Cboe EDGX Mirrors Plan for Hidden Sweep Orders
Published Date: 6/24/2026
Notice
Summary
Cboe EDGX Exchange is updating its rules to let special fast trades called Intermarket Sweep Orders (ISOs) be hidden from public view and to set clear price levels for when these orders can trigger other trades. This change helps traders act quicker and smarter without showing all their moves. The update could speed up trading and improve market efficiency starting soon after approval.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Hidden Intermarket Sweep Orders Allowed
The Exchange will permit Intermarket Sweep Orders (ISOs) to be entered with a Non-Displayed instruction (a "Non-Displayed ISO"). This change is expected to be implemented during the second half of 2026 and will let Users post ISOs without displaying those orders on the EDGX Book.
Clear Rules When ISO Price Sets Book Level
The Exchange will codify when an ISO's limit price is treated as available for other orders: during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET) the System will consider a displayed ISO's limit price available for new orders to join and for resting orders to re-price based on User instruction. During the Early Trading Session (4:00 a.m. to 8:00 a.m. ET), Pre-Opening (8:00 a.m. to 9:30 a.m. ET), or Post-Closing Session (4:00 p.m. to 8:00 p.m. ET), the System will not treat an ISO's limit price as available for new orders or for re-pricing (with specified exceptions if a Regular-Hours ISO remains eligible into Post-Closing Session).
Non-Displayed Orders May Re-Price Multiple Times
The Exchange will allow Users to elect that Non-Displayed Orders re-rank and re-price each time the NBBO changes in a way that permits the order to be ranked at a more aggressive price. Each re-pricing will give the order a new timestamp, but the order will retain its original limit price. This feature is expected to be available in the second half of 2026.
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