Margin debt (debit)
$—
MoM — | YoY —
Cash cushion ratio
—
Free credit / Debit
Regime
—
Rule-based (transparent)
HY credit spread (OAS)
—
ICE BofA US HY OAS
Quick Summary
Based on latest monthly readings
Loading…
Margin debt level
Last updated: —
Debit balances (margin debt)
YoY change (margin debt)
Threshold bands help classify leverage regimes.
Cushion ratio
Free credit balances total divided by debit balances.
Credit context
HY OAS is a macro stress overlay (monthly sampled).
How it's calculated
MoM / YoY
MoM is the percentage change vs prior month. YoY is change vs the same month 12 months ago.
Cushion ratio
(Free credit in cash accounts + Free credit in margin accounts) / Debit balances. Higher = more cash cushion relative to leverage.
Regimes
- Low: Debit below 24M average and YoY < 0
- Building: YoY between 0% and +15%
- Elevated: YoY > +20% or in top quartile since 1997
- Fragile: YoY rolling over while debt remains above 24M average
- Deleveraging: YoY < -10% or 3-month change sharply negative
Data can be revised by the publisher. If FINRA changes the spreadsheet layout, the parser will attempt to self-heal by finding header names.
Educational use only. Not investment advice. FINRA margin statistics are monthly and may be revised. History from January 1997.