Federal Register #SR-CboeEDGA-2026-022

SEC Notice: Proposed Rule Changes by Cboe EDGA and IEX to Order Handling Rules

This notice details proposed rule changes by major U.S. stock exchanges, as published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs/Exchanges Mentioned: - Cboe EDGA Exchange, Inc. - Investors Exchange LLC (IEX) - Proposed Rule Changes: - Cboe EDGA Exchange, Inc. proposes to: - Allow Intermarket Sweep Orders (ISOs) to be entered as Non-Displayed Orders - Permit Non-Displayed Orders to re-price multiple times based on user instructions - Enhance trading flexibility and market efficiency - Investors Exchange LLC (IEX) proposes to: - Permit Options Market Makers to submit Immediate-or-Cancel (IOC) bulk message quotes - Enable faster execution or cancellation of options quotes - Notable Requirements: - No procurement of products or services; these are regulatory changes to exchange order handling rules - Focus on improving market operations, investor protection, and fair trading practices - No part numbers, quantities, or commercial products/services are being requested

Description

The proposed rule change by Cboe EDGA Exchange, Inc. seeks to amend Rule 11.8(c) to allow an Intermarket Sweep Order (ISO) to be entered as a non-displayed order and to set the price level at which the system considers an ISO available for other orders. The proposal also includes amendments to Rule 11.6(l)(3) to permit non-displayed orders to re-price to more aggressive prices. This change aims to provide clarity and flexibility in order handling and pricing within the exchange system.

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