The Bruce Overnight Edge: Inside Our Biggest Week Yet

By The Numbers¹

This week, we are leading off with the numbers – because it was a record-breaking week for Bruce ATS. Last night was Bruce ATS’ most active session to date:

• Bruce Overnight Notional Market Share 15.9%
• Bruce Overnight Volume Market Share 11.9%
• Bruce Executed Notional $968.1M
• Bruce Executed Shares 21.9M

This is far more than a one-off spike. These single session records are the strongest evidence yet of a sustained growth trend in notional and shares traded. Two weeks ago, we had our first $1B notional week. Last week we had our first $2B notional week. This week we had our first $3B notional week, and last night we almost had our first $1B notional single session. We think the charts below speak for themselves.

The Overnight Concentration Story

We looked at Bruce ATS trading data year-to-date (Jan 2nd through Feb 6th, 2026), covering 25 full overnight sessions and treated each session as a datapoint (250 top 10 datapoints in total). The goal was to understand how concentrated the trading is on our session and how fluid the symbols are from one night to the next.

Notional Concentration

• The top 10 symbols contributed between 30.4% - 67.1% per session
• Only 27 symbols have made a daily top 10 this year
• TSLA and NVDA are the only symbols in the top 10 for every session
• 9 symbols made the top 10 for at least 50% of the sessions
• 6 Different symbols took the top spot for a session: TSLA (10), GLD (6), NVDA (4), SLV (3), MU (1) and QQQ (1).

Looking at notional, there is significant stability in the names that trade for high notional on Bruce ATS. And, the symbols have a decidedly U.S. Retail feel with Magnificent 7 symbols claiming 30% of the top 10 spots (76 out of 250). Also, the recent volatility in metals clearly carried over into our data with GLD and SLV taking the top spot for 36% of the sessions (9 out of 25).

Volume Concentration

• The top 10 symbols contributed between 28.4% - 78.1% per session
• 45 different symbols have made a daily top 10
• 7 Different symbols took the top spot for a session: SOXS (7), OCG (6), MTEN (4), SLV (3), TQQQ (2), ZSL (2), and IRE (1).
• No symbol made our top 10 for all 25 sessions
• SOXS was the most consistent symbol making the top 10 for 24 of 25 sessions
• 20 symbols made only 1 appearance in the top 10

Not surprisingly, when looking at volume, there is much more variability at the top. Hot obscure low dollar symbols like OCG and MTEN took the top spot for 40% of the sessions in the study (10 out of 25). As we have discussed before in the BOE, flow from Korea tends to like these low dollar names and drive higher volumes.

Doing The Right Thing

We often talk about the fragmentation in the overnight market. Without a functioning SIP (Securities Information Processor) during overnight hours, there is no consolidated view of the market. This has been a structural gap holding the industry back.

This week, Exegy announced they are stepping up to fill that void. They are launching the industry’s first Overnight Best Bid and Offer (OBBO) consolidated feed. This feed will connect Bruce Markets, Blue Ocean, and MOON ATS market data, creating a unified view of liquidity across the three primary overnight venues. By delivering this via their Axiom product, Exegy is simplifying price discovery and allowing brokers to see the “true” price of a stock instantly, rather than calculating it themselves.

This is a massive step forward for market transparency. It validates what we have been saying for months: the overnight session is maturing, and the infrastructure is finally catching up to the demand.

The Bruce Markets Team

¹ Bruce ATS internal numbers through trade date 02/06/2026 and publicly available data from BOATS and MOON.