I'm not at this level yet, but since cancellations and modifications – including automated adjustments to bid or ask on IBKR algorithmic pegged-to-mid order that I may use, count toward the number, I may reach it.

    So my question is whether being classified as a professional trader matters in a practical sense if all of your orders are between best bid and ask on nbbo? I think it only moves you down priority list at current best offer in market depth, so a mid offer by me would create a new best bid or ask, and hopefully would be executed quickly before someone (a non professional) updates their bid or ask to same, which would then move me down priority list? But I'm assuming any traders who could match that order in a millisecond would also be classified professionals?

    So is this hopefully not an issue if you aren't matching current best bid and ask, but rather bidding or asking in between?

    Here is CBOE's explanation, but I believe all the exchanges are using similar rules.

    https://www.cboe.com/us/equities/trading/offerings/retail_priority/

    390 rule on order priority question.
    byu/thinkofanamefast inoptions



    Posted by thinkofanamefast

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