See 2/13 "professional account holders" in the link below. I just got an email from a friend tonight regarding this subject. If you are a dedicated options trader, only a certain number of trades will be allowed before you lose your order book priority. The number is set high, but my friend points out that the exchanges can always tighten the noose by lowering the number of allowable options trades before you are classified as a professional. The never-ending option exchange war/discrimination against their own profitable customers continues. Please comment to the SEC via the instructions in the link. Peace, WB http://www.cboe.org/legal/SubmittedSECFilings.aspx
even if they lower the proposed threshold of 390 orders per day to say 150 per day, it's probably not a big deal for most retail traders. how many orders do you place daily anyway?
I believe, anybody averaging less than 390 option orders per day (= 1 order per minute over 6.5 hour period) should be pleased with this proposal.
As many orders as I feel I can be profitable on. Why should I be restricted in any way? The CBOE only starts to wag its finger at broker-dealers when they put up one million quotes a day. Some of you will understand that this action targets active traders who make profits. Please comment to the SEC.