Day Trade Multiple Call (DTM)
Cause: An accounts day trading buying power is exceeded by that days day trade requirements, and there is a prior, open, unmet DT call on the account at the time of this DT call.
Due: Trade Date + 5 business days (T+5).
Meeting a DTM Call: DTM calls can only be met by a deposit of funds into the account in the amount of the call or greater. Funds must remain in the account for two full business days before being withdrawn.
Two calls, neither call is past due: Funds brought in when the calls are not past due may be applied to both calls. Therefore, funds sufficient to meet the larger of the two calls will meet both calls, and the account will be off aggregation the following business day. The account can be reopened the same day (when the wire posts at the clearing firm), but it will still be in aggregation that day.
Two calls, the first call has aged past 5 days, and is past due, and the second call is not past due: The past due call must be met separately. This means for an account to come fully off restriction the total of both calls must be met. The account can be reopened if only one call is met, but the account will remain in aggregation until all calls are met, or 90 days passes from the latest due date.
Two calls, both are past due: The total of both calls must be met in order for the account to be re enabled for opening trades.
Note: Any funds withdrawn from the account while the account is in a DT call will be added to the amount of the call.
Note: When a customer is issued a DTM call due to a prior open, unmet DT call, the account is restricted to closing trades only status for 90 days from the due date of the second call.