Nasdaq Texas Refines Trader Reviews: Standard Stock Exchange Stuff
Published Date: 4/20/2026
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Monthly recheck for high‑volume option accounts
If you trade options, any customer account that averaged more than 390 orders per day in any calendar month must be marked as a "Professional" for the next calendar month. Brokers (Participants) must change how they mark that customer’s orders within five days after the end of that calendar month instead of waiting until five days after the end of the quarter.
Faster loss of retail order advantages
Public Customer accounts that meet the Professional test (averaging over 390 orders per day in a month) will lose the Public Customer designation for the next calendar month, meaning those accounts will no longer receive the marketplace advantages tied to Public Customer status (such as execution priority and generally lower or no transaction fees for Public Customer orders).
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-07590 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Review of Professional Orders
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.
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