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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
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!
2026-12524 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.9(d) To Permit an Intermarket Sweep Order (“ISO”) To Be Entered as a Non-Displayed Order and To Establish the Price Level at Which the System Will Consider an ISO Available for Other Orders To Be Entered
Cboe BZX Exchange is updating its rules to let a special type of order called an Intermarket Sweep Order (ISO) be hidden from view when entered. They’re also setting clear price rules for when these orders can be matched with others, and allowing hidden orders to adjust prices more aggressively. This change affects traders using the BZX Exchange and aims to make trading faster and smarter, with the new rules kicking in soon after approval.
2026-12607 — The RBB Fund Trust and Seven Post Investment Office LP
The RBB Fund Trust and Seven Post Investment Office LP want permission to change their subadvisory agreements without asking shareholders first and to keep some fee details private. This could speed up how they manage investments and handle fees. If no one objects by July 13, 2026, the SEC will approve these changes.
Previous / Next Documents
Previous: 2026-12530 — Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 900.2NY To Require ATP Holders To Review Customer Activity on a Monthly Basis
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!
Next: 2026-12532 — Chromium Trioxide From India and Turkey; Revised Schedule for the Subject Investigations
The U.S. International Trade Commission is updating its timeline for investigating chromium trioxide imports from India and Turkey. This change matches the Department of Commerce’s new deadline, pushing key dates to October 2026. Importers, exporters, and businesses involved should watch for new hearing and decision dates that could affect trade and pricing.