Financial ConditionsMonthly

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

$688.98

Excess Leverage

Margin Debt YoY% minus S&P 500 YoY%|Above 30% = Warning
+19.9%
36.3% - 16.4%

FINRA Margin Debt

Last Data: Dec 2025
Next Release: Third week of next month
$1226B
$1,225,597M

Margin Debt Year-over-Year Change

Last Data: Dec 2025
+36.3%

Free Credit Balances

Cash AccountsMargin Accounts
Cash: $212B
Margin: $200B

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

Above $900B
Historically elevated leverage, increased market risk
$700B-$900B
High margin debt, typical of bull market peaks
$500B-$700B
Moderate leverage levels
$300B-$500B
Below-average margin debt, often post-correction
Below $300B
Low leverage, potential capitulation or early recovery

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