Cboe Requires Pros to Review Orders Every Month
Published Date: 7/16/2026
Notice
Summary
Cboe Exchange is changing the rules for traders labeled as 'Professionals' by requiring them to review their orders every month. This affects anyone placing lots of option orders—more than 390 a day on average—and helps keep trading fair and clear. The new rule is already in effect, so pros need to start monthly checks right away, but no new fees are involved.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Faster Professional Designation for High-Volume Customers
If a non-broker-dealer customer averaged more than 390 orders per day during any calendar month, that customer's orders must be represented as Professional orders for the next calendar month. Professional orders do not receive Public Customer marketplace advantages such as execution priority and are generally not assessed the lower or waived transaction fees that Public Customer orders receive.
Monthly Review Requirement for TPHs
Trading Permit Holder organizations (broker-dealers) must review customer order activity every calendar month and change how orders are represented within five days after the end of each calendar month if a customer averaged more than 390 orders per day during any calendar month. This shortens the previous quarterly review window to a monthly review and became operative upon filing on June 30, 2026.
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Previous / Next Documents
Previous: 2026-14266 — Self-Regulatory Organizations; Cboe BZX 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 BZX Exchange is changing the rules for traders labeled as 'Professionals' by requiring them to review their orders every month. This affects anyone placing lots of option orders—more than 390 a day on average—and helps keep trading fair and clear. The new rule is already in effect, so pros need to start monthly checks right away, but no new fees are involved.
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Starting July 1, 2026, MIAX Emerald is updating its Options Regulatory Fee (ORF) to 2.2 cents per contract side. This change affects traders using the MIAX Emerald options exchange and makes the fee rules clearer and easier to understand. If you trade options here, expect a small fee tweak that’s already in effect!