Robinhood, Webull gain as SEC approves removal of day trading limit for small investors

Shares of Robinhood Markets and Webull are surging in premarket trading after the US Securities and Exchange Commission gave the green light to removing a rule that had impeded small traders from day trading.

The pattern day trading rule will no longer bar traders from making more than four day trades over a five-day period if their margin account has less than $25,000. The changes were initially proposed by the Financial Industry Regulatory Authority. Under the SEC order published Tuesday after the close of regular trading, all traders, regardless of account size, will just need to have enough in their margin account to cover their exposure.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

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