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.

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 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.

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.