Cboe BYX Eyes Better Deals on Sub-$1 Stocks with SEC Delay
Published Date: 5/5/2025
Notice
Summary
Cboe BYX Exchange wants to improve its Retail Price Improvement (RPI) program by adding a cooler Enhanced RPI Order and including stocks priced under $1. The SEC is taking extra time, now until June 18, 2025, to decide if these changes get the green light. This affects traders and investors who could see better prices and more options soon!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Proposal: New Enhanced RPI Order
Cboe BYX filed a proposed rule change on March 13, 2025, to modify Rule 11.24 to introduce an "Enhanced RPI Order." The Securities and Exchange Commission has until June 18, 2025, to approve, disapprove, or institute proceedings on that proposal.
Proposal: RPI Program for Sub-$1 Securities
Cboe BYX proposed expanding its Retail Price Improvement (RPI) Program to include securities priced below $1.00. The SEC extended its review and will act by June 18, 2025, on whether to approve or disapprove that proposed expansion.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-06475 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Cboe Rule 5.4
Cboe Exchange is changing the smallest price step for options on its Mini Bitcoin ETF Index to make trading smoother and clearer. This change affects traders using these options and kicks in quickly after approval, with no extra costs involved. The SEC gave this update a fast green light, so expect the new rules to start soon!
2026-06469 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change To Amend BOX Rules 5055 (FLEX Equity Options) and 3120 (Position Limits)
BOX Exchange wants to update its rules for special options tied to popular Bitcoin and Ethereum ETFs and trusts. These changes affect traders using FLEX equity options and position limits, aiming to keep things fair and clear. The new rules could impact how much traders can hold and trade, with the proposal open for public comments starting April 2026.
2026-06473 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 3307, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq PHLX is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading costs down. They’re also pushing back the start date for a new order entry system called CORE FIX. These changes affect traders using Nasdaq PHLX and aim to make trading smoother without extra costs, with the new system launch delayed to give everyone more time to get ready.
2026-06462 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Monthly Enterprise Fee for Its Depth of Book Proprietary Market Data Feed
24X National Exchange is starting a new monthly fee for companies using its special market data feed that shows detailed order info. This change affects businesses that rely on this data and kicks in right away, meaning they’ll pay a set monthly charge to access it. It’s a clear move to keep the data service running smoothly and fairly.
2026-06466 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 4757, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading fair and lowers costs. They’re also pushing back the start date for a new order entry system called CORE FIX to give everyone more time to get ready. These changes affect traders using Nasdaq and aim to make trading smoother without extra fees or delays.
2026-06463 — Joint Industry Plan; Notice of Filing of Amendment No. 1, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove an Amendment to the National Market System Plan Regarding Consolidated Equity Market Data, as Modified by Amendment No. 1, To Adopt a Fee Schedule
Big stock market players like exchanges and trading groups want to start charging fees for sharing important stock data. They updated their plan after hearing feedback, and now the SEC is deciding if these new fees are fair and should go live. If approved, this could change how much it costs to get stock info starting soon.
Previous / Next Documents
Previous: 2025-07705 — Self-Regulatory Organizations; LCH SA; Notice of Filing of Proposed Rule Change Relating to Revisions to Its Rule Book and FCM/BD Regulations Related To Clearing Member Testing Requirements
LCH SA is updating its rules to make sure all clearing members join important tests for business safety and disaster plans. They’re also adding new rules about margin requirements to keep things financially secure. These changes affect clearing members and will kick in once regulators give the green light—no surprise fees, just stronger protections!
Next: 2025-07707 — Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Exchange Rules 1.1, 5, 7.18, 8 and Exchange Article 22, Rules 24-27
NYSE Chicago, now NYSE Texas, updated its rules to allow new types of exchange-traded products to be listed and traded, including Exchange-Traded Fund shares. They also cleaned up old, duplicate rules to keep things simple and clear. These changes kick in quickly and help traders and investors enjoy smoother, more flexible trading options.
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in