Exchange Quietly Changes What Counts as a Professional Trader
Published Date: 7/16/2026
Notice
Summary
Cboe C2 Exchange is changing the rules for traders called 'Professionals' who place lots of orders. Now, these traders must review their orders every month to keep things fair and clear. This change starts right away and mainly affects high-volume traders, helping the Exchange keep a close eye on big order activity without extra costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
High‑Volume Traders Reclassified Monthly
If you (as a non‑broker/dealer customer) average more than 390 orders per day in any calendar month, your orders will be designated as Professional orders for the next calendar month. Professional orders do not receive the Public Customer marketplace advantages such as execution priority and generally lower or no transaction fees.
Monthly Review Requirement for TPHs
Trading Permit Holder organizations must review customer order activity every calendar month and, within five days after the end of each calendar month, change how a customer's orders are represented if that customer averaged more than 390 orders per day during any month. This shortens the prior timing from a quarterly look-back and makes reclassification effective for the next calendar month.
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Key Dates
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