00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The SEC eliminated the 25-year-old pattern day trader rule on June 4th,
00:08ending the $25,000 minimum equity requirement for retail traders, according to Benzinga.
00:13The agency replaced the rule with an intraday risk-based margin framework,
00:18allowing small account investors to execute multiple day trades without mandatory five-day
00:22account lockouts. Robinhood responded by clearing all past PDT flags and announcing
00:28no minimum equity requirement going forward. The company's chief brokerage officer,
00:33Steve Quirk, speaking at Piper Sandler's Global Exchange and Trading Conference,
00:37noted the platform's attrition rate fell from 15% to 4%. Robinhood holds 27.4 million funded
00:45customers and a $17 billion margin book. Competitor Webble projects a 20% surge in transaction volumes.
00:52Shares rose by 1.26% at $87.22, according to data from Benzinga Pro.
00:58For all things money, visit Benzinga.com.
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