Cboe Lets Hidden Orders Sweep Markets More Aggressively
Published Date: 6/23/2026
Notice
Summary
Cboe BZX Exchange is updating its rules to let a special type of order called an Intermarket Sweep Order (ISO) be hidden from view when entered. They’re also setting clear price rules for when these orders can be matched with others, and allowing hidden orders to adjust prices more aggressively. This change affects traders using the BZX Exchange and aims to make trading faster and smarter, with the new rules kicking in soon after approval.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Allow ISOs to Be Hidden on BZX
The Exchange will permit Intermarket Sweep Orders (ISOs) to be entered as Non-Displayed Orders (called "Non-Displayed ISOs"). This change explicitly lets Users submit ISOs that are not shown on the BZX Book and is available to all Exchange Users once implemented in the second half of 2026.
Clear Price Rules by Trading Session
The Exchange will codify when an ISO's limit price is considered available for other orders to join or for resting orders to re-price: during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET) the ISO price is considered available; during the Early Trading Session (4:00 a.m. to 8:00 a.m. ET), Pre-Opening Session (8:00 a.m. to 9:30 a.m. ET), and After Hours (4:00 p.m. to 8:00 p.m. ET) the ISO price is not considered available. An ISO entered during Regular Trading Hours may remain available into After Hours if it remains eligible for execution.
Non-Displayed Orders Can Re-Price Aggressively
The Exchange will allow Non-Displayed Orders to be re-ranked and re-priced multiple times (receive new timestamps) to more aggressive prices when Users elect this behavior, tied to NBBO changes. This applies to Non-Displayed Orders including those marked ISO and is intended to let such orders react to changing NBBO conditions.
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Cboe BYX Exchange is updating its rules to let traders enter Intermarket Sweep Orders (ISOs) as hidden (non-displayed) orders and set clear price levels for when these orders can be matched with others. This change helps traders act faster and smarter in the market, potentially improving trading efficiency. The new rules could start soon after the SEC reviews them, affecting anyone who trades on BYX and possibly impacting trading costs and speed.
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