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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 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.

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.