Large Trader Disclosure

Large Trader Disclosure


To identify large traders, the Securities and Exchange Commission (“SEC”) implemented Rule 13h-1. This rule requires individuals and entities whose trading activity exceeds certain thresholds to file Form 13H, which registers them as large traders. The SEC assigns a unique Large Trader Identification Number (“LTID”) to each large trader. These individuals must disclose their LTID to their broker-dealers and specify the accounts to which it applies.

“Large Trader” is defined as a person (legal entity or natural person) who, directly or indirectly, through the exercise of investment discretion, executes transactions in U.S. National Market System (NMS) securities that equal or exceed, in the aggregate:

  • 2 million shares or $20 million during any calendar day, OR
  • 20 million shares or $200 million during any calendar month

For additional information on the Large Trader Reporting requirement, please visit:

Filing Form 13H Electronically

To register as a large trader with the SEC after exceeding specific trading thresholds, you must electronically file Form 13H through the EDGAR database. Instructions for electronic filing are available at and Importantly, the information you submit in Form 13H remains confidential and not publicly accessible.

Large Trader Responsibilities

As an individual or entity classified as a large trader, you have two key responsibilities:

  1. Monitor Your Trading Activity: Continuously track your trading activity to ensure it doesn't reach or exceed the thresholds that trigger large trader status.
  2. Disclose Large Trader Status: Once your trading qualifies you as a large trader, you must disclose this status to both the SEC and your broker-dealer.

Disclosing to the SEC: File Form 13H electronically through EDGAR.

Disclosing to your Broker-Dealer: Provide your Large Trader Identification Number (LTID) assigned by the SEC to your broker-dealer and specify the accounts to which it applies.

By fulfilling these responsibilities, you ensure compliance with SEC regulations for large traders.

Details on how to file Form 13H electronically can be found at: