Federal Register #SR-C2-2026-019

SEC Notice: Proposed Rule Changes by Cboe C2 Exchange and MIAX Sapphire

This notice details proposed regulatory changes affecting U.S. securities exchanges: - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs/Vendors Mentioned: - Cboe C2 Exchange, Inc. - MIAX Sapphire, LLC - Regulatory Rule Changes (No product or service procurement): - Cboe C2 Exchange proposes amending the definition of 'Professional' to require Trading Permit Holder organizations to conduct monthly (instead of quarterly) reviews of customer order activity. - Customers averaging more than 390 orders per day in any calendar month must have their orders classified as Professional for the following month. - Aims to ensure timely and consistent application of the Professional designation, distinguishing high-volume traders from retail investors. - MIAX Sapphire proposes extending a temporary 20% discount program for historical Open-Close Report data requests until the end of the specified period. - Seeks to improve market transparency and regulatory compliance. - No products, hardware, or IT services are being procured; these are regulatory rule change notices. - Notable Requirements: - Monthly review and reclassification of customer order activity for high-volume trading accounts. - Extension of a data fee discount program to support market participants.

Description

The Securities and Exchange Commission has filed a proposed rule change by Cboe C2 Exchange, Inc. to amend the definition of professional to require monthly reviews of orders. The proposal shortens the review period from quarterly to monthly for Trading Permit Holder organizations to designate orders as Public Customer or Professional based on order volume. This change aims to ensure timely and consistent application of the Professional designation, which distinguishes high-volume traders from retail investors, thereby maintaining market fairness and regulatory compliance.

View original listing