Exchange Refines Quarterly Pro Trader Order Reviews
Published Date: 7/13/2026
Notice
Summary
MIAX Sapphire is updating its rules to change how they review certain trader orders called 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 track big traders better without changing any fees.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
High‑volume traders reclassified faster
If an account averaged more than 390 orders per day during any calendar month, those orders must be marked as "Professional Interest" for the next calendar month. That monthly reclassification (changed from a quarterly review) takes effect July 1, 2026 and is intended to prevent high‑volume accounts from receiving Priority Customer marketplace advantages such as lower transaction fees or higher rebates.
Members must review accounts monthly
Members (broker‑dealers) must conduct a monthly review of customer activity and change how they represent orders within five days after the end of each calendar month. This monthly review requirement replaces the prior quarterly review and is scheduled to be implemented on July 1, 2026.
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