Cboe BYX Supercharges Hidden Sweep Orders with Aggressive Pricing
Published Date: 9/2/2026
Notice
Summary
Cboe BYX Exchange got the green light to tweak its rules for Intermarket Sweep Orders (ISOs). Now, traders can send ISOs as hidden orders and let those orders adjust prices more aggressively. This change helps traders act faster and smarter starting right away, with no extra fees involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
ISOs Can Be Non‑Displayed
The Exchange now allows an Intermarket Sweep Order (ISO) to be entered as a Non‑Displayed Order (a “Non‑Displayed ISO”). This change lets traders submit ISOs that are not shown on the exchange’s public display when routing and executing against National Market System (NMS) stocks.
Non‑Displayed Orders May Re‑Price With NBBO
The Exchange permits Non‑Displayed Orders to re‑price multiple times (price sliding) each time the NBBO changes if the User elects that option; the order will receive a new timestamp and can be ranked at a more aggressive price while retaining its original limit price. This lets Users have non‑displayed orders update ranking price without crossing a protected quotation on another market.
Session Rules for ISO Price Availability
The Exchange sets when an ISO’s limit price is treated as available for new orders or for resting orders to re‑price: during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET) the System will consider the ISO limit price available; during the Early Trading Session (4:00 a.m.–8:00 a.m. ET), Pre‑Opening Session (8:00 a.m.–9:30 a.m. ET), and After Hours Trading Session (4:00 p.m.–8:00 p.m. ET) the System will not consider the ISO limit price available for new orders or re‑pricing. There is an exception that an ISO entered during Regular Trading Hours may remain available into After Hours if it remains eligible for execution then.
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