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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2026-14032, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Clarify Language Regarding Certain Free Trials
Cboe Exchange is updating its fee schedule to make it clear that free trials for two types of historical data—One-Minute and Ten-Minute Interval Intraday Open-Close Data—are separate and don’t overlap. This change affects traders and data users who want to try these services for free. The update is effective immediately and helps avoid confusion about trial periods, with no new fees introduced.
Next: 2026-14034, Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the CDS Instrument On-Boarding Policies and Procedures
ICE Clear Credit is updating how they add new credit default swap (CDS) instruments to their system. These changes affect companies that trade or clear CDS contracts and aim to make the onboarding process smoother and clearer, without changing the main rules. The update was filed in June 2026 and is open for public comments before it takes effect.