Cboe BYX Equities Introduces Enhanced RPI Order Type

Reference ID: C2025123001

Applicable Cboe Exchange: BYX Equities

Overview

Effective January 30, 2026 (pending SEC exemptive and no action relief), Cboe BYX Equities Exchange (BYX) will introduce a new Retail Price Improvement (RPI) order type. The Enhanced RPI order type will allow RPI liquidity providers to post orders at their limit price but have the opportunity to provide a greater amount of price improvement as compared to other resting orders on the same side of the BYX Book with higher price-time priority in order to execute with an incoming Retail Order at a price within their established Step-Up Range instruction.

Technical Details

Upon the effective date, RPI liquidity providers on BYX will be able to send Enhanced RPI orders.

Step-Up and Rank Behavior

The step-up range, as configured in FIX Tag 25025 (StepUpAmount), will be used only when needed to step ahead of a higher priority order or to trade with a Retail order.

Enhanced RPI orders will be ranked at their limit price on the book but will have the ability to trade up to the maximum of their step-up range, as specified in StepUpAmount.

If there are no other orders on the book with a higher priority, the Enhanced RPI order will execute at its ranked price if the Retail order is marketable at its ranked price. If the Retail order is not marketable at its ranked price, it will execute at the Retail order's limit price if it is marketable within the step-range.

Primary Peg Enhanced RPI Orders

Similar to regular RPI orders, Enhanced RPI orders can include the Primary Peg instruction. For buy (sell) orders, the step-up range will be added to (subtracted from) the current ranked price of the pegged order. The step-up range may extend beyond cap price, if specified, of the primary pegged Enhanced RPI order. Primary Peg Enhanced RPI may also include an offset.

FIX and BOE Order Entry

The order entry instructions listed below can be used in the New Order Single (FIX) message or the NewOrderUSEquitiesV1 (BOE) message to send Enhanced RPI orders. The StepUpAmount field will be added to FIX and BOE. The table below summarizes these technical specification changes.

Table 1. FIX and BOE Order Entry
FIX TagField NameReq'dDescription
9416ExtendedExecInstYT = Retail Price Improvement Order
25025StepUpAmountN
  • StepUpAmount is implicitly added to bid prices and subtracted from offer prices for Enhanced RPI (Retail Price Improvement) orders.
  • The StepUpAmount value is specified in 0.001 minimum increments.
  • The minimum value is 0.000 (default).
  • The maximum value is 99.999.

Testing Opportunities

This functionality is now available to test in the BYX certification environment.