Last year news said that FINDRA proposed to abolish the PDT rule. PDT rule means you have to have at least $25000 to daytrade when you have been flagged as violating the PDT rule.
Several weeks ago news said that the proposal will be determined by SEC by Feb. 28th since the proceedings have to end within 45 days of proposal.
According to the old document the PDT rule would be removed by February 28th.
However the document has been updated, extending the deadline to March 14th.
The new document says SEC needs more time for a careful consideration.
PDT rule will not be removed on February 28th, instead SEC wants to consider it until March 14th now.
byu/Infinite_Music2074 inwallstreetbets
Posted by Infinite_Music2074
8 Comments
Can’t let the poors have fun
Increase it to 100k
They should consider letting me have my fun
This was never going to pass. 25k is litterally pennies if you dont have it youre basically smaller than an ant (you are barely visible under a microsope tbh)
If and when they do approve this, there’s gonna be so much more loss porn getting posted
$25000 was decided back in 2001. They should at least adjust it with inflation and make it $45k
Gay
Man this is frustrating but not entirely surprising. The SEC loves their delays when it comes to anything that might actually help retail traders. I remember when they kept pushing back the T+1 settlement decision for months before finally approving it
Honestly though, two more weeks isnt the end of the world compared to how long weve been dealing with this archaic rule. The PDT rule is basically just gatekeeping at this point – like telling people they cant trade unless they already have money. At least theyre actually considering removing it instead of just ignoring FINRA’s proposal completely
The fact that they need “careful consideration” for something this obvious makes me think theyre getting serious pushback from someone behind the scenes. Probably the same folks who benefit from keeping retail locked out of day trading