The Bruce Overnight Edge: He’s Here, He’s There, He’s Everywhere!
June 05, 2026 - Chicago, IL
If you’ve watched Ted Lasso, you know the iconic stadium chant for the aggressive and omnipresent midfielder Roy Kent: “He’s here, he’s there, he’s everywhere!” Last week’s study (BOE 31 Banner vs. Hulk) proved that retail order flow can definitely be aggressive like Roy Kent. But, is it omnipresent? Does retail impact all stocks in the overnight session or does it play a more niche role covering a small portion of the field like Jamie Tartt?
This week we did a study to explore the retail symbol coverage question. The research covered over 12 million executions in 6,425 symbols and 2.3 billion traded shares (double counted) on Bruce ATS so far in 2026. Each execution was categorized into one of seven price buckets based on trade price.
There is a belief that overnight retail flow focuses exclusively on low price stocks and lacks a presence in high price ones. Our data indicates otherwise.
Chart 1: Retail Volume % by Price Bucket
Chart 2: Retail Transaction % by Price Bucket
The Cheap Seats (Expected)
One thing the criticism gets right is the absolute dominance of retail in low dollar symbols. In the Under $1 bucket, retail accounts for a staggering 71.1% of all transactions and 79.9% of all executed volume on Bruce ATS. The majority of executions in this bucket are retail on both sides. There is no denying that retail flow likes the “cheap seats”.
The Luxury Box (Surprise!)
The true surprise in the data is that retail shows up everywhere, even the $500+ luxury box seats. Retail flow represented more than 36% of every price bucket. It does not drop precipitously as some believe. In fact, the retail participation rate is almost a flatline for stocks priced $1 to $500+. Even in the highest-priced stocks (the $500+ bucket), retail flow still accounts for a massive 44.5% of transactions and 38.8% of Bruce ATS volume. This is particularly interesting since fractional share or notional trading is not yet offered in the overnight market.
Believe in Retail
From $0.01 to $500.00 plus, retail represents more than a third of the shares traded in every price bucket on Bruce ATS. On a transaction basis, retail is more than 40% in every price bucket. Just like our fictitious hero Roy Kent, Retail is indeed everywhere.
By The Numbers
Weekly Top 25 Symbols2
Overnight News
- SpaceX (SPCX) IPO - Everyone is talking about the SpaceX IPO scheduled for Friday, June 12th. We anticipate SPCX to be available on Bruce ATS starting Sunday night June 14th. Orders will queue starting at 7:50 P.M. ET and trading will commence at 8:00 P.M. ET. The reference price will be Friday’s last print data from the Nasdaq SIP feed as of or near 7:30 P.M. ET. We will execute trades in a band + / - 20% from the reference price. If you would like to discuss our plans for SPCX, please reach out to operations@brucemarkets.com.
- The industry is expecting the SPCX IPO to be highly active and we anticipate that heightened action will continue into the Sunday session. It should serve as a reminder for all overnight participants to review the resiliency and venue access of their execution capabilities. We have discussed these issues several times in past episodes including in BOE 16 - The Name of the Game is Resilience. It is for moments like these that we started Bruce to deliver institutional grade tech and market level redundancy to the overnight landscape, all in the interest of market integrity and a seamless investor experience.
The Bruce Markets Team
1All data for this study is from internal Bruce ATS sources covering trade dates 01/01/2026 through 06/04/2026. The study included all executions. The study utilized an internal Bruce ATS classification to separate all activities into one of three segments (Retail, Proprietary/Market Maker, and Agency Broker) and focused exclusively on Retail orders.
2Top 25 data is from internal Bruce ATS sources through trade date 06/05/2026.