# 2025-23814: Exchange Proposes Better Prices for Retail Stock Traders

2025-23814, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Modify Rule 11.21 To Adopt a Retail Price Improvement Program and Modify Rule 11.6(e)(2) and Rule 11.10(a)(4)(C)-(D) in Order To Describe the Behavior of Orders Containing a Non-Displayed Instruction, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23814
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23814
- Title: Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Modify Rule 11.21 To Adopt a Retail Price Improvement Program and Modify Rule 11.6(e)(2) and Rule 11.10(a)(4)(C)-(D) in Order To Describe the Behavior of Orders Containing a Non-Displayed Instruction
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60784
- Published: 2025-12-29
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Exchange Proposes Better Prices for Retail Stock Traders

## 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.

## Effects PRIA read

- Retail Price Improvement for Retail Orders: benefit, medium. 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 Pric…
- Non‑Displayed Order Pricing and Sub‑Penny Interest: benefit, medium. 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 NB…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-23814 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23814/self-regulatory-organizations-cboe-edgx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-23814 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23814.pdf)

## Related
- [Previous: 2025-23813, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-23813)
- [Next: 2025-23815, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-23815)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23814 (as of 2026-06-08).