MEMX Switches Professional Order Reviews to Monthly
Published Date: 7/15/2026
Notice
Summary
MEMX is updating how it checks ‘Professional Orders’—those big traders placing lots of options orders each month. This change means MEMX will review these orders every month instead of quarterly, helping keep things fair and clear for everyone trading. The new rule kicks in right away and could affect traders who place over 390 option orders daily, but it doesn’t change any fees.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Faster reclassification of high-volume option traders
If you (or your customer) average more than 390 listed options orders per day during any calendar month, those orders must be represented as "Professional" orders for the next calendar month. Members must change the representation within five days after the end of that calendar month. This monthly review replaces the prior quarterly review and is effective July 1, 2026, which means high-volume public customers may lose marketplace advantages (like lower fees or higher rebates) sooner.
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Key Dates
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Previous: 2026-14201 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules To Permit the Listing of Binary Options Overlying Key Performance Indicators (“KPIs”) Reported by Certain Issuers of Stock (“Binary KPI Options”)
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Next: 2026-14203 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Definition of Professional To Require Monthly Reviews of Orders
Cboe EDGX Exchange is changing the rules for 'Professional' traders by requiring them to review their orders every month. This affects traders who place lots of option orders and helps keep things fair and clear. The new rule kicks in right away, so pros need to stay on top of their order reviews to avoid any mix-ups or penalties.