Another Exchange Mandates Monthly Customer Reviews
Published Date: 6/23/2026
Notice
Summary
NYSE Arca is making OTP Holders and OTP Firms check their customers’ trading activity every month to see if they should be labeled as “Professional Customers.” This change helps keep trading rules clear and fair. It starts right away and doesn’t cost anyone extra money.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Faster Professional-Customer Reclassification
If you place a lot of listed options orders, firms must now check monthly (not quarterly) whether your orders should be labeled a "Professional Customer". A Professional Customer is defined to include accounts that place more than 390 orders in listed options per day on average during a calendar month; firms must update representations within five days after the end of the calendar month. The filing notes that Customer orders sometimes receive lower transaction fees and execution credits, which could change if an account is reclassified.
OTP Firms Must Review Customers Monthly
If you are an Options Trading Permit (OTP) Holder or an OTP Firm, you must review customer trading activity every calendar month and make any representation changes within five days after the end of the calendar month instead of five days after the end of the calendar quarter. The Exchange says this change is effective July 1, 2026 and does not increase daily workflow or add extra costs because firms already compute daily averages.
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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!
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