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Last Updated: 6/5/08

Margin Statistics

This page provides statistics about debit balances in customers’ cash and margin accounts; and information about free and other credit balances in customers’ securities accounts. Statistics on this page will be updated approximately monthly.


Increasingly, investors are purchasing securities "on margin." When an investor purchases an equity security on margin, he/she will deposit a certain percentage (usually 50%) of the purchase price, and borrow the remaining 50% from the broker-dealer. The customer will pay interest on the amount borrowed until the loan is repaid. The "debit" statistics are being presented to assist statisticians, the media, and all other parties who may be interested in transactions where securities are used as collateral. Debits represent obligations of customers to a broker-dealer. The "credit" statistics will provide the reader with an idea of broker-dealer obligations to customers.


Free credit balances represent cash that a customer can immediately withdraw from an account. Other credit balances cannot be immediately withdrawn as the customer has an outstanding obligation to the broker-dealer. For example, if the broker-dealer sold $20,000 in stock at the request of a customer, but the customer did not deliver the securities that were the subject of the sale to the broker-dealer, the customer would have an "other" credit balance of $20,000.


The numbers referenced under The New York Stock Exchange (NYSE) statistics pertain to NYSE-designated clearing firms only. FINRA statistics pertain to FINRA-designated clearing firms only. The FINRA and NYSE statistics are compiled from different reports. Therefore the resulting statistics do not represent identical underlying information. However, the statistics are substantially similar so as to allow them to be combined for purposes of pattern/trend analysis. The combined statistics are shown on this page as well.


FINRA Statistics (shown in $ millions)

Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-08


37,262


56,006


Feb-08


42,188


55,065


Mar-08


37,759


61,041


Apr-08


36,753


58,031


     

Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-07


25,896


45,991


Feb-07


25,301


48,382


Mar-07


24,577


43,899


Apr-07


24,094


47,814


May-07


29,282


49,129


June-07


30,204


48,397


July-07


35,033


52,401


Aug-07


31,105


48,410


Sep-07


29,594


49,914


Oct-07


31,559


48,803


Nov-07


35,293


51,671


Dec-07


32,512


50,753


     

Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-06


23,605


57,349


Feb-06


26,829


58,003


Mar-06


22,700


56,818


Apr-06


23,624


57,322


May-06


25,068


57,007


Jun-06


25,715


58,325


Jul-06


24,526


48,956


Aug-06


22,888


50,673


Sep-06


24,649


45,562


Oct-06


23,340


43,862


Nov-06


24,379


44,730


Dec-06


27,908


45,533


     

Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-05


16,802


28,014


Feb-05


23,675


52,102


Mar-05


25,186


54,133


Apr-05


23,287


51,669


May-05


23,134


52,763


Jun-05


23,653


52,422


Jul-05


22,645


51,112


Aug-05


22,740


50,450


Sep-05


26,909


52,889


Oct-05


27,328


52,514


Nov-05


23,884


52,755


Dec-05


22,438


54,765


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-04


10,609


23,318


Feb-04


10,088


21,943


Mar-04


11,741


22,713


Apr-04


17,498


29,652


May-04


15,373


28,330


Jun-04


13,903


25,421


Jul-04


10,814


21,946


Aug-04


10,728


23,335


Sep-04


13,568


26,740


Oct-04


12,299


25,610


Nov-04


14,022


27,228


Dec-04


13,783


26,762


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-03


6,481


16,898


Feb-03


6,486


17,265


Mar-03


8,357


17,265


Apr-03


7,297


19,436


May-03


7,345


19,136


Jun-03


19,731


27,756


Jul-03


25,977


32,593


Aug-03


17,540


28,072


Sep-03


15,324


26,446


Oct-03


12,708


22,664


Nov-03


10,447


20,329


Dec-03


8,239


21,817


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-02


10,516


17,401


Feb-02


7,901


14,839


Mar-02


10,719


17,088


Apr-02


8,132


15,050


May-02


6,942


14,325


Jun-02


7,702


14,634


Jul-02


7,745


16,386


Aug-02


6,346


15,895


Sep-02


5,897


14,817


Oct-02


8,077


17,669


Nov-02


6,412


17,442


Dec-02


5,071


15,685


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-01


11,577


15,465


Feb-01


12,017


15,196


Mar-01


9,447


14,761


Apr-01


9,156


16,215


May-01


8,861


15,243


Jun-01


9,585


13,902


Jul-01


8,430


13,660


Aug-01


8,186


13,519


Sept-01


13,261


21,611


Oct-01


8,357


15,612


Nov-01


10,790


18,021


Dec-01


10,023


17,744


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-00


16,919


15,007


Feb-00


18,996


17,370


Mar-00


21,403


17,452


Apr-00


17,016


14,748


May-00


16,202


14,173


Jun-00


17,271


13,940


Jul-00


18,759


16,350


Aug-00


17,606


16,115


Sept-00


19,428


15,239


Oct-00


17,589


16,336


Nov-00


18,803


15,679


Dec-00


11,595


13,099


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-99


9,082


10,720


Feb-99


11,379


12,763


Mar-99


9,772


10,386


Apr-99


11,449


10,220


May-99


11,966


11,356


Jun-99


10,765


10,017


Jul-99


11,143


10,687


Aug-99


11,226


10,319


Sep-99


10,425


11,272


Oct-99


11,987


11,332


Nov-99


12,024


14,106


Dec-99


13,437


12,382


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-98


5,122


5,262


Feb-98


5,738


5,842


Mar-98


6,196


6,810


Apr-98


6,349


6,561


May-98


6,693


6,204


Jun-98


6,657


6,846


Jul-98


6,610


7,087


Aug-98


8,079


7,783


Sep-98


7,001


7,669


Oct-98


8,239


10,069


Nov-98


8,987


11,242


Dec-98


7,694


8,807


 


 


 


Month/Year


Debit Balances in Customers'
Cash and Margin Accounts


Free and Other Credit Balances in Customers' Securities Accounts


Jan-97


3,877


4,706


Feb-97


3,886


4,768


Mar-97


4,675


5,573


Apr-97


3,972


4,565


May-97


5,087


5,429


Jun-97


5,403


6,722


Jul-97


4,900


5,439


Aug-97


4,594


4,876


Sep-97


5,912


5,687


Oct-97


6,301


5,872


Nov-97


5,411


5,054


Dec-97


5,470


5,020


NYSE Statistics (shown in $ millions)

(These statistics are provided courtesy of the New York Stock Exchange, Inc.)


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-08


328,330


142,100


276,390


Feb-08


334,900


133,670


266,050


Mar-08


311,660


122,140


305,650


Apr-08


295,550


100,600


313,740


       

Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-07


285,610


90,340


156,190


Feb-07


295,870


96,550


155,140


Mar-07


293,160


99,690


161,890


Apr-07


317,990


104,360


162,570


May-07


353,030


109,030


176,200


June-07


378,240


119,300


179,920


July-07


381,370


122,740


205,830


Aug-07


331,370


118,250


214,890


Sep-07


329,510


118,910


208,540


Oct-07


345,420


120,840


222,900


Nov-07


344,300


128,530


246,520


Dec-07


322,780


130,620


274,980


       

Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-06


232,190


83,250


115,220


Feb-06


222,780


81,600


117,970


Mar-06


236,670


82,750


119,360


Apr-06


241,540


83,000


119,020


May-06


230,540


81,090


126,210


Jun-06


225,780


84,400


137,550


Jul-06


231,490


79,420


141,000


Aug-06


226,480


79,460


139,290


Sep-06


237,120


80,470


142,580


Oct-06


244,370


80,200


143,400


Nov-06


270,520


90,980


155,200


Dec-06


275,380


94,450


159,040


       

Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-05


203,320


87,260


115,350


Feb-05


199,480


77,960


94,330


Mar-05


201,690


80,200


100,200


Apr-05


194,160


74,720


97,450


May-05


196,270


72,690


99,480


Jun-05


200,500


76,380


105,550


Jul-05


210,940


74,130


99,000


Aug-05


208,660


75,910


99,050


Sep-05


217,760


79,310


106,730


Oct-05


212,540


77,550


113,110


Nov-05


219,020


78,330


110,610


Dec-05


221,660


88,730


119,710


       

Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-04


178,820


82,740


92,570


Feb-04


180,360


84,540


93,840


Mar-04


179,710


80,560


100,680


Apr-04


181,280


84,670


103,670


May-04


178,470


85,060


106,250


Jun-04


180,090


85,540


109,820


Jul-04


177,030


83,530


114,720


Aug-04


177,100


80,280


114,330


Sep-04


180,100


83,400


110,720


Oct-04


185,700


81,610


110,870


Nov-04


196,990


85,740


110,960


Dec-04


203,790


93,580


117,850


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-03


134,910


66,200


96,430


Feb-03


134,030


67,260


95,400


Mar-03


135,910


68,860


90,830


Apr-03


135,940


60,680


88,640


May-03


146,380


71,270


88,540


Jun-03


148,550


74,350


87,920


Jul-03


148,450


76,170


91,210


Aug-03


149,660


72,000


88,040


Sep-03


155,870


74,760


88,620


Oct-03


162,720


79,530


89,360


Nov-03


172,140


77,130


87,440


Dec-03


173,220


84,920


92,560


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-02


150,390


75,110


97,330


Feb-02


147,030


72,730


99,350


Mar-02


149,370


69,790


93,700


Apr-02


150,940


68,540


92,140


May-02


150,860


66,120


92,950


Jun-02


146,270


68,280


95,830


Jul-02


136,160


68,860


98,080


Aug-02


132,160


63,700


95,400


Sep-02


130,210


67,550


98,630


Oct-02


130,570


66,780


96,620


Nov-02


133,060


67,380


91,240


Dec-02


134,380


73,340


95,690


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-01


197,110


81,380


90,380


Feb-01


186,870


78,670


99,400


Mar-01


165,350


77,520


106,300


Apr-01


166,940


77,460


97,470


May-01


174,180


76,260


91,990


Jun-01


170,000


75,270


98,430


Jul-01


165,250


73,490


97,950


Aug-01


161,130


73,710


103,990


Sept-01


144,670


74,220


115,450


Oct-01


144,010


69,550


101,850


Nov-01


148,650


72,090


98,330


Dec-01


150,450


78,040


101,640


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-00


243,490


75,760


57,800


Feb-00


265,210


79,700


56,470


Mar-00


278,530


85,530


65,020


Apr-00


251,700


76,190


65,930


May-00


240,660


73,500


66,170


Jun-00


247,200


74,140


64,970


Jul-00


244,970


74,970


71,730


Aug-00


247,560


72,640


68,020


Sept-00


250,780


74,766


70,959


Oct-00


233,376


73,271


83,131


Nov-00


219,110


74,050


96,730


Dec-00


198,790


84,400


100,680


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-99


153,240


59,600


36,880


Feb-99


151,530


57,910


38,850


Mar-99


156,440


59,435


40,120


Apr-99


172,880


60,870


41,200


May-99


177,984


61,665


41,250


Jun-99


176,930


64,100


42,865


Jul-99


178,360


60,000


44,330


Aug-99


176,390


62,600


44,230


Sep-99


179,316


62,810


47,125


Oct-99


182,272


61,085


51,040


Nov-99


206,280


68,200


49,480


Dec-99


228,530


79,070


55,130


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-98


127,790


48,620


29,480


Feb-98


135,590


48,640


27,450


Mar-98


140,340


51,340


27,430


Apr-98


140,240


51,050


28,160


May-98


143,600


47,770


26,200


Jun-98


147,700


51,205


29,840


Jul-98


154,370


53,780


31,820


Aug-98


147,800


53,850


38,460


Sep-98


137,540


54,240


41,970


Oct-98


130,160


54,610


43,500


Nov-98


139,710


56,170


40,620


Dec-98


140,980


62,450


40,250


 


 


 


 


Month/Year


Debit Balances in Margin Accounts


Free Credit Balances
in Cash Accounts


Free Credit Balances
in Margin Accounts


Jan-97


99,460


41,280


22,870


Feb-97


100,000


40,090


22,200


Mar-97


100,160


41,050


22,930


Apr-97


98,870


37,560


22,700


May-97


106,010


39,400


22,050


Jun-97


113,440


41,840


23,860


Jul-97


116,190


43,985


24,290


Aug-97


119,810


42,960


23,375


Sep-97


126,050


43,770


23,630


Oct-97


128,190


47,465


26,950


Nov-97


127,330


45,470


26,735


Dec-97


126,090


52,160


31,410


FINRA and NYSE Combined Statistics (shown in $ millions)

Month/Year


Debit Balances*


Credit Balances**


Jan-08


365,592


474,496


Feb-08


377,088


454,785


Mar-08


349,419


488,831


Apr-08


332,303


472,371


     

Month/Year


Debit Balances*


Credit Balances**


Jan-07


311,506


292,521


Feb-07


321,171


300,072


Mar-07


317,737


305,479


Apr-07


342,084


314,744


May-07


382,312


334,359


June-07


408,444


347,617


July-07


416,403


380,971


Aug-07


362,475


381,550


Sep-07


359,104


377,364


Oct-07


376,979


392,543


Nov-07


379,593


426,721


Dec-07


355,292


456,353


     

