The Bruce Overnight Edge: To Pause or Not To Pause

The Bruce Overnight Edge: To Pause or Not To Pause

January 16, 2026 - Chicago, IL

A “Pause” That Matters

The race for the overnight session is heating up, but not all “24-hour” trading is created equal. As exchanges prepare to enter the overnight space, a critical detail often gets lost in the headlines: the difference between 24x5 and 23x5.

Did You Know?

If you follow the overnight session closely (and ignore some misleading headlines in the media), you know that currently the only venues executing US Equities between 8:00pm and 4:00am ET are Alternative Trading Systems (ATSs). These venues, including Bruce ATS, are regulated by the SEC under Regulation ATS.

You also probably know that several exchanges have announced that they will be joining the 24 hour trading fray. But, did you know that there is a catch? No exchange currently has a path to offering on-exchange trading 24 hours a day? The exchange plan is effectively a 23-hour trading day.

Why? Per SEC regulation, exchanges require the Depository Trust & Clearing Corporation (“DTCC”) and the SIPs (“Securities Information Processors”) to be live in order to operate. The Operating Committees of the SIPs (or “Processors”) overseen by the SEC, are introducing an operational “pause trading on its market to conduct maintenance”1 from 8:00pm to 9:00pm ET every trading day.

This means that exchanges, for regulatory reasons, will not be permitted to allow true 24x5 trading. Bruce ATS currently operates during the technical “pause” window and plans to continue doing so, ensuring our clients have access to true 24x5 trading without interruption.

The current expansion of the “Equity Data Plans”2 are tentatively slated for late 2026, and we are keeping a close eye on it, as this process is complicated, technical, and has many stakeholders.

By The Numbers

Weekly Top Ten Symbols3

Weekly Top Ten Symbols

Notes

  • Sunday Night (Jan 18) to Monday Morning (Jan 19): No trading session in observance of Martin Luther King Jr. Day.
  • Monday Night (Jan 19): Regular overnight session resumes at 8:00pm ET.

The Bruce Markets Team

1https://www.federalregister.gov/documents/2026/01/13/2026-00416/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-of-proposed-rule-change

2https://www.ctaplan.com/publicdocs/ctaplan/notifications/trader-update/110000953359/GTH_CQ_CTA_Amendment.pdf

3All data is from internal Bruce ATS sources through trade date 01/16/2026