The Bruce Overnight Edge: November Surge and Protecting Retail

December Momentum

December is shaping up to be even bigger than November for Bruce. We are not just growing, we are accelerating.

By The Numbers¹

The shift from November to December has been dramatic. Comparing our December session averages to November reveals massive growth in key categories.

• Traded Notional ($): +81%
• Traded Shares: +77%
• Traded Symbols: +142%

This triple digit growth in traded symbols is particularly exciting. It confirms that clients are finding liquidity in a much wider universe of names than ever before. For the session that started on Wednesday evening, Bruce executed trades in 976 different stocks.

Bruce on Tour

Our team continues to strengthen relationships in key market centers. This week, CEO Jason Wallach and Head of Sales John Sullivan had a highly productive trip to Korea to celebrate the resumption of U.S. stock trading during Korean daytime hours (overnight session in the U.S.). It was fantastic to meet face to face with so many of our Korean clients. We appreciate the warm welcome and the opportunity to connect during such a strong week for Bruce ATS.

Did You Know?

We often get asked why we halt trading in certain names. The number one reason is simple. We halt names to protect retail investors from losing value.

Consider this simple example involving stock X which is splitting 2 for 1 tomorrow.

• Investor A buys 1 share for $100 at 7:59pm ET. (Post Session)
• Investor B buys 1 share for $100 at 8:00pm ET. (Overnight Session)

What will these investors own tomorrow morning?

• Investor A will own 2 shares of X worth approximately $50 each for a total of about $100 in value and no gain or loss.
• Investor B will own 1 share of X worth approximately $50 for a total of value of about $50 and a loss of $50.

Why?

To be entitled to the split, you must have settled stock in your account on the day of the split. But, the official “trade date” for all activity in the overnight market session is the calendar date at the end of the overnight session. So, the trade at 8:00pm ET for Investor B technically happens tomorrow, after the split. Obviously this would be a really bad investor experience. Presently, not all market participants are capable of adjusting position and pricing models in real-time to facilitate trading stock X at a $50 price point at 8:00pm ET, so the risk of operational errors outweighs the utility of trading stock X for the session and we halt it. Typically, stock X would be enabled for all sessions the following day.

Bruce strives to protect the retail investor by halting symbols with pending corporate actions like splits.

The Bruce Markets Team

¹Bruce ATS internal numbers through trade date 12/05/2025