# 2026-12631: Cboe EDGX Mirrors Plan for Hidden Sweep Orders

2026-12631, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.8(c) 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 2026-06-24; PRIA reads it as touching household money (as of 2026-07-01).

- Canonical: https://policyrisk.com/federal-register/2026-12631
- As of: 2026-07-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12631
- Title: Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.8(c) 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 38054
- Published: 2026-06-24
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-07-01

## In one line

Cboe EDGX Mirrors Plan for Hidden Sweep Orders

## 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.

## Effects PRIA read

- Hidden Intermarket Sweep Orders Allowed: benefit, medium. 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: benefit, medium. 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.…
- Non-Displayed Orders May Re-Price Multiple Times: benefit, medium. 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 fea…

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## Sources
- [2026-12631 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/24/2026-12631/self-regulatory-organizations-cboe-edgx-exchange-inc-notice-of-filing-of-a-proposed-rule-change-to)
- [2026-12631 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12631.pdf)

## Related
- [Previous: 2026-12630, Notice of Agreements Filed](https://policyrisk.com/federal-register/2026-12630)
- [Next: 2026-12632, Combined Notice of Filings #1](https://policyrisk.com/federal-register/2026-12632)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12631 (as of 2026-07-01).