009.미국주식시장에 투자하기 - 돈을 더 빌려서 투자하기?
Day Trading on Margin
The New York Stock Exchange (NYSE) and the National Association of Securities Dealers, Inc. (NASD) have rules which impose minimum margin requirements for active security traders. The more important of these margin rules are summarized below:
Definition of a Pattern Day Trader
The rules apply only to "pattern day traders". The rules define a pattern day trader as anyone who executes four or more day trades within five business days, provided the number of day trades is more than 6% of the total trades in the customer's trading account during that period. Accordingly, if you make 4 or more day trades over a five day period and these trades comprise more than 6% of all of your trades during this period, you will be subject to the day trading margin rules.
Day Trading Minimum Equity Requirement
The rules require a pattern day trader to have $25,000 of minimum equity in his or her account on any day in which the customer day trades.
Day Trading Buying Power
The rules increase day trading buying power to up to four times a pattern day trader's maintenance margin excess. This means that a pattern day trader may buy securities having a value of up to four times the amount of excess equity in his or her account. The amount of the day trading buying power will normally be calculated based on the customer's account position as of the close of business on the previous day.
Margin Calls
If a pattern day trader exceeds his day trading buying power, the brokerage firm is required under the rules to issue a day trading margin call to cover the amount of the deficiency. Pattern day traders have five business days to deposit funds to meet this margin call and the day trading account is restricted to day trading buying power of two times maintenance margin excess until the call is met. If the call is not met within the 5 day time period, the account is further restricted to trading only on a cash available basis for 90 days or until the call is met.
Sale of Overnight Positions
The sale of an existing long position held from the previous day, or the repurchase of an existing short position held from the previous day, are not treated as a day trades under the rules and these transactions are therefore not subject to the margin requirements affecting day trades.
Cross Guarantees
The rules prohibit pattern day traders from using cross-guarantees to meet day trading margin calls or to meet minimum equity requirements. Each day trading account is now required to meet all margin requirements independently, using only the funds available in the account.
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