Large Trader ID

elt894 said:
I'm not sure about that, but I'd be interested to hear any experiences that contradict me. The specific wording is:

You're not registering as a "professional securities trader," just a large one. I think this is referring to something like a series exam.

Like others have said, it's just a minor annoyance getting the notarization and navigating the website. I recall having to try a few browsers to get a PDF to upload. It might have been Internet Explorer that worked in the end.
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I thought that as well. Large doesn't necessarily mean professional. A properly wealthy investor buying large once a year doesn't make him a professional.

I'm curious if there are fees involved, I'm seeing conflicting information.
 
d08 said:
Has anyone gone through this process? Surprisingly even for individual traders it's mandatory.

It appear that even with IB, one must file for SEC Edgar access, then file documentation. IB does not assist with it for some reason.

As a side note, SEC web interfaces are still stuck in 1995 with blinking "NEW!" gifs, Microsoft FrontPage backgrounds and all. For a financial superpower, it's quite sad. They might take a look at what other countries are doing to realize they're decades behind.
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At what level is a trader considered to be a Large Trader? Does this relate to the account size, or to the amount of trading a trader does?
 
HobbyTrading said:
At what level is a trader considered to be a Large Trader? Does this relate to the account size, or to the amount of trading a trader does?
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Click on @ajacobson's link. Basically it is the dollar value or the share quantity exceeds a certain daily or monthly limit.

Question 1.3: How are options calculated for purposes of the identifying activity level?

Answer: As provided in Rule 13h-1(a)(7), the identifying activity level means aggregate transactions in NMS securities that are equal to or greater than:

  1. During a calendar day, either two million shares or shares with a fair market value of $20 million; or
  2. During a calendar month, either twenty million shares or shares with a fair market value of $200 million.
 
FSU said:
Click on @ajacobson's link. Basically it is the dollar value or the share quantity exceeds a certain daily or monthly limit.

Question 1.3: How are options calculated for purposes of the identifying activity level?

Answer: As provided in Rule 13h-1(a)(7), the identifying activity level means aggregate transactions in NMS securities that are equal to or greater than:

  1. During a calendar day, either two million shares or shares with a fair market value of $20 million; or
  2. During a calendar month, either twenty million shares or shares with a fair market value of $200 million.
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Thank you. I did read that question 1.3 and assumed that the answer only related to option traders. Maybe I need to interpret it such that items 1 and 2 also apply to traders who don't trade options.
 
It's rare but the SEC has a provision for a cutout of all series 13 filings. It's kind of a privacy provision if you are a natural person, residing in the US, and rarely trigger an event. If most of your activity is none 13F securities an experienced attorney may be able to get the entire 13H reporting waived.
 
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