FINRA Unscripted

If you've ever tried to day trade stocks, you've probably run into the requirement to keep at least $25,000 in your brokerage account just to trade actively. For more than two decades, that threshold, and the Pattern Day Trader rule behind it, governed how investors could access margin for day trading. But markets have changed dramatically since 2001, and earlier this year, FINRA replaced the Pattern Day Trader rule with a modern, risk-based framework under FINRA Rule 4210—the Intraday Margin Standard.

On this episode, Racquel Russell, Director of Capital Markets Policy and Head of the Office of Financial and Operational Risk Policy, and James Barry, Senior Director, Credit Regulation, tell the story behind that change: why the old rules existed, why they stopped working, and what the new framework means for investors and member firms.

Resources mentioned in this episode:

FINRA Rule 4210

Interpretations of Rule 4210

Investor Insights: Know What Triggers a Margin Call

Investor Insights: Frequent Intraday Trading: Understanding the Basics

Investor Insights: Understanding the New Intraday Margin Requirements

Reg. Notice 26-10: FINRA Adopts New Intraday Margin Standards

Reg. Notice 24-13: FINRA Requests Comment on the Effectiveness and Efficiency of its Requirements Relating to Day Trading

FINRA Forward

FINRA Forward: A Year of Progress

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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The threats facing the securities industry are evolving fast—and no single firm or regulator has the full picture alone. That's the idea behind FINRA's Financial Intelligence Fusion Center, or FIFC, launched earlier this year as part of the FINRA Forward initiative to strengthen cybersecurity and fraud prevention across the industry. The FIFC is a bi-directional intelligence sharing hub where FINRA and member firms collaborate to protect investors, members, and the integrity of our capital markets.

On this episode, David Ring, Senior Director, Strategic & Threat Intelligence, and Kerri Provenza, Senior Director, Member Firm Experience, discuss why the center was created, what's happened since launch, and how members are already benefiting from timely, actionable intelligence tailored to the broker-dealer landscape. They also share early successes, lessons learned, and what's ahead, including how the FIFC is evolving based on direct feedback from member firms.

Resources mentioned in this episode:

Financial Intelligence Fusion Center

FIFC: How To Get Started

FINRA Forward

FINRA Forward: A Year of Progress

Ep. 180: Building Cybersecurity Resilience Through FINRA Forward

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

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As a self-regulatory organization, FINRA doesn't operate in a vacuum. Our effectiveness depends on understanding what is happening in the industry, hearing directly from our members, and translating that feedback into meaningful action. This engagement is a two-way street, and members might not realize just how many opportunities exist to make their voices heard.

On this episode, Kayte Toczylowski, Senior Vice President, Member Firm Experience, discusses the many channels available for members to engage with FINRA, from formal advisory committees to regional representation to CEO roundtables. Learn how member feedback directly shapes our rulemaking process, drives internal improvements, and informs the work we do.

Resources mentioned in this episode:

FINRA 2026 Involvement and Election Process Overview

FINRA Advisory Committees

FINRA Indication of Interest Form

Webinar: How to Respond to FINRA Requests for Comment

Ep. 185: How FINRA Is Streamlining Data Requests

Ep. 187: How FINRA Is Enhancing Member Firm Examinations

FINRA Forward: A Year of Progress

FINRA Forward

FINRA Quarterly Regulatory Policy Agenda

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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On this episode, tune in to a conversation from FINRA’s 2026 Annual Conference, where FINRA Board Chair Scott Curtis and FINRA President and CEO Robert Cook discussed the partnership between board governance and executive leadership, and the strategic priorities shaping FINRA's direction.

Resources mentioned in this episode:

Ep. 185: How FINRA Is Streamlining Data Requests

Ep. 187: How FINRA Is Enhancing Member Firm Examinations

FINRA Forward: A Year of Progress

FINRA Forward

FINRA Quarterly Regulatory Policy Agenda

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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Subscribe to our show on Apple Podcasts, Google Play and by RSS.

Examinations are a cornerstone of FINRA's regulatory oversight, but how we conduct them is evolving. As part of FINRA Forward, we're making our approach more risk-informed, more efficient, and more transparent.

On this episode, J. Koutros, Senior Vice President of Member Supervision, Operations, Procedures, and Standards, Jim Reese, Senior Vice President of Examinations, and John Martino, Vice President of Examinations explore the changes reshaping FINRA's examination program: streamlined first firm exams for lower-risk firms, extended exam cycles where warranted, more targeted data requests, and advance notice about exam timing. The guests also look ahead to new technology, enhanced transparency around preliminary findings, and the ongoing feedback that drives FINRA’s continuous improvement.

Resources mentioned in this episode:

FINRA Examination and Risk Monitoring Programs

Ep. 185: How FINRA is Streamlining Data Requests

FINRA Forward: A Year of Progress

FINRA Forward

FINRA Quarterly Regulatory Policy Agenda

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail

Subscribe to our show on Apple Podcasts, Google Play and by RSS.