Nasdaq Speeds Up Professional Order Checks to Avoid Mix-Ups
Published Date: 4/16/2026
Notice
Summary
Nasdaq GEMX is changing how members review and label Professional Orders every quarter. Now, members must check and update how they classify Priority Customer orders faster and more accurately to keep things fair. This update affects traders and brokers and kicks in right after each calendar quarter, helping avoid mix-ups and possible fees.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Monthly Review for Professional Orders
If you trade on Nasdaq GEMX or run a broker-dealer that routes orders there, any customer that averages more than 390 orders per day during any calendar month will be labeled a "Professional" for the next calendar month. Members must change how they represent that customer's orders within five days after the end of each calendar month instead of five days after the end of each calendar quarter; this change is implemented on July 1, 2026.
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Key Dates
Department and Agencies
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