Cboe to Launch Retail Price Improvement Program on EDGX Exchange

Effective April 10, 2026, Cboe will introduce the Retail Price Improvement (RPI) Program on the EDGX Equities Exchange. The initiative allows EDGX members to provide price improvement to eligible retail orders via specific RPI orders. The program will be active during all EDGX trading sessions, from 4:00 a.m. to 8:00 p.m. ET, and will apply to all symbols priced at $1.00 or higher. Execution of an RPI order requires providing a minimum price improvement of $0.001 to an incoming retail order. When such an order posts a price better than the same-side National Best Bid and Offer (NBBO), EDGX will disseminate an RPI Liquidity Indicator through its Proprietary and SIP market data feeds.

RPI orders are non-displayed orders designed solely for price improvement on incoming retail orders. They do not interact with resting retail orders and maintain equal priority with other non-displayed liquidity on the EDGX book. Starting on the effective date, RPI messages will be transmitted on proprietary EDGX market data feeds, consistent with the current process on BYX feeds. Market data consumers should expect to see the existing RPI message definitions on EDGX feeds, with no additional changes required. RPI interest will also be reflected on the SIP data feeds for EDGX.