Cboe Unveils Hidden Order Magic and Retail Trading Boost
Published Date: 1/21/2026
Notice
Summary
Cboe EDGX Exchange is proposing a new 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 behind the scenes. These changes could make trading smoother and fairer, with decisions expected soon and no direct cost to investors.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
Retail price improvement of $0.001+
The Exchange proposes a Retail Price Improvement (RPI) Program that would let retail orders on EDGX receive price improvement of at least $0.001 versus the Protected NBB (for buys) or Protected NBO (for sells) for securities priced at or above $1.00. RPI interest may be entered in $0.001 increments and RPI Orders will only be eligible to execute against incoming Retail Orders.
Retail orders may use any time‑in‑force
Under the proposal, Retail Orders on EDGX would be permitted to be entered with a time‑in‑force other than Immediate‑or‑Cancel (IOC), allowing Retail Orders to post to the EDGX Book or route away according to user instructions. The Exchange says this aims to create deeper on‑exchange liquidity and more execution opportunities for retail orders.
Sub‑penny RPI pricing request
The Exchange plans to accept and rank RPI Orders in $0.001 increments and intends to submit a request for an exemption under Regulation NMS Rule 612 to permit acceptance and ranking of non‑displayed RPI Orders in sub‑penny increments. That would allow non‑displayed RPI interest to be entered at prices such as $10.001.
Retail Liquidity Identifier (RLI) disseminated
EDGX would disseminate a Retail Liquidity Identifier (RLI) through proprietary feeds or the Consolidated Quotation System when an RPI Order has a ranked price at least $0.001 better than the Protected NBB or Protected NBO for a security priced at or above $1.00. The RLI would show the security symbol and side (buy/sell) but would not show price or size.
RPI program excludes sub‑$1 securities
The proposed EDGX RPI Program would apply only to securities priced at or above $1.00 and would not accept RPI Orders for securities priced below $1.00. The Exchange will notify members periodically which securities are included.
Clearer rules for non‑displayed orders
The Exchange proposes changes to how Non‑Displayed Orders post and execute: if a non‑displayed limit would lock the EDGX Book it will post at the locking price; crossing behavior, price‑slide instructions, Post Only instructions, and when later arriving orders may execute ahead of a locked resting order are explicitly described in new Rule 11.6(e)(2) and Rule 11.10(a)(4)(C)-(D). The Exchange says these changes provide greater certainty about entry and execution of non‑displayed orders.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17283, Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the CDS Instrument On-Boarding Policies and Procedures
ICE Clear Credit LLC is updating how it adds new credit default swap (CDS) contracts for clearing. This change makes the process clearer and smoother for everyone involved, including the companies that use these contracts. The update kicks in soon and helps keep things running efficiently without extra costs.
Previous / Next Documents
Previous: 2026-01015, Agency Information Collection Activities; Submission for OMB Review; Comment Request; Plan Asset Transactions Determined by In-House Asset Managers Under Prohibited Transaction Class Exemption 96-23
The Department of Labor is asking for public feedback on rules that let in-house asset managers handle employee benefit plan assets under special conditions. These managers must create clear policies and get yearly independent audits to keep things fair and transparent. Comments are open until February 20, 2026, and this helps protect workers’ retirement money without adding big costs.
Next: 2026-01017, 60-Day Notice of Proposed Information Collection: Technology Security/Clearance Plans, Screening Records, and Non-Disclosure Agreements Pursuant to 22 CFR 126.18
The Department of State wants to keep collecting info from businesses and nonprofits about their tech security plans, background checks, and confidentiality agreements. They’re asking for public feedback by March 23, 2026, before renewing this paperwork requirement. This process affects about 10,000 groups and takes roughly 10 hours each to complete, helping keep sensitive tech safe without adding new costs.