as promptly as possible." Under the rule, a deficit may be satisfied by net deposits of cash or securities or by an increase in the account's intraday margin level (for example, by reducing or closing positions).
Under the FINRA rule, a deficit remains outstanding until satisfied or until immediately after the close of business on the 15th business day after the date of the deficit.
Clear Street's customer agreement governs the firm's rights with respect to margin, risk management, and any actions the firm may take in response to a margin deficit. For account-specific guidance on a margin deficit on your account, contact support.

90-day freeze framework

Per FINRA Rule 4210(d)(2)(D), if a customer makes a practice of failing to satisfy intraday margin deficits as promptly as possible and fails to satisfy a deficit by the close of business on the 5th business day after it occurs, the firm must apply procedures designed to prevent the customer from creating or increasing a short position or debit balance (other than by closing a short position) for 90 calendar days after that fifth business day, or until the deficit is satisfied.
A customer is not considered to be making such a practice if either of the following applies:
- The deficits do not exceed the lesser of 5% of the equity in the margin account or $1,000 (de minimis exception).
- The deficits arose under extraordinary circumstances as reasonably determined by the firm.
For account-specific questions about whether a 90-day restriction has been or could be applied, contact support.

Intraday vs. overnight margin

The intraday margin standards apply during the trading day. Positions carried past the close are re-margined for overnight purposes. For an initial overnight hold, the applicable requirement is generally the Reg T initial margin requirement, typically 50% for marginable equity securities, or Clear Street's house requirement if higher. Overnight house requirements are separate from the June 4 intraday rule change and may be stricter depending on the position, account, or risk factors.
Clear Street's specific overnight house margin requirements are not published in this article. For account-specific overnight margin requirements, contact support.

Common questions

Is PDT going away? As of June 4, 2026, the "pattern day trader" designation and the $25,000 PDT minimum equity requirement are removed. They are replaced by intraday margin standards under amended FINRA Rule 4210.
What replaced PDT? Intraday margin standards. Under the amended rule, account equity is generally evaluated against market exposure throughout the trading day, rather than being gated by day-trade counts.
Did the margin percentages change? No. Maintenance percentages did not change. What changed is when maintenance is checked — now through the trading day, not only at end of day.
What is the $25,000 minimum now? It no longer applies. The general margin account minimum equity of $2,000 still applies for leveraged trading.

Contact support for

Your specific intraday margin level, intraday margin deficit, or maintenance requirement.
Whether a specific trade would create or affect an intraday margin deficit on your account.
Margin calls, restrictions, or whether a 90-day freeze applies to your account.
Clear Street's specific overnight house margin requirements for a position you hold or are considering.