Tham khảo tài liệu 'nasd - day - trading margin requirements(pdf)', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | NASD Notice to Members 01-26 Executive Summary a customer to deposit margin of at INFORMATIONAL least $2,000, unless in excess of On February 27, 2001, the Securi- the cost of the security. ties and Exchange Commission Although the day trader may end (SEC) approved amendments to the day with no position, the day Day-Trading National Association of Securities ¨ trader’s clearing firm is at risk dur- Margin Dealers, Inc. (NASD ) Rule 2520 ing the day if credit is extended. relating to margin requirements for 1 To address this risk, the NASD SEC Approves Proposed day traders (the “amendments”). and NYSE require day traders to The amendments become effec- demonstrate that they have the Rule Change Relating To tive on September 28, 2001 and ability to meet the initial margin Day-Trading Margin are substantially similar to amend- requirements for at least their ments by the New York Stock largest open position during the Requirements Exchange (NYSE) to its margin 2 day. Specifically, under current rules. margin requirements, a customer SUGGESTED ROUTING The text of the amendments and who meets the definition of day Federal Register version of the trader under the rule must deposit in his or her account the margin The Suggested Routing function is meant to aid SEC Approval Order are attached the reader of this document. Each NASD member (see Attachments A & B). For that would have been required firm should consider the appropriate distribution in a detailed description of the under Regulation T (., the 50 the context of its own organizational structure. amendments, as well as specific percent initial margin requirement) examples of certain margin if the customer had not liquidated Executive Representatives calculations under the amend- the position during the trading day. If the customer day trades, but is Legal & Compliance ments, members should review the attached SEC Approval Order not considered a “day trader,” the Operations (see Attachment B). customer is still
