Exchange Allows Hidden Sweep Orders at Set Price Levels
Published Date: 6/24/2026
Notice
Summary
Cboe EDGA Exchange is updating its rules to let traders enter Intermarket Sweep Orders (ISOs) as hidden, or non-displayed, orders. This change also sets clear price levels for when these ISOs can be used alongside other orders, making trading smoother and more flexible. These updates could speed up trading and help traders act smarter, with no direct cost changes announced yet.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
ISOs Can Be Hidden (Non-Displayed ISOs)
If you trade on Cboe EDGA as a User (Member or Sponsored Participant), you may enter an Intermarket Sweep Order (ISO) with a Non-Displayed (hidden) instruction. ISOs entered as Non-Displayed Orders remain subject to Regulation NMS responsibilities (the entering User is responsible for routing additional ISO-marked orders to away markets). The Exchange plans to implement this change in the second half of 2026.
When ISO Prices Can Re-Price Orders
The Exchange will treat the limit price of an ISO entered during Regular Trading Hours (9:30 a.m. to 4:00 p.m. Eastern Time) as available for new orders to join and for resting orders to re-price based on User instruction. ISOs entered during the Early Trading Session (4:00 a.m.–8:00 a.m. ET), Pre-Opening Session (8:00 a.m.–9:30 a.m. ET), or Post-Closing Session (4:00 p.m.–8:00 p.m. ET) will not set a price level for new orders or cause resting orders to re-price, except that an ISO entered during Regular Trading Hours that remains eligible into the Post-Closing Session will continue to be considered available.
Non-Displayed Orders Can Re-Price Multiple Times
Users may elect to have Non-Displayed Orders re-rank and re-price each time the NBBO changes so the order can move to a more aggressive ranked price; each re-price gives the order a new timestamp. A Non-Displayed Order will retain its original limit price regardless of the ranked price shown on the EDGA Book. This functionality will be available to all Users and is planned for implementation in the second half of 2026.
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