Cboe BZX Gets Green Light for Faster Sweep Order Tweaks
Published Date: 9/2/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
ISOs may be non‑displayed on Cboe BZX
Market participants on the Cboe BZX Exchange can now enter Intermarket Sweep Orders (ISOs) as Non‑Displayed Orders (a “Non‑Displayed ISO”) under amended Exchange Rule 11.9(d). The Commission approved this rule change on August 28, 2026.
Non‑displayed orders can re‑price with NBBO moves
Under the amended Non‑Displayed Order Sliding rule (Exchange Rule 11.9(g)(4)), a User may elect for a Non‑Displayed Order to re‑price each time the NBBO changes, receive a new timestamp, and be ranked at a more aggressive price without crossing a protected quotation; the order’s original limit price will still be retained for record purposes.
ISO price availability varies by trading session
The Exchange will consider an ISO’s limit price available for new orders and for resting orders to re‑price if an ISO is received during Regular Trading Hours (9:30 a.m.–4:00 p.m. Eastern Time), but will not do so if the ISO is received during the Early Trading Session (4:00 a.m.–8:00 a.m.), the Pre‑Opening Session (8:00 a.m.–9:30 a.m.), or the After Hours Trading Session (4:00 p.m.–8:00 p.m.). Rule 11.9(d)(1)–(3) codify these distinctions.
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Previous / Next Documents
Previous: 2026-17917, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Order Granting Approval of Proposed Rule Change To Amend Rules Regarding Intermarket Sweep Orders
Cboe EDGX Exchange just got the green light to tweak its rules for Intermarket Sweep Orders (ISOs). Now, traders can send ISOs as hidden orders and let them adjust prices more aggressively, making trading faster and smarter. This change affects anyone trading on the Exchange and kicks in soon, helping markets run smoother without extra costs.
Next: 2026-17919, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Implement an Exchange Order Entry Protocol Program
Cboe BZX Exchange is rolling out a new program to help its members switch their order entry systems smoothly by giving fee credits for backup connections during the switch. This change affects traders using the Exchange’s order entry ports and starts right away, saving them money while upgrading to the latest tech. It’s a smart move to keep trading fast and reliable without extra costs during the transition.