Nasdaq PHLX Updates Pro Order Reviews: Yawn-Worthy Finance Fix
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 checkup process to keep things fair and smooth. It kicks in right away and mainly affects these active pros, with no new fees or costs announced.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Faster Professional Order Designation
If you are a non-broker-dealer customer who averages more than 390 listed options orders per day during any calendar month, your orders must be represented as “Professional” for the next calendar month instead of waiting until the next calendar quarter. Member firms must make that representation change within five days after the end of each calendar month. This change is scheduled for implementation on July 1, 2026.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-07589 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Review of Professional Orders
Nasdaq is updating how it reviews orders from 'Professional' traders—those who place lots of options trades each day. This change tweaks the quarterly checkup process to keep things fair and smooth on the market. The new rules kick in right away, affecting traders who meet the professional order criteria and aiming to improve market transparency without extra costs.
Next: 2026-07591 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Review of Professional Orders
Nasdaq Texas is updating how it reviews Professional orders—those placed by big traders who aren’t brokers or dealers. This change tweaks the quarterly checkup process to keep things fair and smooth for everyone using the exchange. The new rules kicked in right away on April 1, 2026, with no extra fees involved.