Cboe EDGA Clarifies Non-Displayed Order Behaviors
Published Date: 4/17/2026
Notice
Summary
Cboe EDGA Exchange updated its rules to clearly explain how orders with a 'Non-Displayed' instruction behave on their platform. This change affects traders using hidden orders and helps everyone understand how these orders work in real time. The new rules took effect immediately on April 8, 2026, with no extra costs involved.
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5 provisions identified: 3 benefits, 1 costs, 1 mixed.
How locking/crossing hidden orders behave
The rules say a Non-Displayed order that would lock the EDGA Book will be posted and ranked at the locking price, or it may cancel or route depending on User instructions like Post Only, IOC, or price-slide instructions. If an inbound hidden order cannot execute due to a User instruction and lacks a price-slide instruction, the order will cancel instead of posting.
Later orders can trade ahead of locked resting hides
The Exchange's rules allow a later-arriving order to execute ahead of a resting Non-Displayed order when the resting hidden order could not originally execute because of a User instruction (for example, Post Only or minimum quantity). The Exchange says this avoids information leakage from cancelling or sliding the resting order.
Hidden-order rules made clearer
The Exchange added rule text that explains how orders with a Non-Displayed (hidden) instruction behave on EDGA. You (as a trader or trading firm) will have clearer written rules about how hidden orders are entered, posted, ranked, and executed on the EDGA Book.
Displayed orders kept priority at locking price
The Exchange amended Rule 11.10 to say that if a displayed order rests at the locking price, the Exchange will not execute a Resting non-displayed order at that locking price against an incoming order; instead the resting non-displayed bid (offer) would be executed one-half minimum price variation below (above) the locking price. This preserves displayed order priority at the Locking Price.
Rule text effective immediately
The amended rules describing Non-Displayed order behavior became operative upon filing on April 8, 2026 after the Commission waived the 30-day delay. The Exchange states these amendments align EDGA's rules with its affiliate EDGX and do not change order functionality.
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