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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.

The NYSE American LLC has proposed a change to its Rule 971.2NY, which involves their Complex Customer Best Execution Auction (CUBE). This rule change introduces an optional all-or-none feature for larger orders in the Complex CUBE Auction, aiming to offer better pricing and competition for larger-sized trades (with at least 500 contracts on the smallest leg). The proposed functionality aligns with similar mechanisms available on other exchanges, enhancing the ability of ATP Holders to secure price improvements for large orders. The Securities and Exchange Commission has determined that this rule change does not significantly impact investor protection or competition and has allowed it to go into effect immediately.