The Bruce Overnight Edge: Are your customers missing 46.8M shares?

The Bruce Overnight Edge (BOE Episode 45 - September 4, 2026)

This week an estimated 46.8M shares disappeared from the overnight market1. Did a major company go bankrupt? No. Did a whale go on vacation? No. Did someone unplug the overnight market? No.

The 46.8M shares are related to five symbols2 (KORU, SOXL, SNXX, RAM, and SNDU) that are popular in the overnight session. Collectively, they averaged 15.1M shares per overnight session in August. In the first four sessions of September, they have averaged only 3.4M shares per session. Where did 11.7M shares per session go? Why?

Chart 1: Overnight Volume for KORU, SOXL, SNXX, RAM, and SNDU by Session

Symbol Halts

Bruce ATS is one of three ATS venues currently operating in the overnight market for U.S. equities. All venues operate under the same regulatory structure. Sometimes, for reasons related to Regulation ATS “Fair Access Rule” or Regulation Systems Compliance and Integrity a venue might halt a specific symbol. These venue specific halts do not affect the ability to trade the symbol on other venues. Currently, Bruce ATS has two symbols (YXI and STSM) halted for reasons related to these regulations. These symbols are halted for September and we will re-evaluate our position for October.

On September 1st, Blue Ocean ATS halted KORU, SOXL, SNXX, RAM, and SNDU³. It is likely that some of these symbols will be halted for the next several months. This should not be a problem for brokers active in the overnight trading session, since there are multiple venues. In August, Bruce ATS executed 62M shares in these five symbols.

Market Structure / Broker Failure

Unfortunately, the missing 46.8M shares in these symbols does represent an obvious problem. Retail demand for these symbols did not drop precipitously on September 1st. Some retail brokers failed to deliver a customer experience that included both market access and visibility. Retail executions disappeared because customers did not see the Bruce ATS market data on their platforms. The underlying reason is because some platforms are still configured to display prices from a single venue in the overnight trading session. The truth is that Bruce ATS stands ready to satisfy customer demand and the retail customers in the overnight market deserve better.

We have often talked about market resiliency in the BOE and this situation really highlights what we have been preaching about. No one knows what symbols might get halted in the future for similar reasons. The overnight market has matured to the point where you are clearly doing your customers a disservice if you can’t seamlessly trade on at least two venues. The reality is that Blue Ocean ATS halted 18 symbols in September for these reasons and in the past they have halted as many as 39. We highlighted these 5 symbols because they are high volume overnight names.

This market structure failure has been noticed internationally as ChosunBiz reported here: SEC cap forces Korea’s Blue Ocean to halt quotes as retail piles into SOXL. However, the conclusion that “investors will be forced to place so-called blind orders without seeing prices” is short-sighted. Brokers can and should display the robust market on Bruce ATS for these symbols. Yonhap Infomax, the largest market distributor in Korea has access to Bruce ATS market data and it is available immediately.

Let’s be clear, the acute market structure failure being discussed here is just one potential failure. The real nightmare scenario is if another catastrophic technological outage like the one Blue Ocean experienced in August 2024 were to occur. If a broker still hasn’t done the work to have multi-venue access and price display for their customers, they lack business resiliency in the overnight market. The same technology that resolves the smaller halted symbols issue resolves the potential major outage issue too.

Bruce ATS is Open for Trading

None of these symbols are currently halted on Bruce ATS. In August, we had great coverage and tight spreads. As Table 1 shows, we had active two-sided markets for more than 99.99% of overnight market time for all five symbols. Our spreads were tight too! In dollar terms, no symbol had an average spread larger than $0.104. In basis points, none of these symbols had an average spread more than 28 bps. Our market was available and tight in August and remains open for business in September.

Table 1: Bruce ATS September Data4

Need Help?

If you or any of your customers are impacted by this situation, we’d love to talk solutions. A potentially negative customer experience can be avoided with the liquidity we currently have on Bruce ATS. We’re happy to discuss symbol availability, best execution obligations, market data availability, connectivity to Bruce ATS, or anything else related to the overnight trading session. You can reach the team anytime at sales@brucemarkets.com.

By The Numbers

August is in the books. Overall, volumes contracted for the overnight trading session in August with the average session falling to 108.5M shares and $5B in notional. Bruce recorded a record notional market share of 14.13% in August. Our average session in August traded 12.6M shares and $707.7M notional.

Weekly Top 25 Symbols⁵

Overnight news

• Bruce ATS will not have a trading session Sunday night (Sept 6th) to Monday morning (Sept 7th) in observance of Labor Day.

Bruce on Tour

• Our CEO Jason Wallach will be meeting with clients in New York next week (Sept 8 - Sept 10). Please contact sales@brucemarkets.com if you are interested in connecting.
• Jason is also confirmed to be a panelist at the upcoming SEC Roundtable on September 17 regarding preparations for 24-Hour Trading. The roundtable will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., from 10 a.m. to 4 p.m. ET. The event is open to the public and a live webcast is available at the link above.
• Lastly, Jason is a confirmed speaker at the 93rd Annual STA Market Structure Conference. On October 14th, he will be on the The Always-On Market: Liquidity, Volatility, and the Future of 24/7 Trading panel. He looks forward to connecting with other conference attendees.

The Bruce Markets Team

¹The “overnight market” or “overnight trading session” in the Bruce Overnight Edge (BOE) includes the three actively competing venues (Bruce ATS, Blue Ocean ATS, and MOON ATS). It does not include any executions that may occur away from these venues during the overnight trading session hours. ²These five symbols are a subset of the halted names at Blue Ocean ATS as of 9/1/2026 chosen for their high trading volume in the overnight trading session. ³All symbols were new halts on Blue Ocean ATS as of 9/1/2026 except SNXX which has been halted since 6/1/2026. ⁴The Spread(bps) is calculated using the average spread for the month in $ terms compared to the August Close Price for the symbol. ⁵Top 25 data is from internal Bruce ATS sources through trade date 09/04/2026.