Exchange Proposes Better Prices for Retail Stock Traders
Published Date: 12/29/2025
Notice
Summary
Cboe EDGX Exchange wants to launch a Retail Price Improvement Program to help everyday investors get better prices when they trade. They’re also updating rules to explain how special hidden orders work. The SEC is now deciding if these changes are good to go by January 1, 2026, which could make trading smoother and possibly save money for retail traders.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Retail Price Improvement for Retail Orders
The Exchange proposes a Retail Price Improvement Program to provide price improvement to Retail Orders that meet FINRA Rule 5320.03 criteria. Under the proposal, Retail Orders may be entered with a time‑in‑force other than Immediate‑or‑Cancel and may post to the EDGX Book or route away; Retail Price Improvement Orders will only be eligible to execute against incoming Retail Orders and may be entered as a MidPoint Peg Order.
Non‑Displayed Order Pricing and Sub‑Penny Interest
The Exchange proposes changes describing how orders with a Non‑Displayed instruction are posted, ranked, and may execute on the EDGX Book. The proposal states Retail Price Improvement Orders are non‑displayed interest that must be priced at least $0.001 better than the Protected NBB or Protected NBO and may be priced in $0.001 increments; the Exchange plans to request an exemption under Regulation NMS Rule 612 to accept and rank non‑displayed interest in increments smaller than the minimum pricing increment.
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