### Question
Can you define what large trader means?


### Answer
**Large trader** is defined as the following in *15 U.S.C. § 78m*:

> every person who, for his own account or an account for which he exercises investment discretion, effects transactions for the purchase or sale of any publicly traded security or securities by use of any means or instrumentality of interstate commerce or of the mails, or of any facility of a national securities exchange, directly or indirectly by or through a registered broker or dealer in an aggregate amount equal to or in excess of the identifying activity level

#### Citation:
  - *15 U.S.C. § 78m*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER III-TRUST INDENTURES**

