MIAX Updates Quarterly Checks on Professional Trader Orders
Published Date: 7/13/2026
Notice
Summary
MIAX is updating its rules to change how it reviews special 'Professional Interest' orders every quarter. This affects traders who place lots of orders, making sure their orders are labeled correctly to keep things fair. The new rule kicks in right away and helps the Exchange keep a clear and honest market without changing any fees.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
High-volume traders lose priority faster
If an account averaged more than 390 orders per day during any calendar month, its orders must be marked as "Professional Interest" for the next calendar month. That designation removes Priority Customer advantages (execution priority and generally lower or no transaction fees) and takes effect under the new monthly rule starting July 1, 2026; Members must make the representation change within five days after the end of the calendar month.
Broker-dealers must review accounts monthly
Members (broker-dealers) must review customer order activity each calendar month and, within five days after month-end, change how orders are represented if a customer averaged more than 390 orders per day during that month. This shortens the current quarterly review timeline to a monthly review effective July 1, 2026, and the Exchange will issue a Regulatory Circular to notify Members.
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