SRO Monitor Digest

🔵 IEX Competitive Intel

Notice of Filing of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend Rule 11.9(d) To Permit an Intermarket Sweep Order Containing a Time-in-Force Other Than IOC To Be Entered as a Non-Displayed Order

2026-01-09 MEDIUM Cboe BZX trading_rules

Cboe BZX wants to allow Intermarket Sweep Orders (ISOs) to be entered as non-displayed (hidden) orders with time-in-force instructions beyond the standard immediate-or-cancel (IOC), effectively letting traders sweep across markets while keeping their resting interest dark. The SEC is extending its review deadline from January 12 to April 12, 2026 — this is a routine procedural clock extension, not a rejection or substantive critique; the proposal remains live and under consideration. In the meantime, nothing changes for market participants, but if ultimately approved, this could create a new tool for aggressive, non-displayed order flow that affects how liquidity is accessed across exchanges.

IEX RELEVANT If approved, this new ISO/non-displayed combination at Cboe BZX could alter intermarket sweep dynamics and non-displayed order flow patterns, potentially affecting how IEX's speed bump and D-Limit order type interact with aggressive cross-market sweeping strategies.