The Bruce Overnight Edge: Ink Records History; Graphite Makes It

Sharpening the Pencil

There is a very specific reason you were never allowed to take major tests like the SAT in pen. Things change. You need to be able to erase your work and update the answer.

Here at Bruce, we apply that same logic to our high-water marks. We write our record books in pencil, keep an oversized eraser close by, and assume that whatever ceiling we just hit is only temporary.

This week, the eraser got a serious workout!

Erasing the Old Ceilings: Bruce’s Record Week by the Numbers1

(Written lightly in #2 pencil, for now):

• Weekly Executed Shares 119.4 M (+86%)
• Weekly Executed Notional $5.6B (+65%)
• Single Session Shares 33.2M (+52%)
• Single Session Notional $1.7B (+31%)

If anyone could lend us a new eraser, we’d greatly appreciate it.

What Forced the Rewrite?

In BOE-21 A Tale of Two Markets, we discussed how all competitors in the overnight space bifurcate pricing models at the $1.00 mark. So, in reviewing this week’s data, it seemed like a good place to start looking for drivers.

Executions Above $1.00

This week, above $1.00 volume represented 66% of Bruce’s overall volume. This is in line with the 67% we reported for this flow in March. Furthermore, the segment breakout does not represent a significant shift as the various participants represented percentages of this flow that are in line with the past.

The volume was driven by a hot semiconductor sector with MU, SNDK, NVDA, SOXL, INTC, SOXS, and AMD all making our top ten list for notional.

Executions Below $1.00

The data about executions below $1.00 was also steady this week, despite the record breaking volume. Retail is truly dominant in the volume in subdollar executions representing 86% of the shares and 80% of the notional.

HAO and EZGO were especially hot this week trading a combined 36M shares on Bruce.

The Broad Strokes of a Rising Tide

When you have a week this big, the first instinct is to look for the single catalyst that broke the scale. Was it a dominant news cycle? A massive new client? The reality is that there was no single catalyst this week. Instead, this was a structural rising tide. We saw volume explode organically across every price tier and every segment of the ecosystem. The overnight market didn’t just have a good week; the entire pie expanded significantly.

By The Numbers

Weekly Top 25 Symbols²

Bruce on Tour

• Our CEO Jason Wallach has returned home from a great Asia trip where he enjoyed meeting so many of our clients and prospective clients.

The Bruce Markets Team

¹All numbers are from internal Bruce ATS sources for the week of trade date 05/11/2026 through 05/15/2026.

²Top 25 data is from internal Bruce ATS sources through trade date 05/15/2026.