Federal Register #SR-CboeEDGA-2026-010

SEC Review of Cboe EDGA Exchange Rule Change on Non-Displayed Order Handling

This notice concerns a proposed rule change by Cboe EDGA Exchange, Inc. reviewed by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - Primary Organizations Mentioned: - Cboe EDGA Exchange, Inc. (proposing the rule change) - Cboe EDGX Exchange, Inc. (referenced for rule alignment) - LCH SA (referenced in a separate rule change) - Scope of Rule Change: - Amends EDGA Rules 11.6(e)(2) and 11.10(a)(4)(C)-(D) - Clarifies how non-displayed orders are posted, ranked, and executed on the EDGA Book - Addresses order handling in locked and crossed market scenarios - Aligns EDGA's rules with those of Cboe EDGX Exchange, Inc. - Aims to provide greater certainty and transparency for market participants - Notable Requirements: - No procurement of products or services is involved - This is a regulatory action impacting exchange operations, not a contract opportunity

Description

This notice announces a proposed rule change filed by Cboe EDGA Exchange, Inc. to amend Rules 11.6(e)(2) and 11.10(a)(4)(C)-(D). The amendments aim to clarify the behavior of orders containing a non-displayed instruction, including how such orders are posted, ranked, and executed on the EDGA Book, especially in scenarios involving locked and crossed markets. The changes align EDGA's rules with those of its affiliate exchange, EDGX, and provide greater certainty and transparency to market participants without altering current order functionality.

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