SPY & FINRA Margin Debt
Total debit balances in customers' securities margin accounts at FINRA member broker-dealers, measuring investor leverage in the stock market.
SPY Price
Excess Leverage
FINRA Margin Debt
Margin Debt Year-over-Year Change
Free Credit Balances
What It Measures
FINRA Margin Debt measures the total amount borrowed by investors against securities held in margin accounts at broker-dealers. This represents money borrowed to purchase securities, using existing portfolio holdings as collateral. The data includes: - **Debit Balances**: Total amount owed by customers in margin accounts (the primary measure of margin debt) - **Free Credit Balances (Cash)**: Unused cash in customers' cash accounts - **Free Credit Balances (Margin)**: Unused cash in customers' margin accounts Margin debt is reported by FINRA member firms pursuant to FINRA Rule 4521(d), which requires monthly reporting of customer margin balances on a settlement date basis.
Why It Matters
**Market Sentiment Indicator**: Rising margin debt typically indicates bullish investor sentiment and increased risk appetite, while falling margin debt suggests caution or forced deleveraging. **Leverage Risk**: High margin debt amplifies both gains and losses. When markets decline, margin calls can force selling, accelerating downturns. **Market Top Warning**: Historically, margin debt peaks have coincided with or preceded major market tops. Record margin debt levels warrant caution. **Contrarian Signal**: Extremely low margin debt after a crash can signal capitulation and potential buying opportunities. **Credit Conditions**: Margin debt growth reflects broader credit availability and investor willingness to take leveraged positions.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)
Margin Debt: - FINRA Margin Debt from FINRA (Financial Industry Regulatory Authority)
Units: Millions of U.S. Dollars, Not Seasonally Adjusted, Monthly