Key insights
- The SEC has removed the PDT rule, but brokers have a 45-day window after the regulatory notice before they can adopt it. This delay may cause some short-term volatility as retail investors anticipate the change, but the overall impact on US equities is likely to be limited.
Official document:
https://www.sec.gov/files/rules/sro/finra/2026/34-105226.pdf
First, there should be a "regulatory notice" coming which can be as early as next week.
Then, some brokers worry that they may lose customers if customers jump to others brokers that implement the new rule immediately after the "regulatory notice", so there is a limit on the earliest broker use of the new rule: 45 days after the "regulatory notice".
From Cobra Trading
“With approval on an "accelerated basis", we would expect regulatory notice as early as next week. At such time, the 45-day countdown would begin.”