The Securities and Exchange Commission has received a proposal from Cboe BYX Exchange, Inc. to modify its Rule 11.24. The proposed changes aim to enhance the Retail Price Improvement Program by introducing an "Enhanced RPI Order" that could provide more price improvement opportunities for retail investors. This new order type allows participants to post orders at their limit price and offer better pricing to beat other resting orders, potentially leading to better execution for small investors. The proposal also suggests expanding the program to include securities priced below $1.00, intending to attract more retail orders to the exchange.
Simple Explanation
Imagine a store where people can buy things, and now they want to make it even better for small buyers by letting them get better prices, especially for items that cost less than $1.00. They also want to make it easier for these small buyers to get good deals compared to others waiting in line.