Month/Year


Debit Balances*


Credit Balances**


Jan-06


255,795


255,819


Feb-06


249,609


257,573


Mar-06


259,370


258,928


Apr-06


265,164


259,342


May-06


255,608


264,307


Jun-06


251,495


280,275


Jul-06


256,016


269,376


Aug-06


249,368


269,423


Sep-06


261,769


268,612


Oct-06


267,710


267,462


Nov-06


294,899


290,910


Dec-06


303,288


299,023


     

Month/Year


Debit Balances*


Credit Balances**


Jan-05


220,122


230,624


Feb-05


223,155


224,392


Mar-05


226,876


234,533


Apr-05


217,447


223,839


May-05


219,404


224,933


Jun-05


224,153


234,352


Jul-05


233,585


224,242


Aug-05


231,400


225,410


Sep-05


244,669


238,929


Oct-05


239,868


243,174


Nov-05


242,904


241,695


Dec-05


244,098


263,205


     

Month/Year


Debit Balances*


Credit Balances**


Jan-04


189,429


198,628


Feb-04


190,448


200,323


Mar-04


191,451


203,953


Apr-04


198,778


217,992


May-04


193,843


219,640


Jun-04


193,993


220,781


Jul-04


187,844


220,196


Aug-04


187,828


217,945


Sep-04


193,668


220,860


Oct-04


197,999


218,090


Nov-04


211,012


223,928


Dec-04


217,573


238,192


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-03


141,391


179,528


Feb-03


140,516


179,925


Mar-03


144,267


176,955


Apr-03


143,237


168,756


May-03


153,725


178,946


Jun-03


168,281


190,026


Jul-03


174,427


199,973


Aug-03


167,200


188,112


Sep-03


171,194


189,826


Oct-03


175,428


191,554


Nov-03


182,587


184,899


Dec-03


181,459


199,297


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-02


160,906


189,841


Feb-02


154,931


186,919


Mar-02


160,089


180,578


Apr-02


159,072


175,730


May-02


157,802


173,395


Jun-02


153,972


178,744


Jul-02


143,905


183,326


Aug-02


139,146


174,995


Sep-02


136,107


180,997


Oct-02


138,647


181,069


Nov-02


139,472


176,062


Dec-02


139,451


184,715


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-01


208,687


187,225


Feb-01


198,887


193,266


Mar-01


174,797


198,581


Apr-01


176,096


191,145


May-01


183,041


183,493


Jun-01


179,585


187,602


Jul-01


173,680


185,100


Aug-01


169,316


191,219


Sept-01


157,931


211,281


Oct-01


152,367


187,012


Nov-01


159,440


188,441


Dec-01


160,473


197,424


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-00


260,409


148,567


Feb-00


284,206


153,540


Mar-00


299,933


168,002


Apr-00


268,716


156,868


May-00


256,862


153,843


Jun-00


264,471


153,050


Jul-00


263,729


163,050


Aug-00


265,166


156,775


Sept-00


270,208


160,964


Oct-00


250,965


172,738


Nov-00


237,913


186,459


Dec-00


210,385


198,179


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-99


162,322


107,200


Feb-99


162,909


109,523


Mar-99


166,212


109,941


Apr-99


184,329


112,290


May-99


189,950


114,271


Jun-99


187,695


116,982


Jul-99


189,503


115,017


Aug-99


187,616


117,149


Sep-99


189,741


121,207


Oct-99


194,259


123,457


Nov-99


218,304


131,786


Dec-99


241,967


146,582


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-98


132,912


83,362


Feb-98


141,328


81,932


Mar-98


146,536


85,580


Apr-98


146,589


85,771


May-98


150,293


80,174


Jun-98


154,357


87,891


Jul-98


160,980


92,687


Aug-98


155,879


100,093


Sep-98


144,541


103,879


Oct-98


138,399


108,179


Nov-98


148,697


108,032


Dec-98


148,674


111,507


 


 


 


Month/Year


Debit Balances*


Credit Balances**


Jan-97


103,337


68,856


Feb-97


103,886


67,058


Mar-97


104,835


69,553


Apr-97


102,842


64,825


May-97


111,097


66,879


Jun-97


118,843


72,422


Jul-97


121,090


73,714


Aug-97


124,404


71,211


Sep-97


131,962


73,087


Oct-97


134,491


80,287


Nov-97


132,741


77,259


Dec-97


131,560


88,590


* Debit Balances are derived by adding NYSE Debit Balances in Margin Accounts to FINRA Debit Balances in Customers' Cash and Margin Accounts.


** Credit Balances are derived by adding NYSE Free Credit Balances in Cash and Margin Accounts to FINRA Free and Other Credit Balances in Customers' Securities Accounts.


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