What is a "Large Trader"?
A Large Trader is defined as a person (legal entity or individual) who, directly or indirectly, through the exercise of investment discretion, effects transaction in NMS (National Market System) securities that equal or exceed, in the aggregate of:
2 million shares or $20 million during any calendar day or
20 million shares or $200 million over any calendar month
For purposes of calculating whether trading activity meets the identifying activity level, purchases and sales of options contracts on equity securities or indexes are counted based on the value of the underlying equity securities or index. However, transactions in the underlying securities that result from the exercise or assignment of an options contract are excluded from the count and do not need to be reported.
For additional information on the Large Trader Reporting requirement, please visit:
What are the requirements for a Large Trader?
A Large Trader must identify themselves to the SEC by filing Form 13H. Please note that all information provided through Form 13H is confidential and not accessible to the public. The SEC will then assign a unique Large Trader Identification Number (LTID), which the Large Trader must in turn disclose to all broker-dealers effecting transactions on its behalf and identify to which account(s) it is applicable.
Please also note the six types of 13H Filings below:
Initial Filing: A person must "promptly" file an initial Form 13H after its transactions reach the identifying activity level. The SEC states that under normal circumstances, "promptly" means 10 days.
Annual Filing: After its initial filing, Large Traders must file an annual Form 13H within 45 days after the end of each full calendar year.
Amended Filing: In the event any information in the Form 13H becomes inaccurate for any reason, Large Traders must promptly file an amended 13H following the end of the calendar quarter.
Inactive/Reactivated Filing: A Large Trader that ceases to meet the identifying activity level during the previous full calendar year may file an inactive status Form 13H, which permits such trader to cease both filing a Form 13H and disclosing its Large Trader status. In the event such trader's transactions once again meet the identifying activity level, it must submit a reactivated status Form 13H.
Reactivated Status Filing: If an inactive Large Trader's transactions once again meet the identifying activity level, it must promptly submit a reactivated status Form 13H.
Termination Filing: A Large Trader that ceases operations or, in some cases, is acquired, may file a termination Form 13H terminating its Large Trader status.
Details on how to file Form 13H electronically can be found at:
Do any types of accounts have an exemption from the Large Trader Reporting requirement?
All account types (including non-US accounts) are subject to the same requirement. No exemptions apply based on account type.
Important: Individuals or entities must monitor their own trading activity to determine whether it equals or exceeds the identifying activity level in aggregate, and then disclose their Large Trader status to both the SEC (by filing Form 13H) and their broker-dealers (by providing them their LTID).