At a firm still applying the legacy FINRA pattern-day-trader framework during the transition to the new intraday margin standards, a pattern day trader must maintain minimum equity of:
- A$2,000
- B$10,000
- C$25,000✓ Correct answer
- D$50,000
Why C — $25,000
The legacy pattern-day-trader framework requires minimum equity of $25,000 in the margin account before day trading. If equity falls below that amount, day trading is restricted until the minimum is restored. FINRA Regulatory Notice 26-10 replaces the legacy day-trade count and $25,000 pattern-day-trader minimum with intraday margin standards. The amendments became effective June 4, 2026; firms may phase in implementation until October 20, 2027. During the transition, a firm that has not implemented the new standards may still apply the legacy requirements. This does not mean all firms have already removed the $25,000 requirement.
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