As has been discussed many times here on ET, the current Pattern Day trading Rules are completely unfair to those without $25k in their accounts. I remember being a broker at an online trading firm prior to those rules being in effect. Customers could make a trade that they believed to be in their best interest and not be stuck in a position overnight, or miss an opportunity because they were afraid of violating the PDT rule. Even worse...often times unsuspecting traders at online firms are sometimes permanently penalized for unintentional violations. I have seen customers open margin accounts, not planning on being daytraders, but during vacation periods they decide to trade a little extra and do not see the warnings or understand them and end up having a violation. If they ACAT their accounts out, the violation follows them to their next broker (this is why closing their account and requesting a check...which they then deposit at the new broker is best). During a compliance meeting a few days ago we were told that the reason the SEC implemented this rule was because DTCC (Depository Trust Clearing Corporation) told them to. I was shocked. All these years I thought that the SEC implemented that ridiculous rule in order to "discourage and protect" the public from attempting to daytrade with small underfunded accounts. Now I hear that DTCC just did not want to front so much capital on so many small timers banging away endless trades. I am curious if anyone else has heard anything similar regarding the PDT rule and DTCC's role in pushing the SEC to create it??