Nasdaq Tweaks Professional Order Reviews—Bureaucracy as Usual
Published Date: 4/20/2026
Notice
Summary
Nasdaq is updating how it reviews ‘Professional’ options orders—those placed by big traders who send lots of orders daily. This change tweaks the quarterly checkup process to keep things fair and smooth on the market. It’s effective immediately, so traders and firms dealing with lots of options orders should pay attention to how their activity is reviewed.
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Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Monthly Reclassification of High‑Volume Traders
If you (or an account you control) average more than 390 listed options orders per day during any calendar month, Nasdaq requires those orders to be represented as “Professional” orders for the next calendar month. Nasdaq requires Participants to change the order representation within five days after the end of each calendar month, instead of waiting until five days after the end of a calendar quarter. The Exchange plans to implement this change on July 1, 2026 (technical, non‑substantive amendments become operative 30 days after filing).
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