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// 24-HOUR TRADING LANDSCAPE

THE SHIFT TO 24-HOUR TRADINGBETA

U.S. equity markets are moving toward round-the-clock trading. Three overnight ATSs now operate alongside traditional exchanges, and the first 24-hour national exchange has received SEC approval. This is the landscape we monitor.

3
OVERNIGHT ATSs
Active U.S. venues
1
24H EXCHANGE
SEC-approved
8 PM–4 AM
SESSION WINDOW
Eastern Time
7
DAILY BRIEFS
Asia Open to Post-Close

Active Overnight Venues

BlueOcean ATS (BOATS)

ATS — Overnight Lit CLOB

HOURS

8:00 PM – 4:00 AM ET (Sun–Fri)

OPERATOR

BlueOcean Technologies

MPID

BLOO

TRF

NASDAQ TRF Carteret

  • >>Largest overnight venue by volume
  • >>Central limit order book (lit)
  • >>FIX 5.0 / proprietary connectivity
  • >>Continuous matching

Bruce Markets

ATS — Overnight Matching Engine

HOURS

8:00 PM – 4:00 AM ET (Sun–Fri)

OPERATOR

Nasdaq (24X Technologies)

MPID

BRUC

TRF

NASDAQ TRF Carteret

  • >>Nasdaq-powered matching engine
  • >>Backed by Fidelity, Robinhood, Webull
  • >>Competing for retail overnight flow
  • >>Growing market share rapidly

Moon ATS

ATS — Attributable Overnight

HOURS

8:00 PM – 4:00 AM ET (Sun–Fri)

OPERATOR

OTC Markets Group

MPID

MOON

TRF

NASDAQ TRF Carteret

  • >>OTC Markets subsidiary
  • >>Attributable order flow model
  • >>Targets institutional participants
  • >>Newest entrant to overnight space

24X National Exchange

National Securities Exchange — 24-Hour

HOURS

24 hours (planned)

OPERATOR

24 Exchange

MPID

24EX

MIC

24XN

  • >>First SEC-approved 24-hour exchange
  • >>National securities exchange (not ATS)
  • >>Full lit book for NMS securities
  • >>Changes the regulatory landscape

Timeline — The Path to 24/5

2015BlueOcean ATS launches

First dedicated U.S. overnight lit ATS. Central limit order book operating 8 PM – 4 AM ET Sunday through Friday.

2020Overnight trading gains retail traction

COVID-era volatility and meme-stock momentum drive demand for after-hours access. Retail platforms begin routing overnight.

202324X Exchange files SEC application

24 Exchange files Form 1 to become the first SEC-registered 24-hour national securities exchange.

2024Bruce Markets launches (Nasdaq-powered)

Nasdaq-powered overnight matching engine backed by Fidelity, Robinhood, and Webull. Competes directly with BlueOcean.

2024Moon ATS enters overnight

OTC Markets subsidiary launches attributable overnight order flow. Third active U.S. overnight venue.

202524X Exchange receives SEC approval

SEC grants 24X Exchange approval as a national securities exchange. Full 24-hour lit book for NMS securities.

2026Sapinover begins tracking all venues

First platform to aggregate and normalize data across all 3 overnight ATSs + the 24X national exchange.

Why This Matters

For Retail Traders

React to earnings, geopolitical events, and Asian market moves before the 9:30 AM open. Overnight trading eliminates the gap risk of holding positions through the closed session.

For Institutional Desks

Overnight ATS data reveals institutional positioning before the bell. Understanding venue-level flow and timing differentials provides an informational edge for pre-market strategy.

For Risk & Compliance

Monitoring overnight venues is no longer optional. Reg NMS obligations, best execution requirements, and the expansion to 24 hours create new compliance surface area.

We track all overnight venues daily.

View Session DataDaily Briefs

EXPANDING COVERAGE

Additional content and analysis coming soon. Interested in contributing research or becoming a strategic sponsor?

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