# 2026-12524: Cboe Lets Hidden Orders Sweep Markets More Aggressively

2026-12524, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.9(d) To Permit an Intermarket Sweep Order (“ISO”) To Be Entered as a Non-Displayed Order and To Establish the Price Level at Which the System Will Consider an ISO Available for Other Orders To Be Entered, is a Federal Register notice from Securities and Exchange Commission published 2026-06-23; PRIA reads it as touching household money (as of 2026-06-30).

- Canonical: https://policyrisk.com/federal-register/2026-12524
- As of: 2026-06-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12524
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.9(d) To Permit an Intermarket Sweep Order (“ISO”) To Be Entered as a Non-Displayed Order and To Establish the Price Level at Which the System Will Consider an ISO Available for Other Orders To Be Entered
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 37464
- Published: 2026-06-23
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-30

## In one line

Cboe Lets Hidden Orders Sweep Markets More Aggressively

## Summary

Cboe BZX Exchange is updating its rules to let a special type of order called an Intermarket Sweep Order (ISO) be hidden from view when entered. They’re also setting clear price rules for when these orders can be matched with others, and allowing hidden orders to adjust prices more aggressively. This change affects traders using the BZX Exchange and aims to make trading faster and smarter, with the new rules kicking in soon after approval.

## Effects PRIA read

- Allow ISOs to Be Hidden on BZX: benefit, low. The Exchange will permit Intermarket Sweep Orders (ISOs) to be entered as Non-Displayed Orders (called "Non-Displayed ISOs"). This change explicitly lets Users submit ISOs that are not shown on the BZX Book and is available to all Exchange Users once implemented in the second half of 2026.
- Clear Price Rules by Trading Session: benefit, low. The Exchange will codify when an ISO's limit price is considered available for other orders to join or for resting orders to re-price: during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET) the ISO price is considered available; during the Early Trading Session (4:00 a.m. to 8:00 a.m. ET), Pre-Op…
- Non-Displayed Orders Can Re-Price Aggressively: benefit, low. The Exchange will allow Non-Displayed Orders to be re-ranked and re-priced multiple times (receive new timestamps) to more aggressive prices when Users elect this behavior, tied to NBBO changes. This applies to Non-Displayed Orders including those marked ISO and is intended to let such orders react…

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## Sources
- [2026-12524 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/23/2026-12524/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-of-a-proposed-rule-change-to)
- [2026-12524 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-23/pdf/2026-12524.pdf)

## Related
- [Previous: 2026-12523, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing of a P…](https://policyrisk.com/federal-register/2026-12523)
- [Next: 2026-12525, Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Fili…](https://policyrisk.com/federal-register/2026-12525)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12524 (as of 2026-06-30).