突然！美股，传出重大变革！

Core Viewpoint - The U.S. regulatory body is planning to modify the "Pattern Day Trader" (PDT) rule, which is expected to lower the barriers for retail investors engaging in day trading, potentially attracting more participants to the U.S. stock market and benefiting brokerage firms [1][2]. Group 1: Proposed Changes to PDT Rule - The Financial Industry Regulatory Authority (FINRA) is set to propose changes to the PDT rule, which currently restricts margin accounts with less than $25,000 from making more than three day trades within five days. The new proposal would allow accounts with only $2,000 to engage in such trading [2][3]. - The current PDT rule was established in 2001 to prevent significant losses from excessive leverage, but market conditions have changed, prompting FINRA to reassess the rule [2][3]. Group 2: Impact on Retail Investors and Brokerages - The proposed changes are expected to attract more retail investors, as the current $25,000 threshold has been criticized for being too restrictive. Since June of the previous year, the stock options market has grown by 23% [4][5]. - Several brokerage firms, including Robinhood and Fidelity Investments, have expressed support for the proposed changes, citing improved risk management capabilities and the prevalence of commission-free trading as reasons for the adjustment [4][5]. Group 3: Concerns and Market Reactions - Some analysts have raised concerns that relaxing the PDT rule may encourage impulsive day trading behavior, potentially harming retail investor performance. A study from Stanford Business School indicated that increased market access could weaken retail investor outcomes [6]. - In addition to the PDT rule changes, there are discussions about relaxing regulatory requirements for public companies, which could further impact investor protection and market dynamics [6][7]. - Recent market trends show that the U.S. stock market is at historical highs, but signs indicate that the current rally may be losing momentum, as evidenced by a decline in the proportion of S&P 500 stocks above their 20-day or 50-day moving averages [7].