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2021-03219 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To Amend Rules 5.37 and 5.73 Related to the Solicitation of Market Makers for SPX Initiating Orders in the Automated Improvement Mechanism and FLEX Automated Improvement Mechanism
February 18, 2021
Type:Notice
Citation:86 FR 10154
Reading Time:about 17 minutes
The Securities and Exchange Commission (SEC) has approved a rule change proposed by Cboe Exchange, Inc. The rule now allows market makers with an appointment in S&P 500 Index Options (SPX) to participate in Automated Improvement Mechanism (AIM) auctions, which could potentially improve pricing and liquidity. Previously, such market makers were restricted from participating in these electronic auctions, though they could participate in open outcry trading. This change aims to bring the benefits of open outcry trading to electronic settings, offering better price opportunities for retail investors in SPX options.
Simple Explanation
The SEC says that more people who help set prices for S&P 500 options can join in special electronic trading games, which is like playing on a computer instead of in a playground, to help find better prices for buying and selling.
2021-03949 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing of Proposed Rule Change To Permit the Listing and Trading of Options Based on 1/100th the Value of the Nasdaq-100 Index®
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February 26, 2021
Type:Notice
Citation:86 FR 11807
Reading Time:about 34 minutes
The Securities and Exchange Commission (SEC) announced that Nasdaq PHLX LLC has proposed a new rule to allow the listing and trading of options based on 1/100th of the Nasdaq-100 Index, known as Nasdaq 100 Micro Index Options (XND). These micro options are designed to offer more affordable opportunities for retail investors interested in trading options on the Nasdaq-100 Index. Similar to existing options, XND options will be European-style and cash-settled, but will require less capital, making them more accessible. The SEC is soliciting public comments on this proposed rule change before making a final decision.
Simple Explanation
Nasdaq wants to make a new kind of option for people to buy and sell, which is like a tiny piece of their big Nasdaq-100 list of companies, so more people can join in without needing as much money. The people in charge are asking everyone to share their thoughts on this idea before they decide if it's okay.
2021-00199 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Certain Rules To Accommodate the Listing and Trading of Index Options With an Index Multiplier of One
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January 11, 2021
Type:Notice
Citation:86 FR 2006
Reading Time:about 73 minutes
The Cboe Exchange, Inc. has proposed a rule change to allow the listing and trading of index options with a smaller index multiplier of one, known as "micro-options." This change aims to make it easier for retail investors to access the market by providing lower-priced options, reflecting 1/100th of the value of current index options. The micro-options are designed to expand investor choices by allowing more precise hedging strategies, especially for smaller investments. The Securities and Exchange Commission (SEC) is inviting public comments on this proposal to evaluate its impact and ensure it aligns with the rules of the Securities Exchange Act of 1934.
Simple Explanation
The Cboe Exchange wants to make it easier and cheaper for people to buy smaller pieces of stock options called "micro-options," so even small investors can join in and protect their money better. The SEC is asking people what they think about this idea to make sure it's fair and good for everyone.
2025-04660 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing of a Proposed Rule Change Relating To Modify Rule 11.24 To Introduce an Enhanced RPI Order and Expand Its Retail Price Improvement Program To Include Securities Priced Below $1.00
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March 20, 2025
Type:Notice
Citation:90 FR 13240
Reading Time:about 96 minutes
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.

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