Nasdaq MRX Refines Order Reviews for Smoother Trading
Published Date: 4/17/2026
Notice
Summary
Nasdaq MRX is updating how it reviews Professional Orders every quarter to keep things fair and clear for traders. This change affects anyone placing lots of orders, especially those who aren’t Priority Customers, and it kicks in right away with no extra fees. The goal? Make sure the rules match today’s trading action and keep the market running smoothly.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly Reclassification of High-Volume Orders
If you average more than 390 orders per day during any calendar month, your orders must be represented as Professional orders for the next calendar month. Members must change the manner of representation within five days after the end of each calendar month; this replaces the prior quarterly look-back. The Exchange proposes implementing this change on July 1, 2026.
No New Compliance Burden for Brokers
The Exchange states that broker-dealer Members already compute daily averages to determine whether accounts exceed 390 orders per day, so the rule change shortens the timing but does not add new workflow. The Exchange says it does not impose any additional burden on Members.
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