Nodal Customer Defintions, Clarifications

Published on: May 12, 2025

On May 7, Nodal self-certified rulebook changes re customer definition.

  • Nodal self-certified amendments to the Nodal rulebook, effective May 21, 2025.
  • Provided redline versions for Nodal Rule 3.19 regarding the liquidity provider program and Nodal Rule 91.11.2 on requirements for non-US participants and customers.
  • Rule Summary
  • Nodal Rule 3.19 Liquidity provider program is being amended to include customers.
  • Nodal Rule 9.11.2 Requirements for non-US participants and customers amended to include Germany as non-US jurisdiction where customers may place order, transaction.
  • Effectiveness
  • Nodal intends to implement the amended rules on May 21, 2025.
Regulators
Nodal
Entity Types
B/D; Corp; Depo; Exch
Reference
Lt 25-015, 5/7/2025; Citation: *Nodal Rule* 3.19, 9.11.2;
Functions
Compliance; Financial; Operations; Trading
Countries
United States of America
Category
State
N/A
Products
Clearing; Corporate; Derivatives; Equity; Fixed Income; Issuance/IPO; Securities
Rule Type
Final
Regions
Am
Rule Date
May 7, 2025
Effective Date
May 21, 2025
Rule ID
253861
Linked to
N/A
Reg. Last Update
May 7, 2025
Report Section
US Investment