Cboe Launches Retail Price Improvement Program on EDGX

Reference ID: C2026032305

Applicable Cboe Exchange: EDGX Equities

Overview

Effective April 10, 2026, Cboe will launch the Retail Price Improvement (RPI) Program on EDGX Equities Exchange (EDGX). The RPI program enables EDGX Members to offer price improvement to eligible Retail Orders through RPI orders.

Technical Details

The RPI Program will operate during all EDGX trading sessions from 4:00 a.m. to 8:00 p.m. ET and will apply to all symbols priced $1.00 and above. RPI orders may execute only when providing price improvement to an incoming Retail order by at least $0.001 (1/10th cent). When an RPI order is posted at a price better than same-side NBBO, EDGX will disseminate the RPI Liquidity Indicator on Proprietary and SIP market data feeds.

RPI Orders

RPI orders are eligible non-displayed orders that offer price improvement exclusively to incoming Retail orders. They do not interact with resting Retail orders and carry equal priority with other non-displayed liquidity on the EDGX book.

RPI orders will be identified with the following FIX instructions:

  • ExtendedExecInst (FIX Tag 9416) = T (Retail Price Improving Order). RoutinInst will be set to P

  • RoutingInst (FIX Tag 9303) = P (Post Only). If not specified, defaults to P.

Execution and Fee Treatment

  • All liquidity provider executions receive Fee Code: ZP

  • RPI orders will not execute at prices equal to the same-side NBBO; price improvement is required.

  • RPI orders do not execute in locked or crossed markets.

Pegged Order Support

RPI orders may be entered as a Primary Peg order or Midpoint Peg order; see details below.

Primary Peg (ExecInst (FIX Tag 18) = R (Primary Peg))

  • Requires an offset instruction.

  • Aggressive offsets in 1/10-cent increments are supported.

  • Primary Peg price is calculated from NBBO same-side reference plus offset.

Midpoint Peg (ExecInst (FIX Tag 18) = M (Midpoint Peg) or m (MidpointPegNoLock))

Retail Remover Orders

Retail Remover Orders (RROs) are Retail-designated orders eligible to remove RPI liquidity and otherwise interact with displayed and non-displayed interest per standard EDGX matching rules.

RRO​s will be identified with the following FIX instructions:

  • Retail Order Type 1: Price Improvement Only

    • ExtendedExecInst (FIX Tag 9416) = P (Retail Order - Price Improvement Only)

    • TimeInForce (FIX Tag 59) = 3 (Immediate Or Cancel)

    • RoutingInst (FIX Tag 9303) = B (Book Only)

  • Retail Order Type 2: All Routing and Time In Force (TIF) instructions

    • ExtendedExecInst (FIX Tag 9416) = R (Retail Order, eligible for Retail rebate) and X (Retail Priority Order; eligible for Retail Priority and Retail rebate)

    • TimeInForce (FIX Tag 59) = All TIFs accepted

    • RoutingInst (FIX Tag 9303) = All Routing instructions accepted

    • No other order restrictions will be applied except those that are already being enforced with ExtendedExecInst = R or X.

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Market Data Details

On the effective date, RPI messages will be sent on proprietary EDGX market data feeds in the same manner they are sent on BYX market data feeds. No changes will be required of market data consumers other than to expect to see the already defined RPI messages on EDGX feeds. RPI interest will also be reflected on SIP data feeds for EDGX. A list of proprietary Cboe market data feeds with RPI messaging is included in the Resources section below.

Testing Opportunities

This functionality is currently available for testing in the EDGX certification environment.

Additional Information

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Resources

For more information, please refer to the following:

Contact Information

Please contact the Cboe Trade Desk for support or with any questions.

Cboe Trade Desk: 913.815.7001 | [email protected]