# Cboe EDGX Exchange Proposes Retail Price Improvement Program for Stock Orders > Cboe EDGX Exchange has proposed a new Retail Price Improvement (RPI) Program that would give retail investors better prices on stock trades by at least $0.001 above the best national bid or below the best national offer. The SEC is soliciting public comments on the proposal, which also clarifies how non-displayed orders behave on the exchange. This rule change affects stock market structure and does not directly impact visa holders or immigration status. Canonical URL: https://thevisapulse.com/updates/cboe-edgx-retail-price-improvement-program-2026 ## At a glance - **Policy status:** Status unverified - **Last verified:** Not recorded - **Human review:** No human review recorded - **Published:** 2026-01-21 - **Impact:** low - **Document type:** Notice - **Source agency:** Securities and Exchange Commission - **Document number:** 2026-01016 Publication dates and impact ratings do not establish whether a policy is in force. Verify current status against the linked government evidence. See /about for our editorial process. ## Who is affected - Retail stock investors trading through broker-dealers - Retail Member Organizations (RMOs) on Cboe EDGX Exchange - Equity market liquidity providers on EDGX ## Key changes - Cboe EDGX proposes a new Retail Price Improvement Program offering retail investors at least $0.001 better pricing than the national best bid or offer on stocks at or above $1.00. - Unlike similar programs at other exchanges, EDGX retail orders would not be required to be Immediate-or-Cancel, allowing them to rest on the order book or route to other venues. - The proposal clarifies how orders with a Non-Displayed instruction behave on the EDGX trading system. - The SEC has opened formal proceedings to determine whether to approve or disapprove the rule and is soliciting public comments. ## What you should do This notice does not affect visa holders or immigration processes. No immigration-related action is required. Stock market participants or broker-dealers wishing to comment on the proposed rule may submit comments to the SEC. ## What Is Being Proposed? Cboe EDGX Exchange, Inc. (EDGX) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to create a **Retail Price Improvement (RPI) Program** on its equities trading platform. The proposal also includes clarifications about how orders marked as "Non-Displayed" — meaning they are not visible to other market participants — behave on the exchange. This filing (Amendment No. 3 to SR-CboeEDGX-2025-072) was submitted on January 12, 2026, and the SEC published this notice on January 21, 2026, to invite public comments. ## How Would the RPI Program Work? Under the proposed program, retail investors could receive price improvement of at least $0.001 better than the best nationally available bid (for buy orders) or offer (for sell orders) on stocks priced at $1.00 or above. In plain terms, retail stock buyers would pay slightly less and sellers would receive slightly more than the publicly quoted best price. The program would be available to orders submitted by **Retail Member Organizations (RMOs)** — broker-dealers that are authorized to submit retail customer orders to the exchange. To qualify, an order must originate from a real human investor (not a trading algorithm) and meet standards set by FINRA Rule 5320.03. A key difference from similar programs at other exchanges (such as NYSE, Nasdaq BX, and IEX) is that retail orders on EDGX would **not** be required to be Immediate-or-Cancel (IOC). This means retail orders could remain posted on the EDGX order book or be routed to other trading venues, rather than being cancelled immediately if not filled. ## What Are "Non-Displayed" Orders? The proposal also clarifies the rules around orders with a "Non-Displayed" instruction — orders that are in the system but not visible to other traders in the public quote. The updated rules would describe precisely how these hidden orders interact with other orders on the exchange, providing greater transparency about their behavior even though their prices remain undisclosed to the market. ## Where Does This Stand? The SEC originally received the proposal on September 30, 2025, and published it for comment on October 3, 2025. After extending its review period, the SEC formally opened proceedings on December 19, 2025, to determine whether to approve or disapprove the rule. EDGX has since filed three amendments, with Amendment No. 3 (the current version) filed January 12, 2026. The SEC has not yet received any public comments on the proposal and is now actively soliciting feedback from interested parties. ## Who Is Affected? This proposed rule change is a **stock market structure regulation** affecting: - Retail stock investors who trade through broker-dealers - Broker-dealers designated as Retail Member Organizations (RMOs) - Liquidity providers on the EDGX equities exchange **This rule change has no direct connection to immigration, visa status, work authorization, or any visa category.** It does not affect F-1 students, H-1B workers, H-4 spouses, or any other visa holders in their immigration status or employment eligibility. ## Important Note for Visa Pulse Readers This document was published by the Securities and Exchange Commission and pertains exclusively to equity market trading rules. It was flagged for review but contains **no immigration policy content**. Readers seeking information on H-1B, F-1, OPT, STEM OPT, or other visa-related developments should refer to rules and notices issued by USCIS, DHS, or the Department of State. ## Sources - Government source · federalregister.gov: https://www.federalregister.gov/documents/2026/01/21/2026-01016/self-regulatory-organizations-cboe-edgx-exchange-inc-notice-of-filing-of-a-proposed-rule-change-to - Source PDF: https://www.govinfo.gov/content/pkg/FR-2026-01-21/pdf/2026-01016.pdf --- _The Visa Pulse — Immigration Policy, Explained. Informational coverage of U.S. immigration policy, not legal advice._ - HTML version: https://thevisapulse.com/updates/cboe-edgx-retail-price-improvement-program-2026 - Markdown version: https://thevisapulse.com/updates/cboe-edgx-retail-price-improvement-program-2026.md - Agent instructions: https://thevisapulse.com/llms.txt - Sitemap: https://thevisapulse.com/sitemap.xml