Nasdaq PHLX Updates Pro Order Checks—Nothing New Here
Published Date: 4/20/2026
Notice
Summary
Nasdaq PHLX is updating how it reviews Professional orders—those placed by big, active traders who aren’t brokers. This change tweaks the quarterly check to keep things fair and clear for everyone involved. The new rule kicks in right away, with no extra fees or delays, helping traders and the Exchange stay on the same page.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly Reclassification for High-Volume Traders
If you place more than 390 orders per day on average during any calendar month, your orders must be represented as Professional orders for the next calendar month. Member organizations must change the representation within five days after the end of each calendar month; this rule is to be implemented on July 1, 2026.
Faster Protection for Retail Orders
If you are a Public Customer (a retail investor), member firms will reclassify high-volume customers faster so that the benefits reserved for Public Customer orders—such as execution priority and generally lower or no transaction fees—are applied more promptly. The rule requires representation changes within five days after each calendar month for any customer averaging more than 390 orders per day and is to be implemented on July 1, 2026.
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