Opportunity
Federal Register #SRCboeBZX2026029
SEC Notice: Cboe BZX Exchange Rule Change on Non-Displayed Orders
Buyer
Securities and Exchange Commission
Posted
April 17, 2026
Identifier
SRCboeBZX2026029
This notice announces a proposed rule change by Cboe BZX Exchange, Inc. regarding the handling of Non-Displayed Orders: - Government Buyer: - Securities and Exchange Commission (SEC) - Cboe BZX Exchange, Inc. is the subject of the rule change - OEMs and Vendors: - Cboe BZX Exchange, Inc. (primary entity proposing the rule change) - Cboe EDGX Exchange, Inc. (referenced affiliate) - Products/Services Requested: - No products or services are being procured - The notice is strictly regulatory, focusing on amendments to trading rules - Notable Requirements: - The rule change clarifies the behavior of Non-Displayed Orders on the BZX Book, especially in locked and crossed market scenarios - Aims to provide greater certainty and transparency for market participants - Aligns BZX's rules with those of its affiliate, EDGX Exchange - No purchase quantities, part numbers, or procurement actions are involved - The notice is informational and does not solicit goods or services
Description
This notice announces a proposed rule change filed by Cboe BZX Exchange, Inc. to amend its rules governing Non-Displayed Orders. The amendments clarify how Non-Displayed Orders are posted, ranked, and executed on the BZX Book, especially in scenarios involving locked and crossed markets. The changes align BZX's rules with those of its affiliate, EDGX Exchange, providing market participants with greater certainty and transparency regarding Non-Displayed Order behavior without altering current functionality.