Nasdaq GEMX Adjusts Its Professional Order Review Process Slightly
Published Date: 4/16/2026
Notice
Summary
Nasdaq GEMX is updating how it reviews Professional Orders every quarter. This change affects traders who aren’t Priority Customers by tweaking the rules on how their orders are counted and reviewed. The update is effective immediately, aiming to keep trading fair and clear without changing fees or timing.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Faster Reclassification for High-Volume Traders
If you trade for a customer that averages more than 390 orders per day during any calendar month, those orders must be represented as Professional orders for the next calendar month. Members must change how they represent the customer's orders within five days after the end of that calendar month. This change becomes effective July 1, 2026.
Faster Protections for Retail Investors
If you are a retail investor (a non-broker-dealer with investments), the Exchange will use a monthly look-back so customers who average more than 390 orders per day in any calendar month are reclassified as Professional for the next calendar month. Members must update order representation within five days after each calendar month, a change implemented July 1, 2026. The rule is intended to help keep Priority Customer advantages (execution priority and generally lower or no transaction fees) reserved for true retail investors.
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