股票交易買賣規則
現金帳戶交易買賣規則
現金帳戶的交易過戶手續, 一般需要三個工作日. 根據聯邦儲蓄會的章程T規則, 股票賣出的所得，需在三個工作日之後完成過戶，才能再次用來購買股票. 請參考下列詳細描述和現金帳戶交易規定.
- 若使用現金帳戶未交易過戶完成的金額買進股票，或在交易過戶完成前將該股票賣出，帳戶將限制交易買賣九十天，並且被標示為”違反規定提前使用交易資金”. 例如：您在星期二賣出股票。在星期二到星期四中間，您又用賣出的所得, 去買進另一支股票。那麼您在星期五前(第一筆交易過戶前)，不可賣出後來買進的股票。在任何一年時間之內，現金帳戶若賣出未交易過戶資金買進的股票四次，帳戶將受限制，且被標示為”違反規定提前使用交易資金”。
- 使用現金帳戶進行當日交易，在交易過戶完成前，資金僅能使用一次. 假設您的現金帳戶在星期二有現金餘額$80,000，您用$80,000全額買進賣出同一股票. 那麼您必須等到星期五交易過戶手續完成後，才能再次使用該資金購買股票(期權交易為星期三). 如果任何一年時間之內，您的現金帳戶使用尚未交易過戶資 金當日交易四次，您的帳戶將被限制九十天，且被標示為”現金帳戶慣性當日交易提前使用交易資金”。
以上法規存在已有多年，但最近主管機關加強管制，全美証券經紀商都須嚴格遵守規定. 如果您還是希望依照上述方式交易，我們建議您使用融資(孖展)帳戶. 融資(孖展) 帳戶的資金使用將不受交易過戶日期的限制.
詳情可以登入這FINRA notice NASD 04-38(PDF format). FINRA針對此法規所發佈的通告。
當日交易買賣規則
The SEC has approved amendments to NASD Rule 2520 regarding Day Trading that are effective September 28, 2001.
(i) The term "day trading" means the purchasing and selling or the selling and purchasing of the same security on the same day in a margin account except for:
a. a long security position held overnight and sold the next day prior to any new purchase of the same security, or
b. a short security position held overnight and purchased the next day prior to any new sale of the same security.
(ii) The term "pattern day trader" means any customer who executes four or more day trades within five business days. However, if the number of day trades is 6% or less of total trades for the five business day period, the customer will not be considered a pattern day trader and the special requirements under paragraph (f)(8)(B)(iv) of this Rule will not apply. In the event that the organization at which a customer seeks to open an account or to resume day trading knows or has a reasonable basis to believe that the customer will engage in pattern day trading, then the special requirements under paragraph (f)(8)(B)(iv) of this Rule will apply.
(iii) The term "day-trading buying power" means the equity in a customer's account at the close of business of the previous day, less any maintenance margin requirement as prescribed in paragraph (c) of this Rule, multiplied by four for equity securities.
Whenever day trading occurs in a customer's margin account the special maintenance margin required for the day trades in equity securities shall be 25% of the cost of all the day trades made during the day. For non-equity securities, the special maintenance margin shall be as required pursuant to the other provisions of this Rule. Alternatively, when two or more day trades occur on the same day in the same customer's account, the margin required may be computed utilizing the highest (dollar amount) open position during that day. To utilize the highest open position computation method, a record showing the "time and tick" of each trade must be maintained to document the sequence in which each day trade was completed.
(iv) Special Requirements for Pattern Day Traders
a. Minimum Equity Requirement for Pattern Day Traders — The minimum equity required for the accounts of customers deemed to be pattern day traders shall be $25,000. This minimum equity must be deposited in the account before such customer may continue day trading and must be maintained in the customer's account at all times.
b. Pattern day traders cannot trade in excess of their day-trading buying power as defined in paragraph (f)(8)(B)(iii) above. In the event a pattern day trader exceeds its day-trading buying power, which creates a special maintenance margin deficiency, the following actions will be taken by the member:
1. The account will be margined based on the cost of all the day trades made during the day,
2. The customer's day-trading buying power will be limited to the equity in the customer's account at the close of business of the previous day, less the maintenance margin required in paragraph (c) of this Rule, multiplied by two for equity securities, and
3. "time and tick" (i.e., calculating margin using each trade in the sequence that it is executed, using the highest open position during the day) may not be used.
c. Pattern day traders who fail to meet their special maintenance margin calls as required within five business days from the date the margin deficiency occurs will be permitted to execute transactions only on a cash available basis for 90 days or until the special maintenance margin call is met.
d. Pattern day traders are restricted from using the guaranteed account provision pursuant to paragraph (f)(4) of this Rule for meeting the requirements of paragraph (f)(8)(B).
e. Funds deposited into a pattern day trader's account to meet the minimum equity or maintenance margin requirements of paragraph (f)(8)(B) of this Rule cannot be withdrawn for a minimum of two business days following the close of business on the day of deposit.
(C) When the equity in a customer's account, after giving consideration to the other provisions of this Rule, is not sufficient to meet the requirements of paragraph (f)(8)(A) or (B), additional cash or securities must be received into the account to meet any deficiency within five business days of the trade date.
In addition, on the sixth business day only, members are required to deduct from Net Capital the amount of unmet maintenance margin calls pursuant to SEC Rule 15c3-1.
詳情可以登入這 NASD Rule 2520(PDF document)