Cboe BZX Flexes Hidden Orders for Smarter Market Sweeps
Published Date: 11/28/2025
Notice
Summary
Cboe BZX Exchange is updating its rules to let traders enter Intermarket Sweep Orders (ISOs) with different time limits as hidden (non-displayed) orders. This change gives traders more flexibility and could speed up trading strategies without showing their hand to the market. The update is open for public comments and could impact how orders are handled starting soon after approval.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Allow ISOs as Hidden Orders
If you are a BZX User (a Member or Sponsored Participant), the Exchange proposes to allow Intermarket Sweep Orders (ISOs) with a time-in-force other than Immediate-or-Cancel (IOC) to be entered as Non-Displayed (hidden) orders under proposed Rule 11.9(d). This change is optional for Users and is intended to give traders more flexibility in how they place ISOs.
Temporary Crossing of Protected Quotes
The Exchange proposes that a Non-Displayed ISO with a time-in-force other than IOC may be accepted at a price that locks a Protected Quotation or may trade through a Protected Quotation for up to one second after receipt, subject to simultaneous routed ISO orders and User instructions to slide or cancel (see proposed Rule 11.9(d)(1) and 11.9(d)(2)).
Clarified Non-Displayed Order Posting & Priority
The Exchange proposes amendments to Rule 11.9(c)(11) and Rule 11.13(a)(4)(C)-(D) that describe how Non-Displayed Orders post and rank on the BZX Book, how they execute when they would lock or cross Protected Quotations, and how locking prices interact with displayed orders and price-sliding. The changes include rules on when Non-Displayed Orders are posted at a locking price, when they cancel or slide, and how priority is handled relative to displayed orders.
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