What is a Form 13H filing? Large trader rules (2026)
A Form 13H filing is how a large trader registers with the US Securities and Exchange Commission (SEC). Under Rule 13h-1, anyone whose trading in exchange-listed securities is big enough must identify themselves to the SEC and receive a tracking number. It is easy to confuse with a 13F, but the two do very different jobs. This guide explains what a Form 13H filing is, the thresholds that trigger it, and why it stays private. It is not investment advice.
Definition
A Form 13H filing
is the SEC large-trader registration under Rule 13h-1. A person whose trading in NMS securities crosses set daily or monthly thresholds must file it and receive a Large Trader Identification Number. The information is confidential, not a public holdings disclosure. Source: SEC.
What are the large trader thresholds?
You become a large trader when your transactions in NMS (exchange-listed) securities reach either level:
- In one day two million shares or $20 million in fair market value.
- In one calendar month 20 million shares or $200 million in fair market value.
Purchases and sales are not netted against each other, so the count reflects total trading activity, not a net position.
How does Form 13H work?
The mechanics centre on an identifier:
- You cross a threshold and file an initial Form 13H with the SEC.
- The SEC assigns a Large Trader Identification Number (LTID).
- You give the LTID to your brokers, who tag your trades with it in the SEC's audit trail.
- You keep it current with an annual filing after year-end and amended filings when the information changes.
$20M in a day
One daily large-trader threshold under Rule 13h-1: two million shares or $20 million in fair market value
Source: SEC
Why Form 13H is not a 13F
A 13F is a public quarterly list of a large manager's US holdings, posted on EDGAR for anyone to read. A Form 13H is a confidential identity registration that helps the SEC trace who is behind heavy trading. One shows you what a manager owns; the other is never published. For the side-by-side, see Form 13H vs 13F.
Because 13H is confidential, it is not a source you can track for holdings. To see disclosed ownership at the stock level, an institutional ownership tracker works from public filings instead. To read the public filings yourself, see how to search EDGAR.
Flock works only from public disclosure filings and keeps each one dated and linked to its source. What any of it means for your money is your call to make.
Frequently asked questions
What is a Form 13H filing?
A Form 13H is the registration a large trader files with the SEC under Rule 13h-1. It identifies persons whose trading in exchange-listed securities crosses set volume or value thresholds, and gives them a Large Trader Identification Number. Source: SEC.
What are the large trader thresholds?
A person is a large trader if their transactions in NMS securities reach two million shares or $20 million in fair market value in one day, or 20 million shares or $200 million in one calendar month. Purchases and sales are not netted. Source: SEC.
What is a Large Trader Identification Number (LTID)?
The LTID is the code the SEC assigns after an initial Form 13H. The large trader gives it to the brokers that execute its trades, so the broker can tag those trades in the SEC's audit trail. Source: SEC.
Is Form 13H public like a 13F?
No. The information on Form 13H is confidential and is not published to the public, unlike a 13F, which lists a manager's holdings on EDGAR. Form 13H is a regulatory identity registration, not a public holdings disclosure. Source: SEC.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.