I'm sure this was brought up before, but after searching a bit here I couldn't find much. If a retail trader would be identified as a "Large Trader" what are practical implications? Is that just about signing an extra SEC form (13H) to help them with monitoring? Or does that imply an individual is automatically assumed PRO status, anything else? Do those numbers in the definition include each buy/sell side separately? Eg. if I bought 100$mil worth of stock in a month and sold all the same month that would be 200$mil under that definition? Thank you in advance.
Re: 1 https://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsData/subagreemstandalone.pdf Although some brokers don't permit large traders at all. I saw one guy complaining on Twitter that TDA kicked him out for this without TDA providing an explanation, but it was implied they're losing money on some traders due to not charging commissions and taking payments for order flow. Re: 2 Transaction is a transaction so it's pretty clear. This shouldn't relate to your internal position adjustments, as a transaction relates to trading with other market participants and you don't buy/sell/long/short/open/close against a single another trader. But maybe someone else (@Robert Morse ?) could chime in.
%% And looks like SEC figures he/she will trade stocks or etfs > $10 / but looks like its not a requirement........................................................
I was tagged with this a while ago as a retail trader. I was trading SPX deep in the money time spreads where the legs where several hundred dollars. The spreads themselves where only a dollar or two, but since the legs were expensive, I fell into the Large Trader ID requirements. The hardest part was accessing the website to file for it. Lots of information and confirmation requirements. Once it was done, no issues. No professional designation, nothing really changed. I never had to renew it as my trading style changed.
%% I just did a partial speed read on that SEC form; i love to read \ but no so much on the whole form/LOL. ,Its a 1934 law; SEC estimated time burden =13 hours/LOL
I think I saw someone here, couple of years, ago saying the same thing, that essentially nothing changed for them other than filling out that form. Thank you for confirming!