Cboe EDGX Launches Retail Price Boost Trading Program
Published Date: 10/3/2025
Notice
Summary
Cboe EDGX Exchange is rolling out a new Retail Price Improvement program to help investors get better prices when buying or selling stocks. They’re also updating rules to explain how special hidden orders work behind the scenes. These changes could make trading smoother and more cost-effective, starting soon after approval.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
New Retail Price Improvement Program
The Exchange will adopt a Retail Price Improvement (RPI) Program that lets non-displayed RPI Orders offer price improvement of at least $0.001 better than the Protected NBB (for buys) or Protected NBO (for sells) for securities priced at or above $1.00. RPI Orders may be entered in $0.001 increments and can be MidPoint Peg or Primary Peg orders.
Retail Orders May Post or Route (Not IOC-only)
Unlike some other exchanges, EDGX will permit Retail Orders to be entered with a time-in-force other than Immediate-or-Cancel (IOC), so Retail Orders can post to the EDGX Book or be routed away according to user instructions. The program still limits RPI Orders from removing resting Retail Orders when they enter.
Retail Liquidity Identifier (RLI) Display Rules
The Exchange will disseminate a Retail Liquidity Identifier (RLI) when an RPI Order is ranked at least $0.001 better than the Protected NBB or Protected NBO for securities priced at or above $1.00. The RLI shows the symbol and side (buy/sell) but not the price or size, and it will not be shown if the RPI Order is no longer priced at least $0.001 better.
Non-Displayed Order Posting and Locking Price Rules
EDGX is changing how Non-Displayed Orders behave: on entry they will execute against posted orders priced equal or better (unless that would trade through a Protected Quotation), otherwise post to the EDGX Book. If a Non-Displayed limit would lock a Protected Quotation or the EDGX Book, it will post at the locking price or follow the user's price-slide/cancel instructions; if an incoming order is more aggressive than a resting 'Locking Price', the Exchange will execute the resting order at one-half minimum price variation away from the Locking Price.
RPI Orders Stay Posted if Temporarily Unexecutable
An RPI Order that is priced equal to or inferior to the Protected NBB (for buys) or Protected NBO (for sells) will not be canceled; it will remain non-displayed on the EDGX Book and can become executable later if it becomes priced better than the Protected NBB or Protected NBO. The program applies only to securities priced at or above $1.00.
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