# 2026-12635: Exchange Allows Hidden Sweep Orders at Set Price Levels

2026-12635, Self-Regulatory Organizations; Cboe EDGA 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/2026-12635
- As of: 2026-07-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12635
- Title: Self-Regulatory Organizations; Cboe EDGA 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 38045
- 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

Exchange Allows Hidden Sweep Orders at Set Price Levels

## 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.

## Effects PRIA read

- ISOs Can Be Hidden (Non-Displayed ISOs): benefit, medium. 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 addit…
- When ISO Prices Can Re-Price Orders: benefit, medium. 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-…
- Non-Displayed Orders Can Re-Price Multiple Times: benefit, medium. 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…

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## Sources
- [2026-12635 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/24/2026-12635/self-regulatory-organizations-cboe-edga-exchange-inc-notice-of-filing-of-a-proposed-rule-change-to)
- [2026-12635 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12635.pdf)

## Related
- [Previous: 2026-12634, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2026-12634)
- [Next: 2026-12636, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2026-12636)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12635 (as of 2026-07-01).