NYSE Tells Firms: Check Customers Every Month
Published Date: 6/23/2026
Notice
Summary
NYSE American is making ATP Holders check their customers’ trading activity every month to decide if they’re regular customers or professional ones. This change helps keep trading fair and clear, starting right away with no extra fees. If you hold an ATP, get ready to review those orders monthly!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
390-Order Daily Average Triggers Professional Status
If a non‑Broker/Dealer customer averages more than 390 orders per day during a calendar month, their orders must be represented as Professional Customer for the next calendar month. Customer orders receive marketplace advantages: execution priority over non-Customer orders and generally lower or no transaction fees, which Professional Customer orders do not receive.
ATP Holders Must Do Monthly Reviews
If you are an American Trading Permit (ATP) holder, you must review customers' trading activity every month (rather than quarterly) to decide whether orders should be represented as Customer or Professional Customer, and make any required representational changes within five days after the end of the calendar month. The Exchange proposes implementing this change on July 1, 2026, and the SEC designated the proposal operative upon filing.
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