SEC Boosts Everyday Traders with Hidden Order Tweaks and Price Perks
Published Date: 3/24/2026
Notice
Summary
Cboe EDGX Exchange is rolling out 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. These changes kick in soon and could save traders money by improving price fairness and transparency.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
New Retail Price Improvement Program
You may get better prices when you trade stocks on the Cboe EDGX Exchange because the Exchange adopted a Retail Price Improvement (RPI) Program that lets liquidity providers offer prices at least $0.001 better than the national best bid or offer (Protected NBB/NBO). The Program applies only to securities priced equal to or greater than $1.00 per share and allows RPI Orders as limit orders in $0.001 increments, as MidPoint Peg Orders, or as Primary Pegged Orders; Retail Orders must be submitted by approved Retail Member Organizations (RMOs) while any User may enter RPI Orders.
SEC Grants Sub‑Penny Exemption for RPI
The SEC granted EDGX a limited exemption from the Sub‑Penny Rule to allow the RPI Program to accept and rank RPI interest priced equal to or greater than $1.00 per share in increments of $0.001 under EDGX Rule 11.21. The exemption is limited solely to the operation of the RPI Program and applies only as described in Exchange Rule 11.21.
Retail Liquidity Identifier Shows Availability
EDGX will disseminate a Retail Liquidity Identifier when an RPI Order with a ranked price at least $0.001 better than the Protected NBB or Protected NBO is available. The identifier will show the security symbol and the side (buy or sell) but will not show price or size.
Clarified Rules for Non‑Displayed Orders
EDGX amended Rules 11.6 and 11.10 to specify the prices at which Non‑Displayed Orders post and rank on the EDGX Book and how they may execute in scenarios such as when the Book is locked, including treatment of Post Only and price‑slide instructions. These changes describe when a later arriving Non‑Displayed Order may gain priority over a resting Non‑Displayed Order because of the resting order's instructions.
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