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
Related Federal Register Documents
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026, because changes could affect how audits are done and funded.
2026-09742, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734, Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
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.