The Bruce Overnight Edge: Retail in the Night, Part II
April 10, 2026 - Chicago, IL
In BOE-14 (January 30th) we discussed the overnight market being “retail-driven” and introduced an internal classification of trade participants into three segments1 utilized at Bruce Markets to understand interactions on Bruce ATS. At the time, we thought there was good evidence in the data that the overnight session was indeed driven by retail flow.
A lot has changed since BOE-14. In January, Bruce ATS averaged $250M notional on 5M shares per session. So far in April, Bruce ATS is averaging $549M notional on 13.1M shares. Has the retail footprint changed? The short answer is No.
Retail still represents a very large percentage of all shares and notional traded on Bruce ATS year to date.
And, retail has been on at least one side of 74.5% of all shares traded on Bruce ATS this year.
Furthermore, as Bruce ATS volumes have grown, the percentages in each of these “Adder - Remover” combinations have remained relatively stable over time.
By The Numbers
Weekly Top 25 Symbols2
Bruce On Tour
Attending the STANY 90th Annual Conference next week? Be sure to check out our CEO, Jason Wallach, on the 24 Hour Trading panel. If you would like to meet up, the Bruce team will be in NY for the event and you can reach us at operations@brucemarkets.com. #STANY2026
Overnight News
- “Blind Trading” - Here at Bruce Markets, we were very excited to see this article in the Korean press. The article touches on several important themes that we have discussed here in the BOE. In particular, it relates directly to:
- Execution quality (BOE-19: I Want My $15.00)
- Trading in the multi-market overnight ecosystem (BOE-16: Resilience is Market Maturity)
- Trading symbols halted on one venue (BOE-11: The Overnight Open and Halted Names)
If you missed any of these issues and would like to see them, please reach out to sales@brucemarkets.com and we’ll get you a copy.
The Bruce Markets Team
1The internal classification assigns MPIDs to one of three segments (Retail, Proprietary/Market Maker, or Agency Broker). All analysis is based on double counted volumes to account for the buy and sell side. We acknowledge that no classification is perfect, but we believe this approach is highly informative.
2Top 25 data is from internal Bruce ATS sources through trade date 04/10/2026.