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
FINRA Margin Debt
Total margin debt at broker-dealers
Excess Leverage
Margin debt YoY growth minus SPY YoY returns
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 2026-02-13)
Margin Debt: - FINRA Margin Debt from FINRA (Financial Industry Regulatory Authority)
Units: Millions of U.S. Dollars, Not Seasonally Adjusted, Monthly